IWC Investment Partners A/S

ITEM 5 – FEES AND COMPENSATION

A. Compensation for Advisory Services

The Firm is compensated for its advisory services based upon the scope of the engagement and services
required by the Client and disclosed in each investment advisory agreement. Management fees are typically
paid to the Firm quarterly in arrears.

Fees for Separate Accounts and other single client services are negotiated on a client-by-client basis.

For certain Clients, the Firm has, from time to time, arrangements whereby it is compensated by a fixed fee
and/or hourly charges.

B. Charging Fees

The Firm primarily bills Clients for fees incurred.

C. Other Fees and Expenses

In addition to compensation payable to the Firm, and in some cases subject to certain limitations, each Client
generally pays its own investment, administrative, and operating expenses, including, but not limited to:

    i.      All reasonable fees and expenses of accountants, legal advisors, custodians, brokers and other
            similar external consultants on a case-by-case basis, any costs and expenses (including
            commissions, syndication fees, brokerage fees, stamp duties, capital duties and other
            professional fees) of acquiring, holding and disposing of Investments and proposed investments
            that are not consummated;

    ii.     All reasonable costs, fees and expenses of any duly appointed independent appraiser; and

    iii.    All reasonable cost, fees and expenses incurred in connection with actions taken in light of
            changing regulatory conditions applicable to the Client and/or the General Partner.

Clients may incur brokerage and other transaction costs. Please see Item 12 for a further description of such
brokerage costs.

D. Timing of Fee Payments

Fees are generally paid quarterly in arrears. Accounts initiated or terminated during the relevant periods
are charged pro-rated fees.

E. Payments to Supervised Persons

Neither the Firm nor any of its supervised persons directly or indirectly receive any compensation from the
sale of securities or other investment products, but the Firm compensates certain supervised persons based
on a calculation of created turnover from new clients up to a certain amount.

ITEM 7 – TYPES OF CLIENTS

The Firm provides advisory services to Clients with a connection to the US as well as to pooled investment
vehicles with no US investors and non-US separately managed accounts in Europe.