Misaki Capital Inc

Item 5.           Fees and Compensation

Misaki Capital charges the Fund a management fee (the “Management Fee”), generally payable
monthly in arrears, in the range of 0.75% to 1.8% per annum of the aggregate net asset value of
each series of shares of the Fund of fee-paying investors as of the end of each calendar month, as
specified in further detail in the Fund’s Governing Documents. Misaki Capital also receives
performance-based fees (“Performance Fee”) from the Fund on an annual basis in arrears and
upon redemptions by investors in the Fund, subject to a “high-water mark”. The Management Fee
may exceed the expenses borne by Misaki Capital on behalf of the Fund. For a further discussion
of the Performance Fee and the “high-water mark”, please see Item 6.

Misaki Capital receives a management fee (the “MA Management Fee”) for the advisory services
performed on behalf of each Managed Account client. The MA Management Fee rates range from
1.0% to 2.0% per annum, as negotiated with the Managed Account client, and are calculated based
on the net assets under management in each respective Managed Account. Misaki Capital also
receives an annual performance-based fee (the “MA Performance Fee”) in an amount generally
ranging from 10% to 20% of the increase in the value of each Managed Account against the
applicable benchmark, which performance-based fee is subject to a high water mark. The MA
Management Fee and incentive fees are generally paid from the applicable Managed Account
promptly after they are determined.

The specifics of each management fee arrangement are fully described in the Governing
Documents of each applicable Client. Misaki Capital may, in its discretion, waive, reduce or rebate
the Management Fee and/or performance-based compensation with respect to the investment of
any investor, including its employees, owners, affiliates and/or one or more investors.

The Fund generally bears its own operating and other expenses, which may include, but are not
limited to: (a) brokerage fees and commissions; (b) expenses related to buying and selling
securities, including any issue or transfer taxes chargeable in connection with any securities
transactions and clearing and settlement charges; (c) interest on borrowings, including borrowings
from any prime broker and custodian and borrowing charges on securities sold short; (d) expenses
incurred by Misaki Capital in connection with the provision of its investment management services
including, but not limited to, research related expenses, expenses related to monitoring investments
and costs incurred in carrying out due diligence regardless of whether a particular transaction is
consummated (including reasonable travel and accommodation costs); (e) fees and expenses of
any custodian, escrow agent and other investment related service providers appointed in respect of
the Fund. The actual expenses borne by the Fund may vary, as set out in the Governing Documents
for the Fund.

Expenses incurred in connection with the operations of the Fund are also paid out of the assets of
the Fund (in its capacity as either a feeder fund or a master fund, as the case may be), as appropriate.
Such expenses include, but are not limited to: (i) fees and expenses of advisers and consultants;
(ii) the Management Fee and the Performance Fee; (iii) indemnification expenses and the cost of
insurance against potential indemnification liabilities; (iv) legal, administrative, accounting, tax,
audit and insurance expenses; (v) all taxes and corporate fees payable to governments or agencies
(vi) communication expenses with respect to investor services, including all expenses of meetings

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of shareholders of the Fund and of preparing, printing and distributing financial statements and
other reports, proxy forms, offering memoranda and similar documents; (vii) directors’ fees and
expenses, (viii) litigation or other extraordinary expenses; and (ix) costs of periodically updating
the Governing Documents and other organizational documentation relating to the Fund.

Investment personnel of Misaki Capital may from time to time serve on the boards of directors of
public and private companies, including those in which the private funds invest (“portfolio
companies”). In the case of portfolio companies, Misaki Capital’s investment personnel are
required to give any directors’ fees to Misaki Capital, which will offset the Management Fees paid
by the Fund by the amount of such directors’ fees.

The Fund, in its capacity as a feeder fund, bears its own costs and expenses as described above,
and also bears its pro rata share of its corresponding master fund’s costs and expenses.

In connection with the investment management services Misaki Capital provides, it bears all of its
own normal and recurring operating expenses and overhead costs.

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Item 7.           Types of Clients

The investors in the Fund may include, but are not limited to, high net worth individuals, family
offices, endowments, foundations, trusts, charitable organizations, pension plans and corporate or
business entities.

Details concerning applicable investor suitability criteria are set forth in each Client’s Governing
Documents. The minimum subscription amount for an investor is outlined in each Client’s
Governing Documents, including the discretion of Misaki Capital and its affiliates to accept less
than the minimum investment threshold. Each owner of a Managed Account or each investor in
the Fund is required to meet certain suitability qualifications.

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