Kirkoswald Capital Management Limited

Item 5: Fees and Compensation

The fees and expenses applicable to each Client are set forth in detail in their respective offering
documents or investment management agreement. A brief summary of such fees and expenses
is provided below. KCML may enter into different fee arrangements on a Client-by-Client basis.
It is critical that all Clients and Investors refer to the applicable Client’s governing documents for
a complete understanding of how KCML and its affiliates are compensated for advisory services.
The information contained herein is a summary only and is qualified in its entirety by each
applicable Client’s governing documents.

A. Advisory Fees and Compensation.
Management Fee
Clients are charged a monthly management fee (the “Management Fee”), in arrears, equal to
1/12th of the applicable rate per annum, based on the net asset value of the assets under
management for such Client, calculated at the end of each month.

Performance Fee
In addition to the Management Fee described above, at the close of each calendar year certain
Clients pay, directly or indirectly, the Firm and its affiliates a performance-based fee, incentive
fee, or incentive allocation as applicable in respect of the performance of the Clients for each
performance period (the “Performance Fee”). Accordingly, Performance Fees may be paid on
unrealized gains which may subsequently never be realized.

The Performance Fees are based on the appreciation in the NAV and accordingly the
performance fees may be payable with regard to unrealized appreciation, as well as realized
gains. Certain of KCML’s Clients do not pay a Performance Fee that is based on appreciation in
fund NAV, and, instead, pay a Performance Fee based on the relative performance of that fund
to an index. Therefore, the Fund may pay a performance fee when the Fund’s NAV depreciates
but outperforms an index. The Performance Fees may create an incentive for KCML to make
investments for each Fund which are riskier than would be the case in the absence of a fee
reflecting the performance of the Fund.

For each performance period, the Performance Fee in respect of KCML’s Clients will be specified
in the relevant offering documents and governing documents. The applicable performance
allocation will be subject to a cumulative high-water mark.

Performance Allocation
In addition to the Management Fee, described above, KCML or its affiliates may also receive a
performance allocation, carried interest or “carry” with respect to certain Clients. The terms of
such compensation will vary among Clients and will be described in the Client’s governing
documents.

B. Payment of Fees and Compensation.

Management Fees and Performance Fees are generally deducted or charged, as applicable,
directly or indirectly from the Clients. See Section A (Advisory Fees and Compensation) above
for information about the nature and timing of the Management Fees and Performance Fees.

C. Other Fees and Expenses.
As described in more detail in their respective offering documentation, each Fund bears its
organizational and initial offering expenses, and its operating and other expenses, which include
(but are not limited to): i) custodial and depository expenses; ii) administration fees and expenses;
iii) prime and/or clearing brokerage fees iv) investment-related costs and expenses v) middle and
back office service fees, vi) interest on borrowings, including borrowings from a Prime Broker; vii)
costs of trading, including brokers’ commissions, borrowing charges on securities sold short,
clearing and settlement charges and any issue or transfer taxes or stamp duties chargeable in
connection with securities transactions; viii) local agent fees; ix) consulting, advisory, investment
banking and other professional fees relating to investments or contemplated investments paid to
unrelated third parties; x) all taxes and regulatory and/or corporate fees payable to governments
or agencies; xi) directors’ fees and expenses; xii) the charges and expenses of external legal
advisers and auditors; xiii) communication expenses with respect to investor services and all
expenses of meetings of Shareholders and of preparing, printing and distributing financial and
other reports, proxy forms, offering and similar documents (including documentation updates);
xiv) subject to the requirements of ERISA Section 410(b) (as applicable), the cost of insurance, for
the benefit of the directors and officers of the Fund and the officers of the Investment Manager;
xv) litigation and indemnification expenses and extraordinary expenses not incurred in the ordinary
course of business; xvi) jurisdictional registration costs and costs related to the maintenance of
such registrations, including state security filings (e.g., lobby and/or “Blue Sky” filings and fees);
xvii) all expenses related to compliance with Automatic Exchange of Information (“AEOI”)
Regulations; xviii); costs related to IT and data connectivity with the Administrator; xix) valuation
specific services (i.e., third-party valuation agents); xxi) costs related to the negotiation of trading
documentation, e.g., ISDAs, GMRAs, CDEAs; xxii) fees in connection with the preparation of
relevant tax documentation (fund and/or investor); xxii) EMIR reporting and operating expenses,
xxiii) data platforms and rating agencies, and xxiv) regulatory filings (including Form PF and Annex
IV).

Expenses are typically incurred at the feeder fund or master fund level, not at the share class level.

Fee and expense arrangements with certain Clients are individually negotiated.

Fee arrangements for the UCITS Funds are contained in the relevant offering documents.

Additional Note Regarding Allocation of Expenses
KCML seeks to allocate common expenses among the Clients in a manner that is fair and
reasonable over time. However, expense allocation decisions can sometimes involve conflicts of
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Item 7: Types of Clients

As described in Item 4 above, KCML’s Clients are the Funds and Managed Accounts.

All Investors are subject to applicable suitability requirements. The Funds each have a minimum
initial investment amount that is set forth in the offering documents of the relevant Funds. Subject
to applicable statutory minimums, such minimum investment amounts are negotiable.

Investors include, among others, some or all of the following: pension plans; charitable
organizations; endowments; funds of funds; institutions; high net-worth individuals; trusts;
estates; and other entities.