Pertento Advisors LLC

Item 5: Fees and Compensation

The fees applicable to each of the Funds are set forth in detail in the corresponding Offering
Documents or Investment Management Agreements. A brief summary of such fees is provided
below.

Management Fee

Pertento Advisors LLC will predominantly manage a long/short (“Long/Short Strategy”) and
short only strategy (“Short Only Strategy”) although it may manage additional investment
strategies in the future. Pertento Advisors LLC will be paid a portion of the investment
management fee (“Management Fee”) per annum of the net asset value of the Funds as
described in the relevant Offering Document or Investment Management Agreement.

The Management Fee applicable to the Clients will range from:

In respect of the Long/Short Strategy, Class A shares incur a Management Fee of a maximum
of 1.5% per annum and a minimum of 1% per annum. Class B shares incur a management Fee
of 1%.

In respect of the Short Only Strategy, the Management Fee is 1% per annum.

The Investment Manager may waive or modify the Management Fee for any Investor with the
approval of the underlying Client.

Other Types of Fees or Expenses

The Fund and/or the Master Fund pay the costs and expenses of all transactions carried out
by them or on their behalf and the costs and expenses of the administration of the Fund and
the Master Fund, including (but not limited to) (i) brokers’ commissions (if any), borrowing
charges on securities sold short and any issue or transfer taxes chargeable in connection with
any investment transactions, (ii) interest on borrowings, including borrowings from the Prime
Brokers, (iii) any taxes and any regulatory or corporate fees payable to governments or
agencies, (iv) any litigation and indemnification expenses and extraordinary expenses not
incurred in the ordinary course of business, (v) the charges and expenses of legal advisers,
accountants and auditors, (vi) communication expenses with respect to investor services and
all expenses of meetings of Directors and Shareholders and of preparing and distributing
financial and other reports, proxy forms, prospectuses and similar documents, (vii) the cost of
insurance for the benefit of the Directors, (viii) the cost of preparing and providing information
to Shareholders for tax reporting purposes, (ix) where approved by the Directors, expenses
incurred by the Investment Manager in soliciting subscriptions for Shares (including, without
limitation legal fees and the costs of any registrations and notifications and of any regulatory
reporting required as a result or condition of such solicitation), (x) all data costs, fees and
expenses attributable to the Fund, including, without limitation, market data, research data
and other information from experts, consultants and brokers (excluding any costs attributable
to the research activities of the Investment Manager or its affiliates); (xi) the costs of reporting
information to regulators, tax authorities or other governmental agencies, (xii) the cost of
obtaining and maintaining the listing of the Shares on any stock exchange and (xiii) all other
organisational and operating expenses. These costs and expenses are generally incurred at
normal commercial rates. The Fund bears its proportionate share of any fees, charges and
expenses incurred by the Master Fund through its investment in the Master Fund.

Any costs and expenses incurred jointly on behalf of the Fund, the Master Fund and/or other
investment funds, vehicles or accounts managed by the Investment Manager or its affiliates
will be allocated in an equitable manner among the Fund and/or the Master Fund and those
other investment funds, vehicles or accounts (which may mean that the cost or expense is
allocated equally, in approximate proportion to their net asset values, in approximate
proportion to the size of a relevant investment, or otherwise).

Item 7: Types of Clients

Our clients are the Funds, as described in Item 4 above, and the Funds are in some cases open
to, among others, institutions, pension plans, endowments, high net-worth individuals,
financially sophisticated individuals, and other sophisticated investors.