GCA Investment Management LLC

FEES AND COMPENSATION

The relevant offering documents of the Funds fully disclose the terms of the compensation
collected by the Firm on behalf of the Funds. In general, the Firm charges the Funds a monthly
management fee. The monthly management fee charged to the Long Only Funds is equal to
0.0833% (or 1% annually) of assets under management. The monthly management fee charged to
the Emerging Market Funds is equal to 0.125% (or 1.5% annually).

Similarly, the Firm receives fees for its services to the UCITS Fund as described in the UCITS
Fund’s Prospectus and Supplement.

PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT

In addition to the above management fees, the Firm shall charge the Funds an amount up to or
equal to twenty (20) percent of their respective net profits on an annual basis. The specific terms
of the performance-based compensation are set forth in the relevant offering documents of the
Funds. For example, the performance-based compensation may be subject to hurdle rates and/or
high water marks.

Performance-based compensation is drawn from client accounts either in the form of an incentive
fee or a profit allocation (sometimes referred to as “carry” or “carried interest”).

The existence of performance-based compensation may create an incentive for the Firm and the
individuals who are entitled to receive a portion of such compensation to manage investments in a
more aggressive manner than they might otherwise do in the absence of performance-based
compensation. Again, the specific details regarding any performance‐based compensation are set
forth in the respective client’s governing documents. Investors in the Funds should refer to the
limited partnership agreement, investment management agreement, and/or the respective private
placement memorandum.

OTHER COSTS

Clients also incur third-party brokerage commission and other transaction costs, as explained in
further detail in the Brokerage Practices section below. Additional third-party costs related
mainly to custody, audit, administration, legal advice, tax advice and preparation, banking services,
and research and consulting shall also apply for investors in the Funds. In some cases, the Funds
may also be billed to reimburse the Firm for certain transaction-related travel expenses. In all cases,
details concerning applicable fees and expenses are set forth in the Funds’ governing documents.

TYPES OF CLIENTS

As discussed in the Advisory Business section above, the Firm currently provides investment
management services to the Funds and the UCITS Fund, which in turn are offered exclusively to
sophisticated investors. Although the Firm generally seeks minimum account commitments from
its investors in the Funds of US $1,000,000, it can waive such minimums in its discretion.

INVESTMENT STRATEGIES AND RISK OF LOSS

The investment strategy employed by the Firm has its own set of risks, but in all cases, the Firm’s
strategies involve a risk of loss that clients should understand and be prepared to bear.

The Firm shall provide investment management services to the Funds and may also manage other
accounts and/or establish other private investment funds in the future.

The Funds investment objectives seek, generally, to achieve consistent absolute returns. Though
each of the Long Only Funds and Emerging Market Funds has similar investment objectives,
please carefully review the relevant offering memoranda, as certain differences exist.

An investment in the Funds also involves a number of material risks, including, but not limited to:
the lack of a liquid public market for interests of the Funds; restrictions on the ability of investors
in the Funds to withdraw or redeem their capital; and the ability of the Firm and its investment
professionals to correctly identify and assess good investment opportunities, particularly given the
often early stage of development of the businesses invested in, their frequent need for additional
capital and the often rapidly shifting dynamics and intense competition that characterize the
industries in which they operate.

A more complete discussion of the investment strategy and the risks involved is contained in the
relevant private placement memorandum for the Funds and should be read by prospective investors
carefully. The Firm’s investment strategy involves a risk of loss that clients should understand and
be prepared to bear.