Stanhope Capital LLP

ITEM 5 - FEES AND COMPENSATION

Fee Schedules

Clients pay a fee based upon the percentage of assets under management at fixed annual rates
depending on the amount of assets to be managed and subject to the exact services required. The
compensation method is explained and agreed with the Client in advance before any services are
rendered. Management fees may be billed monthly or quarterly in arrears pursuant to the written
investment management agreement. The percentage will ordinarily be up to 1%and will normally
reduce the more the client has under management. The fee is negotiable depending on the number
of linked accounts, assets under management and investment objectives and restrictions. A bespoke
investment management service is provided for each client.

Fees for our Funds depend upon the vehicle and strategy. Funds typically pay a management fee
(ordinarily around 1% to 1.5%) based upon the percentage of assets under management at fixed
annual rates depending upon the strategy of the privately offered vehicle.

Performance fees, if any, generally will be a percentage (ordinarily 10% to 20% above a hurdle)
rate of the net realized and unrealized profits (the “Performance Fee”). In certain cases, the
Performance Fee may be charged after restoration of any losses carried forward from prior years
and, in certain cases, after achieving a threshold annual return on invested capital at varying rates.
Performance Fees generally will be billed after the close of a performance period.

Deduction of Fees

Clients typically are billed monthly for fees incurred, either directly or through their custodian. For
our Funds, fees are typically deducted quarterly in arrears from a Fund’s account.

Other Fees and Expenses

Stanhope does not charge additional types of fees or expenses for separate account Clients. Funds
also pay their own fund-level expenses (e.g., fund administration, audit, tax and legal) in connection
with operating the Fund.

All Clients and Funds incur brokerage and other transaction costs; see “Brokerage Practices.”

Prepaid Fees

Normally, Clients do not prepay fees. If Clients are billed in advance, it is ordinarily a retainer
which would be lost.

Compensation for the Sale of Securities

Neither Stanhope nor any of its supervised persons accepts compensation for the sale of securities
or other investment products.

ITEM 7 - TYPES OF CLIENTS

We provide investment advice to open-end and closed-end investment Funds including long-only
funds, hedge funds, private equity funds and exchange-traded funds (each, a “Fund” and,
collectively, the “Funds”). We also provide investment advice to Clients in the form of a consulting
arrangement, separately managed account or similar structure. These other types of Clients may
include, among others:

   Charitable Organizations
   High Net Worth Individuals
   High Net Worth Families
   Trusts

The Funds may be organized as U.S. or non-U.S. entities, and are operated as investment pools
exempt from registration under the Investment Company Act of 1940, as amended (the “Investment
Company Act”).

Conditions for Managing Accounts - Account Size

We may provide advisory services to certain Clients through separate accounts with investment
strategies that are similar to the strategies of our Funds. Characteristics of certain asset classes may
require a minimum account size for Clients with separately managed accounts. Exceptions are
made at our discretion.