Atrato Advisors LLC

Item 5      Fees and Compensation
A. Advisory Fees and Billing Procedures
  Upon the client’s engagement of ATRATO to provide portfolio advisory services, ATRATO shall generally
  perform such services for an annual fee based on a fixed retainer fee (the “Fixed Fee”).
  The Fixed Fee is typically negotiated, depending on the size and complexity of the mandate, although
  tends to fall between 20-75 basis points of assets under advisory. Fees are typically paid quarterly in
  advance. Clients are generally free to terminate an investment advisory contract at reasonable periodic
  intervals without penalty. However, clients will be responsible for paying all fees in entirety due up to
  and including the period in which the agreement is terminated, unless contract terms stipulate
  otherwise.
  In addition to the advisory fee charged by ATRATO, clients can be subject to additional fees and
  expenses charged by each private fund in which they invest. Managers of private funds often charge
  higher fees than public mutual funds. The fees and expenses paid by each private fund are disclosed in
  each fund’s offering documents. The Client should thoroughly review the offering documents of each
  private fund before investing to understand all risks that apply to an investment in each private fund.
  ATRATO typically invoices clients for fees quarterly, in advance for services agreed upon per each
  client’s individual consulting agreement with ATRATO.

B. Other Fees and Expenses
  In addition to the advisory fee charged by ATRATO, clients can be subject to additional fees and
  expenses charged by each private fund in which they invest. Managers of private funds often charge
  higher fees than public mutual funds. The fees and expenses paid by each private fund are disclosed in
  each fund’s offering documents. The Client should thoroughly review the offering documents of each
  private fund before investing to understand all risks that apply to an investment in each private fund.
  In addition to negotiated fees, ATRATO may charge clients for direct, out of pocket travel or project-
  related costs related to the execution of its services. Such arrangements are agreed upon with ATRATO’s
  clients in their written consulting agreements.
C. Refund Policy
  General Policy: ATRATO’s does not generally offer refunds for services already provided. Otherwise,
  consulting agreements may generally be terminated with reasonable notice. If a client terminates a
  consulting agreement, it is responsible for paying all fees up to and including the quarter of termination.
  If ATRATO terminates a consulting agreement, it will refund fees on a pro rata basis for any pre-paid
  services.
D. Other Compensation
  ATRATO does not accept any compensation other than those described above.

Item 6      Perf ormance-Based Fees and Side by Side Management
A. Performance-Based Fees
  Performance-Based fees (“Performance Fee”) are based on a share of the capital gains or capital
  appreciation of the assets of a client. Fees based on performance means ATRATO participates directly
  in the account’s results. ATRATO does not currently accept any performance-based fees.
B. Side-by Side
  ATRATO may conduct side-by-side discretionary management or non-discretionary advisory services
  for pooled investment vehicles and managed accounts. Each mandate is tailored to the client’s specific
  objectives and circumstances. As such, there may or may not be overlap of recommended single
  manager alternative investment funds and/or funds of funds between clients, and clients should NOT
  expect identical manager allocations or investment performance.

Item 7      Types of Clients
  ATRATO’s client base may include family offices, multi-family offices, private client/wealth
  management firms as well as institutional investors including but not limited to foundations, pensions,
  endowments, and funds of hedge funds. ATRATO’s clients include institutions, family offices and
  high net worth individuals seeking to make direct investments in alternative investment funds.