Aquamarine Capital Management LLC

ITEM 5 FEES AND COMPENSATION
Advisory Services and Fees for Specific Clients.
Management Fee and Carried Interest – BVI Feeder Fund

The BVI Feeder Fund currently has Class A, Class B, Class C, Class D, Class E and Class F shares outstanding.
Investors in the BVI Feeder Fund are charged, indirectly through their investment in the Master Fund, a
management fee and carried interest that varies depending on the class of shares held by the Investor.

Class A and Class B Shares. Investors holding Class A and Class B shares are charged a monthly management fee
of 0.0833% (or one percent (1%) per year) of the net asset value of their indirect ownership interest in the Master
Fund for such month. The Adviser and its Affiliates collectively receive a quarterly incentive allocation from
Investors holding Class A and Class B shares equal to 20% of the increase in value of their indirect interest in the
Master Fund in excess of 1% for such quarter.

Class C Shares. Investors holding Class C shares are not charged a management fee. The Adviser and its Affiliates
collectively receive an annual incentive allocation from Investors holding Class C shares equal to 25% of the
increase in value of their indirect interest in the Master Fund in excess of 6% for such year.

Class D Shares. Investors holding Class D shares are not charged a management fee. The Adviser and its Affiliates
collectively receive an annual incentive allocation from Investors holding Class D shares equal to 25% of the
increase in value of their indirect interest in the Master Fund in excess of 6% for such year.

Class E Shares. Investors holding Class E shares are not charged a management fee. The Adviser and its Affiliates
collectively receive an annual incentive allocation from Investors holding Class E shares equal to 25% of the
increase in value of their indirect interest in the Master Fund in excess of 6% cumulative hurdle return for such year.

Class F Shares. Investors holding Class F shares are not charged a management fee. The Adviser and its Affiliates
collectively receive an annual incentive allocation from Investors holding Class F shares equal to 15% of the
increase in value of their indirect interest in the Master Fund in excess of 6% cumulative hurdle return for such year.

Classes D, E and F are UK Reporting share classes.

Management Fee and Carried Interest - U.S. Feeder Fund

The U.S. Feeder Fund currently has Class A, Class B, Class, E and Class F shares outstanding. Investors in the
U.S. Feeder Fund are charged, indirectly through their investment in the Master Fund, a management fee and carried
interest that varies depending on the class of shares held by the Investor.

Class A Shares. Investors holding Class A shares are charged a monthly management fee of 0.0833% (or one
percent (1%) per year) of the net asset value of their indirect ownership interest in the Master Fund for such month.
The Adviser and its Affiliates collectively receive a quarterly incentive allocation from Investors holding Class A
shares equal to 20% of the increase in value of their indirect interest in the Master Fund in excess of 1% for such
quarter.

Class B Shares. Investors holding Class B shares are not charged a management fee. The Adviser and its Affiliates
collectively receive an annual incentive allocation from Investors holding Class B shares equal to 25% of the
increase in value of their indirect interest in the Master Fund in excess of 6% for such year.

Class E Shares. Investors holding Class E shares are not charged a management fee. The Adviser and its Affiliates
collectively receive an annual incentive allocation from Investors holding Class E shares equal to 25% of the
increase in value of their indirect interest in the Master Fund in excess of 6% cumulative hurdle return for such year.

Class F Shares. Investors holding Class F shares are not charged a management fee. The Adviser and its Affiliates
collectively receive an annual incentive allocation from Investors holding Class F shares equal to 15% of the
increase in value of their indirect interest in the Master Fund in excess of 6% cumulative hurdle return for such year.

The Adviser or an Affiliate may waive all or part of any management fee and/or carried interest to which it may
otherwise be entitled from any Client.

Payment of Fees for Clients Generally.
Management fees and carried interest attributable to Investors are deducted directly from such Investors' interest in
each Client.

 Additional Expenses and Fees for Clients Generally.
A Client (or Investors in each Client) may bear the following expenses:

Redemption Fees – BVI Feeder Fund

         Class A and Class B Shares. Redemption fees for each Investor holding Class A or Class B Shares are
         capped at 5% of redemption proceeds.

         Class C, D, E, and F Shares. There are no redemption fees attributable to Class C, D, E, or F Shares of the
         BVI Feeder Fund.

Redemption Fees – U.S. Feeder Fund

         Class A Shares. Redemption fees for each Investor holding Class A Shares are capped at 5% of redemption
         proceeds.

         Class B, E, and F Shares. There are no redemption fees attributable to Class B, E, and F Shares of the U.S.
         Feeder Fund.

Redemption fees for each of the BVI Feeder Fund and the U.S. Feeder may be waived for specific Investors and are
deducted from the amount otherwise payable to an Investor on redemption or withdrawal.

Administrator’s Fees

Each Client pays its administrator a percentage-based monthly fee based on the Client's net assets. In addition, Each
Client pays the out-of-pocket expenses incurred by its administrator on its behalf. The administration fee and each
administrator’s responsibilities may change from time to time as circumstances dictate.

Client Expenses

Each Client pays all other fees relating to its ongoing operation, including, but not limited to, directors' fees (if
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ITEM 7 TYPES OF CLIENTS

The Clients to whom the Adviser or its Affiliates provide investment management services and advice are Private
Funds.

The offering documents of each Client may set minimum amounts for investment by prospective investors in such
Clients. These minimum amounts may be waived by the Adviser or an Affiliate.

ITEM 8 METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND
RISK OF LOSS

Methods of Analysis and Investment Strategies.

The Adviser pursues proprietary long-value investment strategies and invests each Client’s assets in a portfolio of
securities issued by and traded on U.S. and non-U.S. national securities exchanges and well-recognized established
financial capital markets. The Adviser may invest or trade in all types of equity and debt securities including
common and preferred stock, debt securities convertible into common or preferred stock or other types of securities,
bonds, notes, futures, swaps and options. In addition, from time to time, the Adviser invests Client capital in short-
term instruments including, but not limited to, commercial paper, bank certificates of deposit, U.S. Treasury Bills
and similar investments.

The Adviser does not intend to borrow on behalf of the Private Funds, although leverage may be implicit in certain
derivative investments including commodity interest positions entered into by the Adviser on behalf of the Private
Funds.

Risks Relating to Investment Strategies

A potential Investor or Investor in a Client managed by the Adviser should review the offering memorandum for
such Client for a more detailed discussion of risks.

The following are the principal investment strategies used by the Adviser in managing the investment portfolios of
the Clients. The Adviser generally pursues, or has pursued on behalf of its Clients, investments in a limited number
of publicly- and privately -traded securities that it considers undervalued based on its proprietary analytical
techniques. Clients’ investment portfolios may differ based on whether they concentrate their investment in a single
one of these strategies, all of the strategies, or fewer of the strategies. A Client’s investment portfolio may also
differ based on its geographical focus, liquidity needs and other considerations. Investments (including non-public
investments in developing companies) generally tend to be passive investments.

           Market Risks. Clients will be exposed significantly to all of the risks of investing in securities, including
the risk that significant changes in the securities markets may adversely affect performance of their account.
Therefore, there is a risk that Investors in a Client may not profit from their investment or that they may lose some
or all of their investment.

         Reliance on Key Personnel. All investment decisions of the Adviser are made by Guy Spier. As a result,
the success of each Client depends upon the ability of Mr. Spier. Should Mr. Spier terminate his relationship with
the Adviser, die or become otherwise incapacitated for any period of time, the profitability of a Client's account may
suffer.

         Minimal Restrictions on Concentrations of Investments. The Adviser is generally not restricted with
respect to the amount of Client assets that it can invest in any particular industry or in the percentage of Client assets
that may be invested in any particular security. Therefore, each Client may be exposed to greater risk than would
otherwise be the case if the Adviser were required to ensure additional portfolio diversification for its Clients.

          Lack of Diversification of Investments. Client portfolios may not be diversified among a wide range of
issuers, industries or areas. Accordingly, the investment portfolio of a Client may be subject to more rapid changes
in value than would be the case if the Adviser were required to maintain a wide diversification among investment
areas, securities and types of securities and other instruments on behalf of such Client.

         Small Cap Stocks. At any given time, Client assets may be invested in smaller sized companies of a less
seasoned nature whose securities are traded in the over-the-counter market. These “secondary” securities often
involve significantly greater risks than the securities of larger, better-known companies.

          Portfolio Turnover. The Adviser will purchase and sell securities at such times as it deems in the best
interest of each Client and is not restricted with respect to the amount of portfolio turnover in any Client’s account.
To the extent that the Adviser trades securities on behalf of a Client for the short - term, such Client’s portfolio
turnover rate can be expected to increase. The turnover rate may vary from year to year, and at different times
during the same year, and may also be affected by such Client’s cash requirements. A high turnover rate involves
correspondingly greater brokerage commissions and expenses which must be borne directly by the Client and
ultimately by its Investors.

           Risks of Derivatives. The Adviser may trade (but until now has not traded) derivatives, which includes
options, swaps, structured securities and other instruments and contracts that are derived from or the value of which
is related to one or more underlying securities, financial benchmarks, currencies or indices. The risks posed by
derivatives include (i) credit risks (the exposure to the possibility of loss resulting from a counterparty’s failure to
meet its financial obligations); (ii) market risks (adverse movements in the price of a financial asset or commodity);
(iii) legal risks (an action by a court or by a regulatory or legislative body that could invalidate a financial contract);
(iv) operations risks (inadequate controls, deficient procedures, human error, system failure or fraud); (v)
documentation risks (exposure to losses resulting from inadequate documentation); (vi) liquidity risks (exposure to
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