Mercer Advisors Private Asset Management Inc

ITEM 5 – FEES AND COMPENSATION

Investment Management Fees

Aspen Funds: MAPAM does not charge a management fee for the Aspen Funds for those investors that are
“Advisory Class Limited Partners”, which are current advisory clients of MGA. If an MGA advisory client who is
invested in an Aspen Fund ceases to be an MGA advisory client, they immediately become a “Non-Advisory
Class Limited Partner” in the Aspen Fund(s). Each Non-Advisory Class Limited Partner will be subject to a
Management Fee in an amount equal to the product of one and one-half percent (1.50%) per annum multiplied
by such Limited Partner’s allocable share (based on relative Fund Percentage Interests) of the Fund NAV. Please
review the Aspen funds offering documents for a complete description of management fees.

Regis Funds: As the investment manager to the Regis Funds, MAPAM shall receive investment management
fees per the terms and conditions of a written agreement with the Fund’s General Partner. For further
information pertaining to the calculation of the Firm’s management fee please review each fund’s offering
documents, including the limited partnership agreement (“LPA”) private placement memorandum (“PPM”).

The Regis Funds allow for MAPAM to deduct its fees directly from Fund assets in compliance with regulatory
procedures.

In the event that a Regis Fund does not have sufficient liquid assets to pay the Firm’s management fee, the fee
shall accrue until such time that the Regis Fund has sufficient liquid assets to satisfy the Firm’s outstanding fee.

The Regis Partners Fund has currently determined to engage Fidelity Investments, LLC (“Fidelity”) as the
broker-dealer/custodian for the funds. Broker-dealers charge brokerage commissions and/or transaction fees
for effecting certain securities transactions. In addition, the event that MAPAM allocates any portion of Fund
assets to mutual funds and/or exchange traded funds, the Fund will also incur, charges imposed at the fund
level (e.g., management fees and other fund expenses). The above commissions/fees/charges are in addition to
MAPAM’s Fund investment management fee.

SB Capital Funds: MAPAM does not charge a management fee for the SB funds.

Neither the Firm, nor its representatives accept compensation from the sale of securities or other
investment products.

ITEM 7 – TYPES OF CLIENTS
MAPAM provides discretionary investment management services to private funds