DG Partners LLP

Item 5. Fees and Compensation
Each of the Funds (excluding the Systematic Master Fund) has a management fee and a performance fee
component, the specifics of which vary based on the share class or class of interest (“Share Class”) of the Funds
and are fully described in the applicable governing and offering documents for each of the Funds. Typically,
management fees are calculated based upon a percentage of assets under management whereas performance fees
are based upon a percentage of new profits.

The Firm also provides advisory services to Managed Account clients. These clients may be charged a management
fee and/or a performance fee. The fees are subject to negotiation and are fully described in the respective investment
management agreement for each account.

Certain employees of DG Partners and its affiliates have investments in the Funds and pay management and
performance fees at a discounted rate, or do not pay any management or performance fees. Persons connected
with Brevan Howard may also invest in the Systematic Master Fund and its feeder funds on a similar basis.

In addition to the management and performance fees described above, the Funds will bear additional fees, which
may include but are not limited to the costs and expenses of (i) all transactions carried out; and (ii) administration,
including (but not limited to):

(a) charges and expenses of legal advisers, tax advisers and auditors;

(b) brokers’ commissions, borrowing charges on securities sold short and any issue or transfer taxes chargeable in
connection with any securities transactions;

(c) all taxes and corporate fees payable to governments or agencies;

(d) directors’ fees and expenses;

(e) interest on borrowings, including borrowings from prime brokers;

(f) costs incurred by the Manager and/or any investment manager in relation to (i) the notifications or registrations to
comply with regulation or applicable law, or (ii) any regulatory reporting required;

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(g) tax reporting;

(h) fees for tax advisors and tax compliance services;

(i) communication expenses with respect to investor services and all expenses of meetings of Shareholders and of
preparing, printing and distributing financial and other reports, proxy forms, prospectuses and similar documents;

(j) the cost of acquiring membership of Exchanges and the fees and charges relating thereto;

(k) the cost of directors insurance;

(l) litigation and indemnification expenses and extraordinary expenses not incurred in the ordinary course of
business;

(m) the cost of obtaining a listing of any shares on any stock exchange;

(n) middle office charges;

(o) fees and expenses of market data and information and other data and data-related costs (including but not
limited to real-time, non real-time and historical market data licensing fees and fees due to data and software
providers, other third party data and information vendors and other non-traditional data and information sources);

(p) fees and expenses to facilitate and manage the order execution of financial instruments, such as market data
terminals (and associated network connections), portfolio management systems and order management systems;

(q) fees and expenses for the provision of information to investors for the purposes of tax reporting; and

(r) all other organisational and operating expenses.

More detailed information about the fees and expenses described above is set forth in the applicable governing and
offering documents for each of the Funds.

In the case of Managed Accounts, more detailed information is contained in the relevant investment management
agreement.

Item 7. Types of Clients
As described above, DG Partners provides discretionary investment advisory services to the Funds and to Managed
Accounts.

Investors in the Funds are generally required to make a minimum initial investment which varies based on the Share
Class of each Fund, with subsequent minimum increments also based on the Share Class. The directors of the
Funds reserve the right to waive the minimum initial investment amounts as well as the subsequent minimum
increments.

U.S. investors in the Funds are typically limited to persons who are “qualified purchasers” as that term is defined in
the Investment Company Act of 1940, and “accredited investors” as that term is defined in SEC Rule 501(a) under
the Securities Act of 1933.

Managed Account clients are typically limited to institutions and other professional investors. The optimal minimum
initial investment amount to establish a Managed Account is $50 million. The Firm reserves the right to waive the
minimum initial investment amount at its discretion.