Lizard Investors LLC

Item 5 – Fees and Compensation
Lizard receives a management fee for serving as investment manager to the Funds payable
monthly in arrears. Lizard may, in its sole discretion, waive, rebate or calculate differently
all or a portion of the management fee applicable to certain Funds.

Lizard receives a management fee for its sub-advisory services. For these sub-advisory
arrangements, fees are negotiated with the primary investment adviser of the end client.

Certain Funds may be subject to operating expenses including research, investment
expenses, administrative expenses, extraordinary expenses, legal, audit and tax expenses,
expenses for filings, and brokerage and transactional costs in addition to all other expenses
detailed in each respective Fund offering document. Please refer to the applicable offering
document for complete expense details.

Clients may incur expenses directly. In some instances, the Investment Manager may be
entitled to a reimbursement from a client for certain costs or expenses paid for by the
Investment Manager. Some costs or expenses may be shared across multiple clients. Not all
clients may bear responsibility for such shared costs or expenses. Shared costs and expenses
will typically be allocated to clients pro rata. The Investment Manager will incur the cost or
expense for any portion of the cost or expense that is not allocable to a client or clients.

Please refer to Item 12 of this brochure for a discussion of Lizard’s brokerage practices.

Item 7 – Types of Clients
Lizard provides advice directly to the Funds and as a sub-adviser to SMAs and not to
individual investors. Eligibility to invest in the Funds is limited to investors who meet
specified minimum criteria relating to such items as financial holdings and investment
experience, which are further detailed in the Funds’ offering documents.

Details concerning minimum initial and additional subscription amounts, as well as a
description of the investment objectives and risk factors, are found in the Funds’ Offering
Memorandum which is provided to prospective investors. For certain Funds, Lizard may, in

its sole discretion, permit investments below the minimum amounts set forth in the Offering
Memorandum.