Merricks Capital PTY Ltd

Item 5:    Fees and Compensation
(F)    Merricks Capital is compensated for its advisory services by the payment of fees pursuant
       to the sub-advisory agreement with MCFM.

(G)    Merricks Capital’s clients include the Funds and Managed Accounts advised by Merricks
       Capital. In addition to management fees, additional expenses that each respective Fund
       will incur include (but are not limited to) all transactional costs, including brokerage,
       banking, sales and purchase commissions and charges, and exchange fees, fees and
       charges of custodians and clearing agencies, interest and commitment fees on loans and
       debit balances, income taxes, withholding taxes, transfer taxes and other governmental
       charges and duties, any costs incurred in respect of meetings of the Directors (including
       its committees) and meetings, if any, of Shareholders, fees of the Funds’ legal advisers
       and the Auditors, Directors fees, and expenses, the cost of maintaining the ownership of
       the Management Shares of the Funds.

(H)    None of Merricks Capital’s Clients are required to pay any fees in advance.

(I)    Neither Merricks Capital nor any of its supervised persons accepts compensation for the
       sale of securities or other investment products, including asset-based sales charges or
       service fees from the sales of mutual funds.

Item 7:      Types of Clients
Merricks Capital provides investment advice to the Funds, Australian-domiciled funds, and may
in the future provide investment advice to other Managed Accounts (as defined) as set forth
above. Beneficial owners of Managed Accounts may include institutions, pension plans, high net
worth individuals and other sophisticated investors. The minimum investment that Merricks
Capital accepts is AUD100,000 from investors for Australian domiciled Funds (noting that the
Funds’ Trustee has absolute discretion to accept lower amounts), USD2,000,000 from investors
for Cayman Islands domiciled Funds and USD2,000,000 from investors in Singapore domiciled
Funds managed or advised by Merricks Capital.