New Holland Capital LLC

Item 5. Fees and Compensation

NHC receives both asset-based and performance-based compensation (collectively, the
“Advisory Fees”). There are significant differences between the amounts and structures of the
Advisory Fees that NHC receives with respect of each of the Non-Discretionary Services and the
Discretionary Services.

Advisory Fees and Expenses related to the Non-Discretionary Services

NHC’s fees with respect to the Non-Discretionary Services are set forth in each Advisory
Agreement. NHC receives a fee with respect to the limited non-discretionary services for the
Non-Discretionary Clients, as set forth in the respective Non-Discretionary Advisory Agreement.
The fee is calculated by NHC and paid by the Non-Discretionary Clients. NHC has no ability to
deduct fees from the Non-Discretionary Clients.

Advisory Fees and Expenses Related to the Discretionary Services

NHC’s fees with respect to the Customized Funds are set forth in their respective Governing
Documents. These fees consist of a fee calculated as a percentage of the overall net asset value of
the Customized Fund, as well as a fee or allocation, paid to an affiliate of NHC, that is paid
based on the realized and unrealized performance of the Customized Fund over an agreed-upon
benchmark. NHC calculates the Advisory Fees for each Customized Fund and instructs the
Customized Funds administrator to make payment as set forth in their respective Governing
Documents. NHC currently waives all fees or allocations with respect to investments made by
NHC Persons alongside the Canadian Pension's customized fund. As described above, NHC also
serves as the investment manager of the Managed Account Platform Funds and Pooled Vehicles.
In connection therewith, in some instances NHC receives additional compensation in connection
with a Customized Fund’s investment in such vehicle, as detailed in the applicable Governing
Documents of the Customized Fund.

In addition to the Advisory Fees, Customized Funds bears their respective expenses (and any
third party expenses incurred by NHC on behalf of such Customized Fund) including expenses
incurred in connection with any due diligence expenses relating to transactions, and the sourcing,
identifying, evaluating, structuring, negotiating, making, purchasing, holding, settling, custody,
operating, managing, monitoring, financing, or disposing of such Customized Funds’
investments, third-party costs related to the management or administration of such Customized
Fund, accounting, custodial, brokerage, valuation, legal and reporting expenses, audit and tax
preparation expenses, costs of travel, costs of any liability insurance of NHC, other professional
costs, costs and expenses of prospective or potential investments which are not ultimately made,
expenses related to taxes and tax preparation and filing and other expenses as detailed in the

Governing Documents. NHC does not charge any in-house or internal expenses to the
Customized Funds.

NHC’s fees with respect to each SMA are set forth in the investment management agreement
governing the SMA (each, an “IMA”). These fees generally consist of a fee calculated as a
percentage of the overall net asset value of the SMA, and also in certain instances include a fee
that is paid based on the realized performance of the SMA over an agreed-upon benchmark.
NHC has no ability to deduct fees from the SMA. To the extent that an SMA invests in one of
the Pooled Vehicles, NHC typically receives additional compensation in connection with such
investment, as detailed in the applicable IMA relating to each SMA. Additionally, certain of the
SMA Clients have agreed in the IMA to reimburse NHC for certain out of pocket expenses NHC
incurs in connection with the terms of the relevant IMA.

NHC also receives a management fee for the services it provides to the Pooled Vehicles. The
TAF management fee is calculated as a percentage of TAF’s net asset value. Generally, NHC
receives a management fee that is paid monthly in advance of up to 1.25% per annum of the net
asset value. NHC currently waives management fees in respect of certain investments by the
Customized Funds and certain NHC Persons in TAF and may in the future determine to waive,
reduce, or differently calculate such fees for other investors as well. An affiliate of NHC also
generally receives an incentive allocation of up to 22% at the end of each fiscal year or as of the
date of redemption with respect to an investor’s investment, subject to the satisfaction of any
“high-water mark” provision, and in some circumstances a “hurdle rate” as described in the
Offering Memoranda of TAF. No incentive allocation is received by NHC in connection with the
investments NHC principals and employees, and in some circumstances, certain investments
made by the Customized Funds.

The SOF management fee is calculated as a percentage of the net asset value of the vehicle.
Generally, NHC receives a management fee of up to 1.5 per annum to be paid quarterly in
arrears based on the prior quarter end’s value. NHC currently waives management fees in respect
of investments by the Customized Funds in SOF. NHC currently waives management fees in
respect of certain investments by the Customized Funds and certain NHC Persons in SOF and
may in the future determine to waive, reduce, or differently calculate such fees for other
investors as well. An affiliate of NHC also generally receives an incentive allocation of up to
15% at the end of each fiscal year or as of the date of redemption with respect to an investor’s
investment, subject to the satisfaction of any “high-water mark” provision as described in the
Offering Memoranda of SOF. No incentive allocation is received by NHC in connection with
the investments NHC principals and employees, and in some circumstances, certain investments
made by the Customized Funds.

The management fee NHC receives in connection with SOA is generally based on the net asset
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Item 7. Types of Clients

Our clients are the Customized Funds, including entities through which the Customized Funds
invests, Non-Discretionary Clients, Pooled Vehicles and the SMA Clients. We generally require
a minimum subscription of $1,000,000 for our Pooled Vehicles or an initial investment of
$100,000,000 for launching or maintaining a new account or fund, but we have reduced and may
again reduce either requirement on a case-by-case basis at our discretion.