Life Cycle Investment Partners Limited

Item 5: Fees and Compensation

Management Fee

LCIP charges the Funds a fee for its investment management services based on assets under
management (the “Management Fee”), which are set forth in the Fund’s offering
documents. With respect to the Funds, the Firm receives an annual management fee ranging
up to 1.50%per annum in respect of the net asset value (“NAV”) of the relevant class of
issue. The Management Fee is payable, depending on the terms agreed with each client, but
most commonly monthly or quarterly in arrears as soon as practicable after the end of each
calendar month or quarter. LCIP may, in its sole discretion, waive, rebate, or decrease the
Management Fee that is payable in whole or in part, in respect of certain Investors. Each
Fund may from time to time enter into Side Letters providing for changes in management
fees and performance allocation.

Investors with SMAs will generally pay Management Fees in a similar range as stated above.

Performance Based Compensation

In addition to Management Fees, LCIP may receive performance-based compensation in the
form of a performance fee (the “Performance Fee”) equal to a percentage of the
appreciation in the value of the shares above an agreed performance hurdle.

LCIP, in its sole discretion, may reduce, waive, rebate, or modify the Performance Fee with
respect to certain Investors. This may be effected through the creation of additional classes,
subclasses, or series of shares, which will not require Investor approval.

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 Fees and Expenses

The Funds may incur ongoing operational expenses, including but not limited to, accounting,
auditing, tax preparation, legal, administration, and trading costs up to a fixed, pre-
determined expense limit which will be no greater than 50bps of Funds or SMAs Assets
Under Management. Research and any additional expenses over the expense limit will be
covered by the Firm.

Sales Compensation

The Firm and its Supervised Persons do not receive (directly or indirectly) any compensation
from the purchase or sale of securities or investments for the Funds. LCIP and its Supervised
Persons do not receive (directly or indirectly) sales commissions in connection with sales of
interests in the Funds.

Life Cycle Investment Partners Limited                                    Form ADV Part 2A

Item 7: Types of Clients / Eligible Investors

LCIP provides investment management services to the Funds. Investors in the Funds primarily
consist of institutional investors and other sophisticated investors including, but not limited
to, pension funds, endowments, financial institutions, foundations, fund of funds, high net worth
individuals and insurance companies.

The minimum initial investment amount for the Funds and any additional subscription
minimums is disclosed in the offering memorandum for the relevant pooled investment
vehicle. In certain circumstances, minimum investment amounts may be amended by the
Fund’s Board of Directors in consultation with the Firm but will never be lower than any
applicable regulatory minimum.

Investors with SMAs will be required to enter into a separate Investment Management
Agreement (“IMA”) with the Firm. The minimum initial or additional subscription amounts
are set forth in the IMA or other governing documents, where applicable. LCIP may require
a minimum account size, which will be determined on a case-by-case basis. The minimum
initial investment amount in an SMA will not be lower than US$10,000,000.

Life Cycle Investment Partners Limited                                       Form ADV Part 2A