Voyager Management LLC

Item 5. Fees and Compensation

The Adviser receives quarterly management fees from each Fund and certain Accounts at rates ranging
from 0.50% to 1.00% per annum of the assets under management of the relevant Fund or Account.

In the event an additional contribution is made to a Fund or an Account during a quarter, the management
fee will be charged as of the date of the additional contribution based on the value of the assets as of
such date and will be prorated for the number of days remaining in the quarter. In the event a client’s
investment management agreement is terminated during a quarter, the management fee will be refunded
based on the number of days remaining in the quarter. In the event a withdrawal or redemption is made
from a Fund or an Account during a quarter, an investor in the Fund or the Account may request that the
management fee be refunded based on the number of days remaining in the quarter.

The management fee is deducted from discretionary client accounts by each client’s third party
administrator. The Adviser sends an invoice for the management fee with respect to its non-discretionary
client account.

The Adviser also receives an annual performance-based fee or allocation, which is compensation that is
based on a share of capital gains on or capital appreciation of the assets of a client. This compensation
may be paid or allocated to the Adviser and is typically 5% of the net profits (including realized and
unrealized gains).

The Adviser may offer lower or different management fee and performance-based compensation other
things, the amount invested.

In addition to management fees and performance-based compensation, client expenses will also be
subject to other expenses, including, to the extent applicable, the fees and costs incidental to the

purchase and sale of interests in Investment Vehicles (including the indirect fees and expenses of such
Investment Vehicles), any fees paid to the Underlying Managers, legal, accounting (including outsourced
accounting), auditing and other professional expenses, and investment expenses such as commissions,
research expenses (including research-related travel expenses), interest on margin accounts, and other
indebtedness, custodial fees, bank service fees and other reasonable expenses related to the purchase,
sale or transmittal of client assets.

The allocation of research-related travel expenses by the Adviser between it and any client and among
clients presents a conflict of interest for the Adviser. The Adviser has adopted an expense allocation
policy that is designed to address this conflict. The Adviser allocates on a pro rata basis research-related
travel expenses only to those clients to which the research-related travel pertains. To the extent the
Adviser has agreed with a particular client that such client will not bear any research-related travel
expenses, the Adviser will pay for the portion of the research-related travel expenses attributable to such
client.

Please refer to Item 12 of this Brochure for a discussion of the Investment Vehicles’ brokerage practices.

Item 7. Types of Clients

The Adviser’s clients consist of the Funds and the Accounts.

With respect to the Funds, any initial and additional subscription minimums are disclosed in the offering
memorandum for the applicable Fund. With respect to the Accounts, the Adviser does not have any
standard requirements for opening or maintaining an account and may, in its discretion, require a different
investment minimum for any Account.