FutureSelect Portfolio Management Inc

Item 5 -Fees and Compensation

FutureSelect, as the Adviser is entitled to receive the following advisory compensation with respect to
the assets managed for each Fund. The Advisory Fees charged by FutureSelect are specified in each
Memorandum and Advisory Agreement in place with each Fund for whom FutureSelect provides
services include. The fees payable by each Fund to FutureSelect are:

       a) Aldarra: an investment advisory fee, payable monthly, at an annual rate of 1.5%-3% of each
          segregated portfolio’s net asset value. Plus, an incentive allocation of 1% of the quarterly
          increase, if any, in net asset value of each such portfolio from the higher of the highest prior
          quarter or the initial balance, subject to adjustments for capital contributions, redemptions or
          capital withdrawals, if any, made during the period.

       b) Telesis: an investment advisory fee, payable quarterly, at an annual rate of 3% of Telesis’s net
          asset value.

       c) Merriwell LP: an investment advisory fee, payable quarterly, at an annual rate of 3% of
          Merriwell LP’s net asset value.

       d) Merriwell LLC: an investment advisory fee, payable quarterly, at an annual rate of 1.5%-3% of
          the net asset value with respect to different tranches of interests, and an incentive allocation,
          payable as of the end of each calendar year, of 17% of the net profits, if any, with respect to one
          tranche of interests, subject to a “high water mark.”

Investment advisory fees and allocations are payable monthly, quarterly or annually, in advance or in
arrears as specified in the Advisory agreement between FutureSelect and each Fund. Investors charged
an investment advisory fee in advance that redeem all or a portion of their investment in a Fund other
than at the end of the relevant payment period will be rebated an appropriate portion of the investment
advisory fee with respect to the amount redeemed. Investment advisory fees are also pro-rated for

contributions at other than the beginning of calendar quarters.

Investment advisory fees and/or incentive allocations may be reduced, waived or rebated in the
circumstances described in the relevant Fund’s Memorandum.

Item 7 - Types of Clients

Adviser provides portfolio management services solely to the Funds identified above (see Item 4).