NPJ Asset Management LLP

Item 5: Fees and Compensation

Investors in the Investment Vehicles are generally charged a fee consisting of (1) an annual
management fee (“Management Fee”) based on the Investment Vehicles’ net assets
attributable to each Investor; and (2) an annual performance fee (“Performance Fee”) which
is calculated based upon a percentage of the net capital appreciation of the Investment Vehicles
at the end of each fiscal year.

NPJ’s generally charges a Management Fee equal to 1.50% per annum.

The Management Fee is payable monthly by the Investment Vehicles and is deducted from the
Investors’ assets in the Investment Vehicles. At the sole discretion of the General Partner of
the Partnership and the Directors of the Fund, the Management Fee may be waived, reduced
or calculated differently with respect to certain Investors, provided that no reduction, waiver
or amendment to the method of calculation may be agreed to without the consent of NPJ.

NPJ Asset Management LLP                                                      Form ADV Part 2A

The Investment Vehicles pay for their organizational and initial offering expenses as well as for
their operating expenses, including but not limited to all accounting, auditing, tax preparation,
legal, administration, research and trading costs. The Investment Vehicles may incur brokerage
and other transaction costs. For further details on the Firm’s brokerage practices refer to
Item 12 of this Brochure.

Item 7: Types of Clients

NPJ’s clients are the Fund and the Partnership. The Investors in the Investment Vehicles must
meet certain net worth requirements and make representations concerning their
sophistication as an investor and their ability to bear the risk of loss of its entire investment.

Investors in the Investment Vehicles may include high net worth individuals and a variety of
institutional investors (e.g. trusts, endowments, foundations, corporations and other types of
entities, including private fund-of-funds and other corporations or businesses) meeting the
terms of the exceptions and exemptions under which the Investment Vehicles operate and
wishing to invest in accordance with the Investment Vehicle’s investment objectives. Investors
seeking to invest in the Investment Vehicles must meet the requirements for a “qualified
purchaser” under the Investment Company Act of 1940, as amended (the “Investment
Company Act”).

NPJ Asset Management LLP                                                  Form ADV Part 2A

NPJ may establish minimum investment requirements for Investors in the Investment Vehicles.
At the discretion of the Directors, the minimum investment amount is generally between USD
100,000 and USD 250,000 for Class A shares and Class B US Dollar shares in the Fund. The
minimum subscription for additional Class A shares and Class B US Dollar shares is USD
100,000 and USD 250,000. At the discretion of the General Partner of the Partnership, the
minimum initial investment requirement for investors in the Partnership is between USD
100,000 and USD 250,000. At no time will the minimum subscription be less than USD
100,000.