SALI Fund Management LLC

Item 5. Fees and Compensation
In consideration for the provision of investment advisory services to each Client Account generally
there will be debited from the account or capital account of each limited partner or Account
investor and paid to SALI (or a SALI Affiliate) a management fee (the “Management Fee”)
computed at the rate specified and in the manner described in the Offering Documents or IPS
relevant to such limited partner or Account investor.

Management Fees typically range from 0.15% to 2.25% per annum and may be charged daily,
monthly, or quarterly in advance or arrears, depending on the Client Account and may further
vary depending upon the date or size of an investment. SALI passes on most of the Management
Fee as compensation payable to its Subadvisors. SALI retains a relatively small portion of the
Management Fee borne by each Client Account (typically, the retained portion is no more than
25 basis points and may be charged on net assets or gross assets). The portion of the Management
Fee retained by SALI is negotiable between SALI and the Subadvisor.

For certain Client Accounts, SALI is entitled to receive a minimum administration fee
(“Minimum Administration Fee”) while the net asset value or gross asset value of such Client
Account remains below a stated threshold. Minimum Administration Fees may be a fixed

amount or calculated as a percentage of net asset value or gross asset value. The circumstances
in which Minimum Administration Fees are applied, and their basis on which they are assessed
are as described in the relevant Offering Documents or IPS. SALI may in its sole discretion
waive any Minimum Administration Fee which would otherwise apply to a Client Account.

In certain circumstances, SALI or a Subadvisor may cause a Client Account to invest in another
Client Account managed by SALI, including but not limited to, Accounts investing into a Series,
or a feeder-fund Series investing into a master-fund Series. In these circumstances, SALI
generally charges Management Fees and Minimum Administration Fees at each Client Account
level, without set-off or rebates.

SALI is entitled to receive an incentive, or performance-based, fee from some Client Accounts.
Details of any incentive fee are described in the applicable Offering Documents or IPS. In almost
all cases, SALI passes the entire incentive fee on to its Subadvisors.

Management Fees, Minimum Administration Fees and incentive fees do not include the expenses
of any service providers hired by or for a Client Account and do not include expenses indirectly
borne through investments in underlying funds or managed accounts (e.g., investment advisory
and operating expenses of registered investment companies and/or private funds in which such
Client Accounts invest). SALI’s Management Fees and Minimum Administration Fees also do
not include the fees that SALI charges a Client Account for certain administration and accounting
services that it provides, as more thoroughly described in the relevant Offering Document or IPS.
These services are billed to the applicable Client Accounts either at fixed rates or the approximate
employee hourly cost without any mark up. These services generally will include initial
organization costs for establishing a new Client Account. Additionally, SALI may pass through
to a Client Account certain fees and expenses related to compliance consultants, costs of
maintaining such Client Account’s affiliated investment adviser registration and compliance with
applicable rules and regulations (including costs and fees associated with the filing of required
regulatory filings such as Form PF), the cost of liability insurance, including errors and omissions
insurance and directors and officer liability insurance obtained on behalf of a Client Account, the
General Partners, SALI and/or their associated persons, and costs incurred by SALI in obtaining
licenses for data room software and administration system user licenses for the use of limited
partners and investors in obtaining documents related to Client Accounts, including offering
documents, reports, subscription/redemption documents and account statements. SALI and/or
Subadvisors may enter into arrangements pursuant to which they compensate third
parties/wholesalers for gathering assets for Client Accounts. Any fees charged to, or expense
incurred by, SALI and/or a Subadvisor in connection with such arrangements will not be charged
to the limited partners or investors of the Client Accounts unless otherwise disclosed in the
applicable Series Supplement or IPS.

The General Partners of the Funds has the authority to establish different fees for different limited
partnership interests in a Series. SALI, on its own behalf and/or on behalf of the Funds, may enter
into a side letter or similar agreement with any limited partner to provide exceptions or departures
from the provisions of the Offering Documents, including but not limited to the ability to change
terms relating to liquidity or compensation. Any reduction in fees is at the discretion of the
General Partner. SALI may also reimburse selected Fund limited partners for initial and ongoing

administrative expenses, which they may incur as limited partners in such Fund.

Withdrawal provisions for each Fund or Series are set out more particularly in the relevant Offering
Documents. Generally, limited partners in the Funds will have the right to make a total or partial
withdrawal from capital accounts subject to prior notification periods specified in the relevant
Offering Documents. Such withdrawals may be made daily, monthly, quarterly, semi-annually,
or annually depending on the Fund or Series in which a limited partner has invested (a
“Withdrawal Date”). The Fund or Series reserve the right to pay such withdrawal to a limited
partner net of any fees associated with the withdrawal. In the case of a complete withdrawal from
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Item 7. Types of Clients
As discussed previously, SALI provides investment advice and administrative services to the
Funds, which may issue a number of different Series, and to the Accounts. Limited partnership

interests in a Fund and services related to Accounts are offered to prospective insurance company
investors (each, a “Company”, and collectively, the “Companies”) or individual non-insurance
limited partners (each a “Taxable Limited Partner”) through the taxable Funds and Series. A
Company’s investment in a Fund or Account is typically (directly or indirectly) on behalf of
certain segregated separate accounts which support variable life insurance and variable annuity
contracts to be offered and issued by the Companies in private placements (collectively, the
“Policies” and separately, each a “Policy”).

The limited partnership interests are designed to be an investment option under the Policies.
Companies that subscribe for interests pursuant to this offering will be limited partners in the
Funds or Series and investors in the Accounts. Each owner of a Policy is a “Policy Owner” and
collectively, the “Policy Owners”. Policy Owners are not limited partners in the Funds, Series,
nor investors in the Accounts and are not clients of SALI.

The limited partnership interests are also available to insurance dedicated partnerships and other
persons who satisfy the requirements of Reg. sec. 817-5(f)(3).

Taxable Limited Partner interests will be offered to non-insurance limited partners who meet the
required criteria as defined in the taxable Funds’ subscription application materials.

The General Partner may, in its sole discretion, impose other eligibility requirements and accept
or reject subscriptions for partnership interests or investments in any Client Account for any
reason.

Details concerning applicable suitability criteria are set forth in the Client Account’s Offering
Documents or IPS, as applicable. Each Fund or Series, in accordance with the pertinent Offering
Document, generally imposes a minimum initial investment requirement of at least $250,000.
The IPS for each Account generally imposes a minimum investment requirement of at least
$5,000,000. Such thresholds may be waived in the sole discretion of the General Partner or
Investment Manager.