Lansdowne Partners UK LLP

Item 5. Fees and Compensation

Asset-Based Compensation:

The Adviser charges each client an investment management fee based on the value of the client’s
assets under management.

Except as set forth below, the Adviser (or a related person of the Adviser) is generally paid a monthly
management fee calculated at the annual rate typically ranging from 0.4% to 1.5% of the net assets of
each Fund as of the end of each month (adjusted for any subscriptions or redemptions made during the
month). The management fee is paid promptly to the Adviser (or to a related person of the Adviser)
after the end of each month and is prorated for periods less than a full month. With respect to certain
Funds formed for particular investors and certain managed accounts, the management fee may differ from
the typical range and payment cycle detailed above.

Performance-Based Compensation:

The Adviser receives an annual performance-based fee or allocation from some clients, which is
compensation based on a share of capital gains on or capital appreciation of the assets of a client or
the outperformance of a specified benchmark. This compensation may be paid or allocated to the
Adviser (or to a related person of the Adviser) and typically ranges from 7.5% to 20%. Under certain
circumstances, receipt of annual performance-based compensation may be subject to a hurdle rate
which may differ for each client.

The Adviser may offer different management fee and performance-based compensation schedules to
clients (including investors in the Funds) based on a variety of factors, including, among other things,
the nature of investments and length of relationship with the Adviser or related persons. In addition,
the Adviser, its partners and related entities, and their respective partners, directors and employees
may invest in the Funds without being subject to any management fees or performance-based
compensation.

The Fund administrator calculates and arranges payment of the investment management fees and, if
applicable, performance-based fees to the Adviser.
In addition, each client account will also pay its own expenses, including expenses and costs (i) of all
transactions carried out by it or on its behalf and (ii) of the administration of the client account, including
(a) all of the charges and expenses of any legal and professional advisers, independent auditors,
administrators and custodians, (b) all brokers' commissions and any issue or transfer taxes or stamp
duties chargeable in connection with its securities transactions, (c) research charges (see item 12), (d)
all taxes and corporate fees payable to governments or agencies, (e) all reasonable legal and
professional fees and expenses incurred by the Adviser in connection with its services, (f) all directors'
fees (if any) and expenses, (g) all interest on borrowings, including borrowings from the prime brokers,
(h) all communication expenses with respect to investor services and all expenses of meetings of
investors and of preparing, printing and distributing financial and other reports, proxy forms,
prospectuses and similar documents, (i) all of the costs of insurance in favor of the directors (or the
general partner) of the relevant Fund(s), (j) all litigation and indemnification expenses and extraordinary
expenses not incurred in the ordinary course of business and (k) all other organizational and operating
expenses.

Client assets may also be invested in money market mutual funds, ETFs or other registered investment
companies. In these cases, the client will bear its pro rata share of the investment management fee
and other fees of the money market mutual fund, ETF or other registered investment company, as
appropriate, which would be in addition to the investment management fee paid to the Adviser.

The allocation of expenses by the Adviser between it and any client and among clients represents a
conflict of interest for the Adviser. The Adviser allocates expenses to each client in accordance with the
client's arrangements with the Adviser (including applicable client disclosures). The Adviser seeks to
allocate shared expenses for products and services benefitting the Adviser and the client and not

covered in the client's arrangements in a fair and reasonable manner. The Adviser generally allocates
common client expenses among multiple clients pro rata based on assets under management at the
date on which the expenses are paid or on a different basis if the Adviser determines that an expense
disproportionately benefits a particular client or group of clients.

Item 7. Types of Clients

The Adviser’s clients consist of the Funds and the Accounts.

With respect to any Fund, any initial and additional subscription minimums are disclosed in the Fund’s
offering memorandum although the Funds’ directors have the right to accept a lesser amount. With
respect to the Accounts, the Adviser does not have any standard requirements for opening or
maintaining an account and may, in its discretion, require a different investment minimum for any
Account.