Millbank Dartmoor Portsmouth LLC

ITEM 5            FEES AND COMPENSATION
MDP charges an investment management fee on its separately managed accounts depending on the
strategy employed for the client and may be based on either (1) the original mandate as defined in the
IMA, adjusted for subsequent additions or withdrawals, or (2) the month end account value. The end
account value is defined as the closing last or mid-price1 for each security in the portfolio at month end,
plus any cash. The range of investment management fees is between 0.25% to 0.60% per annum and is
negotiated on a case-by-case basis with the investor prior to any investment activity and documented in
their respective IMA.

1Mid-price is the average of the bid and ask prices, as defined by Bloomberg. If there is no bid value or ask value
provided, the mid-price will simply be the value provided by Bloomberg.

Investment management fees are charged either monthly or quarterly in advance or in arrears as further
described in each Client’s IMA. If the investment management fee is charged in advance, a Client will
receive a refund of the unused portion of any pre-paid investment management fee. Client additions or
withdrawals in a strategy made at times other than the first business day of a calendar month are charged
a prorated fee based on the effective date of the additions or withdrawal and the number of days
remaining in the month. These fees are billed by MDP to the Client directly, unless instructed otherwise
by the Client and documented in the IMA.

Clients are responsible for the payment of all third-party fees such as custodian fees, brokerage fees,
transaction fees, etc. Those fees are separate and distinct from the fees and expenses charged by the
Adviser. Please see Item 12 of this brochure regarding broker/custodian arrangements.

Client assets may be invested in ETFs or other registered investment companies. In these cases, the Client
will bear its pro rata share of the investment management fee and other fees of such funds, which are in
addition to the investment management fee paid to MDP.

For each Client who is considering investing with the Adviser it is important that they review the IMA and
all other offering documents in their entirety to understand the risks, fees and expenses associated with
such investment.

ITEM 7          TYPES OF CLIENTS
MDP provides discretionary investment advisory services to client accounts of institutional clients,
pensions, endowments, and foundations through separately managed accounts. Any amount minimums
for Clients are disclosed in the applicable investment management agreements. The minimum may be
waived at the discretion of MDP. .