Mission Value Partners LLC

FEES AND COMPENSATION

A.     Advisory and Other Services and Fees

Written investment advisory agreements govern the terms of our compensation and the manner
in which we charge fees to each of our clients. The fees we charge for our discretionary advisory
services are negotiable depending on the circumstances of the client’s account and the service
levels we provide to the client. Our basic fee schedule is as follows:

With respect to the Mission Funds, in general, Mission Value Partners receives an annual
management fee of between 1.15% and 1.35%, depending on a) the size of the capital accounts
of the limited partners and b) total assets under management. The management fee is applied to
(i) the net asset value of the capital accounts of the limited partners of the Global Fund and (ii)
the net asset value of the Japan Fund. We are not currently entitled to receive an incentive or
performance fee with respect to the Japan Fund or the Global Fund.

With respect to the Managed Accounts, in general, Mission Value Partners receives an annual
management fee of between 1.15 and 1.35% of the net asset value of the assets managed by us,
depending on a) the size of the Managed Account and b) total assets under management.

We have not in the past but may in the future also receive fees in connection with providing
other services, such as non-discretionary advisory services, which could include advisory
services for strategic or financial acquirers that relate to identifying potential acquisition targets
for such acquirers. To date we have received no such fees.

B.     Payment of Fees

Subject to the terms of their investment advisory agreement, clients can elect to be billed directly
for fees or can authorize us to directly deduct fees from the client’s account. We generally bill
our fees, or directly deduct our fees from client accounts monthly or quarterly; under
arrangements with certain clients, however, we would consider billing or deducting our fees on a
basis other than monthly or quarterly.

 C.     Additional Expenses and Fees
Our fees are exclusive of brokerage commissions, custody fees, fund expenses including but not
limited to administrative fees and professional fees, transaction fees, interest charges and other
related costs and expenses, which are incurred by our clients. Clients incur certain charges

imposed by custodians, brokers, and other third parties, including fees charged by managers,
custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and
electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions.
We do not have any formal soft dollar arrangements. These charges, fees, and commissions are
exclusive of and in addition to our management fees and are not for services for which the
management fee is charged. We shall not receive any portion of these commissions, fees, and
costs and shall not receive a brokerage commission or other compensation attributable to the sale
of a security or other investment product. The Mission Funds cap total operating expenses,
including management fees, at between 1.75% and 1.50%. The cap level declines as assets
under management increase.

D.     Prepayment of Fees

The Advisor typically does not accept any payment in advance for services. Clients who wish to
pay fees in advance will be considered if there is a valid business purpose for doing so.

E.     Additional Compensation and Conflicts of Interest

We do not receive a brokerage commission or any other compensation attributable to the sale of
securities or investment products and our personnel do not receive such compensation.

TYPES OF CLIENTS

We provide, or would consider providing, investment advisory services to a wide range of clients
including individuals, partnerships, registered and unregistered investment companies, pension
and profit-sharing plans, trusts, estates, charitable organizations, corporations, and other business
entities.

The minimum account size necessary to open and maintain an account with us varies by the type
of client. For instance, we generally require our Managed Accounts to have and maintain a
minimum value of $50,000,000 of assets under our management per client relationship. This
minimum is negotiable based on the client’s circumstances and our investment strategies. In
determining a minimum acceptable account size, we consider arrangements with other financial
service providers to managed accounts and certain services provided by the custodian of the
managed accounts including, but not limited to, automatic downloads of client data and client
servicing support.

Investors in the Mission Funds must make a minimum initial investment of at least $5 million and
any additional investments must be in increments of $1 million. From time-to-time initial
investments less than $5 million and additional investments less than $1 million have been
accepted, and these thresholds have in the past and may in the future be increased or decreased,
(i) in the case of the Global Fund, in our sole discretion as the general partner and (ii) in the case
of the Japan Fund, in the sole discretion of the board of directors. Investors in the Mission Funds
must be (i) “qualified purchasers” or “knowledgeable employees” within the meaning of the
Investment Company Act of 1940 (the “Investment Company Act”) and (ii) “accredited
investors” as defined in Rule 501(a) of Regulation D, promulgated pursuant to Section 4(2) of the
Securities Act of 1933, as amended.