Library Research Limited

Item 5: Fees and Compensation

The fees, compensation, and expenses applicable to the Funds are set forth in detail in the
respective Governing Agreements.

Management Fee

Library charges the Funds a fee for its investment management services based on assets under
management (the “Management Fee”), which set forth in the Fund’s offering documents.
With respect to all share classes, the Firm receives an annual management fee ranging up to
2% per annum in respect of the net asset value (“NAV”) per series of the relevant class of
issue. The Management Fee is payable monthly in arrears as soon as practicable after the end
of each calendar month. The Funds may from time to time enter into Side Letters providing
for changes in management fees and performance allocation.

Performance Based Compensation

In addition to Management Fees, Library distributes performance-based compensation in the
form of a performance allocation (the “Performance Allocation”) equal to a percentage of
the appreciation in the value of the shares above the prior High Net Asset Value of such shares.
In certain instances, The Performance Allocation is equal to a percentage of the appreciation
in the value above the performance hurdle. The Performance Allocation will accrue monthly
as at the close of business on each valuation day.

The Firm, in its sole discretion, may reduce, waive, rebate, or modify the performance
allocation with respect to certain shareholders, including affiliate of the Firm. This may be
effected through the creation of additional classes, subclasses or series of shares, which will
not require shareholder approval. The Funds will not be subject to a performance allocation
on its investment in the Master Fund.

Brokerage Fees

The Funds are responsible for paying any and all brokerage fees including, without limitation,
commissions, annual fees, brokerage charges, bank charges, registration fees, clearing and
settlement charges, taxes and/or duties.

Other Costs and Expenses

The Funds pay various ongoing operational expenses, including but not limited to, accounting,
auditing, tax preparation, legal, administration, research, and trading costs. The Funds may incur
brokerage and other transaction costs. Fees and compensation are generally deducted from
the assets of the Funds on a quarterly basis.

Sales Compensation

Library and its supervised persons do not receive (directly or indirectly) any compensation
from the purchase or sale of securities or investments for the Funds. Library and its supervised
persons do not receive (directly or indirectly) sales commissions in connection with sales of
interests in the Funds.

Library Research Limited                                                   Form ADV Part 2A

Item 7: Types of Clients

Library provides investment management services to the Funds. Investors in the Funds
primarily consist of institutional investors, high net worth individuals and Family Offices.

The minimum initial investment amount for the Fund is generally US$1,000,000 and the
minimum subsequent investment amount is US$100,000. In certain circumstances, minimum
investment amounts may be amended by directors in consultation with the Firm.

Library Research Limited                                                       Form ADV Part 2A