Northlight Group LLP

Item 5 - Fees and Compensation

Funds

Northlight generally charges a management fee of 1.5-2.0% of assets under management, and a
performance-based fee of 15 - 20%, calculated by reference to the relevant high water marks for such
advisory accounts. More detail is available in Item 6 – Performance-Based Fees and Side-By-Side
Management.

Management Fees relating to the Funds are deducted on a monthly basis, performance fees are
generally deducted on an annual basis, as detailed in the Confidential Private Offering Memoranda
(“OM”) for each Fund.

Generally, the Funds will bear all expenses as defined in each Fund’s OM. These expenses include (but
are not limited to) the administration of the Fund and/or the Master Fund including, the charges and
expenses of legal advisers and auditors, all taxes and corporate fees payable to governments or
agencies, fees and expenses of the Directors, communication expenses with respect to investor
services and all expenses of meetings of Shareholders and of preparing, printing and distributing
financial and other reports, proxy forms, prospectuses and similar documents, the cost of insurance
(if any) for the benefit of the Directors, and all other organisational and operating expenses.

Separately Managed Accounts

Northlight reserves the right to negotiate fees.

Northlight generally charges a management fee of 1.0-1.5% of assets under management, and a
performance-based fee of 15 - 20%, calculated by reference to the relevant high water mark for such
advisory accounts. More detail is available in Item 6 – Performance-Based Fees and Side-By-Side
Management.

Management and performance fees relating to separately managed accounts will be deducted on a
pre-agreed basis.

Clients will pay other expenses in addition to the fees paid to Northlight. For example, clients will pay
costs such as brokerage commissions, transaction fees, custodial fees, transfer taxes, wire transfer
fees and electronic fund fees, and other fees and taxes charged to security transactions which are
unrelated to the fees collected by Northlight. For more information regarding our brokerage practices
please see Item 12.

Item 7 - Types of Clients

Northlight provides portfolio management services to the Funds and separately managed account
clients.

Each Fund imposes certain minimum investment requirements and investor eligibility criteria, which
are detailed in each Fund’s OM. Although the Investment Manager has the authority to accept
subscriptions for a lesser amount, the minimum initial investment is generally $1 million.

Minimum account size is generally $50 million for opening a separately managed account, although
Northlight reserves the right in its sole discretion to accept client accounts with fewer initial assets.