Portland Hill Asset Management Limited

Item 5: Fees and Compensation

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

Portland Hill Asset Management Limited                                        Form ADV Part 2A Brochure

Management Allocation

The Adviser is paid an asset-based investment management fee of up to 2.0% per annum of the net assets
of each respective client account.

Performance Allocation

The Performance Allocation in respect of each Share will be calculated in respect of each period of twelve
months ending on 31 December in each year (a “Calculation Period”). The Performance Allocation is
deemed to accrue on a monthly basis as at each Valuation Day.

For each Calculation Period, the Performance Allocation in respect of each Share will be equal or up to
20% of the appreciation in the Net Asset Value per Share of the relevant Class during the Calculation Period
above the Base Net Asset Value per Share of that Class.

Other Fees and Expenses

The Funds will also pay the costs and expenses of (i) all transactions carried out by it or on its behalf and
(ii) the administration of the Funds including (a) the charges and expenses of legal advisers and auditors,
(b) brokers’ commissions, borrowing charges on securities sold short and any issue or transfer taxes
chargeable in connection with any securities transactions, (c) all taxes and corporate fees payable to
governments or agencies, (d) Directors’ fees (if any) and expenses, (e) interest on borrowings, including
borrowings from the Prime Brokers and Custodians, (f) such expenses incurred by the Adviser in soliciting
subscriptions for Shares as shall be approved by the Directors (g) communication expenses with respect to
investor services and all expenses of meetings of Investors and of preparing, printing and distributing
financial and other reports, proxy forms, prospectuses and similar documents, (h) the cost of insurance (if
any) for the benefit of the Directors, (i) litigation and indemnification expenses and extraordinary expenses
not incurred in the ordinary course of business, (j) specific research and investment consultancy expenses,
(k) fees and expenses associated with the front-office use of portfolio management, portfolio accounting,
order management, and risk analytical systems, (l) expenses in relation to the provision of market data, (m)
the cost of obtaining and maintaining any future listing of the Shares on any stock exchange and (n) all
other organisational and operating expenses. These other fees and expenses, as well as dealing commissions
and other non-monetary benefits, payable by the Funds are charged at normal commercial rates.

Item 7: Types of Clients

Our current Clients are the Funds and the Sub-Advised Fund as described in Item 4 above. The Funds are
generally open to, among others, institutions, pension plans, endowments, high net-worth individuals,
financially sophisticated individuals, and other sophisticated investors.

The minimum initial investment per subscriber in the Funds is US$1,000,000 in the case of Class A US$
Shares, Class B US$ Shares and Class R US$ Shares, €1,000,000 in the case of Class A Euro Shares, Class
B Euro Shares and Class R Euro Shares, or such lesser amount as the directors of the Funds may in their
discretion generally or in any particular case determine provided that such lesser amount is not less than
US$100,000 or its Euro equivalent.

The minimum amount of additional subscriptions in the Funds is US$100,000 (exclusive of any initial fee
payable) in the case of the US$ Shares, and €100,000 (exclusive of any initial fee payable) in the case of
the Euro Shares, or such lesser amount as the directors of the Funds may in their discretion generally or in
any particular case determine.