SPX Capital Management LLC

Item 5 – Fees and Compensation
 The Discretionary Clients pay a management fee to their respective sub-managers directly.
 Discretionary Clients will pay a management fee that is based on a fixed percentage of their
 overall net asset value (“NAV”). From the management fee, SPX and each of the Co-Managers
 advising a particular fund are entitled to a portion of that amount. The management fee will be
 calculated by the respective calculation agent as set forth in the offering document of each
 relevant Discretionary Client and SPX will be paid on a monthly basis. No fees are paid in advance.

 Additionally, Discretionary Clients may pay a performance-based fee (or “incentive allocation”)
 which vary by share or interest classes. Where such fees are applicable, the incentive allocation
 range from five percent (5%) to twenty percent (20%) of net profits, as defined and calculated in
 each Client’s offering Memorandum.

 If in the future the Firm provides advisory services to other funds or clients, it reserves the right to
 negotiate the fees paid by those clients which may differ in their entirety from those paid by its
 current Discretionary Clients.

 In addition to the advisory fees paid by the Discretionary Clients, the Discretionary Clients will
 incur private fund expenses as described in each Discretionary Client’s offering documents,
 including: director fees; registrar and transfer agent fees; calculation agent fees; brokerage and
 custody expenses including brokerage commissions, expenses related to short sales, clearing and
 settlement charges, custodial fees, bank service fees, research related expenses; auditor fees;
 distributor fees; operating expenses including investment and legal expenses, accounting,
 reporting, printing, consulting, recording, and filing fees; and extraordinary expenses associated
 with each Discretionary Client. These expenses and fees are detailed (and controlled by) the
 relevant offering documents for the funds.

 The Discretionary Clients may pay other fees and expenses, including management fees and
 performance-based fees to the Affiliates and should refer to the governing documents for a
 description of those other fees and expenses.

| New York | London |                                                                               4

Item 7 – Types of Clients
 SPX primarily provides customized investment management services, as described in Item 4, to
 pooled investment vehicles including private funds and SPCs, as well as SMAs. These Discretionary
 Clients are not registered or required to register under the Securities Act of 1933 and are privately
 placed to qualified investors.