Havens Advisors LLC

Item 5 Fees and Compensation

Our fees and compensation are described in the advisory contracts we enter into with the Private
Funds, as well as in the Private Funds’ offering documents.

HP pays us a quarterly asset-based management fee of 0.25% (1.0% on an annualized basis). Each
of HPEF and HIEF pays us a quarterly asset-based management fee of 0.4375% (1.75% on an
annualized basis). Such management fees are deducted from such Private Funds in advance on the
first day of each calendar quarter. Any management fees paid in advance by the Private Funds are
refundable on a pro rated basis if the relevant advisory contract is cancelled prior to the end of a
payment period and upon redemptions/withdrawals by investors in the Private Funds. In addition,
on an annual basis and upon redemptions by investors in the Private Funds, Havens Associates, our
affiliate, is entitled to receive performance-based allocations from the Private Funds of up to 20%
of aggregate net capital appreciation, subject to a high watermark.

We waive these fees and allocations with respect to our employees and may, in our discretion, also
elect to reduce, waive or calculate differently these fees and allocations with respect to any of our
other related persons and affiliates and certain family members of our employees, related persons
and affiliates.

Expenses Generally

The Private Funds will be obligated to pay certain fees and expenses of or pertaining to them, which
include, without limitation, investment expenses (e.g., brokerage commissions (See Item 12
“Brokerage Practices” below), interest expenses, custodial fees, bank service fees, withholding
and transfer fees, and clearing and settlement charges), legal expenses, professional fees (including,
without limitation, expenses of consultants and experts) relating to investments, taxes, accounting,
audit and tax preparation expenses, our management fees, fees and disbursements of the
administrator of each Private Fund (the “Administrator”), offering expenses, costs of any regulatory
filings (including any filings required by the European Alternative Investment Fund Managers
Directive), corporate licensing fees, directors’ fees, other similar expenses and any extraordinary
expenses.

We may also allocate a portion of certain clients’ capital to money market funds or private funds
and accounts that are managed by other investment managers. In addition to the fees and expenses
discussed above, our clients will indirectly incur similar fees and expenses if we invest their capital
in such funds, as these funds in turn pay similar fees and expenses to their investment managers
and other service providers.

Item 7 Types of Clients

Investors in the Private Funds are generally institutional investors and high net worth individuals
that qualify as “accredited investors” (as defined in Rule 501(a) under Regulation D of the U.S.
Securities Act of 1933, as amended) and “qualified clients” (as defined in Rule 205-3 of the
Investment Advisers Act of 1940, as amended (the “Advisers Act”)). The minimum investment
routinely required of Private Fund investors is generally $1,000,000, which minimum may be
waived. If we determine to require a minimum investment for any separately managed account in
the future, we will make that determination on a case by case basis.