Christofferson Robb & Company LLC

ITEM 5:        FEES AND COMPENSATION

A.    Investment Advisory Fees
      CRC generally receives management and performance fees for the investment advisory
      services it provides. Management fees are based on net assets; they can be assessed monthly
      or quarterly, and the timing of payment (i.e. advance or arrears) depends on the agreement
      with the relevant CRC Client. Management fees may be pro-rated for contributions and
      withdrawals made during a calculation period.
      CRC is usually eligible to receive a performance fee based on a percentage of the net profits
      of a CRC Client’s account, often subject to a high-water mark or hurdle (see ITEM 6 –
      PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT).
      Negotiability of fees
      Fees are established at the inception of each CRC Client mandate and are disclosed to
      prospective CRC Fund investors in the Governing Documents. Investors who are principals
      or employees of CRC and their affiliates as well as officers or directors of current or former
      service providers or outside advisors of certain CRC Clients pay no management or
      performance fees.
B.    Deduction of fees from the CRC Client’s account
      In relation to the CRC Funds, management fees and performance fees or incentives are paid
      or allocated to CRC (or its affiliates) by each CRC Fund’s administrator.
      In relation to the CRC Managed Accounts, CRC typically receives payment for such fees
      earned (monthly or quarterly) for any reference period by issuing an invoice directly to the
      CRC Managed Account client, but other arrangements are possible.
C.    Additional fees or expenses
      CRC’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
      and expenses that the CRC Clients may, and often do, incur.
      Additional fees that may be incurred by a CRC Client, or that CRC or Christofferson, Robb
      & Company (UK) LLP, a UK limited liability partnership that is not affiliated with CRC (the
      “Service Provider”) may pay and seek reimbursement for, are set forth in the Governing
      Documents of each CRC Client. These expense items include organizational and operating
      expenses including, without limitation: (i) accounting, bookkeeping and auditing fees and
      expenses (including the allocable share of the costs, fees and expenses relating to internal
      accounting and tax preparation functions); (ii) legal fees and expenses, including, but not
      limited to, fees and expenses incurred in connection with any CRC Fund contracts,
      consummated Risk Sharing Transactions (defined below), or other investments or activities of
      a CRC Fund; (iii) fees and disbursements of a CRC Fund’s, its general partner’s or CRC’s
      lawyers, accountants, consultants and other third parties performing work benefiting the CRC
      Fund (including, without limitation, the legal and other fees, costs and expenses of the CRC
      Fund in any threatened or actual litigation or governmental investigation or proceeding, and

CHRISTOFFERSON, ROBB & COMPANY, LLC

      the amount of any judgments or settlements paid in connection with such litigation, or fines
      or penalties levied as a result of any such proceeding or investigation); (iv) all trading expenses
      and transaction costs, including, but not limited to, brokerage commissions and expenses
      relating to clearing and settlement charges, interest on loans and debit balances, margin costs,
      interest, broker service fees and other clearing and custodial expenses; (v) fees (including legal
      fees incurred for the benefit of a CRC Fund or its investments or other activities) or
      assessments in connection with any regulatory registrations, qualifications and/or approvals
      of a CRC Fund, its general partner, or CRC and related compliance fees and expenses; (vi)
      fees of a CRC Fund’s registered agent and registered office service provider; (vii) the cost of
      preparation and distribution of reports and statements to investors; (viii) filing and recording
      fees; (ix) fees and out-of-pocket disbursements referable for payment by a CRC Fund and
      charged by an administrator or any custodian, as well as bank service fees, and fees or expenses
      associated with insuring the CRC Fund’s assets; (x) expenses incurred by a CRC Fund in
      respect of any indemnification obligations; (xi) the costs of entering into and compliance with
      any side letters with CRC Fund investors (xii) applicable taxes or levies payable (if any) by a
      CRC Fund; (xiii) due diligence, legal, and research expenses of CRC and/or the Service
      Provider for arranging, negotiating and executing investments; (xiv) valuation expenses (if
      any); (xv) reasonable out-of-pocket expenses of the members of any advisory board or board
      of directors incurred in connection with their activities on behalf of a CRC Fund; (xvi) costs
      of liquidation of any CRC Fund; and (xvii) expenses relating to general meetings of investors.
      Unless otherwise provided in a CRC Fund’s Governing Documents, CRC Funds may, and
      often do, reimburse CRC for all other expenses, costs or liabilities that are similar to those set
      forth in clauses (i) through (xvii) above.
      The fees and expenses for the CRC Managed Accounts are negotiated on a client-by-client
      basis, but are expected to include many of the expenses listed above.
D.    Advance fees
      Certain CRC Clients are assessed management fees in advance. If a CRC Managed Account
      client terminates its agreement prior to the end of the applicable advance payment period,
      CRC will refund a pro-rata portion of the management fee. Investors in CRC Funds who
      withdraw or redeem prior to the end of an assessment period will generally receive credit for
      a pro-rata portion of the management fee.
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ITEM 7:        TYPES OF CLIENTS

CRC provides investment management services to CRC Clients, which consist of the CRC Funds and
CRC Managed Accounts. The CRC Funds are both commingled and single investor funds. The CRC
Managed Accounts are separately managed accounts. CRC provides non-discretionary advisory
services to certain financial services and insurance entities.

Investors in the CRC Funds and CRC Managed Account clients include institutions such as
corporations and other business entities, corporate and public pension plans, other pooled investment
vehicles (e.g., funds of funds), foundations and endowments, sovereign wealth funds, as well as high-
net-worth individuals.
To invest in a CRC Fund, a U.S. person must be an accredited investor (as defined under Rule 501(a)
of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”))
and a qualified purchaser (as defined in the Investment Company Act of 1940, and the regulations
promulgated thereunder).
Minimum investments in a CRC Fund may vary based on a such CRC Fund’s structure. In certain
circumstances, CRC may accept investments below the mandated minimum, at its sole discretion.
Eligibility and minimum account balances for CRC Managed Accounts are negotiated on a client-by-
client basis.

CHRISTOFFERSON, ROBB & COMPANY, LLC