Gladstone Capital Management LLP

7 Types of Clients
The Master Fund is a Cayman Islands exempted company which operates as a private investment fund. The
Lasker Fund (“Offshore Feeder”) is a Cayman Islands exempted company formed for the benefit of non-US
investors and US tax-exempt investors (or entities comprised primarily of US tax-exempt investors) and invests
all of its assets into the Master Fund. The Lasker Fund LP (“Onshore Feeder Fund” and collectively with the
Offshore Feeder Fund the “Feeder Funds”) was formed for the benefit of US taxable investors and invests all its
investable assets in the Master Fund. The Offshore Feeder Fund and the Master Fund are each regulated as a
mutual fund under section 4(3) of the Mutual Funds Law of the Cayman Islands.

The types of investors that we have invested in the Funds are Endowments, Family Office, Foundations, Pension
Funds & Foundations.

Gladstone also provides investment management services to Accounts as defined in Item 4.

7.1   Minimum Investment

Unless     otherwise     determined     by    the     directors,   the   minimum       initial investment     is
€1,000,000/US$1,000,000/GBP£1,000,000, and €25,000,000/US$25,000,000/GBP 25,000,000 dependent on
share class, subject to the discretion of the directors to accept subscriptions of a lesser amount or establish
different minimums in the future, subject to any minimum amount as specified under Cayman Islands law.
Generally, the minimum subsequent investment amount will be €100,000/US$100,000/GBP£100,000.

The minimum investment amount for Accounts is at the discretion of Gladstone.

7.2   Side Letter Agreements

Gladstone and their affiliates may also from time to time enter into letter agreements or other similar agreements
with one or more investors, that alter, modify or change the terms of investment outlined in the OM. The
agreements may provide such investors with additional and/or different rights (including, without limitation, with
respect to the incentive fee, management fees, redemption rights, minimum and additional subscription
amounts, informational rights, capacity rights and other rights) than the other investors in the Funds. Although
certain investors may invest in the Funds with different material terms, the Funds and Gladstone will generally
only offer such terms if they believe other investors in the Funds will not be materially disadvantaged. At present,
there are no investors with altered redemption rights as terms of investment.

7.3   Redemption and Termination

Generally, investors may redeem from the Fund upon advanced written notice as outlined in the relevant Fund’s
OM. The redemption of shares will be suspended whenever the calculation of the net asset value is suspended.