Landseer Advisors LLC

Item 5         Fees and Compensation

The Consulting Clients

Landseer receives an advisory fee from each Consulting Client in accordance with the Consulting
Client’s investment advisory agreement with Landseer. The standard fee charged to each
Consulting Client is an asset-based advisory fee equal to 0.50% per annum of the net assets of the
Consulting Client’s account, payable quarterly in advance. With respect to certain Consulting
Clients, Landseer may charge a fixed fee or a fee ranging from 0.10% to 1.0% per annum of the

capital committed to, or the fair market value of, certain of the Consulting Client’s investments.
Landseer directly bills the Consulting Clients for the advisory fees described above.

Landseer and each Consulting Client is responsible for its own expenses incurred in connection
with Landseer’s provision of services to the Consulting Client under the terms of the relevant
investment advisory agreement entered into between Landseer and the Consulting Client;
provided, however, that each Consulting Client is obligated to indemnify and hold harmless
Landseer and its principals and employees under certain circumstances as set forth in its
investment advisory agreement with Landseer.

As described above, the Consulting Clients are required to pay Landseer’s asset-based advisory
fees in advance. In the event that Landseer does not provide investment advisory services to a
Consulting Client for an entire calendar quarter, the Consulting Client will receive a prorated
refund of the advisory fee to reflect the portion of such quarter that Landseer provided investment
advisory services.

The Funds

The fees paid by the Funds are on such terms as negotiated and agreed to between Landseer and
the Fund Investor, and those terms are set forth in Funds’ governing documents. Landseer (and/or
its designee(s)) is paid an asset-based management fee by two of the Funds quarterly in advance
and one of the funds does not pay Landseer a management fee. An affiliate of Landseer (and/or
its designee(s)) is entitled to receive performance-based compensation in the form of a profits
interest from the Funds (i.e., compensation based on a share of capital gains or capital appreciation
of the Funds’ assets).

In addition to paying, if applicable, an asset-based management fee and performance-based
compensation, the Fund Investor is required to bear its pro rata portion of other expenses as
negotiated and agreed to between Landseer and the Fund Investor, and those terms are set forth in
Funds’ governing documents.

The allocation of expenses by Landseer between it and the Funds represents a conflict of interest
for Landseer. Landseer has adopted an expense allocation policy that is designed to address this
conflict in seeking to ensure that expenses are allocated in a fair and equitable manner.

Item 7         Types of Clients

As previously described in Item 4, Landseer’s Clients currently consist of: (i) the Consulting
Clients, which are endowments, foundations, high net worth individuals, family offices and other
institutional investors, and (ii) the Fund Investor (through the Funds), which is a pension plan.

Although Landseer does not maintain a specific minimum dollar value of assets or other formal
requirements for starting or maintaining an advisory relationship with a Client, Landseer’s services
are generally directed toward institutional investors that have and maintain significant account
sizes.

Any initial and additional capital contribution or capital commitment minimums are as negotiated
and agreed to between Landseer and the Fund Investor, and those terms are set forth in Funds’
governing documents.