East Rock Capital LLC

Item 5: Fees and Compensation

The investors in the East Rock Endowment Vehicles are directly charged an asset-based management fee
based upon an annual rate that is specific to each such vehicle. The investors in the Focus Fund are
generally subject to a 1.0% asset-based management fee. The investors in the EAI Fund are generally
subject to a 1.0% management fee calculated on investor commitments during the investment period for
the relevant series, and on capital account balances (subject to rate step-downs over time) thereafter.
The East Rock SMAs do not pay East Rock any management fees, as they are subject to the management
fees charged by the Focus Fund and the EAI Fund (as applicable).

Management fees are typically paid quarterly in advance by investors in the East Rock Investment Vehicles,
and are typically refundable, in part, if the relevant advisory contract is cancelled prior to the end of a
payment period.

Each East Rock Investment Vehicle is responsible for its own expenses, which typically include operational
expenses, brokerage and transaction costs related to the assets held in each such vehicle (see Item 12 for
additional information on brokerage practices), legal and accounting expenses, administration fees, third-
party due diligence expenses and other fees and expenses as set forth in more detail in each vehicle’s
governing documents.

In addition, certain East Rock Investment Vehicles (or East Rock, on behalf of such vehicles) periodically
enter into Program Arrangements whereby during an agreed period of time, they will pay fees to such
managers and share certain broken deal expenses (collectively, the “Program Costs”) in exchange for a
right of first refusal to invest in certain investments sourced and managed by such managers. Such Program
Costs will be borne by the relevant East Rock Investment Vehicles even if no actual investments are made
in connection with the Program Arrangement.

When investing in Third-Party Managed Vehicles (including, for the avoidance of doubt, vehicles used to
invest in investments offered under Program Arrangements), the East Rock Investment Vehicles will be
subject to any management fees and performance-based compensation charged by the managers of such
Third-Party Managed Vehicles, as well as the expenses of such Third-Party Managed Vehicles.

Item 7: Types of Clients

East Rock clients consist of the East Rock Investment Vehicles (which are private funds) and high-net-
worth individuals. Investors in the East Rock Investment Vehicles consist primarily of family offices, high-
net-worth individuals, and foundations. Each investor in an East Rock Investment Vehicle must meet the
requirements for an “accredited investor” under the Securities Act of 1933, as amended, and a “qualified
purchaser” under the Investment Company Act.

In general, the minimum investment in the Focus Fund is $1,000,000, although East Rock may accept
investments in a lesser amount. During those periods when the Focus Fund is open for subscriptions,
subscriptions generally will be accepted on the first business day of each fiscal quarter.

The minimum investment commitment for the other East Rock Investment Vehicles and the East Rock
SMAs is determined on a case-by-case basis. As noted above, the East Rock Endowment Vehicles are each
principally owned by an affiliated group of individuals and related entities.

Employees of East Rock also invest in certain East Rock Investment Vehicles, subject to meeting applicable
suitability requirements.