CSV Capital Management Ltd

Item 5 Fees and Compensation

The compensation the Private Funds pay is set forth in the Private Funds’ respective Offering
Documents. As a general matter, CSV is entitled to receive a management fee from the Master
Fund at a monthly rate equal to 0.125% (1.5% per annum) of the net asset value of the Master
Fund as of the last business day of each calendar month in arrears. On the last business day of
each year, the General Partner may receive a 20% performance allocation of the profits
otherwise allocable to each Investor’s capital account, subject to a high water mark, as described
in the Offering Documents. The Feeder Fund (and indirectly its Investors) bears a proportionate
share of both the management fee and the performance allocation paid by the Master Fund to
CSV as an Investor in the Master Fund. The management fee is typically paid by direct funds
transfer from the Private Funds to CSV, however CSV is authorized under the Private Funds’
Offering Documents to charge and deduct the performance allocation directly from the assets of
the Private Funds. Please refer to the Offering Documents of each applicable Private Fund for
complete information on the fees and compensation payable with respect to such Private Fund.

In addition to the management fee and the performance allocation, the Master Fund will bear
and pay all costs, expenses and liabilities that, in the good faith judgment of the General
Partner, are incurred by such fund in connection with the operation or business of the Master
Fund, including, without limitation, research expenses, such as traveling expenses incurred to
research entities and attend conferences; brokerage commissions; interest on margin and other
borrowings; borrowing charges on securities sold short; custodial fees; accounting and audit
fees and expenses; legal fees and costs of litigation; tax preparation fees; governmental fees
and taxes; bookkeeping and other professional fees; costs of reporting; costs of governance
activities; and expenses and costs of dissolving, winding-up and liquidating the Master Fund.

The Master Fund will also incur brokerage and other transaction costs. Please see Item 12
below for information about the Master Fund’s brokerage practices.

CSV and the General Partner reserve the right to waive any fees or compensation payable to
them at any time they deem appropriate in their sole discretion. In their sole discretion, CSV
or the General Partner may negotiate such fees on an individual basis.

Item 7 Types of Clients

CSV’s only current clients are the Private Funds. Investors in the Private Funds currently include
funds-of-funds, private banks, family offices and high net-worth individuals. After registration
with the SEC, new Investors must meet the regulatory requirements for “qualified clients” due
to the Private Funds’ payment of a performance allocation. Each Private Fund imposes minimum
investment limits that can be waived in certain circumstances, as set forth in the respective
Offering Documents.