Phoenix Asset Management Partners Limited

Item 7: Types of Clients

Phoenix serves a wide range of institutional clients. Phoenix provides discretionary advisory services
to institutional investors, which may include but is not limited to endowments, pension and profit-
sharing plans, trusts, estates, individuals, corporations and other business entities, and pooled
investment vehicles (including private investment funds).

The Firm may impose minimum account requirements on Managed Accounts, which would be
described in the written IMA entered into by and between the Firm and the Client(s). Managed
Account minimums may vary. However, Phoenix typically will not take on a Managed Account below
$10,000,000.00. Minimums may be waived at the Firm’s discretion.

Phoenix also manages private funds as outlined in Item 4 of this Brochure. Investors in the private
funds must meet applicable investor standards based on the jurisdiction of the investor and the
relevant fund. The minimum initial investment and subsequent minimum investment amounts for
these funds are as stated in their offering documents.

Phoenix also acts as investment adviser to two funds which are listed on the London Stock Exchange,
with one open to all investors and the other aimed primarily at professional investors. The cost of
purchasing either Fund will vary according to fluctuations in the stock market and trading
environment.