ValueQuest Advisers LLC

Item 5: Fees and Compensation

While the Firm does not anticipate charging the Fund any specific fees, it is expected that the Fund
will reimburse the Firm for its operating expenses, including for the compensation of the Employee
as further described below.

Prospective investors should refer to the Fund’s Governing Documents for additional details on
any organization, advisory or other fees payable to the Firm, as described above.

The Fund shall pay all costs and expenses arising in connection with its operations, including,
without limitation, the following expenses:

   i.   all costs and expenses directly related to investment transactions and positions for the
        Fund’s account, including brokerage commissions, custody charges, interest and
        commitment fees on loans and debit balances;
  ii.   operating expenses incurred by the Firm in providing investment advisory services to the
        Fund including consulting fees, tax and filing fees, salaries, wages, payroll taxes, bonuses,
        costs of employee benefit plans, utilities, office supplies and other routine office and
        administrative expenses;
 iii.   any withholding or transfer taxes imposed on the Fund or any of its Investors as a result of
        its or their earnings, investments or withdrawals (which amounts shall be assessed, where
        applicable to particular Investors, directly against the capital accounts of such Investors);
 iv.    any governmental fees imposed on the capital of the Fund or incurred in connection with
        compliance with applicable regulatory requirements;
  v.    any legal fees and costs (including settlement costs) arising in connection with any
        litigation or regulatory investigation instituted against the Fund, or the Managers in
        connection with the affairs of the Fund;
 vi.    government charges and professional fees and expenses incurred in connection with the
        preparation of the Governing Documents and other contract documents;
vii.    the cost of the audit of the Fund’s annual financial statements and the preparation of its tax
        returns, to the extent applicable;
viii.   the fees and expenses of the Fund’s counsel in connection with advice directly relating to
        the Fund’s legal affairs;
 ix.    the costs of any other outside appraisers, accountants, attorneys or other experts or
        consultants engaged by the Managers in connection with the operations of the Fund as well
        as other expenses directly related to the Fund’s investment program; and
  x.    other ordinary operating and out-of-pocket expenses of the Fund.

The Firm, a Manager or an Investor shall each be entitled to reimbursement from the Fund for any
of the above expenses that the Firm, a Manager or an Investor pays on behalf of the Fund.

Item 6: Performance-Based Allocations and Side-By-Side Management

Neither the Firm nor any of its supervised persons accept performance-based fees from the Fund,
although it may do so in the future.

ValueQuest Advisers, LLC                                                    Form ADV Part 2A