Opus Investment Management LLC

ITEM 5 – FEES AND COMPENSATION

       Item 5.A – Fees and Performance-Based Compensation

FoF Division

OIM does not receive any management fees related to assets under management. Instead, Opus
Capital receives a management fee monthly at an annualized rate based on assets under
management, in the percentages per annum indicated below:

   •   (i) All Classes of Opus Fund, the Diversified, Concentrated, Focused, Balanced Equity,
       and Specialized Classes of Opus Preferred and the Diversified Class of the Offshore Fund:
       1.25% (reduced to 1% for any investor with an interest in a Class the net asset value of
       which is $5 million or more)

   •   Credit Opportunities Class of Opus Preferred: 0.5%

   •   Other Classes (B, C, E, H, K, M, PS, T and TP) of the Offshore Fund and the Point72
       Turion Class of Opus Preferred: 1%

Management fees are subject to adjustment for any intra-month additions, redemptions, and
distributions.

OIM is eligible to receive performance-based compensation from the Hedge Fund Classes at the
end of each calendar year based on a percentage of the annual increase in net asset value of each
investor’s account above a “high water mark” (i.e., the previous highest net asset value at which
performance-based compensation was paid), once a “hurdle rate” is reached. The applicable
performance-based compensation percentage of the increase in net asset value of each investor’s
account, and the hurdle rate that must be reached before the performance-based compensation is
paid, for each Hedge Fund Class is as follows:

   •   All Classes of Opus Fund, the Diversified, Concentrated, Focused, Balanced Equity,
       Specialized, and Point72 Turion Classes of Opus Preferred and all Classes of the Offshore
       Fund: 6% performance-based compensation, payable after 6% hurdle rate is reached.

   •   Credit Opportunities Class of Opus Preferred: 10% performance allocation, payable after
       10% hurdle rate is reached.

OIM’s performance-based compensation is calculated taking into account both realized and
unrealized gains.

Notwithstanding the foregoing, performance-based compensation will not be permitted to result
in a rate of return to an investor of less than the applicable hurdle rate for the year in which the
calculation is made. If any performance-based compensation would cause such an occurrence, the
performance-based compensation will be reduced to an amount which would result in a rate of
return to the investor for the year in which the calculation is made (and after reduction in the net
asset value of the investor’s interest for the performance-based compensation) which is equal to
the applicable hurdle rate.

Management fees and/or performance-based compensation may be reduced or waived in certain
circumstances or with respect to certain investors including, but not limited to, investors deemed
strategic by OIM, Opus Capital and/or Related Parties.

The calculations for management fees and performance-based compensation can be complex.
Prospective and current investors are advised to review the Offering Documents applicable to a
Hedge Fund Class for further discussion of management fees and performance-based
compensation, including more detail on their calculation.

PE Division

Prospective and current investors in the PE Fund are referred to the Offering Documents applicable
to a PE Fund Class for a description of the management fees and performance-based compensation
(the “Carried Interest”) paid by the PE Fund Class to Opus Capital and OIM.

       Item 5.B – How Management Fees and Performance-Based Compensation Are Billed

The Hedge Funds management fees payable to Opus Capital are accrued and paid monthly at the
end of each month based on the net asset value of the applicable Hedge Fund Class on the last day
of the month. The Funds’ administrator calculates the management fee, and OIM approves the fee
calculation. The administrator then deducts the fee from each investor’s capital or shareholder
account and transmits those amounts to Opus Capital.

The Hedge Funds performance-based compensation generally is charged annually in arrears at
year end, or upon an intra-year redemption by an investor in a Hedge Fund Class. The Funds’
administrator calculates the performance-based compensation, and OIM approves such
calculation. The administrator then: (i) with respect to the Onshore Hedge Funds, transfers any
earned allocation amounts to the capital account of OIM; or (ii) with respect to the Offshore Fund,
pays any earned performance fees to OIM.

The PE Fund’s management fee payable to Opus Capital will be payable in advance on a quarterly
basis and will be appropriately prorated for partial periods. The PE Funds’ administrator calculates
the management fee, and OIM approves the fee calculation. The administrator then deducts the fee
from each investor’s capital account and transmits those amounts to Opus Capital

The PE Funds administrator calculates OIM’s Carried Interest when a PE Fund Class receives net
proceeds from an investment. The administrator then transfers any Carried Interest amounts to
OIM.

       Item 5.C – Other Fees and Expenses

FoF Division

Each Hedge Fund Class incurs other fees, costs and expenses related to its operation, as follows:
(i) its pro rata portion of the expenses of the Investment Vehicles in which that Hedge Fund Class
invests (which are indirect expenses serving only to affect the value of the Hedge Fund Class’s
investments in Investment Vehicles), including transaction costs and investment-related expenses
incurred in connection with the Investment Vehicles’ trading activities, such as brokerage fees,
broker-dealer markups, clearing costs, margin interest, and custodial expenses, as well as
individual External Manager management fees and individual External Manager performance fees
and allocations, and all due diligence expenses incurred in the selection and monitoring of the
...

ITEM 7 – TYPES OF CLIENTS

OIM’s only Clients are the Funds. Investor eligibility requirements for each Fund, as detailed in
the Offering Documents, specify that investors must have (i) prior investment experience;
(ii) adequate means of providing for their current needs and personal contingencies; (iii) no need
for liquidity in the investment; and (iv) sufficient funds to afford a complete loss of principal. In
addition, each Fund also has specific Investor eligibility requirements as follows:

   •   Opus Fund: Each new investor and each existing investor adding to its investment must
       be a Qualified Client as defined under the Advisers Act. In addition, Opus Fund is
       primarily for “Accredited Investors” as defined under the Regulation D under Securities
       Act of 1933, as amended.

   •   Opus Preferred: Each new investor and each existing investor adding to its investment
       must be an Accredited Investor and a “Qualified Purchaser” as defined under the 1940 Act.

   •   Offshore Fund: Investors must be (i) persons that are not “U.S. Persons” as defined under
       Regulation S promulgated under the Securities Act of 1933, as amended; or (ii) “U.S. Tax-
       Exempt Investors” as defined in the Offshore Fund’s Offering Documents. In addition,
       each new U.S. Tax-Exempt Investor, and each existing U.S. Tax-Exempt Investor adding
       to its investment must be an Accredited Investor and a Qualified Purchaser.

   •   PE Fund: Each new investor and each existing investor adding to its investment must be
       an Accredited Investor and a “Qualified Purchaser” as defined under the 1940 Act.

The minimum initial amount required to be invested in any Hedge Fund Class by an investor is
$1,000,000, though this requirement may be waived at the discretion of Opus Capital.

The minimum initial amount required to be invested in any PE Fund Class by an investor is
$1,000,000, though this requirement may be waived at the discretion of OIM and Opus Capital.