Kingsford Capital Management LLC

Item 5.        Fees and Compensation

The Adviser receives a management fee and is eligible to receive a performance allocation or fee
in connection with its advisory services. The fees the Adviser charges are negotiable and vary.

It is critical that investors refer to the relevant Offering Documents for a complete
understanding of how the Adviser is compensated for its advisory services. The information
contained herein is a summary only and is qualified in its entirety by such documents.

KI Class A shares pay the Adviser a quarterly management fee, payable in advance at the
beginning of each calendar quarter, equal to 0.375% (1.5% on an annual basis) of the net asset
value of each investor’s shares in the fund on the first business day of such quarter. KI Class B
shares are subject to a monthly management fee, payable in advance at the beginning of every
month, equal to 0.1667% (2.0% on an annual basis) of the net asset value of each investor’s shares
in the fund on the first business day of such month, or; for any KI Class B shares that were issued
or outstanding on the first business day of such quarter, equal to 0.1667% (2.0% on an annual
basis) of the net asset value of each investor’s shares based on the net asset value per share at the
beginning of the quarter. With respect to KI, the Adviser also is typically paid an annual
performance fee equal to 20% of the net profits (including both realized and unrealized gains and
losses) attributable to that investor’s shares. These performance fees are only applied to the portion
of profits that exceed the losses allocated to or incurred by the investor in the prior year.

ACF pays all fees and compensation at the master fund level. With respect to ACF, the Adviser
typically charges a monthly management fee, payable in advance at the beginning of each calendar
month, equal to 0.0833% (1.0% on an annual basis) of the market value of each investor’s limited
partner account or shares in the fund (as applicable) on the first business day of such month. The
Adviser’s affiliate is typically allocated or paid an annual performance allocation or fee equal to
15% of the net profits (including both realized and unrealized gains and losses) attributable to that
investor’s limited partner account or shares (as applicable). These performance allocations and
fees are only applied to the portion of profits that exceed the unrecouped losses allocated to or
incurred by the investor.

Fees applicable to the Separate Accounts are individually negotiated and set forth in the Governing
Documents for each account.

The Adviser complies with Rule 205-3 under the Investment Advisers Act of 1940, as amended to
the extent required by law.

The Adviser generally deducts management fees and performance allocations and fees directly
from client accounts but will bill client accounts on request. An investor who withdraws from the
Funds on a date other than a specified withdrawal date as it relates to that specific Fund, does not
receive a refund of the management fee previously paid.

The Adviser believes that its fees are competitive with fees charged by other investment advisers
for comparable services. Comparable services may be available, however, from other sources for
lower fees.

The disclosure in this Item 5, together with the disclosure in Item 12, allow a plan that is subject
to the Employee Retirement Income Security Act of 1974 and that invests in an investment limited
partnership of which the Adviser or its affiliate is general partner, to use the “alternative reporting
option” to report the Adviser’s compensation as “eligible indirect compensation” on the Schedule
C of the plan’s Form 5500 Annual Return/Report of Employee Benefit Plan.

KI investors may redeem shares, on specified prior written notice, quarterly (after a one-year
lockup) or monthly, depending on the fee structure selected by the shareholder. Following a
specified prior written notice, investors in ACF may withdraw or redeem their interests or shares

in the fund (as applicable) on a monthly basis, subject to an initial one-year lockup and/or an early
withdrawal fee.

Each Fund is responsible for its own costs and expenses, as set forth in each Fund’s Offering
Documents. Generally, the Funds are responsible for trading costs and expenses (such as
brokerage commissions, stock loan expenses related to short sales, and clearing and settlement
charges), ongoing legal, accounting and bookkeeping fees and expenses, and the fees and expenses
charged by any fund administrator for its accounting, bookkeeping and other services. The
Adviser bears its own operating, general, administrative and overhead costs and expenses, other
than the expenses described above. All or part of these costs and expenses may be paid, however,
by securities brokerage firms that execute clients’ securities trades, as discussed in Item 12 below.

Each Separate Account is responsible for expenses as set forth in the applicable Governing
Agreement.

Item 7.        Types of Clients

The Adviser provides discretionary investment advisory services to the Advisory Clients described
in Item 4. Admission to the Funds is not open to the general public. The offering of the Funds to
U.S. Persons is designed to be exempt from registration under the Securities Act of 1933, as
amended pursuant to Regulation D thereunder. In addition, each Fund is designed to rely on
exemption from registration as an investment company under the Investment Company Act of
1940, as amended pursuant to Section 3(c)(7). Investors in the Funds are typically institutions,
funds of funds, pension and profit-sharing plans, trusts, charitable organizations, endowments and
foreign sovereign wealth funds.

Investors in the Funds are typically required to invest a minimum of $1,000,000, but the Adviser
may waive this minimum. Clients that open separately managed accounts are typically required
to invest a minimum of $50,000,000, but the Adviser may waive this minimum.