Livello Capital Management LP

Item 5: Fees and Compensation

The fees applicable to each of the Funds are set forth in detail in the corresponding Offering
Documents. A brief summary of such fees is provided below.

Management Fee

Livello is paid an investment management fee (“Management Fee”) per annum of the net
asset value of the Funds, and payable by the Master Fund quarterly in advance.

The Management Fee will range from 1% to 2%.

The Investment Manager, in its sole discretion, may waive or modify the Management Fee for
any Investor.

There is no management fee for Separately Managed Accounts (SMAs).

Other Types of Fees or Expenses

The Funds will bear all expenses related to the operations and affairs of the Funds and the
Master Fund and the business of investing and trading including, without limitation, interest
on borrowings and other borrowing-related expenses, brokerage commissions, transfer taxes,
custodial fees, indemnification, insurance, taxes, legal, administrative, tax and accounting fees
and expenses, transaction fees, registration fees, filing fees, bank charges, fees and expenses
of any custodian, escrow agent and other service providers, advisors and consultants,
research, due diligence and information gathering expenses (including reasonable travel
expenses), expenses incurred by the Manager or its affiliates or agents (or their respective
employees) in attending conferences and meetings, offering and investor communication
expenses, directors’ fees, fees and expenses incurred with respect to trading consultants
and/or as a participant in managed investments, fees and expenses related to valuation, other
trading or investment-related expenses, regulatory expenses (including expenses related to
any Form PF filings and other securities filings but excluding regulatory expenses solely related
to the Manager, such as the Manager’s registration as an investment adviser, provided that
any costs related to registration required for marketing interests in the Funds shall be an
expense of the Funds), reasonable travel expenses, expenses with respect to investor
communications, expenses of meetings of Investors and costs of preparing, printing and
distributing financial statements and other documents, litigation or other extraordinary
expenses, expenses relating to any pricing vendors and such other expenses of or for the
Funds as the Manager determines, in good faith, are typically borne by similarly-situated
private investment funds.

Item 7: Types of Clients

Our clients are the Funds, as described in Item 4 above, and the Funds are generally open to,
among others, institutions, pension plans, endowments, high net-worth individuals,
financially sophisticated individuals, and other sophisticated investors. With respect to the
SMAs, Livello does not have any standard requirements for opening or maintaining a
separately managed account and may, in its discretion, require a different investment
minimum for any account.