Otus Capital Management Limited

Item 5: Fees and Compensation

The Fund

Otus Capital receives an annual management fee (the “Investment Management Fee”) from the
Fund of 1/12 of 1.5 percent per month of the net asset value of the Fund before
deduction of that month’s Investment Management Fee and before deduction for any accrued
Performance Fees (as defined below) as at each valuation day, i.e. the last business day of the
month, payable monthly in arrears. The Investment Management Fee is deemed to accrue on a
daily basis. These fees are applicable to all share classes except the US dollar C-share class for
investments in excess of $50m which have a reduced fee of 1/12 of 1.0 percent per month of the
net asset value of the Fund with all other terms (set out above) mirrored.

Otus Capital Management Limited                                                   Form ADV Part 2A

Fees are deducted from the Fund’s accounts by the administrators instructing the Fund’s
custodian(s).

The Fund also pay the costs and expenses of (i) all transactions carried out by them or on their
behalf and (ii) the administration of the Fund, including:

    (a) the charges and expenses of legal advisers and auditors;
    (b) brokers’ commissions (if any), borrowing charges on securities sold short and any issue or
        transfer taxes chargeable in connection with any securities transactions;
    (c) all taxes and corporate fees payable to governments or agencies;
    (d) Fund directors’ fees (if any) and expenses;
    (e) interest on borrowings, including borrowings from the prime brokers;
    (f) communication expenses with respect to investor services and all expenses of meetings of
        Investors and of preparing, printing and distributing financial and other reports, proxy
        forms, prospectuses and similar documents;
    (g) the cost of insurance (if any) for the benefit of the Fund directors;
    (h) litigation and indemnification expenses and extraordinary expenses not incurred in the
        ordinary course of business;
    (i) the cost of maintaining the listing of the class A shares on the Irish Stock Exchange and/or
        any other exchange;
        ; and
    (j) all other organisational and operating expenses.

Such fees and expenses are charged at normal commercial rates. The Fund bears its pro rata share
of any fees and expenses incurred by the Fund through its investment therein.

The amount of the fees and expenses charged to the Fund will depend on a number of factors
including, but not limited to, portfolio turnover, level of borrowings and transaction costs. There
are no maximum amounts in respect of such fees and expenses borne (directly or indirectly) by
Investors in the Fund.

Segregated Accounts

The Segregated Accounts may be charged a monthly management fee (the “Management Fee”)
which is determined based on the specifics of the arrangement.

The Segregated Accounts shall pay for its organizational and initial offering expenses as well as for
all operating expenses including, but not limited to, all accounting, auditing, tax preparation, legal,
administration, custodian, and trading costs. The Segregated Accounts may incur brokerage,
research and other transaction costs.

Otus Capital and its employees do not accept compensation, including sales charges or service fees,
from any person for the sale of securities or other investment products.

Item 7: Types of Clients

The Firm’s clients are the Fund and the Segregated Accounts. The Fund advised by Otus Capital
relies on the 3(c)(7) exemption. Investors must meet the requirements for a “qualified purchaser”
under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

 The minimum initial investment in the Fund is €250,000 in the case of Euro shares, US$250,000 in
 the case of US$ shares, and £250,000 in the case of GBP shares or such lesser amount as the
 directors of the Fund may in their discretion determine, provided that such lesser amount is not
 less than €100,000, US$100,000 or £100,000, as the case may be.

 The minimum amount of additional subscriptions per Investor is €100,000, US$100,000 or
 £100,000, as the case may be, or such lesser amount as the directors of the Fund may in any
 particular case determine. These requirements will not apply to direct or indirect subscriptions for
 shared in the Fund by the Firm (or any of its directors, employees, or connected persons).