Burlingame Asset Management LLC

Item 5 - Fees and Compensation

   A. Our fees and compensation are described in the advisory contracts we enter into with our
      clients. All of our clients are “qualified purchasers” (as defined in Section 2(a)(51) of the
      Investment Company Act of 1940, as amended (the “1940 Act”)).

   B. We generally deduct management fees from our clients’ accounts quarterly in advance.
      Generally, BAM receives performance-based fees or allocations from client accounts on
      an annual basis in arrears and upon withdrawals or redemptions by investors in the
      private investment funds we manage.

   C. Our clients that are private investment funds generally bear (i) all expenses associated
      with the organization and ongoing administration of such private investment funds,
      including legal and accounting fees, (ii) all expenses incurred in connection with
      communications with investors and the ongoing offer and sale of interests in the private
      investment funds, (iii) all third party administration, accounting, tax preparation, audit,
      bookkeeping, governmental fees and taxes and legal and compliance fees and expenses
      of, or relating to, the private investment funds, (iv) all expenses incurred for the benefit of
      the private investment funds related to the maintenance and procurement of information
      technology and data related services, systems and equipment, valuation services, and
      insurance, (v) all direct and incidental expenses relating to research and due diligence of
      existing and potential investments (including, without limitation, the use of consultants
      and attorneys) and research materials purchased or subscribed for, and (vi) all trading and
      investment related costs and expenses (e.g., brokerage commissions, margin interest,
      expenses related to short sales, custodial fees and clearing and settlement charges). (See

Item 7 - Types of Clients

We primarily provide investment advice to private investment funds. Investors in such private
investment funds generally qualify as "qualified purchasers" (as defined under the 1940 Act).
The minimum investment in the private investment funds is generally $250,000, subject to our
right to waive any minimums (as legally permissible).