Pillsbury Lake Capital LLC

ITEM 5: FEES AND COMPENSATION

Asset-based Management Fees
For providing investment management services to the Partnership, Pillsbury receives an
annual management fee (“Management Fee”) calculated at an annual rate of 0.4% to 1.5% of
the Partnership’s net asset value. Investors in the Partnership will bear the management fee
in proportion to their interest in the Partnership. The Management Fee is calculated and
payable by each Limited Partner in advance as of the beginning of each quarter and is
directly debited from the Partnership’s account. If a Limited Partner is allowed to contribute
capital or withdraw capital on a date other than the end of a calendar quarter, the
Management Fee for such quarter is prorated, and any unearned portion thereof is refunded
to the Limited Partner. Pillsbury retains the right to waive fees in whole or in part at its sole
discretion.

Under certain circumstances, Pillsbury’s fees are negotiable. The Funds are each managed
pursuant to a separate sub-advisory agreement with Pillsbury. The agreements between
Pillsbury and each of the Funds may (and do) provide for different terms and fees as
negotiated in each case.

If Pillsbury provides investment management services to separate accounts in the future, the
fees may vary with respect to account size and complexity. They will be set forth in separate
investment advisory agreements between the client and the Firm.