Marble Bar Asset Management LLP

Item 5.         Fees and Compensation

Marble Bar is entitled to receive a management fee on assets under management and a performance-based
fee, typically subject to a high-water mark, on the Marble Bar Funds as set forth in the relevant offering and
subscription documents and investment management agreements.

Fee Schedule

 Client type             Management Fee Range             Performance Fee Range
 Funds                   Up to 2.00%                      Up to 20%
 UCITS Funds             Up to 2.00%                      Up to 20%
 Managed Accounts        Up to 2.00%                      Up to 20%

Restricted share classes, such as those only available to the investment manager or sub-investment
manager, may charge lower fees than stated in the table above.

Management fees are deducted from clients’ assets on a frequency agreed with each client ranging from
daily to a quarterly basis. Performance fees are deducted on a frequency agreed with each client ranging
from daily to an annual basis. Managed Account clients may agree to deduct management fees in advance
or arrears and in a termination event, pre-paid fees are refunded on a time-weighted basis. Fees are
calculated and deducted as defined in individual client agreements. The Firm is only entitled to receive

Marble Bar Asset Management LLP                                                            Form ADV Part 2A

performance fees if cumulative profits generated exceed the previous highest level of cumulative profits for
the relevant Marble Bar Funds.

In addition to management and performance fees, each Fund will bear certain operating and administrative
expenses as set forth in detail in the Funds’ governing, offering, and subscription documents and investment
management agreements. These expenses to be borne by the Funds typically include, but are not
necessarily limited to, brokerage services (see Item 12 below) and other transaction fees, administration
fees, custodian fees, legal fees, accounting fees, audit fees, filing fees, directors’ fees, research fees, and
other permitted fees and expenses incurred by Marble Bar in the course of managing the Funds.

Managed account clients will incur Marble Bar fees, brokerage fees and commissions, as well as their own
independent organisational, administrative, custodial, operational and director expenses, if any.

Marble Bar does not directly compensate its staff for the sale of securities or other investment products.
Rather, the Firm seeks to establish, implement and maintain remuneration policies and practices that are
consistent with, and promote, sound and effective risk management and do not encourage risk-taking which
is inconsistent with the risk profile of the Funds.

Marble Bar reserves the right to enter into written agreements with investors (“Side Letters”) in the Funds to
waive or modify the fees or other standard terms of such Funds in respect of a particular investor. The
material terms of such Side Letters are disclosed to the relevant Fund’s investors on request. Marble Bar
has the absolute discretion – subject to its fiduciary duty, the agreement of the Fund’s directors and
applicable law and regulation – to agree with Fund investors to waive or modify the application of any term
of the Fund’s governing, offering, and subscription documents. Such agreements may concern, but are not
limited to, terms relating to liquidity, investment capacity, fees and transparency. In some instances Side
Letters grant Fund investors materially favourable terms relating to, among other things, liquidity, investment
capacity, the waiver, modification or rebate of fees, information and reporting rights, transparency, certain
rights or terms relating to particular legal, regulatory or policy requirements of a particular investor, and
transfer rights. Prospective and existing Fund investors should consider these possible conflicts of interest
in making their decision to invest or remain invested in the relevant Fund, as some Side Letters can result in
preferential treatment of some Fund investors in relation to risk, liquidity, material economic terms and other
matters.

Item 7.         Types of Clients

Marble Bar provides discretionary investment advisory services for various client types including, but not
limited to, private funds, UCITS Funds and managed accounts. Investors in the Marble Bar Funds are
typically institutional investors, foundations, high net worth individuals and trusts and are classified as
“accredited investors” and “qualified purchasers” within the meaning of the Securities Act of 1933, as
amended and the Investment Company Act of 1940, as amended respectively. The minimum investment
criteria are disclosed in the relevant offering and subscription documents, where applicable.

All of Marble Bar’s clients are “qualified clients” eligible to be charged performance compensation under Rule
205-3 of the Investment Advisers Act of 1940, as amended.