Meritz Asset Management Co Ltd

Item 5 Fees and Compensation
A. & B. Method of Compensation and Fee Schedule and Client Payment of Fees

Sub-Advisor Fees for the Private Fund
For the sub-advisory services Meritz provides to The Korea Opportunities Fund LP and in
accordance with the sub-advisory agreement between Palisades Partners Asset Management,
LLC and Meritz, Meritz receives 40% of all fees generated by the Korea Opportunities Fund LP.

Separately Managed Account Asset Management Fee
Pursuant to an investment advisory contract signed by each client, the client will pay Meritz
either a monthly or quarterly management fee, payable in arrears, based on the value of portfolio
assets of the account on the last business day of the preceding quarter. The annual management
fee ranges from .40% to 1.00%.

These fees may be negotiated by the Advisor, at the sole discretion of the Advisor. Asset
management fees will be automatically deducted from the client account on a monthly or
quarterly basis by the qualified custodian. The client will give written authorization permitting
the Advisor to be paid directly from their account held by the custodian. The custodian will send
either a monthly or a quarterly statement to the client outlining the fee calculation and the
amount withdrawn from the client account.

C. Additional Client Fees Charged

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All fees paid to Meritz for investment advisory services are separate and distinct from the
expenses charged by mutual funds to their shareholders. These fees and expenses are described
in each fund’s prospectus. These fees will generally include a management fee and other fund
expenses.

At no time will Meritz accept or maintain custody of a client’s funds or securities except for
authorized fee deduction. Client is responsible for all custodial, securities and brokerage
execution fees charged by the custodian and executing broker-dealer. The Advisors fee is
separate and distinct from the custodian and execution fees. See Item 12 Brokerage Practices,
for further information of brokerage and transaction costs.

D. Prepayment of Client Fees

Meritz’s management fee is payable in arrears, therefore this question is not applicable.

E. External Compensation for the Sale of Securities to Clients

Meritz is not a registered broker-dealer, however, its affiliated entity Meritz Securities is a
registered broker-dealer, registered in the Republic of Korea. Individuals of Meritz providing
investment advice to US clients are not dually registered as registered representative of its
affiliate Meritz Securities. Therefore these individuals will not receive any external
compensation for the sale of securities to US clients.

Item 7 Types of Clients and Minimum Account Size

Meritz intends to offer its services to banks or thrift institutions, investment companies, and
pension and profit sharing plans.

Meritz does not have a minimum requirement for opening or maintaining an account.