Odey Asset Management LLP

Item 5.          Fees and Compensation

A.       Man ag em en t F e es

          Odey charges a management fee (and typically a performance fee - see Item 6 below),
          payable monthly or quarterly, of up to 1.5% of the net assets of each Investment Fund,
          Managed Account and Subadvised Client it provides advisory services to. The specifics of
          each fee arrangement are negotiated for each Investment Fund and are fully described in
          the prospectus related to the specific Investment Fund. Management fees for Managed
          Accounts and Subadvised Clients are negotiated on a case by case basis.

          The management fee rate may vary from Client to Client, and is based on a variety of factors
          that may include the nature and complexity of the particular Investment Fund or Managed
          Account, the nature of the services provided, the size of the Investment Fund or Managed
          Account, and the types of investors in the particular Investment Fund or Managed Account.
          Certain strategic Clients may be charged management fees at lower rates. In addition, Odey
          may grant certain Clients preferential rights with respect to certain matters, including,
          without limitation, the right to most favorable nation status, but always subject to UK legal
          and regulatory requirements. Any such fee reductions or other preferential rights shall be
          determined by Odey on a case by case basis.

          Performance-based fees are further described in Item 6 below.

B.       Payment of Management Fees

          For Clients that are Investment Funds Odey submits invoices for its management fees to
          the administrator of the Investment Fund, and the Investment Fund pays the management
          fees after they have been approved by the administrator. For each Managed Account, Odey
          submits a bill to the Client or its designee which remits payment after the bill has been
          approved by the Client. Odey does not have authority to deduct its management fees from
          any Client account.

C.       Other Fees

          1.     Additional Fees and Expenses, Generally

          In addition to the fees described in Item 5.A above and the performance-based fees
          described in Item 6 below, Clients that have Managed Accounts and investors in
          Investment Funds may pay or otherwise bear various fees and expenses. These are outlined
          below.

          Prime Brokers and Custodians: Prime brokers and custodians receive such fees as may be
          agreed with the Investment Fund or Managed Account from time to time. The prime brokers
          and custodians currently receive prime brokerage fees at normal commercial rates which
          are based upon a combination of transaction charges and interest costs. The prime brokers
          and custodians charge interest on debit balances at a rate agreed with the Investment Fund
          or Managed Account. The prime brokers and custodians may receive a

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          separate fee for their custodial services as set forth below. As further discussed in Item
          12.A, Clients will incur brokerage and other transaction costs relating to Odey’s advisory
          services.

          Custodian: A Client’s custodian receives such fees as may be agreed with the Investment Fund
          or Managed Account from time to time. The custodian currently receives custody fees at
          normal commercial rates. The level of the custody fee payable to the custodian may change
          by agreement between the Investment Fund or Managed Account and the custodian.

          2.     Additional Fees and Expenses Relating to Investment Funds and Odey Funds

          In addition to the fees described in Item 5.A above and the performance-based fees
          described in Item 6 below, investors in Investment Funds and Investment Funds that invest
          in Underlying Funds (as defined below) may pay or otherwise bear various fees and
          expenses. These are outlined below.

          To the extent that fees and expenses of the Investment Funds (including management fees)
          are identifiable with a particular share class, Odey charges such fees and expenses solely to
          the relevant class, as applicable. Investors bear other expenses of the Investment Fund pro
          rata in accordance with their account balances.

          Initial Sales Fees: An initial sales fee of up to 5% on each investment in an Investment
          Fund may be paid by each non-U.S investor to Odey, and such sales fee may be shared by
          Odey with a third party. Details are disclosed fully in the applicable Investment Fund
          prospectus. This initial fee may be waived at the discretion of Odey.

          Termination and Redemption Fees: A redemption fee of 1% may be paid by investors in
          Investment Funds that pursue a long-short strategy in the event of redemption in the first
          twelve months of an investment. This redemption fee may be waived at the discretion of
          Odey, but where it is applied, it is on a FIFO basis, for the account of Odey or as it may, in
          its discretion, direct. No redemption fee will be payable on an investment held for more
          than twelve months from the date of its issue. Investment Funds that pursue a long only
          strategy do not impose a redemption fee.

          Anti-Dilution Levy Fee: A fee of up to 0.5% of subscription and redemption proceeds may
          be paid by an investor in an Investment Fund to cover the costs of investing or redeeming
          the subscription or redemption monies and will be deducted from the subscription or
          redemption proceeds. This fee is payable to the Investment Fund, and not Odey, and may be
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Item 7.        Types of Clients

Odey generally provides investment advice to hedge funds, funds of hedge funds, retail and
institutional mutual funds and their affiliated collective investment schemes. Odey also offers and
may offer investment advice through its Managed Accounts to banks and thrift institutions, pension
and profit sharing plans, trusts, estates and charitable organizations, corporations and high net
worth individuals.

Generally, the minimum initial investment amount for investment via a Managed Account platform
is $100 million or more. The minimum initial investment amount generally can be waived at the
discretion of Odey. The minimum initial investment amount for investors in the Investment Funds
ranges from £5,000 (for mutual funds) to $100,000 (for hedge funds) to £1m (for institutional share
class).

The Investment Funds generally offer and sell their securities to U.S. persons only if those U.S.
persons are (i) “accredited investors” within the meaning of Rule 501(a) under the U.S. Securities
Act of 1933, as amended (the “1933 Act”), in reliance upon the exemption from the registration
requirements of the 1933 Act provided in Rule 506 under the 1933 Act and (ii) “qualified
purchasers” within the meaning of Section 2(a)(51)(A) of the U.S. Investment Company Act of
1940, as amended.

Performance fees will only be charged to U.S. Managed Account Clients who are “qualified
clients” within the meaning set forth in Rule 205-3(d) under the Advisers Act.