Frontier Global Partners LLC

Item 5 – Fees and Compensation

Management Fee

The fees payable to FGP are negotiable and vary among the Clients. However, the range of compensation for
investment advisory services is generally as follows:

Funds. FGP typically receives a management fee, as a percentage of each Fund Investor’s capital account, on the
first business day of each quarter, payable in advance. The management fee varies from 0.3125% per quarter
(approximately 1.25% per annum) to 0.25% per quarter (approximately 1.00% per annum). Management fees are
automatically deducted from each investor’s capital account on a quarterly basis by the fund administrator.

Separately Managed Accounts. From each Separately Managed Account FGP typically receives a negotiated
management fee as described in the table below on the net asset value of the Separately Managed Account, on the
first business day of each quarter, in arrears. Separately Managed Account Clients may elect to be billed directly for
fees or to authorized us to directly debit fees from their account.

           Investment Style                Maximum Annual Fee                          Account Minimum
          Global        and     Up to $25 mm                                              $10,000,000
          International                             0.75% per annum
          Equity                Next $25 mm
                                                    0.70% per annum
                                Next $50 mm         0.65% per annum
                                 Remaining          0.60% per annum
          International         Up to $25 mm        1.00% per annum                       $10,000,000
          Equity Small Cap
                                 Next $25 mm             0.95% per annum
                                 Next $50 mm             0.85% per annum
                                  Remaining              0.80% per annum

          Asset Allocation                    (0.75% per annum)                           $ 5,000,000

FGP will pro-rate the management fee for Client or Investor accounts held for less than a full quarter, however,
Clients or Investors may not receive a refund of the management fee if they withdraw capital prior to the end of a
quarter. FGP may pay or redirect a portion of the management fee it receives to persons (whether or not affiliated
with FGP) who are instrumental in the sale of advisory services to Clients or Investors. Any such fees are in no event
payable by or chargeable to the Clients or any Investor.

Please consult the appropriate account documents for complete information regarding calculation and payment of
FGP compensation arrangements.

Expenses

Funds: Generally, the Funds are responsible for their own operating expenses, including any fees, costs or expense
each such Fund, FGP or its affiliates reasonably incur in connection with the operation of the business and
maintenance of such Fund. FGP treats master-feeder fund structures as a common business enterprise for expense
allocation and all organizational and operational expenses of the feeder funds are generally charged to the Funds
at the master level. In such event, FGP will allocate the expenses to the Funds in the manner it determines to be fair
and equitable in its sole discretion, which will generally be in proportion to the net assets of each feeder fund in a
master fund. Expenses include but are not limited to:

    •    all costs and expenses of offering or selling interests (including, without limitation, legal and accounting
         fees);

    •    all costs and expenses associated with negotiating and entering into contracts and arrangements in the
         ordinary course of the Client’s activities;

    •    all trading costs and expenses (such as, for example, but without limitation, brokerage commissions,
         expenses relating to short sales, clearing and settlement charges, option premiums and custodial and
         service fees) (collectively, the “Trading Expenses”);

    •    all legal, accounting, bookkeeping, professional, expert and consulting fees and expenses arising in
         connection with the Client’s activities (including the fees and expenses of counsel for FGP or one or more
         officers or managers of FGP, service contracts related to research, travel, portfolio management and
         quotation services and equipment (including, computer hardware and software related thereto);

    •    all expenses of any accounting companies or bookkeeping services retained by FGP to assist it in performing
         these services for the Client (including, the accounting, bookkeeping and other administrative services of

         any fund administrator);

    •    U.S. federal, state and local taxes, filing and registration fees of the Client, FGP and its affiliates (other than
         taxes on the income of FGP and its affiliates);

    •    proxy voting services;

    •    all costs and expenses incurred for the purpose of protecting or enhancing the value of the Client’s assets
         (including the costs of instituting or defending lawsuits);

    •    costs of communication with the investors and prospective investors (including travel expenses, such as air
         fare, hotel accommodations and meals);

    •    costs associated with registering the Client’s restricted securities; and

    •    all interest on borrowings (on margin or otherwise).

FGP has contractually agreed to limit certain costs and expenses associated with the operation of the Funds to no
more than 2.50% of the corresponding master fund’s average net assets (i.e., an “expense cap”). Please consult
each Fund’s offering documents for complete information regarding expenses covered by the expense cap.
Expenses covered by the expense cap are expected to include the management fee, all legal, accounting,
administration and bookkeeping fees of the Funds and the Trading Expenses (other than brokerage commissions);
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Item 7 – Types of Clients

FGP provides investment advice and management to the Funds and Separately Managed Accounts as described
above.

Fund Investors may include banks or thrift institutions, trusts, estates or charitable organizations, corporations or
other business entities and high net worth individuals.

Separately Managed Accounts may include state or municipal government entities and high net worth individuals.

Prospective Investors in the Funds must meet eligibility criteria and are subject to certain withdrawal requirements
and limitations as set forth in the Fund’ offering documents. Prospective Investors are encouraged to thoroughly
review the Funds’ offering documents and any other materials provided by FGP, which set forth all of the terms in
detail. Though the Funds generally pursue similar strategies, offering terms may differ. FGP may waive, reduce,
increase, or alter requirements in particular cases and may change them as to new investors in the future.

    •    Interests are offered to “accredited investors” (as defined in Regulation D under the Securities Act of 1933)
         and to “qualified purchasers” (as defined in the Investment Company Act of 1940, as amended (the “1940
         Act”). The minimum initial investment is either $100,000 or $5,000,000, depending on the Investor
         sophistication requirement.

Separately Managed Accounts. Generally, similar terms will apply to SMAs, though SMAs may negotiate terms that
differ or are more favorable than those for the Funds.