Voleon Capital Management LP

Item 5 – Fees and Compensation

Management Fee and Performance-Based Compensation

The fees charged by Voleon and certain of its affiliates with respect to an investment in a Fund
are set forth in the relevant Fund’s Offering Documents. Fees associated with each Managed
Account (including the form, method of calculation, and timing of our compensation) vary and
are negotiated before the applicable investment advisory relationship commences. Final fees are
set forth in detail in the relevant investment management agreement entered into with the holder
of such Managed Account. Investors are encouraged to review their Fund’s Offering Documents
or the investment management agreement for their Managed Account, as applicable, for
additional information. Voleon’s general practice involves the collection of both a management
fee, collected as a percentage of assets under management, and a performance fee, collected as a
percentage of profits associated with the fund or managed account.

With respect to performance fees specifically, Voleon and/or certain affiliates of Voleon are
generally entitled to receive, as of the end of each calendar quarter or calendar year, performance-
based compensation, calculated as an amount equal to a percentage of any net profits of a Client
above a high-water mark. Performance-based compensation is computed and paid quarterly in
arrears. Voleon has in the past and may in the future enter into agreements with certain underlying
Investors in the Funds that provide for management fee or performance-based compensation
terms that differ from the terms set forth in the applicable Offering Documents. Investment
Agreements with Managed Account clients are negotiated with each client and have
individualized terms that are specific to each client.

The Investment Adviser (or its affiliates, as applicable) has in the past waived, reduced, and/or
modified management fees and performance-based compensation for certain of Voleon’s
partners, employees, and affiliates (and their friends, family members and estate or wealth
planning vehicles) invested in the Funds, and may do so in the future. The Investment Adviser
(or its affiliates, as applicable) is not required to offer any such waiver, reduction, and/or
modification arrangement to any other Investor or prospective investor.

Voleon deducts fees directly from the assets of the Funds.

As described in more detail in the applicable investment management agreement, the holder of
the Managed Account may be billed directly for fees or, with the holder’s consent, Voleon may
deduct fees directly from the Managed Account.

We may in the future enter into agreements to manage additional Managed Accounts, and such
agreements may provide for different compensation arrangements, including with respect to the
form, method of calculation, and timing of our compensation, as well as any agreement as to the
bearing of expenses. In all cases, the compensation arrangement with respect to a Managed
Account will be negotiated and agreed upon in writing before the commencement of the advisory
relationship for the relevant Managed Account.

Other Fees and Expenses

Funds

The Funds incur expenses in connection with custodial and brokerage services. For more
information on our brokerage practices, please see Item 12 below. In addition, the Funds incur
operating costs and expenses that are set forth in each Fund’s Offering Documents. Certain costs
and expenses (“Capped Operating Expenses”) of certain Funds are subject to the Expense Cap
(defined below) and other expenses are not. Each Investor will bear its proportionate share of all
such expenses based on such Investor’s ownership of the applicable Fund.

The Expense Cap (the “Expense Cap”) is generally equal to a maximum of 0.04% per month of
the net asset value of a Fund as of the first calendar day of each month, subject to certain
adjustments. For example, if a Fund does not use the full amount of its monthly Expense Cap,
such excess amounts may be carried forward and applied to certain future months.

In addition to the fees and expenses enumerated above, Voleon may invest a portion of a Fund’s
assets in investment vehicles managed by third parties (e.g., money market funds, exchange-
traded funds, and other instruments). When any such investments are made, a Fund (and
indirectly, its Investors) will pay, in addition to the compensation payable to Voleon, any
management or other fees charged by the manager of such money market fund, exchange-traded
fund, or other instrument.

Voleon or its affiliates also pay an annual licensing fee (payable in monthly installments) to its
affiliate, Voleon Financial Strategies LP (together with its wholly owned subsidiary, the “IP
Company”), for the use of the IP Company’s trading and risk management software, which
Voleon employs to implement the Funds’ investment strategies. The Funds (and indirectly, the
Investors) reimburse Voleon for such licensing fees. The licensing fees are subject to the Expense
Cap and are further described in each Fund’s Offering Documents. Please refer to Item 10 for
additional discussion of this licensing arrangement with the IP Company.

Costs, fees and expenses which are not subject to the Expense Cap include (but are not limited
to): (i) all investment-related and custodial costs, fees and expenses, including brokerage
commissions, foreign exchange, mark-ups and mark-downs, spreads, securities lending expenses
and fees, exchange fees and clearing fees, execution costs, transaction taxes, exchange and
regulatory fees, all expenses and fees related to the trading of derivatives or other financial
instruments and associated margin requirements, expenses related to exchange reporting,
connectivity and colocation of servers (other than those included in Capped Operating Expenses
(as further described in the applicable Fund’s Offering Documents)), administration fees,
...

Item 7 – Types of Clients

We only provide investment advice to the Funds, which are private pooled investment vehicles
and funds of one, and one or more institutional Managed Accounts. The Funds are organized as
Delaware limited partnerships, Cayman Islands exempted companies, Cayman Islands limited
liability companies, or similar structures in such jurisdictions. The structure of any Fund is
described in further detail in such Fund’s Offering Documents.

Investors in the Funds are generally required to make a minimum initial investment of $1,000,000,
and generally must maintain a minimum investment of at least $50,000. Certain of the Investment
Adviser’s affiliates are authorized to waive, reduce, and/or modify such subscription minimums,
subject to certain limitations in accordance with applicable law or regulation.

We require the holder of each Managed Account to enter into a written investment management
agreement. Minimum investment amounts for a Managed Account will vary and we may waive
any account minimum.

U.S. Feeder Funds

Investors in the U.S. Funds generally are persons who are U.S. Persons and must qualify as (i)
“accredited investors” as defined in Rule 501 under Regulation D under the U.S. Securities Act of
1933, as amended (the “Securities Act”) and (ii) “qualified purchasers” as defined in Section
2(a)(51) of the U.S. Investment Company Act of 1940, as amended (the “Investment Company
Act”), and meet other eligibility criteria established by Voleon and its affiliates.

Non-U.S. Feeder Funds

Investors in the non-U.S. Funds generally are persons who are Non-U.S. Persons (as defined under
Regulation S under the Securities Act) pursuant to the exemption offered by Regulation S, or are
certain tax-exempt U.S. Persons pursuant to the exemption offered by Regulation D under the
Securities Act, and meet other eligibility criteria established by Voleon and its affiliates.

Investors in certain non-U.S. Funds may be required to qualify as “accredited investors” and
“qualified purchasers.”