Destrier Capital Management LLC

Item 5 - Fees and Compensation

Management Fees

As the investment adviser to the Funds, Destrier receives a management fee. The
management fee is paid in advance and equal to an annual rate of 1.5% of the value of the net
assets of each Investor’s capital account, as of the first business day of each calendar quarter.
Management fees are deducted from Fund assets and are prorated for any investment period
that is less than a full calendar quarter.

Destrier’s general partner may waive or modify the fee for certain Investors that are
members, employees or affiliates of Destrier, relatives of such persons, or for certain large
or strategic Investors, with the Firm’s consent.

Other Expenses

The Feeder Funds will invest in the Master Fund on substantially the same terms and
conditions and therefore will generally be allocated a proportionate share of the Master
Fund’s gains, losses and expenses based on their Master Fund interest.

These expenses include, among other things: legal, administration, audit and accounting
expenses (including third party accounting services); proxy voting services; organizational
expenses; investment expenses such as commissions, research fees, market data and similar
expenses; interest on margin accounts and other indebtedness; borrowing charges on
securities sold short; custodial fees; bank service fees; Fund-related insurance costs
(including D&O and E&O insurance for Destrier and the general partner); and any other
expenses related to the purchase, sale, or transmittal of the Funds’ assets.

If Destrier incurs any of the expenses mentioned above on behalf of the Funds, the Firm will
allocate such expenses among the Funds in proportion to the size of the investment made by
each in the activity or entity to which the expense relates, or in such other manner as
Destrier considers fair and reasonable.

For a more detailed discussion of brokerage and transaction costs, Investors are directed to

Item 7 - Types of Clients

The Firm’s Clients are the Funds. Each Fund’s offering memorandum and subscription
documents provide the eligibility criteria and minimum investment requirements.

In general, each Investor in the Funds must be an “accredited investor” as defined in
Regulation D under the Securities Act of 1933, as amended, and a “qualified purchaser” as
defined in Section 2(a)(51) of the Investment Company Act of 1940. Although Destrier has
the authority to accept subscriptions of a lesser amount, the required minimum initial
investment in the Funds is generally US$1,000,000.