Tiburon Capital Management LLC

Item 5: Fees and Compensation

Item 5.A.

In general, the fees for Separate Accounts are non-negotiable.

For each Separate Account, TCM generally receives monthly management fees from the RIC’s
primary adviser equal to 1% of the RIC’s average daily net allocated assets, which is paid by the
RIC’s primary adviser from the advisory fee it receives from the applicable RIC.

Item 5.B.

The Firm deducts management fees (if any) and expenses from Advisory Client accounts.

Item 5.C:

Each Separate Account will generally be responsible for all expenses incurred in connection with
the transactions effected or positions held on behalf of such Separate Account pursuant to its
separate sub-advisory agreement with TCM. Such expenses include, without limitation, custodial
fees, bank service fees, brokerage commissions, clearing and settlement fees, interest and
withholding or transfer taxes incorrect in connection with trading for the managed account, and
the Firm’s management fee described above.

Item 5.D.

The Firm’s management fees may be calculated and paid in advance depending on the terms of
the Advisory Client’s agreement with TCM. If fees are paid in advance, the Firm generally prorates
the fees and reimburses the Advisory Client for partial periods based on the number of days in the
period the Firm actually managed the Advisory Client’s assets.

Item 5.E.

Not Applicable. TCM or its supervised persons are not compensated for the sale of securities or
other investment products, and mutual funds.

Item 7: Types of Clients

TCM provides sub-advisory services on a discretionary basis to RICs on a separately managed
account basis pursuant to sub-advisory agreements with the RIC’s primary adviser. Investors in
the RICs are subject to the eligibility criteria, withdrawal requirements and limitations set forth in
the respective RIC offering documents. Prospective RIC investors are encouraged to thoroughly
review the RICs’ offering documents and any other materials provided by the RIC’s sponsor.

In the future TCM may provide advisory services to additional Advisory Clients on a separately
managed account basis, which Advisory Clients may include, but are not limited to, high net worth
individuals, pension plans (corporate, state, and foreign), sovereign wealth funds, endowments,
foundations, banks, trusts, estates or charitable organizations, and corporate or business entities.