Eternal Capital LLC

Item 5: Fees and Compensation

Management Fee for the Funds

As an investment adviser to the Funds, as governed by the Governing Documents, Eternal receives a
Management Fee generally equal to an annual rate of 1.25% to 1.75% depending on the class interests
of the Emerging Markets Feeder Funds (or the Emerging Markets Master Fund). Eternal receives a
Management Fee generally equal to an annual rate of 0% to 0.80% depending on the class interests of
the Long Only Feeder Funds (or the Long Only Master Fund).

The Master Funds will pay Eternal a Management Fee monthly in advance on the first day of each
calendar month, equal to the applicable Management Fee percentage of the net asset value of each
capital account of each Investor as of such date.

Management Fees are generally pro-rated for partial periods. Once paid, Eternal will return to the
Funds (or the Master Funds) for payment to, or credit to the capital account of, the withdrawing

Eternal Capital, LLC                                                        Form ADV Part 2A

Investor, an amount equal to the pro rata portion of the Management Fee.

Management Fee for Special Investments

At the discretion of the Investment Manager, the Funds have the ability to invest and/or acquire
securities, financial instruments or other assets that lack a readily ascertainable market. These
investments are deemed “Special Investments.” The Management Fee for Special Investments
generally will be valued at cost if the investment is designated as a Special Investment at the time of
acquisition or at the fair value of an investment at the time it is designated as a Special Investment.

As applicable, if, as a result of a withdrawal by an Investor, that Investor would no longer have any
interest in the Funds other than the portion that is attributable to Special Investments, the Fund(s)
shall hold back that portion of the withdrawal proceeds that will be required, as determined by Eternal,
to pay for the Management Fees expected to be earned over the life of such Special Investment (the
“Management Fee Reserve”). In addition, Eternal shall hold back any portion of the withdrawal
proceeds for payment of other expenses directly related to such Special Investments. Upon the
realization or deemed realization of the applicable Special Investments, any unused Management Fee
Reserve and other holdbacks will be refunded to such Investor (without interest thereon).

Eternal or the General Partner may reduce, waive or calculate differently the management fee for
certain Investors, including but not limited to, employees, and/or designated persons that are affiliates
of Eternal, without notice to, or consent from, the other Investors.

Fees for Separately Managed Account

Eternal provides sub-advisory services for an institutional private fund. While no management fees
are charged, the Firm charges 50% performance fee on first loss and 20% performance fee on remaining
investors.

Compensation from the Alpha Capture Investment Program

Eternal is compensated via fixed quarterly payments and an annual bonus for each Fund for
contributions related to the alpha capture investment program.

Other Fees and Expenses

Organizational Expenses

The Funds are responsible for the costs, fees and expenses incurred in connection with its formation
and organization, including but not limited to, legal and accounting fees (the “Organizational
Expenses”). Eternal and/or the General Partner may pay the Funds’ Organizational Expenses subject
to reimbursement from the Funds. The Funds intend to amortize its Organizational Expenses over a
period of up to sixty (60) months from the initial closing date. If such amortization would result in a
qualified opinion of the Funds’ audited financial statements, the General Partner may elect to fully
amortize the Organizational Expenses, but amortize the Organizational Expenses over a period of up
to sixty (60) months for net asset value purposes.

Fund Expenses

Except as otherwise set forth below, the Funds generally will be required to bear all Fund Expenses
related to the particular Fund (as defined below). To the extent that Fund Expenses are paid by Eternal,
the General Partner, or a respective affiliate thereof, the Funds will reimburse such persons for those
Fund Expenses (as defined below) promptly upon request except as set forth below.

“Fund Expenses” will include, among others, the following fees and expenses: (a) all expenses,
incurred in connection with the offer and sale of interests (other than placement agent fees), including,

Eternal Capital, LLC                                                        Form ADV Part 2A

but not limited to, conference attendance expenses, documentation of performance and the admission
of Investors, (b) all Organizational Expenses, operating expenses of the Funds (such as tax preparation
fees (including, without limitation, any such fees related to the preparation of tax returns and Schedule
K-1s)), governmental fees and taxes (or any other governmental charges levied against the Funds),
each Fund’s administrator, custodial and prime brokerage fees and expenses, communications with
Investors and ongoing legal, accounting, auditing, administration, appraisal, bookkeeping, independent
shadow accounting, consulting and other professional fees and expenses, including for litigation, and
preparation of each Fund’s financial statements and reports, (c) all Fund costs, expenses and charges
incurred in connection with the investment and trading activities of the Funds (e.g., brokerage
commissions, mark-ups, margin interest, expenses related to short sales, custodial fees, clearing and
settlement charges and other transaction costs to brokers), (d) professional and other advisory and
consulting expenses, monitoring or the assertion of rights or pursuit of remedies (including, without
limitation, pursuant to bankruptcy or other legal proceedings, or participation in informal committees
...

Item 7: Types of Clients

Eternal’s current clients are the Funds, SMA, and the alpha capture investment program.

The initial subscription minimums for each Fund is generally US $1,000,000, as disclosed in the
Governing Documents of each Fund. Additional subscription minimums are disclosed in the Governing
Documents for each Fund.

The Governing Documents for each Fund provide the eligibility criteria and minimum investment
requirements to be an Investor.

Eternal Capital, LLC                                                        Form ADV Part 2A

Investors in each Fund at a minimum will be: (i) an “Accredited Investor,” as defined in Regulation D
under the U.S. Securities Act of 1933 (the “Securities Act”); and (ii) a “Qualified Client”, as defined
in Rule 205-3 of the Advisers Act. The Subscription Agreement for each Fund contains
representations and questionnaires relating to these qualifications.

Eternal will negotiate with each SMA Client on a minimum asset under management level.