Passaic Partners LLC

Item 5. Fees and Compensation
The Adviser charges its Clients an asset-based investment management fee (the “Management Fee”) based
on the value of net assets under management. The Management Fee is generally up to .5% per annum. The
Management Fee will be charged either monthly or quarterly in advance or in arrears depending on the
particular strategy and the arrangement between the Adviser and the individual Client as set forth in the
Governing Documents (as defined below).

In addition to paying the Management Fee, Clients will be subject to other investment expenses, such as
custodial charges, brokerage fees, commissions and related costs; interest margin 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 (including, investment
advisory and other fees charged by investment advisers with, or funds in, which the Client’s account
invests) associated with products or services that may be necessary or incidental to such investments or
accounts. It is important that each investor who is considering an investment to review the private placement
memorandum, limited partnership agreement, management agreement, and/or subscription agreement
(individually and collectively, the (“Governing Documents”) applicable to the Client for a complete and
detailed description of the fees and expenses applicable to such investment.

The Adviser may waive or reduce the Management Fee for principals, employees or affiliates of the
Adviser, relatives of such persons, and for certain large or strategic investors.

Item 7. Types of Clients
As described in Item 4, The Adviser provides discretionary investment advisory services to businesses or
institutional clients and pooled investment vehicles (“Clients”), intended for foundations, endowments,
family offices and other sophisticated or institutional investors.