Valliance Asset Management LLC

Item 5: Fees and Compensation

Valliance LLC will receive payment from VAML for providing sub-advisory services to the
Fund. The sub-advisory fees payable to Valliance LLC by VAML represent a portion of the fees
received by VAML from the Fund. The fees, compensation, and expenses applicable to the
Fund are set forth in detail in the respective Governing Documents.

Management Fee

Investors in the Fund managed by VAML are charged a fee for investment management services
based on assets under management (the “Management Fee”), which is set forth in the
Funds’ offering documents. Annual management fee is in the range of 1.5% to 2% per annum
in respect of the net asset value (“NAV”) of the relevant class of shares or interests. The
Management Fee is payable monthly in arrears as soon as practicable after the end of each
month. For the current SMA client, the Management Fee is 1%.

The Fund and VAML may, in their sole discretion, waive, rebate, or decrease the Management
Fee that is payable in whole or in part, in respect of certain Investors.

The Fund may from time to time enter into Side Letters providing for changes in management
fees.

Performance Based Compensation

In addition to Management Fees, VAML receives performance-based compensation in the form
of a performance fee (the “Performance Fee”) which is set forth in the Funds’ Governing
Documents. Certain share classes of the Fund are charged a fee based on the performance of
the Fund. Performance Fee is subject to a high-water mark and may range up to 20% of the
increase in NAV attributable to investment performance during a performance period.

VAML may in its sole discretion, reduce, waive, rebate, or modify the Performance Fee
anytime, with respect to certain investors. The Performance Fee of clients with SMAs will be
negotiated on a case-by-case basis. The current SMA client is charged with a Performance Fee
of 15% of the aggregate net profits for the relevant performance period on a monthly basis.

Other Costs and Expenses

The Fund bears all costs and expenses related to their investments and operations, including,
without limitation, brokerage and other transaction costs, clearing and settlement charges,
interest and commitment fees on debit balances or borrowings, borrowing charges on
securities sold short, costs of any liability insurance obtained on behalf of the Fund or the
Board of Directors, custody fees, costs of any litigation or investigation involving the Fund
activities, indemnification expenses, research and investment consultancy expenses, the
Management Fee, remuneration of independent directors of the Fund, out of pocket expenses
incurred by directors of the Fund, the Performance Fee, the fees and expenses of professionals
providing services to the Fund, including legal, audit, accounting, tax, administration, fees and
expenses of the members of the Board of Directors, regulatory costs, any issue or transfer
taxes chargeable in connection with any securities transactions, any entity level taxes,
corporate fees payable to governments or agencies, regulatory filing and license fees, all fees
payable to third party service providers in connection with trade confirmation, holdings and
order reconciliation, communication or information expenses with respect to Investor

Valliance Asset Management LLC                                              Form ADV Part 2A

services, expenses of meetings of Investors and of preparing, printing and distributing financial
and other reports, proxy forms, offering memoranda and similar documents, the cost of
obtaining and maintaining any future listing of the Funds’ shares or interests on any stock
exchange and any extraordinary fees and expenses incurred by Valliance LLC on behalf of the
Fund.

If, in the future, Valliance LLC manages multiple client accounts, a portion of the Funds’
operating expenses may be shared with other investment entities or accounts managed by
VAML on an equitable basis.

The clients with SMAs will incur all investment expenses related to transactions executed
for the SMAs including custodial fees, brokerage commissions, bank service fee, interest on
debit balances or borrowings, fees and other transactions costs.

Sales Compensation

Valliance LLC and its supervised persons do not receive (directly or indirectly) any
compensation from the purchase or sale of securities or investments for the Fund.

VAML and its supervised persons do not receive (directly or indirectly) sales commissions in
connection with sales of interests in the Fund.

Valliance Asset Management LLC                                            Form ADV Part 2A

Item 7: Types of Clients

Valliance LLC currently provides investment advisory services for the ultimate benefit of the
Fund through the Subadvisory Agreement. Investors in the Fund primarily include but are not
limited to institutional investors, qualified investors, in addition to certain employees, partners,
directors of VAML.

The minimum initial investment amount for the Fund is generally US$20, 000,000 for Founder
Series, US$100, 000 for Series A and US$ 5,000,000 for Series B. In certain circumstances, the
Board of Directors of the Fund may, in their sole discretion, may permit other minimum
subscription amount, either generally or in respect of a particular investor but not less than
US$100,000 in any event or such other minimum amount as may be prescribed under the
applicable legal requirements.

Investors in the Funds must meet certain suitability and net worth qualifications prior to
making an investment in the Funds. Generally, investors must be (i) “accredited investors,” as
defined under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”),
and (ii) either “qualified purchasers” or “knowledgeable employees,” in each case as defined
under the Investment Company Act of 1940, as amended.

Valliance LLC also provide investment advice and management for the ultimate benefit of the
SMA. The current SMA client has entered into an IAA with VAML, and Valliance LLC has
been appointed as the sub-advisor to the SMA client.

Valliance Asset Management LLC                                             Form ADV Part 2A