Red Cliff Asset Management Limited

Item 5: Fees and Compensation
General

We charge all of our Clients both asset-based fees and performance-based fees/allocations. We do not
participate in side-by-side management arrangements. Red Cliff’s policy is to allocate investment
opportunities fairly and equitably on the basis of various factors including the Client’s investment
objectives and strategies; existing portfolio composition, net asset value; cash levels and cash
availability; market exposure; industry sector exposure; and the suitability of investments. See below
for further details on the fee arrangements.

Asset-based fees

With respect to the Funds, pursuant to the offering documents and advisory agreements, Red Cliff
receives an annual management fee of 1.25% - 2% of the assets under management. This fee is deducted
directly from the Client’s account. We are generally paid management fees on a monthly basis in arrears
based on the end market value of the assets in the account as of the end of each month.

Neither we nor any of our “supervised persons” accept compensation for the sale of securities or other
investment products.

Performance-Based Compensation

Please refer to Item 6 for the performance-based fees that we charge.

Refunds and Fee Waivers

The management fee is payable monthly in arrears. In the event of the termination of service by a Client
during the month, the management fee payable for such calendar month will be prorated to reflect the
portion of such calendar month in which service was provided.

We may, in our sole discretion, waive all or part of any fees or expenses payable by or attributable to the
Funds.

Other Costs

Clients will incur brokerage and other transaction costs. Please see Item 12 “Brokerage Practices” below
for a discussion of certain brokerage expenses. We have no affiliated broker-dealers.

Clients are also responsible for other third-party expenses, including, but not necessarily limited to,
administrative fees, accounting costs and expenses, and legal fees incurred for the benefit of such Client.

Item 7: Types of Clients
We serve as the investment manager of the Funds, which are pooled investment vehicles.

With respect to any U.S. investor, all will be exclusively “accredited investors” (as defined in Rule 501(a)
of Regulation D under the U.S. Securities Act of 1933) and “qualified purchasers” (as defined in Section
2(a) (51) of the U.S. Investment Company Act of 1940). Underlying investors of the Funds are generally
endowments, foundations, non-profit organizations, pensions, family offices and trusts.

Management Agreements

As related to the Funds, there is an initial minimum capital contribution requirement of US$1,000,000.
However, we reserve the right to accept a lower or higher subscription amount at our sole discretion.

Minimum Account Size

We generally do not require the Funds to maintain a minimum investment to continue an advisory
relationship, but we do reserve the right to terminate an account based on its size if the account has
decreased because of substantial investor withdrawals.