Finisterre Malta Limited

ITEM 5 FEES AND COMPENSATION

Fees

The fee scale generally includes both management and performance fees paid to the Manager. Fees are
deducted from client assets and are not generally negotiable. Specific fee details are contained in the
prospectus for each client.

With respect to Private Fund Clients, a management fee is charged by the Manager each month in arrears
equal to 1/12 of 2% of the total market value of the assets in the client account (including net unrealized gains
and losses of investments and cash, cash equivalents and accrued interest) on the last day of the month.

With respect to Private Fund Clients, a performance fee is charged equal to 20% by the Manager of the net
profits of a client paid annually in arrears. The calculation of this fee is subject to a high water mark. Should
an investor redeem all or part of their investment during a year any performance fee due on the investment
will become due upon the redemption date.

Certain share classes in certain Private Funds may charge management fees and performance fees which may
be higher or lower than the stated range, and these are disclosed fully in the Private Fund’s offering
documentation.

The Portfolio Manager receives remuneration from the Manager for the services it performs on behalf of its
clients.

Separate fee arrangements are in place with the Finisterre Managers by way of side letter. In addition
separate fee arrangements are in place for i) the US Mutual Funds; ii) the UCITS Funds; and iii) from time to
time, Separate Accounts. Disclosure of such fee arrangements for i) and ii) above are attached to the
prospectus for each client. Employees, officers and their relevant related persons of the Finisterre Managers
are not charged any fees by the Finisterre Managers.

To the extent a client pays fees on an account, a portion of which it then invests in another client managed by
the Finisterre Managers, the relevant manager will waive any overlapping fees.

Other expenses

In addition to investment management and performance fees, clients will also be subject to other trading
expenses such as brokerage commissions, interest expenses, taxes, duties and other governmental charges,
transfer and registration fees or similar expenses, costs associated with foreign exchange transactions, other
portfolio expenses; and costs, expenses and fees associated with such investments. Please refer to Item 12
of this Brochure for a discussion of the brokerage practices of the Finisterre Managers.

Clients will also bear the operating and other expenses including, legal expenses, administration expenses,
middle and back office expenses, organizational expenses, audit expenses and tax expenses as disclosed in
the offering documents.

Compensation

Save as disclosed herein, neither the Finisterre Managers nor any of their employees accept compensation
for the sale of securities or other services or other investment services or products.

ITEM 7 TYPES OF CLIENTS

Investors in the Private Funds include individual professional investors, institutions, pension funds, private
funds, trusts, corporations, and other business entities. With respect to the Private Funds, the minimum
investment is described in the relevant offering documents of the Private Fund.

As stated previously, the Finisterre Managers are also sub-advisers to the UCITS Funds and the Portfolio
Manager is a sub-adviser to two US Mutual Funds.