Impala Asset Management LLC

Fees and Compensation
Compensation received by Impala is generally comprised of fees based on a percentage of assets
under management (“management fee”) and performance-based compensation based on net
profits for each Fund (“performance fee”). Fund management fees are payable in monthly
installments in advance. Impala is entitled to receive performance fees on an annual basis, subject
to a “high water mark” and/or “hurdle” determined as of the end of each calendar year and/or as of
the date of any withdrawal from a capital account or redemption of shares. The fees are deducted
directly from the Funds. The administrator is responsible for calculating and deducting the fees.
Generally, the fees are not negotiable. The fees are described in each Fund’s offering documents.

Investors in Impala’s Funds may redeem some or all of their shares subject to notice requirements
and potential early redemption fees described in each Fund’s confidential offering memorandum.
Impala has granted and may from time-to-time hereafter grant, certain Fund investors terms that
are preferential to the terms otherwise described in the offering documents, such as (i) the ability
to make withdrawals from the Funds on more favorable terms than other investors, (ii) greater
transparency by providing access to additional information not otherwise disclosed to other
investors and (iii) the ability to more freely transfer their interests in the Funds. Any such
preferential terms will not generally be offered or disclosed to other investors.
In the unlikely event a Fund investor was required to redeem prior to month end, Impala would
refund the portion of the management fee accrued but unearned.
Fees, expenses and payment mechanics for the Investment Vehicles are negotiated separately and
subject to the terms of the applicable investment management agreement.

In addition to the fees noted above, Clients bear investment-related expenses, including brokerage
transaction costs, research expenses, interest on borrowings, taxes, audit fees, fees charged by the
administrator, banking and wire fee expenses, directors’ fees and legal expenses and private fund
related insurance costs, such as D&O and E&O insurance for Impala, the General Partner and
fund directorship liability. Impala seeks to allocate expenses fairly, equitably and consistent with
the documents governing Impala’s relationship with each Client. When allocating expenses,
Impala must interpret the Clients’ governing documentation and make determinations whether
expenses are allocated and paid, in full or in part, by a Client, Clients, and/or Impala, which
creates a conflict of interest. Impala has implemented written policies, procedures, and guidelines
designed to mitigate conflicts of interest.

Performance Based Fees and Side-by-Side Management
Impala or the General Partner typically receives a performance fee based on the net profits for
each Fund that Impala advises. Impala or the General Partner is entitled to receive performance
fees on an annual basis, subject to a “high water mark” and/or “hurdle” determined as of the end

of each calendar year and/or as of the date of any withdrawal from a capital account or redemption
of shares. The fees are deducted directly from the Funds.

Impala may also receive a performance fee on the net profits from the Investment Vehicles,
subject to the terms of each Investment Vehicle’s investment management agreement.

Performance fees could give Impala an incentive to invest Clients’ assets aggressively in an effort
to achieve higher returns and earn larger fees. Impala may also have an incentive to allocate
favorable investment opportunities to Clients that pay performance fees at the expense of Clients
that do not. Despite these potential conflicts of interest, Impala will always seek to invest the
Clients’ capital prudently.

Types of Clients
Impala generally provides investment advice to private investment funds consisting of partnerships
and foreign companies (the Funds). Impala may also provide investment management services to
Clients through separately managed accounts and other investment vehicles (the Investment
Vehicles). Certain Investment Vehicles or their underlying owners may also be investors in the
Funds.

The minimum investment varies by Fund (generally $5 million) and is subject to the discretion of
the manager and/or general partner. Investors must meet minimum qualification standards as
described more fully in the Funds’ offering documents.

Methods of Analysis, Investment Strategies and Risk of Loss
Impala seeks to maximize returns in strong markets and protect returns in weak markets primarily
through a long/short equity strategy utilizing fundamental research and analysis. In addition,
Impala manages a long-only equity strategy. Impala invests primarily in cyclical companies in
basic industries such as consumer, energy, industrials and materials sectors. Impala seeks
undervalued securities that offer upside potential often times due to changes in the economic or
business cycle for long positions and overvalued stocks that offer downside potential for short
positions. Impala seeks to accomplish these objectives on a global basis.

Impala examines the aforementioned global cyclical sectors and the securities therein from a
bottom-up and top-down perspective. Impala’s bottom-up analysis involves granular research on
the best-managed companies within the sectors and industries that are most likely to be affected
through earnings change. We also seek to identify companies that are undervalued given our view
of their earnings potential. The biggest inputs into Impala’s top-down or macro perspective are
data points derived from our fundamental company research. Additionally, Impala examines the
current economic cycle stage: (beginning, middle or end); where we are headed within the cycle
and how the direction will impact demand and supply in different sectors. Other macro
considerations include direction of currencies and interest rates. Impala will tend to have more
concentration in the investments on the long side of sectors we believe are about to experience or
who are experiencing improving macro trends and will look for shorts in sectors where we notice
opposite trends.

The securities invested in by Impala are primarily equities however some Clients may also invest
in options, futures, exchange traded funds (ETFs), swaps/CFDs, bonds and foreign exchange.

For each Client managed by Impala, investment decisions are made by a portfolio manager. The
portfolio managers interact with a team of Impala research analysts who cover various sectors.
Portfolio managers may differ by Client/strategy. Each portfolio manager has a unique style of
investment management and may employ different investing methods and strategies.

When aggregating orders, all Clients will be treated in a fair and equitable manner. Each
participating client will pay its proportionate share of the total commission and paying or receiving
its proportionate share of the total cost or sales proceeds. To address allocation of “split fills” (i.e.,
transactions filled at different prices throughout the trading day) or “partial fills” (i.e., transactions
not filled in their entirety on the same trading day), accounts will participate on a pro rata basis,
based on the account’s planned participation in such order, using an average share price for the
trading day in question.

Due to the nature of Impala strategies, accounts managed pursuant to long only or industry specific
strategies often will not participate in transactions executed pursuant to Impala’s flagship fund
strategies. Moreover, trades placed in connection with long only or industry specific strategies will
often not be made simultaneous with Impala’s flagship fund strategies, but rather may follow trading
for Impala’s flagship fund strategies. There will also be instances in which a transaction will only
be executed on behalf of long only and industry specific strategies. For example, the long only and
industry specific strategies may need to “ramp up” a position for which accounts managed pursuant
to the flagship fund strategy have already achieved their target allocation. As a result of the
foregoing, accounts managed pursuant to the long only or industry specific strategy may incur
materially different transaction costs or receive materially different prices than accounts managed
pursuant to the flagship fund strategy. In addition, there may be times when Impala may buy (or
sell) a security for the long only or industry specific strategies while simultaneously selling (or
buying) the same security for the flagship fund strategy. Accordingly, it is possible that the
investment activities or strategies used for certain Clients (including, purchases and sales in a
particular position) could conflict with the investment activities and strategies employed, or
positions held, by another Client, and affect the prices of the financial instruments in which such
Client invests.

Client accounts are actively traded and therefore may have increased brokerage and other
transaction costs and tax consequences. Investing involves a number of significant risks,
including risk of loss. The offering documents for each Fund contain a more detailed description
of the material risks.

On occasion and subject to certain terms and conditions and to the extent permitted by law and as
deemed advisable, Impala may affect cross transactions among Clients. When that happens, one
Client purchases securities held by one or more of the other Clients or sells securities to one or
more of the other Clients. Impala affects these cross-transactions based on then current
independent market prices and consistent with valuation procedures. Neither Impala nor any of its
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