WestEnd Capital Management LLC

Item 5: Fees and Compensation

Item 5.A.

The Private Fund pays the General Partner an annual Management Fee of one-and-a-half percent (1.5%),
payable quarterly in advance, on the first day of each fiscal quarter, equal to 0.375% per fiscal quarter of
the capital account of each limited partner of WEP (each a “Limited Partner” and collectively, the
“Limited Partners”) based on the net asset value of the capital account of each Limited Partner on the
first day of the fiscal quarter. Limited Partners who are permitted by the General Partner to contribute
capital on a date other than the first day of a fiscal quarter will be charged a prorated Management Fee for
that fiscal quarter with respect to such contribution on the date such contribution is made. The General
Partner, in its sole discretion, may waive all or any portion of the Management Fee with respect to any
Limited Partner in any fiscal quarter.

The Separate Account clients pay the Firm an Asset Based Fee, which is an amount per calendar year
payable quarterly in arrears at the end of each calendar quarter, equal to 0.375% of the net market value of
the Separate Account, as long as the market value of the account is equal or greater than $10,000. If a
Separate Account client contributes capital to its Separate Account on a date other than the first day of a
calendar quarter, the Asset Based Fee will be charged on a prorated basis for that calendar quarter with
respect to the amount of that specific capital contribution, based on the number of days remaining in that
calendar quarter and based on the net market value of the contributed capital on the opening of trading on
the date of such contribution. If a Separate Account client withdraws assets from its Separate

Account, for any reason, on any day other than the last day of a calendar quarter, the Asset Based Fee to
be paid for that calendar quarter will be prorated based on the number of days elapsed in that quarter prior
to the withdrawal.

Item 5.B.

The Firm deducts the fees through WEP’s administrator from the Private Fund quarterly in advance
according to the Management Fee schedule in response to Item 5.A. above.

Fees are deducted from Separate Account clients pursuant to the authorization granted to WestEnd in the
terms stated within the IMAs, which state that each Separate Account client agrees to instruct the Separate
Account client’s broker to debit the Separate Account client’s account for payment of the Asset Based Fee.

Item 5.C.

The Private Fund pays or reimburses the General Partner for all costs and expenses incurred by or on behalf
of the Private Fund respectively or for its benefit, including, without limitation, all Private Fund’s
organizational, offering, and selling of Interests expenses, all costs and expenses associated with negotiating
and entering into contracts and arrangements in the ordinary course of the Private Fund’s business, all
ongoing legal, accounting, and bookkeeping, professional, expert, and consulting fees and expenses arising
in connection with the Private Fund’s business (including, without limitation, service contracts related to on-
line research, portfolio management, and quotation services and equipment related thereto), all costs and
expenses incurred for the purpose of protecting or enhancing the value of the Private Fund’s assets, all Private
Fund’s selling costs and expenses, costs of communication with Limited Partners and prospective Limited
Partners, all costs associated with registering the Private Fund’s restricted securities, the Private Fund’s
trading costs and expenses (for example, expenses related to short sales, brokerage commissions, clearing
and settlement charges, option premiums, and custodial and service fees), and all interest on the Private
Fund’s borrowings (on margin or otherwise).

Each Separate Account client shall be responsible for all expenses related to trading the assets of its Separate
Account, including, but not limited to, custodial fees, brokerage commissions, bank service fees, legal fees,
and expenses incurred in attempting to protect or enhance the value of the securities in the Separate Account
and interest on Separate Account-related loans and debit balances.

Please refer to responses to Item 12 for information regarding the Firm’s brokerage practices.

Item 5.D.

The Management Fee charged by WestEnd to the Private Fund must be paid monthly in advance, as
described in response to Item 5.A. above. For Limited Partners who are permitted by the General Partner to
withdraw capital on a date other than the last day of a fiscal quarter, the Management Fee that was paid in
advance for that fiscal quarter will not be refunded.

WestEnd’s Separate Account clients pay the Asset Based Fee in arrears.

Item 5.E.

Not Applicable. Neither WestEnd, nor any of its supervised persons are compensated for the sale of
securities or other investment products or mutual funds. As stated in response to Item 4.B., WestEnd’s
financial planning services are provided to Advisory Clients, at no additional charge, who elect such
services.

Item 7: Types of Clients

WestEnd’s clients, to which it provides discretionary advisory services, are the Advisory Clients as defined
in response to Item 4.B. above, which is the Private Fund and Separate Accounts. The Private Fund is
intended for accredited investors with certain net worth requirements. Separate Account clients are generally
individuals and trusts. With respect to such clients, initial and additional subscription minimums, if any, are
disclosed in the relevant offering memorandum or IMA for such Advisory Clients. In general, the required
minimum investment amount for a Separate Account is $500,000, and the required minimum account size
is $150,000. The minimum investment amount for the Private Fund is
$500,000.

The other activities of the General Partner and its Affiliates create certain conflicts of interest with the
Private Fund over the time devoted to managing the Private Fund and the allocation of securities selected
for purchase among the Private Fund and the Separate Accounts. Further, the General Partner’s judgment
may be affected by additional conflicts of interest, such as, for example, the following:

Because the General Partner and its Affiliates have and will have fiduciary duties to the Private Fund and
the Separate Accounts, the interests of the Private Fund and the Separate Accounts in the selection,
negotiation and administration of investments may conflict in some circumstances. The members, manager,
officers and employees and affiliates of the General Partner may also engage in securities transactions for
their own accounts. The General Partner and its affiliates may give advice and take action with respect to
any Separate Account that may differ from advice given or the timing or nature of action taken with respect
to the Private Fund. It is the policy of the General Partner and its affiliates, however, to the extent practicable
to allocate investment opportunities to the Private Fund over a period

of time on a fair and equitable basis relative to the Separate Accounts. The General Partner is not obligated,
however, to acquire for the Private Fund any security that it or its officers, manager, members, employees
or affiliates may acquire for its or their own accounts or for any Separate Account, if it is not practical or
desirable to acquire a position in such security for the Private Fund. For example, the General Partner and
its affiliates and their officers, directors, managers, members and employees may participate in many
transactions that may otherwise be considered investment opportunities of the Private Fund. The General
Partner does not have any fiduciary duty to, and may not, present to the Private Fund transactions that may
be appropriate to it as investment opportunities.

The General Partner, on behalf of the Private Fund and in other capacities with other entities or for its own
account, has discretion in determining which investments are made by the Private Fund or Separate
Accounts, sold to others or made by the General Partner or by its affiliates, with or without the participation
of others than the Private Fund. In that the General Partner or its affiliates may be able to obtain more
favorable compensation, cost reimbursement or risk sharing arrangements in connection with some
investments if the Private Fund do not participate, the General Partner and its affiliates may be influenced
to refrain from causing the Private Fund to make such investments even though participation might benefit
the Private Fund. The Private Fund’s governing documents permit a partner of WestEnd (each a “Partner”)
or such Partner’s affiliates to make any investment, whether or not in competition with the Private Fund or
in a manner that would limit or eliminate the Private Fund’s opportunity to make the investment, without
any accountability to the Private Fund or any other Partner.

To mitigate any such conflicts, the General Partner takes appropriate measures to assure that neither it nor
any of its affiliates unfairly profits from any transaction between any of them and the Private Fund.