Pamalican Asset Management Limited

Item 5: Fees and Compensation

Advisory Fee

With respect to the Clients managed by the Firm, the applicable fees, allocations and expenses are
set out in the relevant Governing Documents. Prospective investors should refer to the relevant
Governing Documents for further information with respect to fees.

A brief summary of such fees is provided below. Investors should refer to the relevant documents
for a complete understanding of how the Firm is compensated for its advisory services.

Generally, the Firm charges an investment advisory fee based on a percentage of the market
value of the assets managed. Such fee is referred to as an asset-based fee. The Firm may also
charge performance-based compensation together with, or in lieu of, an asset-based fee.

Pamalican Asset Management Limited                                    Form ADV Part 2A Brochure

Typically, performance-based compensation is calculated on the appreciation of the net assets or
performance relative to a specified benchmark.

For additional information, please refer to Item 6: Performance-based Fees and Side by Side
Management.

Management Fee

Pamalican will be paid an investment management fee (“Management Fee”) per month, based
off the net asset value of the relevant shares of the Clients.

The Management Fee is up to 2% per annum of assets under management.

Payment of Fees

The Management Fee will be payable from the Clients on a monthly basis, in arrears, on the first
business day of the month following the calendar month to which it relates, or such later date as
specified by Pamalican.

Other Types of Fees or Expenses

In addition to the Management Fee mentioned above, and the Performance Fee mentioned
below, the following fees are also applicable to each of the Clients: (i) Administration Fees; (ii)
Audit Fees; (iii) Director Fees; (iv) Establishment Expenses; and (v) Operating Expenses.

Administration Fees

The administrator will receive a monthly fee from the Clients, including charges and expenses of
the administrator or its affiliates for fund administration, transfer agency and middle-office
services.

Audit Fees

The auditor will be paid an annual service fee at the rates that are agreed from time to time with
the Clients on normal commercial terms.

Director Fees

The directors are entitled to remuneration as approved by the Clients on normal commercial
terms. The directors may waive any or all such fees payable to them by the Clients. The Clients
will purchase liability insurance for the directors at the expense of the Clients.

Establishment Expenses

The Clients will pay expenses for the establishment of the relevant client account/ entity.

The Clients’ financial statements will be prepared in accordance with US GAAP which requires
organisational and establishment costs to be expensed as incurred. For the purposes of
calculating the net asset value for subscription and redemption purposes, the directors have
decided to amortise such expenses over a period of sixty (60) months because the Clients believe
that such treatment is more equitable than expensing the entire amount during the first year of
operations, as is required by US GAAP. The directors may make necessary adjustments in the
annual financial statements in order for the financial statements to be in compliance with US

Pamalican Asset Management Limited                                      Form ADV Part 2A Brochure

GAAP. If the Clients are dissolved within sixty (60) months of its respective commencement, any
unamortised expenses will be recognised. If a Shareholder redeems a portion or all of their Shares
prior to the end of the sixty (60) month period during which the Clients are amortising expenses,
the Directors may, but are not required to, accelerate a proportionate share of the unamortised
expenses based upon the amount being redeemed and reduce the redemption proceeds by the
amount of such accelerated expenses.

Operating Expenses

The Clients will pay, including but not limited to, the following: (a) costs and expenses of all
transactions carried out by the Clients or on their behalf; (b) charges and expenses of the
administrator or its affiliates for fund administration, transfer agency and middle office services;
(c) charges and expenses of legal advisers, auditors and other professional advisers; (d) charges
and expenses of prime brokers, brokers' commissions, borrowing charges on securities sold short
and intended to be sold short and any issue or transfer taxes or stamp duties chargeable in
connection with any securities transactions; (e) all taxes, corporate fees, regulatory expenses and
other expenses payable to governments, agencies or supervisory authorities and any related
preparation, filing and registration costs; (f) directors' fees and expenses; (g) interest on
borrowings, including borrowings from the prime brokers; (h) communication expenses with
respect to investor services including periodic investor meetings and calls and all expenses of
meetings of shareholders and of preparing, printing and distributing financial and other reports,
proxy forms, and similar documents; (i) costs of insurance for the benefit of the directors; (j)
specific research and investment consultancy expenses; (k) risk management related expenses
including system costs; (l) litigation and indemnification expenses and extraordinary expenses
not incurred in the ordinary course of business but for the benefit of the Clients; and (m) all other
organisational and operating expenses of the Clients that the Firm may agree with the Board of
Directors.

Item 7: Types of Clients

Our Clients will be private funds (pooled investment vehicles) and separately managed accounts,
as described in Item 4 above.