Capitolis Advisors LLC

Item 5. Fees and Compensation

Fees

Our firm currently receives a management fee from its Clients based on a fixed fee. Clients are generally billed
on a monthly basis, and our fees accrue and are payable in arrears.

The foregoing is a brief summary and is not a substitute for the detailed terms provided in the Offering
Documents of our Clients.

Expenses

The expenses paid by our Clients are set forth in detail in the respective Offering Documents. Such
expenses may differ among and within Clients. Thus, although the following is a summary of expenses
our Clients will generally bear, clients and prospective clients should review the respective Offering
Documents as they describe the expenses each client will bear in greater detail.

Generally, each of our Clients bears its own operating and other expenses, including, but not limited to:
            legal advisers, consultants, rating agencies, accountants, brokers and other professionals; and
            taxes, regulatory and governmental charges (not based on the income of the firm), insurance
             premiums or expenses and regulatory compliance and filing costs.
Neither our firm, nor any of our supervised persons receives any transaction-based compensation for the
sale of investment instruments.

A description of the brokerage and other transaction costs that will be borne by our Clients is in Item 12 of
this brochure.

Item 7. Types of Clients

The firm provides discretionary investment advisory services to separately managed accounts, the beneficial
owner of which are corporations.