Perlinrock LLC

Item 5. Fees and Compensation

As a subadvisor to the Funds, Perlinrock receives a portion of the Fund’s monthly management
fee (the “Management Fee”) based on the net asset value of an investor’s capital account
calculated at the rate of approximately 2.0% per annum. Management Fees are deducted at our
instruction as described in the Funds’ Confidential Explanatory Memorandums and Confidential
Private Offering Memorandum (the “Offering Documents”). The general partner of the Funds is
also allocated a performance-based fee (the “Incentive Allocation”). Please see Item 6.
Performance-Based Fees and Side-by-Side Management for further details.

PerlinRock LLC                                                                               4

Perlinrock may waive or modify the Management Fee and/or the Incentive Allocation for
members, employees or affiliates, relatives of such persons, and for certain large or strategic
investors.

In addition, Perlinrock may enter into agreements with certain prospective or existing investors
whereby such investors may be subject to terms and conditions that are more advantageous than
those of other investors. These terms and conditions may be based on the size of a contribution,
an agreement to maintain such investment for a significant period of time, or other similar
commitment.

For example, such terms and conditions may provide for special rights to make future capital
contributions to the Funds or other investment vehicles; special withdrawal rights, relating to
frequency or notice; a reduction or rebate in fees or withdrawal penalties and/or other terms; and
such other rights as may be negotiated by Perlinrock.

See Item 15. Custody for additional information regarding the deduction of fees from investor
accounts.

The Funds will bear a pro rata share of the expenses such as operating and other expenses
including sales expenses, legal expenses, internal and external accounting, audit and tax
preparation expenses, and organizational expenses. In addition, investors will incur brokerage
and other transaction costs. Please refer to Item 12. Brokerage Practices of this Brochure for a
discussion of Perlinrock’s brokerage practices.

Item 7. Types of Clients

The Funds are Perlinrock’s clients. Investors in the Funds consist of sophisticated individual
investors, funds of funds, family offices and other business entities. Access to the Funds is
limited to investors who meet specified minimum investment criteria relating to their financial
holdings, investment experience, and the like.

Additional details regarding initial and additional subscription minimums are disclosed in the
Offering Documents for the Funds.