Universa Investments LP

Item 5.        Fees and Compensation

Universa is an SEC-registered investment adviser and each of its clients and U.S. fund investors
are qualified clients as defined in Rule 205-3(d)(1) of the Investment Advisers Act of 1940.
Universa is compensated for its advisory services and its fee schedule are as follows.

“BSPP” Strategies

Universa typically charges each investor a 0.50% annualized management fee based on the
Protection Size at the beginning of each month or a 1.5% annualized management fee based on
that investor’s Notional amount at the beginning of each month. Universa typically receives a 20%

performance-based incentive allocation/fee on profits from each account (subject to a high-water
mark), which generally is calculated and allocated/paid at the end of each fiscal year. The incentive
allocation/fee also is calculated and allocated/paid during a year if an investor reduces its
Protection Size or Notional before the end of that fiscal year. The fiscal year end of each U.S.-
based fund is December 31 and the fiscal year end of each offshore fund generally is December
31 (although it may be changed for any particular fund). An investor typically may reduce its
Notional or Protection Size at the first calendar month end that occurs at least 90 days after
Universa receives its request. An investor that is permitted to reduce its Protection Size or Notional
amount on a different date will continue to pay a management fee on the full Protection Size or
Notional amount until the permitted withdrawal/redemption date. An investor may
withdraw/redeem “excess margin” at any time.

“BSPE” Strategy

Universa charges each investor a 1.5% annualized management fee based on the investor’s capital
account balance at the beginning of each month. Universa receives a 20% performance-based
incentive allocation/fee on profits from each fund/account (subject to a high-water mark), which
is generally calculated and allocated/paid at the end of each fiscal year. The incentive allocation/fee
also is calculated during a year if an investor reduces its investment before the end of that fiscal
year. The fiscal year end of each U.S.-based fund is December 31 and the fiscal year end of each
offshore fund generally is December 31 (although it may be changed for any particular fund). An
investor typically may reduce its investment at the first calendar month end that occurs at least 90
days after Universa receives its request. An investor that is permitted to reduce its investment on
a different date will continue to pay a management fee on the full investment until the permitted
withdrawal/redemption date.

“Safe Haven” Strategy

Universa charges each investor a 0.75% annualized management fee based on the investor’s capital
account balance at the beginning of each month. Universa receives a 20% performance-based
incentive allocation/fee on profits from each fund/account that exceed the sum of (a) a specified
“hurdle return” and (b) any prior underperformance (as defined in the applicable fund/account
governing documents). The incentive allocation/fee generally is calculated and allocated/paid at
the end of each fiscal year. The incentive allocation/fee also is calculated during a year if an
investor reduces its investment before the end of that fiscal year. The fiscal year end of each U.S.-
based fund is December 31 and the fiscal year end of each offshore fund generally is December
31 (although it may be changed for any particular fund). An investor typically may
withdraw/redeem at the end of any calendar month on at least 90 days prior written notice.

Payment of Fees on Termination of an Account or a Fund Investor’s Withdrawal or
Redemption

Relationships with Universa’s investment partnership clients are terminable on expiration of the
partnership’s term, dissolution of the partnership or on withdrawal of the partnership’s general
partner.

Fund investors typically may withdraw or redeem from a fund, on specified prior written notice,
on the last day of any calendar month.

Except as may be otherwise negotiated in particular cases, a client may terminate an individually
managed account by giving 90 days’ written notice.

In all cases, expenses, the pro rata portion of the management fee and the performance-based
incentive allocation or fee through the date of termination are charged to the respective account.

General Information for all Investors and Clients

Universa typically deducts management fees and performance-based incentive allocations and fees
directly from client accounts.

Universa (directly, or through one of its affiliates or a fund’s administrator or prime broker) may
provide certain investors and clients more frequent or more detailed reports of a particular fund’s
or account’s portfolio holdings or performance, special fee and allocation arrangements, and
special withdrawal and redemption rights that it does not provide to other investors or clients.
Universa may waive all or any portion of the management fees or performance-based fees or
allocations with respect to any investor or client. Universa intends to do so for certain employees
and independent contractors of Universa or its affiliates and certain persons with whom Universa
or its affiliates have close personal or business relationships and their families.

Universa complies with Rule 205-3 under the Investment Advisers Act of 1940, as amended, to
the extent required by applicable law. Universa believes that its fees are competitive with fees
charged by other investment advisers for comparable services. Comparable services may be
available, however, from other sources for lower fees than those charged by Universa.

Each account is responsible for its own costs and expenses, including trading costs and expenses
(such as brokerage commissions, expenses related to short sales, and clearing and settlement
charges), ongoing legal, accounting and bookkeeping fees and expenses, and the fees and expenses
...

Item 7.        Types of Clients

Universa provides investment advice to investment funds and separately managed accounts.

Universa and the funds for which it is the investment adviser generally require the following
minimums for investors investing in those funds:

          •   Universa BSPP, BSPP-Fixed Income and BSPP-Gold strategy-based Funds and other
              variants of the BSPP strategy: $150,000,000 (Protection Size); $50,000,000 (Notional
              amount)

          •   Universa BSPE strategy-based Fund: $5,000,000 (capital account balance or share net
              asset value)

          •   Universa Safe Haven strategy-based Fund: $25,000,000 (capital account balance or
              share net asset value)

Universa’s separately managed account clients may include high-net-worth individuals,
institutions, trusts, endowments and pension plans. Universa generally requires a minimum
investment or Protection Size of $5,000,000,000 to open a separately managed account.

Universa may waive or reduce these minimums in its discretion.