Kabouter Management LLC

Item 5 – Fees and Compensation

Fees for the private funds and other client types are discussed in this item.

Private Funds

The fees and expenses applicable to each private fund are described in such fund’s private offering
memorandum or organizational documents. The rates at which our fees are charged vary across
our private funds and, as to a particular fund, may also vary across investment options available to
investors. As compensation for our investment management services to the entities, we generally
receive an annual management fee of up to 2% of the applicable private fund’s net assets, which
are generally payable monthly or quarterly in advance. In addition, with respect to certain private
fund clients, Kabouter and/or its affiliates are entitled to receive performance compensation for
our services, ranging from 0% to 20% of net profits achieved over a traditional or modified high
water mark. Certain funds offer lower fees in exchange for longer lock-up periods, and certain
funds offer the option of performance compensation based on the performance of such private fund
relative to the performance of select indices. Performance compensation is generally calculated
and paid at the end of the fiscal year and at the time of withdrawal. Management fees and
performance compensation are deducted directly from investors’ assets in the applicable private
fund. The management fee and performance compensation is prorated with respect to any partial
period. Any prepaid but unearned fees will be refunded.

We reserve the right to apply a different management fee and/or performance compensation to
different investors and to waive any management fee and/or performance compensation in whole
or in part for particular investors in our discretion, including principals and employees of Kabouter.

Other Account Types

The fees and expenses applicable to each account are described in such account’s governing
documents. We charge an annual advisory fee of up to 2% of client assets under management,
depending upon the level of service provided to the account, complexity of the strategy and the
size of the account, among other factors. In addition, Kabouter may arrange for performance
compensation with respect to certain separately managed account clients. The fees applicable to a
client account are negotiable and may vary from the amounts set forth in this Brochure.

Our advisory fee is generally billed and payable quarterly in arrears, based on the value of a client’s
account at the end of the previous quarter. If the investment advisory agreement is executed at any
time other than the first day of a calendar quarter or terminated prior to the end of a calendar
quarter, our fees will apply on a pro rata basis. Any prepaid but unearned fees will be refunded.

We typically will invoice the client for payment of fees. We urge our clients to review all
statements received from their custodians for accuracy. Our investment advisory agreements also

may contain written authorization permitting our fees to be paid directly from each client’s
account. In such cases, we will send each client and the qualified custodian that they select for
such account an invoice showing the amount of fees due along with the account value on which
the fee is based and how the fee was calculated. In some instances, the qualified custodian will
deduct our fee directly from such client’s account at the client’s direction and pay directly to us.

We may launch or manage other funds or accounts with higher or lower fees and/or different
compensation structures. Different client facts and circumstances, including the client’s
investment strategy, liquidity profile, and prevailing market terms, will be considered in
determining applicable fees.

Additional Fees and Expenses

As part of our investment advisory services, we may invest client assets in mutual funds and
exchange-traded funds. The fees that a client pays to our firm for investment advisory services are
in addition to the fees and expenses charged by mutual funds or exchange-traded funds (described
in each such fund’s prospectus) to their shareholders. These fees will generally include a
management, custodial and transfer agent fee, and other fund expenses.

Our fees are exclusive of, and clients may incur certain other fees and expenses, including
brokerage commissions, banking fees, interest, custodial fees, transaction fees, and other
investment related costs and expenses, including research expenses (such as computer software,
news and information services and licensing costs which benefit our clients). Brokerage
commissions, custodial fees, and other transaction expenses and fees are typically imposed by
broker-dealers, custodians, and other third parties. Please refer to Item 12 for a description of the
factors we consider in selecting or recommending broker-dealers for client transactions and
determining the reasonableness of their compensation.

Clients may also be subject to organizational, operating, administrative, legal, audit, and other
professional expenses. Clients may also bear their share of expenses attributable to regulatory and
other filings which are made with respect to the client’s holdings. In some instances, certain clients
will be responsible for extraordinary expenses, including the expenses of litigation. Each client
will be responsible for their own taxes. Please refer to the applicable governing documents of a
client for more information.

Client costs and expenses are the responsibility of, and may be paid directly by, the applicable
client. However, where we have the ability to do so in respect of our clients, we may pay client
costs and expenses directly out of our own account for and on behalf of the client, and in those
cases, we are entitled to reimbursement from the client. Certain costs and expenses may be incurred
for the benefit of, or be shared by, multiple clients which may include clients which do not bear
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Item 7 – Types of Clients

We offer investment advisory services to a variety of client types, including private funds,
separately managed accounts, UCITS funds, CITs, and other pooled investment vehicle types.

Investment in the private funds generally requires a minimum investment of $500,000, although
Kabouter may accept lesser amounts in its discretion. In addition, investment in the private funds
is limited to “accredited investors” within the meaning of Regulation D under the Securities Act
of 1933 and “qualified clients” as defined in Rule 205-3 under the Investment Advisers Act of
1940. Certain private funds may also require that investors be “qualified purchasers,” as defined
in Section 2(a)(51) under the Company Act. Each private fund’s private offering memorandum or
organizational documents includes a complete discussion of the eligibility requirements applicable
to that fund, including any applicable lock-up period. Examples of the types of investors in the
private funds include pension and profit-sharing plans, trusts, estates, charitable organizations,
foundations, endowments, corporations, high net worth individuals, and family offices.

We generally require a minimum account size of $50,000,000 for the establishment of a separately
managed account. We may waive this requirement in our sole discretion. We may aggregate related
client accounts to meet this account minimum in our discretion. Examples of some of the types of
investors that may be interested in a separately managed account include pension and profit-
sharing plans, governmental plans, trusts, estates, charitable organizations, foundations,
endowments, corporations, other investment advisers, high net worth individuals, and family
offices.

Details of minimum investment requirements and investor eligibility for UCITS funds, CITs and
similar pooled investment vehicles can be found in the respective vehicle’s offering materials.