Alpine Woods Capital Investors LLC

Item 5 – Fees and Compensation

AWCI receives management fees for the advisory services it provides, the Private Funds.
Management fees are deducted from each Private Fund investor’s account. Management
fees are paid monthly as a percentage of each Private Fund investor’s pro-rata portion of
the Private Fund’s assets under management. Management fees are computed at an annual
rate between 1.00% and 1.25% of each Private Fund’s assets under management,
depending on the series of interests owned by each Private Fund investor.
Affiliates of AWCI serve as general partners to the Private Funds. These affiliated general
partners are entitled to receive incentive allocations, which are deducted from each Private
Fund investor’s account. The incentive allocations are paid annually as a percentage of
each Private Fund investor's excess net profits (as described in each Private Fund’s offering
materials), if any. The incentive allocations are computed at an annual rate between 12.5%
and 15% of each Private Fund investor's excess net profits, if any, depending on the series
of interest owned by each Private Fund investor.

Generally, the Private Funds will pay or reimburse AWCI and/or its affiliates for certain
organizational, operational and other expenses. These expenses include third-party
broker’s commissions, clearance charges, due diligence expenses, loan servicing fees,
travel expenses, taxes, and all other expenses incident to the purchase and sale of Private
Fund investments (such as exchange-traded fund expenses). The Private Funds will also
pay or reimburse AWCI and/or its affiliates for certain charges incurred in connection with
the custody of investments, legal and accounting fees as well as other nonrecurring and
extraordinary expenses. Fees and expenses applicable to each Private Fund are described
in more detail in each Private Fund’s offering materials.

Investment management fees for separate accounts and other investment vehicles
are negotiated on a case-by-case basis.

For more information regarding brokerage and other transaction costs, see Item 12 of this
brochure.

Item 7 – Types of Clients

AWCI provides investment advisory services to Private Funds exempt from the definition
of “investment company” pursuant to Section 3(c)(1) of the 1940 Act. For Private Fund
investors, AWCI generally requires a minimum initial account size in the amount of
$500,000 or $1 million, depending on the series of interest owned by each Private Fund
investor. The minimum initial account size may be waived or reduced at the discretion of
the general partner of each Private Fund. AWCI also provides investment management
services to certain separate accounts established for institutional clients to be managed
alongside private fund strategies.