Sephira Investment Advisors UK Limited

Item 5: Fees and Compensation

The fees 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.

Management Fee

Sephira Investment Advisors (UK) Limited is paid an investment management fee
(“Management Fee”) in respect of each Class of Shares, payable under the sub-investment
advisory agreements to Sephira. The annual rate at which such fee is payable in respect of
each Class of Shares is specified in the Offering Documents. The Management Fee is calculated
and payable on a monthly basis in arrears at a rate of 1/12 of the annual rate specified as
below, with reference to the Net Asset Value (before deduction of that month’s management
fee and before deduction of any accrued Performance Fees) of each Class at each Valuation
Day. The Management Fee is due and payable in respect of each preceding month on each
Valuation Day.

The Fee will range from 0.625% to 1.25%

The Investment Manager, in its sole discretion, may waive or modify the Management Fee for
any Investor.

Other Types of Fees or Expenses

Sephira Investment Advisors (UK) Limited is authorized to incur and pay in the name and on
behalf of the Funds all expenses which they deem necessary or advisable.

The Firm is responsible for and shall pay, or cause to be paid, all of their own ordinary
administrative and overhead expenses, including, without limitation, all costs and expenses
related to rent, furniture, fixtures, equipment, office supplies, clerical expenses and all
salaries, bonuses and benefits paid to, or on behalf of, personnel of the Firm.

The Funds bear all other expenses, which include, without limitation, the following expenses
incurred by or allocable to the Funds: (a) organizational and offering expenses; (b) expenses
associated with all investments and transactions considered, evaluated and/or consummated
by the Funds, including, without limitation, those expenses incurred before the initial closing
of the Funds, including, without limitation, expenses associated with sourcing, negotiating,
investigating, researching, financing and structuring of investments and potential
investments, whether or not consummated, including, without limitation, third-party
research, data, analytics, modeling, structuring, pricing, execution and other third-party
information systems, software and service fees (including, without limitation, the expenses
with respect to data feeds, subscriptions, expert networks, political intelligence providers, and
reports); (c) research-related computer hardware and software expenses, including, without
limitation, Bloomberg terminals; (d) the Funds’ pro rata share of the Firm’s order management
system, portfolio management system and any other software used for accounting and/or
monitoring of the portfolio; (e) expenses associated with holding, financing, monitoring,
hedging, maintaining and disposing of all investments of the Funds and all transaction and
other costs associated therewith; (f) travel and related expenses associated with investments
and potential investments; (g) professional fees associated with investments and potential
investments, including, without limitation, consulting, due diligence, accounting, valuation,
financial, legal, and other advisory fees and expenses; (h) transaction fees, brokerage
commissions, custodial fees, clearing and settlement charges and similar fees and expenses
associated with the acquisition, disposition and settling of investments and potential
investments; (i) expenses associated with legal and regulatory filings of the Funds (including,
without limitation, pursuant to Section 13 and 16 of the Securities and Exchange Act of 1934,
as amended (the “Exchange Act”)) and the Funds’ pro rata portion of the expenses associated
with preparation of the Firm’s Form 13F, Form 13H and Form PF, and any other similar filing
in any other U.S. or non-U.S. jurisdiction; (j) administrative, custodial, appraisal, valuation,
legal, regulatory, compliance, consulting, advisory and similar fees and expenses associated
with the Funds’ operations, investments and transactions, including, without limitation, fees
and expenses of the Funds’ administrator; (k) expenses incurred in connection with
responding to requests or inquiries from any U.S. federal, state, local or non-U.S.
governmental entity or authority, regulatory body or self-regulatory organization and all
extraordinary expenses; (l) broken-deal, failed transaction, break-up and similar fees, costs
and expenses, if any; (m) costs and expenses of leverage or any other borrowings of the Funds,
including, without limitation, interest charges and fees; (n) expenses incurred in the collection
of monies owed to the Funds, as applicable; (o) auditing and accounting expenses of the Funds,
including, without limitation, expenses associated with the preparation of financial
statements, tax returns and Schedules K-1 and the fees and expenses of the auditor; (p) any
entity level taxes, fees or other governmental charges on the Funds, including, without
limitation, any withholding taxes not due to the status or noncompliance of a particular
Investor; (q) costs and expenses associated with investor communications and reports and the
delivery thereof to investors; (r) the costs of service providers or software to measure or

monitor risk metrics, to aggregate positions and/or to provide reporting with respect to risk
metrics and/or positions; (s) costs and expenses associated with meetings of the Investors; (t)
insurance expenses; including, without limitation, directors’ and officers’ liability insurance,
general partner liability insurance, errors and omissions insurance and other policies, if any;
(u) costs and expenses (including, without limitation, entity-level taxes, fees or other
governmental charges) associated with the formation, organization and operation of any
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Item 7: Types of Clients

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