Mizuho Alternative Investments LLC

Item 5. Fees and Compensation

Compensation received by MAI from the Funds for discretionary investment advice is generally
comprised of fees based on a percentage of assets under management (for all Funds) and performance-
based amounts (for some Private Funds). MAI also provides non-discretionary investment advisory,
portfolio monitoring and consulting services, platform management services and investment model
licensing for which it receives asset-based or fixed fees.

In general, MAI’s asset-based fee for discretionary investment advice ranges from 0.25% to 2.75% (per
annum) of the aggregate fair market value of the net assets of a client. These fees have been and, in the
future, may be negotiated with advisory clients or Private Fund investors on a case-by-case basis.
Generally, asset-based fees for the Funds accrue based on the subscription/redemption timing (daily or
monthly) and are billed monthly or quarterly in arrears as of the close of the calendar month or quarter
during which MAI performs the services to which the fees relate. The asset-based fee shall be prorated for
any billing period during which MAI does not serve as the investment adviser for the entire billing period.
If fees are paid in advance, upon termination of the investment advisory services, any unearned portion of
fees will be refunded to the Fund on a prorated basis. This does not apply to asset-based fees allocated to
the individual investors of a Fund. In addition, the asset-based fee may be reduced periodically by an
amount equal to placement or distribution fees, if any, paid by a Fund, with the amount owed to the
placement agent being paid directly by the Private Fund. MAI, at its discretion, may waive all or a portion
of the asset-based compensation amount.

Pursuant to an arrangement between Wilshire Associates Incorporated (“Wilshire”) and MAI, which
serves as a sub-advisor to certain portfolios of Wilshire Institutional Master Fund II, SPC (the
“Platform”), Wilshire shares a certain percentage of the platform fee with MAI for certain portfolios of
the Platform (the “Shareholder Servicing Fee”), in exchange for investor relations support services
provided to Wilshire by MAI. The amount of Shareholder Servicing Fee depends on the amount of assets
invested into the Portfolios with respect to which MAI provides shareholder services.

In general, performance-based compensation paid by the Private Funds ranges from 0% to 20% of net
realized and unrealized profits in total for each year. Generally, this amount is payable as of the end of
each Private Fund’s fiscal year or quarter (as disclosed in governing documents of the relevant Private
Fund). Such performance-based compensation is generally subject to net loss carry-forward provisions or
“high water marks,” as described in applicable governing documents. MAI, at its discretion, may waive
all or a portion of the performance-based compensation amount. Performance-based fees may be
calculated at the master or feeder fund level as well as at the intermediary/access investment vehicle level.
Performance-based fees may create an incentive for MAI to make investments that are riskier or more
speculative than would be the case in the absence of performance-based compensation. With a
performance-based fee arrangement, MAI receives compensation based on a share of the capital gains or
capital appreciation of the Private Funds or any portion of the funds of the investor. Since the
performance allocation will be determined on both realized and unrealized gains, MAI may receive a
performance allocation at the end of a performance-based compensation period reflecting gains that are
not subsequently recognized by the Private Funds. Clients should read carefully the governing documents
of the relevant Private Fund to understand the structure and applicable terms of the Performance-based
fee applied to the client’s investment.

The governing body for each Fund (whether trustee, general partner, managing member or board of
directors) in coordination with MAI will value, or arrange to have valued, the securities and instruments

held by the Funds using readily available market quotations and other commonly used and recognized
methods. Generally, the Funds will engage fund administrators to assist in determining asset valuations,
including the calculation of the asset-based and performance-based fee amounts, if applicable.

Generally, asset-based and performance-based fees, if applicable, are deducted directly from the accounts
of clients or paid to MAI by the investment manager/investment adviser of the relevant client out of such
investment manager’s/investment adviser’s asset-based and performance-based fees collected from the
relevant client.

Additionally, the governing documents of a Private Fund, service and licensing agreements and the
investment sub‐advisory agreement with a Registered Fund’s investment manager generally provide that
MAI will not be liable and will be indemnified for certain losses, damages or liabilities arising out of or in
connection with the performance of its duties to the applicable client account.

Each Fund generally bears all expenses concerning the operation of the Fund, which may include, but
may not be limited to, the following expenses incurred by, or allocable to each Fund, and which may vary
from Fund to Fund:

     (i)    organizational and offering expenses incurred in connection with establishing the Fund and
            its feeders (if any), and the offerings of shares, units or interests of the Fund;
     (ii)   expenses incurred in connection with the investments made by the Fund (including research
            and/or trade ideas expenses and costs, travel related costs, all brokers’ commissions, clearing
            and settlement charges, sales commissions, pricing and valuation fees, if any, research fees,
            interest and investment fees, transaction fees, bank charges, all borrowing charges on
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Item 7. Types of Clients

As stated previously, MAI currently provides discretionary investment advice to the Private Funds and
the Registered Fund. With respect to the Funds, details concerning applicable investor suitability criteria,
including investment minimums and whether such minimums are negotiable, are set forth in each
respective Private Fund’s offering documents and subscription application materials and in the Registered
Fund’s prospectus and statement of additional information. Each Private Fund investor is required to meet
certain suitability qualifications, such as being a “qualified purchaser” as defined in the Investment
Company Act or being a “non-U.S. person” as defined in Regulation S under the Securities Act. In
addition, each U.S. investor in a U.S. Private Fund must also satisfy the suitability requirements under
Rule 205-3 under the Investment Advisers Act of 1940, which prescribes certain requirements that must
be satisfied in connection with MAI’s receipt of performance-based compensation.

MAI also provides non-discretionary investment advisory, portfolio monitoring and consulting services,
platform management services and investment model licensing for which it receives fees as described in
more detail above in Item 4. Advisory Business.

In the future, MAI may also serve as investment adviser for certain separately managed accounts, such as
accounts in the name of public and private pension funds, university endowments, banks, or collective

investment vehicles sponsored and/or managed by third-party investment firms. These separately
managed accounts may have fee, redemption and other terms that vary materially from those of the
Funds.