Dellora Investments LP

Item 5 - Fees and Compensation

Fees with respect to the Funds

Dellora’s compensation is negotiable and varies, but typically, it charges an annual fee of 1.5%
- 1.75% (0.3750% - 0.4375% per quarter) of assets under management, depending on
investor share class, which amount is payable in quarterly installments at the beginning or
end (depending on the provisions of each client’s partnership or other account agreement)
of each calendar quarter based on the net market value of each client’s account on the date
the fee accrues and becomes payable. Dellora also typically is allocated from each limited
partner in the Funds an incentive allocation generally equal to 15%-20%, depending on
investor share class. Incentive allocations for the Long Only Fund are subject to an
outperformance amount with respect to each incentive allocation period. Dellora complies
with Rule 205-3 under the Investment Advisers Act of 1940, to the extent required by
applicable law.

Dellora deducts management fees, performance allocations and fees directly from client
accounts but may bill a client for such amounts on request.

Fees with respect to the SMA

Fees are negotiable, but generally, Dellora will charge an annual fee of 1.5% (0.375% per
quarter) of the account balance. Dellora is also entitled to receive an annual incentive fee
equal to the incentive allocation percentage multiplied by the applicable income. The
incentive allocation percentage is 15%. The applicable income is the positive amount equal
to the balance of the account minus the high watermark.

A limited partner may generally withdraw all or any portion of the balance in its capital
account as of the last day of the calendar quarter immediately following the twelve-month
period after the date that the capital account was established and the last day of each calendar
quarter thereafter. Requests for withdrawal must be in writing at least sixty (60) calendar
days prior to the request withdrawal date.

In the case of an SMA Client, except as may be otherwise negotiated in particular cases, the
holder of an individually managed account may terminate the account by giving 30 days’
prior written notice after the lock-up period of eight (8) full calendar quarters.

The capital account of an investor admitted to the Funds other than on the first calendar day
of a calendar quarter will be subject to a pro rata portion of the management fee charged for
such quarter based upon the portion of the quarter for which it is an investor. No portion of
the management fee will be refunded if an investor is permitted to withdraw on a date other
than the end of a calendar quarter.

Each account is responsible for its own costs and expenses related to investments and
operations, including trading costs and expenses (such as brokerage commissions, expenses
related to short sales, and clearing and settlement charges), and research related expenses.
Each Fund is responsible for its own ongoing legal and regulatory filings, administrative,
valuation, auditing and accounting, entity-level taxes, insurance, and, bookkeeping fees and

expenses, and the fees and expenses charged by any fund administrator for its accounting,
bookkeeping and other services. Dellora bears its own operating, general, administrative and
overhead costs and expenses, other than the expenses described above. All or part of these
costs and expenses may be paid, however, by securities brokerage firms and futures
commission merchants that execute clients’ securities trades, as discussed in Item 12 –
Brokerage Practices below.

Dellora and its supervised persons do not receive a brokerage commission or any other
compensation attributable to the sale of securities or investment products.

Item 7 - Types of Clients

Dellora’s Clients (and Investors therein) may include endowments, sovereign wealth funds,
public or private pensions, foundations, institutions, and the Fund. Dellora does not provide
investment advice individually to the Investors of the Fund.

Interests in the Funds are offered pursuant to applicable exemptions from registration under
the Securities Act and the 1940 Act. Permitted Investors in the Funds may include high net
worth individuals, banks, thrift institutions, pension and profit-sharing plans, trusts, estates,
charitable organizations and other business entities.

The minimum investment requirement for the Funds is $1,000,000. However, the General
Partners of the Funds, in its sole discretion, may permit investments that are less than the
required minimum investment requirement. In addition, legal eligibility requirements must
be met to invest in the Funds.

Minimum account sizes for separate other Client accounts vary depending on the type of
investment advisory services to be performed and in certain circumstances may be
negotiable. Separate Client account investment advisory services are generally available to
individuals and institutional accounts with a minimum account at the discretion of the
Investment Manager.