Nipun Capital LP

Item 5.        Fees and Compensation

Monthly and Quarterly Fees. Nipun’s compensation is negotiable and varies, but it generally
charges Fund Clients a management fee of up to 2% annually of assets under management, which
amount is payable on the first day of each calendar month based on the net market value of each
client’s account on that date. The fee is typically paid monthly in advance. Nipun may also be
allocated from each limited partner in an investment limited partnership a performance allocation
equal to 10%-20% of net profits (including both realized and unrealized gains and losses)
otherwise allocable to such limited partner and receives from each other client a performance
fee equal to 10%-20% of net profits of the account (including both realized and unrealized gains
and losses). Generally, performance allocations and fees are assessed in arrears on a quarterly
basis and are only applied to the portion of profits that exceed the cumulative losses previously
allocated to or incurred by clients. The mechanics and amount of the performance fee varies
across funds managed by Nipun and may vary within a fund based on agreements between Nipun
and individual investors. Performance allocations and fees may create an incentive for Nipun to
make riskier and more speculative investments than it would otherwise make.

Accounts that invest in mutual funds also pay, indirectly, investment advisory fees to the managers
of those funds.

Nipun may vary the Management Fee for particular investors in its Fund Clients by separate
agreement.

Nipun believes that its fees are competitive with fees charged by other investment advisers for
comparable services. Comparable services may be available, however, from other sources for
lower fees. Fees may be deducted from a client’s assets or invoiced.

The disclosure in this Item 5, together with the disclosure in Item 12, allow a plan that is subject
to the Employee Retirement Income Security Act of 1974 and that invests in an investment fund
managed by Nipun to use the “alternative reporting option” to report Nipun’s compensation as
“eligible indirect compensation” on Schedule C of the plan’s Form 5500 Annual Return/Report of
Employee Benefit Plan.

Fees Relating to Terminations and Withdrawals. Relationships with Nipun’s investment
partnership clients are terminable on expiration of the fund’s term, dissolution of the fund or on
Nipun’s withdrawal as general partner or adviser. Each investor may withdraw or redeem from a
fund, on 45 or 60 days’ prior written notice, on the last day of any calendar month depending
on in which fund an investor is invested. Withdrawals or redemptions in the first year, however,
may be subject to a 3% fee, and withdrawals/redemptions on any permitted date are limited to
25% of the relevant investor’s account.

In all cases, expenses, the pro rata portion of the management fee, and the performance allocation
or fee through the date of termination are charged to the account. All prepaid but unearned
advisory fees are refunded on termination of a client’s account.

Separately Managed Account Fees. SMA Clients are charged a management fee of up to 2%
annually of assets under management. The fee is paid monthly or quarterly depending on the terms
of each investment management agreement. SMA Clients may also be charged a performance fee
of up to 40% of net profits of the account (including both realized and unrealized gains and losses).
Performances fees are assessed in arrears on a quarterly or annual basis and are only applied
to the portion of profits that exceed the cumulative losses previously allocated to or incurred by
clients. The mechanics and amount of the performance fee may vary among clients but will be
calculated and charged as described in each SMA Client’s investment management agreement.

Expenses. Each client account is responsible for its own costs and expenses, including trading
costs and expenses (such as brokerage commissions, expenses related to short sales, and clearing
and settlement charges), ongoing legal, accounting and bookkeeping fees and expenses, and the
fees and expenses charged by any fund administrator for its accounting, bookkeeping and other
services. Nipun bears its own operating, general, administrative and overhead costs and expenses,
other than the expenses described above. Client accounts may reimburse Nipun for certain
expenses if agreed to in advance. Securities brokerage firms and futures commission merchants
that execute clients’ securities and commodities trades, however, may pay all or a part of these
costs and expenses, as discussed in Item 12 below. A client account may reimburse Nipun for
certain expenses if agreed to in advance.

Item 7.        Types of Clients

Nipun provides investment advice to investment funds and separately managed accounts.
Generally, investors in the funds are required to invest a minimum of $5,000,000, but Nipun may
waive these minimums at its own discretion. Nipun’s separate account clients may include high
net worth individuals, investment advisers, institutions, trusts, endowments, and pension plans.