D E Shaw Investment Management LLC

Item 5:         Fees and Compensation

DESIM acts as an investment adviser on a discretionary basis to managed accounts and to Funds.
DESIM’s compensation for such services comprises an asset-based fee (a “Management Fee”) and in some
cases also includes a performance-based fee, charge, or allocation (each, a “Performance Charge”). The
definitive terms of such compensation, including whether DESIM deducts or invoices for fees, are
generally set forth in the applicable Governing Document.

Management Fees generally are paid monthly or quarterly in arrears, unless otherwise set forth in the
applicable Governing Document.

DESIM may enter into Performance Charge arrangements with clients that fall within the definition of a
“qualified client” pursuant to Rule 205-3 under the Advisers Act or as permitted under Section 205(b) of
the Advisers Act. Performance Charges generally are paid in arrears but, where applicable, may be paid at
the time of termination of the advisory agreement (with respect to a managed account) or at the time of a
withdrawal or distribution of capital (with respect to a Fund), in each case unless otherwise set forth in
the applicable Governing Document.

The fee schedule for managed account clients that deploy DESIM’s “Active Equity Strategies” (as outlined
in “Methods of Analysis and Investment Strategies” in Item 8 below) typically comprises a Management
Fee that ranges from 24 basis points annually to 99 basis points annually, depending on a client’s account
size, expected risk level, benchmark index, and investment approach.

The Management Fee is for investment management services only; third-party custodial fees and
brokerage commissions and other fees are not included.

Fund clients that deploy DESIM’s “Active Equity Strategies” (as outlined in “Methods of Analysis and
Investment Strategies” in Item 8) generally have two series of regular member interests. One series is
assessed a Management Fee that generally is comparable to the Management Fee applied to managed
accounts utilizing the corresponding investment strategy. The other series is assessed a reduced
Management Fee as well as a Performance Charge, typically equal to 20% of the Fund’s outperformance
relative to the stated benchmark for the relevant investment strategy, subject to a relative loss
carryforward provision.

Fund clients that deploy strategies on DESIM’s “Orienteer Platform” (as outlined in “Methods of Analysis
and Investment Strategies” in Item 8 below) have only a single series of regular member interests; such
series is assessed a Management Fee that ranges from 78 basis points annually to 117 basis points
annually.

Fund clients that deploy the investment strategies on DESIM’s “Lithic Platform” (as outlined in “Methods
of Analysis and Investment Strategies” in Item 8 below) have two series of regular member interests. One
series is assessed a Management Fee that ranges from 180 basis points annually to 235 basis points
annually. The other series is assessed a Management Fee that ranges from 100 basis points annually to
135 basis points annually as well as a Performance Charge of 20% of net profits, subject to a loss
carryforward provision.

In general, if a Management Fee has been paid in full in advance for a period in which the advisory
contract with the relevant client has been terminated, or, with respect to a Fund, for the period in which
an investor has withdrawn its investment in such Fund, the applicable portion of such Management Fee
paid relating to the portion of the period after such termination or withdrawal will be returned or credited
to the client or to the withdrawing or redeeming Fund investor, subject to the terms of the applicable
Governing Document; however, Governing Documents related to Funds typically do not permit such
intraperiod terminations or withdrawals. A client may terminate an advisory contract before its
expiration date by complying with the provisions regarding termination provided in the advisory contract.

The Adviser negotiates fees and other terms in certain cases. From time to time, the Adviser has entered
into agreements with certain underlying investors in the Funds that provide for terms of investment that

are more favorable than the terms set forth in the applicable Governing Document. Such terms may
include, among other things, the waiver, reduction, or rebate of Management Fees, Fund expenses,
and/or Performance Charges; the provision of additional information or reports; more favorable transfer
and/or withdrawal rights; provisions regarding indemnification and/or the jurisdiction and choice of law
for disputes regarding the investment; provisions regarding the investor’s and/or the Adviser’s
confidentiality obligations; and “most-favored-nation” provisions covering one or more terms or
rights. No such agreement necessarily entitles any other Fund investor to the same terms of investment
as offered in such agreement.

Clients incur expenses in connection with custodial or brokerage services outlined in Item 12. In addition,
as set forth in the applicable Governing Document, each Fund incurs operating costs and expenses
(collectively, “operating costs”) that are borne by the investors in the applicable Fund. DESIM’s
separately managed account clients generally are not charged any operating costs relating to services
provided by DESIM.

For certain Funds, and subject to the applicable Governing Document, examples of operating costs
include, without limitation:

        (a) organizational costs of a Fund, generally subject to a cap;

        (b) costs related to the acquisition, holding, monitoring, maintenance, or disposition of
            investments held or pursued by a Fund (whether or not such investments are consummated),
            such as transaction costs (including without limitation commissions; brokerage, exchange,
            clearing, and other similar costs; and finder’s, break-up, success, and other similar fees);
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Item 7:          Types of Clients

DESIM’s clients include public and private pension plans, investment companies registered under the
Investment Company Act, Undertakings for the Collective Investment in Transferable Securities
(“UCITS”) governed by Directive 2009/65/EC, and certain other institutional investors. DESIM’s clients
also include the Funds, which are structured as private investment companies that are exempt from
registration under the Investment Company Act. A minimum dollar value of assets and other conditions
are typically imposed on clients.

DESIM advises clients that are subject to the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”). DESIM qualifies as a “qualified professional asset manager” (“QPAM”) as defined by
ERISA. As a result, client transactions directed by the Adviser may be exempt from certain prohibited
transaction rules under ERISA.