Krane Capital Management LLC

ITEM 5. FEES AND COMPENSATION

The fees that to which KCM is entitled for the investment advisory services provided to private
funds are generally disclosed in each private fund’s Governing Documents.

The private funds pay KCM an asset-based management fee and performance allocation as
compensation for KCM’s services to the fund, including its services as bid adviser with respect to
CCA Physical Private Fund. Each of the private funds may pay for certain investment and
operating expenses which may be reimbursed by KCM for certain organizational expenses.
Investors will be responsible for paying a portion of these expenses, as described below and each
fund’s Governing Documents.

Fees for the private funds will be made up of a management fee (“Management Fee”) and a
performance fee (“Performance Allocation” or “Carried Interest”) as further described in each
fund’s Governing Documents.

In each case, Management Fees and/or Performance Fees may be reduced or waived for certain
investors. Each fund’s Governing Documents describe the methodology by which KCM will
calculate the Management Fee, Performance Allocation and/or Carried Interest.

CCA Physical Private Fund

The fund pays KCM a monthly Management Fee with respect to each investor. The annualized
Management Fee payable by each investor will range from one-half percent (0.5%) to one percent
(1%) of the value of such investor’s capital account at the end of each month, depending on the
class of shares that the investor purchases. The Management Fee shall be payable in arrears on the
first day of each month via a deduction from each investor’s capital account. At the end of each
fiscal year, KCM will generally be entitled to receive a ten percent (10%) Performance Allocation
with respect to each investor. However, KCM will not receive a Performance Allocation with
respect to certain initial investors in the fund.

For the CCA Physical Private Fund, any redemptions of shares in the fund that occur less than one
(1) year following an investor’s subscription for such shares will be subject to an early redemption
deduction equal to two percent (2%) of the net asset value of the shares being redeemed. KCM
may waive this deduction in its sole discretion.

KC VC 2

The fund pays KCM a Management Fee with respect to each investor. The annualized
Management Fee payable by each investor will be up to 2% of the value of such investor’s capital
account at the end of each quarter. The Management Fee shall be payable in arrears on the first
day of each quarter via a deduction from each investor’s capital account.

In addition, the General Partner is entitled to receive up to 20% Carried Interest on profits (after
return allocations), a portion of which may be allocated to KCM.

Fund Expenses

The funds pay the costs and expenses related to its investments and operations, including costs
related to due diligence, financing, insurance, legal services, administration services, auditing, and
tax preparation. Each investor in the fund will bear its share of these costs through a deduction
from its capital account. To the extent applicable, expenses of the fund attributable to a particular
share class will be allocated to such class.

The funds will also reimburse KCM for organizational expenses incurred in connection with the
startup, organization, and original offer and sale of the fund. Such organizational expenses will be
amortized in sixty (60) monthly installments beginning with the first month-end after the fund
commences operations.

KCM pays for its own overhead expenses, including the salaries, bonuses, and benefits of its
employees.

Brokerage Expenses

KCM and its supervised persons do not accept any compensation from third parties (e.g., brokerage
commissions) for the sale of securities or other investment products, including shares in the private
funds.

For more information regarding KCM’s brokerage practices and brokerage expenses, please see

ITEM 7. TYPES OF CLIENTS

As described in Item 4, KCM provides discretionary investment advisory services to pooled
investment vehicles which are operated as private funds. KCM does not provide investment advice
to individual fund investors.

The private funds generally include investment partnerships or limited liability companies formed
under U.S. or non U.S. laws and operated as exempt investment pools under the U.S. Investment
Company Act of 1940, as amended (the “Investment Company Act”).

Each investor in a private fund must meet certain eligibility provisions. Specifically, each investor
in the private funds is required to represent that it is an “accredited investor” within the meaning
of Regulation D of the Securities Act and, depending on the particular fund in which an investor
subscribes, may be required to represent that it is a “qualified client” under Rule 205-3 of the
Advisers Act, and/or a “qualified purchaser” as defined in section 2(a)(51)(A) of the Investment
Company Act. Each private fund’s Governing Documents provide additional details regarding
investor suitability criteria.

In addition, the private funds are subject to minimum capital commitments, as set forth in the
applicable Governing Documents. KCM or the applicable General Partner reserves the right to
waive or reduce the minimum capital commitment for any investor.