Alternative Investment Resource LLC

ITEM 5. FEES AND COMPENSATION

The Firm is generally compensated for its advisory services by charging each Client certain fees
(the “Fees”), which are set forth in the Investment Management Agreement and/or other Governing
Documents of each Client. Such Fees paid by a Fund are generally indirectly borne by its investors.
Fees are generally of two types: (1) a management fee, generally calculated as a percentage of the
net asset value (“NAV”), and (2) a portion of each Client’s investment profit is allocated and
distributed to its general partner in accordance with the allocation provisions of the Governing
Documents of the relevant Client.

Outlined below are the standard fees the Firm charges for its services. For each Client, the specific
fees will be detailed in their respective Governing Documents

FIXED AND ASSET BASED MANAGEMENT FEE

The Firm will generally charge a management fee based on a percentage of investor assets under
management in a Fund (the “Asset Based Management Fee”). The Asset Based Management Fee is
generally calculated monthly (or quarterly in some cases) and will generally equate to a rate of
1.0% to 2.0% per annum of the NAV of the Client each month (or quarter as applicable). The Firm
may also agree to be paid a fixed management fee for its investment advice (“Fixed Management
Fee”) that will be paid by the Client as agreed with the Client. Different Fixed Management Fees
and Asset Based Management Fees arrangements may be negotiated between the Firm and its
Clients and investors.

PERFORMANCE-BASED COMPENSATION1

In addition to a Fixed Management Fee or Asset Based Management Fee, the Firm may receive
performance-based compensation, which is generally 15 to 30 percent of the investor’s annual net
income gains in a Fund. The performance-based compensation is generally calculated based on the
total return (including both realized and unrealized gains and losses and net of the applicable
management fee), if any, attributable to each Fund investors’ capital accounts for such fiscal quarter
(or other applicable fiscal period), subject to: (x) a loss carryforward (sometimes referred to as a
“high water mark”), and (y) the hurdle rate. Note that certain Funds advised by the Firm will have
multiple “classes” of interests, and hurdle rates percentages and terms may vary between classes.
Please refer to the Governing Documents for complete information on all fees and compensation.
The performance-based compensation may be negotiated between the Firm and its Clients and
investors.

  The performance-based compensation may only be charged to clients that are “Qualified Clients”. As of August 16, 2021, Qualified Client is
defined as: “…a natural person who, or a company that: (a) immediately after entering into the contract has at least $1,100,000 under the
management of the investment adviser; or (b) the investment adviser entering into the contract (and any person acting on his behalf) reasonably
believes, immediately prior to entering into the contract, either: (i) has a net worth (together, in the case of a natural person, with assets held
jointly with a spouse) of more than $2,200,000 or (ii) is a qualified purchaser as defined in section 2(a)(51)(A) of the Investment Company Act
of 1940 at the time the contract is entered into.

BILLING METHOD

The specific way Fees are charged by the Firm is established in each Client’s Governing
Documents. Clients will generally be charged asset-based fees, in advance, each calendar month
(or quarter as applicable) based upon the value of the Client’s account at the end of the previous
month (or quarter as applicable). Performance-based compensation will generally be charged
quarterly, in arrears, based upon the capital appreciation of the Client’s account. New accounts will
be charged a prorated fee for the remainder of the quarter in which the relationship commenced.

OTHER FEES AND EXPENSES

In addition to the fees payable to the Firm, subject to each Client’s Governing Documents, Clients
may pay or otherwise bear all applicable fees, expenses and other liabilities arising from the
establishment and operation of the Fund, including but not limited to fees and expenses related or
attributable to: (i) all expenses incurred in connection with the ongoing offer and sale of interests,
including, but not limited to, preparation and printing of offering documents, supplements and exhibits
thereto, as well as updates to such documents, marketing expenses, documentation of performance,
and the admission of limited partners, (ii) all operating expenses of the Client, such as tax preparation
fees, governmental fees and taxes, fund administration fees, costs of communications with limited
partners, and ongoing legal, accounting, auditing, book-keeping, consulting and other service provider
fees and expenses, (iii) any fees paid to other investment managers in connection with investment
research; (iv) all Client research and investment-related costs and expenses, including, but not limited
to, a portion of any profits generated in connection with any investment thesis introduced by any
person not employed by or a principal of the Firm or its affiliates, brokerage commissions, research
fees, due diligence fees, margin interest, expenses related to short sales, custodial fees, bank service
fees, clearing and settlement charges and non-consummated transaction expenses, as well as expenses
relating to the oversight and monitoring of the Funds (or any other applicable underlying funds) and
their respective investments, (v) to the extent applicable, technology-related costs and expenses,
including, but not limited to, software (e.g., licenses, development and operations and maintenance),
hardware, data feeds and colocation expenses, as well as cybersecurity expenses, including, but not
limited to, cybersecurity consulting and cybersecurity insurance premiums, (vi) all expenses related
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ITEM 7. TYPES OF CLIENTS

The Clients of the Firm are the Funds and SMAs, some of which are managed by other private fund
investment managers. For clarity, investors in the Funds are not deemed to be Clients of the Firm.