Mesarete Capital LLP

Item 5. Fees and Compensation

Funds

Mesarete receives monthly management fees and annual incentive fee/incentive allocations from the Funds,
as specified in their respective documentation. With respect to the Management Fee, each Fund’s “Board”
(comprised of two independent directors) may in their sole discretion waive, reduce, or calculate this
differently with respect to the series of shares of any shareholder, including any Mesarete-related investors.
Fees are calculated and dealt with by each Fund’s Administrator and reported accordingly in the statements
issued to investors.

Sub-Advisory Clients

Mesarete also receive compensation fees from its Sub-Advised Funds, which are individually negotiated
along with expense arrangements.

Other Fees and Expenses

As described in detail in their respective offering documents, in addition to management and incentive fees,
the Funds each bear their own expenses such as expenses related to the research, due diligence and
monitoring of actual and prospective investments, organizational and reorganizational expenses and
operational expenses. Investors are reminded to refer to each Fund’s offering documents for the full expense
policy before making a decision to invest.

Mesarete bears the costs of providing its services to its Advisory Clients including all its own overhead costs
and expenses (e.g., office space and utilities).

Item 7. Types of Clients

Mesarete currently provides discretionary investment management services to two private funds and acts as
sub-adviser to pooled investment vehicles of multi-manager platforms. The underlying investors in these
products may include institutions, fund of funds, pension plans, sovereign wealth funds, endowments and
high net worth individuals.

All Investors in the Funds are subject to applicable suitability requirements including opting up to elective
professional client status for individuals. The Funds each have a minimum initial investment amount that is
set forth in the offering documents of the relevant Funds. Subject to applicable statutory minimums, and
approval by each Fund’s Board, such minimum investment amounts may be waived.

Mesarete does not accept retail clients.