Goshen Rock Capital LLC

Item 5      Fees and Compensation

It is expected that the Fund sub-advised by Goshen would generally pay Goshen on a quarterly
basis a management fee of 0.1875% (0.75% per annum) calculated based upon net asset value as
set forth in the relevant prospectus.

The custodian for each Fund would deduct the management fee owed to Goshen directly from the
account of the Fund upon Goshen’ (or an affiliate’s) direction. Goshen would not allow direct
billing for each investor in a Fund. In the case of Managed Accounts, Goshen would bill each
client directly for any management fee.

Goshen may, in its sole discretion, modify or waive the management fees in the Fund or Managed
Accounts.

Management fees for the Fund and the Managed Accounts are generally payable quarterly in
arrears (i.e., payment is made in the quarter following the quarter in which the fee arises).

In addition to the management fees mentioned above and performance-based fees described in
Item 6, clients who invest through Managed Accounts may bear certain third-party fees, costs and
expenses including (without limitation):

   •     All reasonable transaction expenses related to the purchase and sale of securities or other
         investment products, including brokerage commissions;
   •     Custodial fees;
   •     Administration fees;
   •     Bank service fees;
   •     Transfer taxes relating to the investments in the Managed Account; and
   •     As otherwise agreed to between the Firm and the Managed Account.

See Item 12 of this Brochure for a discussion of Goshen’ brokerage practices.

Item 7     Types of Clients

As described above, the clients of the Firm are ASIF, and any Managed Accounts Goshen
manages.

ASIF is an investment company registered under the 1940 Act.

Clients investing through a Managed Account are qualified purchasers or non-U.S. Persons who
retain Goshen to provide discretionary advice and are generally required to make a minimum
capital commitment of $10 million; provided, however, capital commitments of lesser amounts
may be accepted on a case-by-case basis.