Tree Line Advisors Hong Kong Ltd

ITEM 5 – FEES AND COMPENSATION

Adviser’s Basic Management Fees

Generally, and pursuant to contract, fees for the management of private investment companies,
such as the Funds, will be based upon a percentage of the total assets in the account (including
margined assets). Currently, Adviser receives a management fee, payable at the Master Fund
level, equal to one and 35/100 percent (1.35%) per annum, of the net asset value of the Feeder
Funds. Such management fee is accrued daily and calculated on the basis of the net asset value
of the Feeder Funds as at certain valuation dates and payable monthly in arrears. The specific
manner in which fees are charged by the Adviser is established in its investment advisory
agreements of the Funds.

Currently, no external investors receive more favorable fee terms than any other external
investor. However, certain Fund investors may receive more favorable terms that are not
afforded to other investors, such as waived performance fees for employees and related entities
of Adviser. Fund details, including the associated advisory fees, other expenses, and investment
strategies, are described in each Fund’s PPM.

Calculation and Deduction of Advisory Fees

In addition to performance-based fees described in Item 6 below, Adviser will generally bill its
advisory fees on a monthly basis in arrears. If and when Adviser provides direct investment
advisory services for accredited investors and qualified clients on a discretionary basis in the
future, clients may elect to be billed directly for advisory management fees or to authorize
Adviser to directly debit advisory management fees from client accounts. Management fees
shall be prorated for each capital contribution and withdrawal made during the applicable
calendar quarter (with the exception of de minimis contributions and withdrawals). Accounts
initiated or terminated during a calendar quarter will be charged a prorated fee. Upon
termination of any account, any prepaid, unearned fees will be promptly refunded, and any
earned, unpaid fees will be due and payable.

Other Fees and Expenses

In addition to investment advisory, management and performance-based fees, investors in the
Funds will indirectly bear any other costs charged to the Funds. Such costs will vary and
typically include, though are not limited to, accounting, legal, fund administration fees and other

related costs and costs. Furthermore, Adviser’s fees are exclusive of brokerage commissions,
transaction fees, and other related costs and expenses which shall be incurred by the client. The
impact of mark-ups and mark-downs shall also be incurred by the client. Clients may incur
certain charges imposed by custodians, brokers, third party investment and other third parties
such as fees charged by managers, custodial fees, deferred sales charges, odd-lot differentials,
transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage
accounts and securities transactions.

Such charges, fees and commissions are exclusive of and charged before Adviser’s fee, and
Adviser shall not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that Adviser considers in selecting or recommending
broker-dealers for client transactions and determining the reasonableness of their compensation
(e.g., commissions).

Prepaid Fees

Adviser does not charge clients fees in advance.

Compensation for the Sale of Securities

Neither Adviser nor Adviser’s supervised persons accept compensation for the sale of securities
or other investment products, including asset-based sales charges or service fees from the sale of
investment funds.

ITEM 7 – TYPES OF CLIENTS

Adviser primarily provides portfolio management services to institutional clients and private
investment funds.