Oldfield Partners LLP

ITEM 5: FEES AND COMPENSATION

A.      Advisory Fees and Compensation –
All investors should review the Governing Documents for each Fund in conjunction with this
brochure for more complete information on the fees and compensation payable with respect to
a particular Fund.

Doddington Emerging Markets Fund LLC is no longer open for investment and the Firm is no
longer charging annual management fees.

Overstone
Management Fee:
Generally, OP is entitled to receive from each fund an investment management fee calculated
by reference to the Net Asset Value on the last day of each calendar month of between 0.75 per
cent and 1.25 percent depending on the sub-fund and the class.
OP may, in its sole discretion, elect to reduce, waive or calculate differently, all or a portion of
the Management Fee or Anti-Dilution Levy with respect to any investor, including any affiliate
of OP.

Overstone UCITS
Management Fee:
Generally, OP is entitled to receive from each fund an investment management fee calculated
by reference to the Net Asset Value of between 0.90 per cent and 1.25 percent depending on the
sub-fund and the class.
OP may, in its sole discretion, elect to reduce, waive or calculate differently, all or a portion of
the Management Fee or Anti-Dilution Levy with respect to any investor, including any affiliate
of OP.
In respect of the Overstone Global All Cap Value Fund OP is entitled to receive from each fund
an investment management fee calculated by reference to the Net Asset Value of between 0.60
and 0.90 percent depending on the sub-fund and the class.

The Funds - General
Generally, each member or shareholder has the right, upon advance written notice to the
General Partner or Board of Directors, to redeem all or a portion of its capital account or shares
on any business day, subject to certain restrictions more fully described in the offering
documents for the Funds.

Managed Accounts
OP provides investment advice to institutional Managed Accounts. These accounts are
generally managed (subject to the ability of clients to impose reasonable limitations on the
investment program) using the same strategies as one or more of the Funds, more fully
described above. OP charges each managed account separately negotiated annual management
fees based on the assets in the client portfolio and which may vary according to the investment
strategy.
Managed Account clients may normally be terminated by the client by giving OP written notice,
the termination period for which may be immediate or up to six months as set out in each client
advisory agreement.

Payment of Fees – OP charges the investment management fee to its client accounts either
quarterly or monthly. OP does not deduct its fee directly from clients’ accounts. Fees are
generally calculated as at the last business day of each quarter or month, as applicable, and are

billed and payable in arrears.
Upon termination of OP’s investment advisory services with respect to a client account, any
earned, unpaid fees will be immediately due and payable by the applicable client.
Please refer to the governing documents of the applicable Fund for more complete information
on the timing of advisory fee payments by such Fund.

B. Other Fees and Expenses - In addition to paying investment management fees, client
accounts will also be subject to other investment expenses such as custodial charges, brokerage
fees, commissions and related costs; interest expenses; taxes, duties and other governmental
charges; transfer and registration fees or similar expenses; costs associated with foreign exchange
transactions; other portfolio expenses; and costs, expenses and fees associated with products or
services that may be necessary or incidental to such investments or accounts. In addition to the
expenses set forth above, each of the private funds managed by OP also pays legal fees, research
fees and expenses, fees charged by accountants and administrators for their professional services
and other expenses related to the fund as described in greater detail in the private fund’s offering
documents. Client assets may be also invested in money market mutual funds or other investment
funds. In these cases, the client will bear its pro rata share of the investment management fee and
other fees and expenses of the fund, which are in addition to the investment management fee
paid to OP.

To help ensure that the Funds and therefore the investors in these Funds are not charged undue
costs, OP’s policy is (i) to make adequate disclosure in the offering documents of the Funds in
relation to the nature of fees and expenses charged to the Funds and (ii) not to charge the Funds
any fees and expenses that do not directly benefit the Funds and their investors and to pay for
such costs itself. In addition the Firm operates a TER cap which is monitored on an ongoing basis.

C. OP’s clients do not pay fees in advance. The Firm does not have the ability to deduct fees
directly from client accounts.

D. Neither OP nor any of its supervised persons accept any form of compensation for the sale of
securities or other investment products.

ITEM 7: TYPES OF CLIENTS

Types of Clients - OP provides discretionary advisory services to the Funds detailed above and

institutional Managed Accounts. OP’s clients and the investors in the Funds may include
corporations, endowments, foundations, trusts, charitable organizations, pension and profit sharing
plans, institutional investors as well as high net worth individuals.

For funds offered to US investors, they are offered to investors who qualify as “accredited investors”
as defined in Regulation D under the Securities Act of 1933, as amended.

DEMF has historically been offered to investors that are ”qualified purchasers” as defined in the
Investment Company Act of 1940, as amended (the “Investment Company Act”). This fund is closed
to new investment.

OP generally requires that a client invests a minimum of $100,000,000 to open a Managed Account.
However, OP may accept a lesser initial investment in its sole discretion.

With respect to any client that is a private fund, any initial investment minimums are disclosed in
the offering documents for the private fund.