Participant Capital Advisors LLC

Item 5. Fees and Compensation

Management Fee: For services provided to Funds, the Firm receives an annual management
fee (the “Management Fee”), payable monthly in advance. Depending on the Funds Offering
Documents and the IMA, these fees may be asset-based or based on capital contributions.
The Firm’s Management Fee ranges from 1.5% to 2.50% of the net asset value or based on
capital contributions and when applicable, is dependent on the share class as measured at the
beginning of each calendar month. In addition to the Management Fee, the Firm is entitled to
Trailer Fee of 0.75% of the net asset value of the relevant unit for certain Funds. The Trailer
Fees are specific to certain share classes of the fund and are not available until after the fifth
anniversary of the Fund’s purchase of such units. The Firm may pay the Trailer Fees in whole
or in part, to third-party selling agents or assign the fees to an affiliate to pay the Trailer Fees
to third-party selling agents. The Trailer Fees are payable quarterly in arrears, beginning at
the end of the first quarter after the five-year anniversary of the acquisition of the relevant
units.

The Firm may, in its sole discretion, reduce, waive or rebate all or a portion of the
Management Fee with respect to one or more of the Funds it advises (including the Firm’s
affiliates) for any period of time, or agree to apply a different Management Fee for any Fund it
advises.

Additionally, Funds may be charged a performance fee that ranges from an annualized 15% to
20% of the net profits of the Fund’s account (including realized and unrealized gains and
losses, irrespective of whether such net income has been paid to the relevant Fund as a
distribution, and net of the Management Fee) (the “Performance Fee”). Performance based
fees will only be charged to Qualified Clients as defined under Rule 205-3 of the Advisers
Act.

A full description of the entire fee arrangement will be disclosed to the Fund in the relevant
IMA. Fees may be deducted directly from a Fund’s account, if so authorized by the Fund, and
as specified in the relevant IMA. The Firm will collect the relevant Performance Fee from
Fund clients. Performance related fees are intended to align the Firm’s interests with those of
the Funds it advises, and to provide the Firm with a greater incentive to manage assets well.
Such fees will be structured and charged in a manner consistent with the requirements of
applicable law. The nature of the Performance Fee, however, creates potential conflicts of
interest among the Firm, its associated persons, and the Funds.

In addition, as the Firm will manage accounts from which it collects Performance Fees and
also manage accounts from which it does not collect Performance Fees, the Firm has an
incentive to favor accounts for which it receives the Performance Fees because it will receive
a greater profit from the accounts which are charged Performance Fees. Therefore, the Firm
has an incentive to allocate investments that are expected to be more profitable to accounts
from which it collects Performance Fees, on the one hand, and that are riskier on the other
hand, since in both scenarios, the Firm may receive greater fees if the investment generates a
positive return. Notwithstanding the foregoing, the Firm does not favor accounts that pay
Performance Fees.

The Firm does not represent that the amount of the Performance Fee or the manner of
calculating such fees is consistent with other similar fees charged by other investment advisers

under the same or similar circumstances. The Performance Fees charged by the Firm may be
higher or lower than such similar fees charged by other investment advisers for the same or
similar services.

As described above, Performance Fees may create an incentive for the Firm to make
investments that are riskier or more speculative than would be the case in the absence of a
Performance Fee. With respect to the Performance Fees collected, the Firm may receive
increased compensation with regard to unrealized appreciation as well as realized gains in the
Fund’s account.

Payment of Fees:

Management Fees: The Firm generally charges Management Fees on a monthly basis in
advance. Specifically, Management Fees are calculated based on the assets managed by Firm
as reflected on statements from the Fund’s custodian and/or independent third-party
administrator as of the last day of the preceding month. Management Fees are typically
deducted from the Fund’s accounts by such Fund’s custodian or independent third-party
administrator.

Performance Fees: Performance Fees are typically calculated in the manner discussed above
and charged on an annual basis. Performance Fees are collected by an affiliate of the Firm.
Performance Fees are typically deducted from the Fund’s accounts by such Fund’s custodian
or independent third-party administrator.

Additional Fees and Expenses: The Funds will be responsible for the costs and expenses of
organizing the Partnership and all initial offering expenses of the Fund, including but not
limited to, legal and accounting fees, entity formation expenses, printing costs, mailing
expenses, escrow fees, government filing fees (including “blue sky” filing fees), due diligence
expenses, consulting fees, employee salary expense incurred by the Firm’s affiliates which is
attributable to the organization of the Fund and the offering of Units, including, without
limitation, consulting fees, the salaries of marketing and distribution personnel or consultants
employed or retained by the Firm’s affiliates, and travel and other out-of-pocket expenses.
The foregoing discussion in Item 5 represents the Firm’s basic compensation arrangements.
Fees and compensation are negotiable in certain circumstances and arrangements with any
particular Fund may vary.

Fees Paid in Advance: The Firm does permit Funds to pay fees in advance, but in no event
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Item 7. Types of Clients

Types of Clients: The Firm offers professional advisory services to private funds which may
involve discretionary and/or non-discretionary advice.

The Firm will seek to obtain from its Fund clients a full, clear and complete understanding of
the Fund’s objectives and risk tolerance as well as investments strategies dictated in the fund
documents and IMA.