Collegiate Peaks Asset Management LLC

Item 5 – Fees and Compensation

A.    Describe how you are compensated for your advisory services. Provide your fee
schedule. Disclose whether the fees are negotiable.

As compensation for investment advisory services rendered to Funds, CPAM generally receives a
management fee, and its affiliated general partners receive a performance-based incentive fee (as
described more fully below in Item 6) from Clients. In the case of Separate Accounts, CPAM generally
receives both a management fee and a performance-based incentive fee. Investors also bear certain
other expenses, as described below in relation to the Funds. The Governing Documents of each Client
detail the fees, compensation, and expenses in greater detail. Differences exist from Client to Client
and may exist at times among investors in each Client.

CPAM typically receives from a Client an asset-based management fee, calculated as a percentage of
the investment attributable to the investor, payable quarterly in arrears.

Management fees and other compensation are negotiable in certain circumstances and arrangements
with any particular Client can vary. The relevant Fund general partner is permitted, in its sole
discretion, to waive or reduce an investor’s management fee or incentive fee.

B.      Describe whether you deduct fees from clients’ assets or bill clients for fees incurred.
If clients may select either method, disclose this fact. Explain how often you bill clients
or deduct your fees.

To the extent applicable, management fees, incentive fees and other expenses (discussed in Item C
below) are deducted from Fund assets. Management fees are accrued and paid after the accrual date on
a quarterly basis as per each Fund’s Governing Documents. Incentive fees are allocated as of the last
business day of the calendar year and as of any date on which an investor makes a withdrawal or
receives a distribution from such investor’s capital account(s).

The Governing Documents with most Separate Account Clients contain a written authorization which
permits fees to be paid directly from each Separate Account Client’s account. In such cases, CPAM
sends an invoice to each Separate Account Client and their qualified custodian showing the amount
of fees due along with the account value on which the fee is based, how the fee was calculated and
then deducts fees directly from the Separate Account Client’s account at the qualified custodian.

C.     Describe any other types of fees or expenses clients may pay in connection with your
advisory services, such as custodian fees or mutual fund expenses. Disclose that clients will
incur brokerage and other transaction costs, and direct clients to the section(s) of your
brochure that discuss brokerage.

Client Expenses

Subject to the provisions of the respective Governing Documents, Funds shall pay such costs and
expenses as CPAM shall reasonably determine to be necessary, appropriate, or advisable to carry on its

business and realize its objective.

Each Fund is governed by its own Governing Documents, which detail a description of expenses for
such Fund. While differences exist among Funds, the following is a description of expense categories
generally charged to each Fund. The Funds’ expenses include, but are not limited to, the following
expenses incurred, and differ across Funds: (i) all third party and out of pocket expenses, including
legal, tax, accounting, travel, registration and filing, capital raising and other organizational fees and
expenses incurred in the formation of the Fund and the general partner and the negotiation, execution,
and delivery of partnership agreements, subscription agreements, side letters, management
agreements, and other agreements relating to the foregoing in connection with the initial offering of
Interests in the Fund up to a limit as specified in each Fund’s Governing Documents; (ii) all third
party and out of pocket expenses, including legal, tax, accounting, travel, registration and filing, capital
raising and other organizational fees and expenses incurred in the formation of the Fund and the
general partner and the negotiation, execution, and delivery of partnership agreements, subscription
agreements, side letters, management agreements, and other agreements relating to the foregoing in
connection with the any offering subsequent to the initial offering; (iii) all Fund investment expenses
including, without limitation, fees, taxes, costs and expenses related to the acquisition, operation,
management, monitoring and sale of investments, including interest, fees and expenses of custodians,
consultants, counsel and accountants and brokerage commissions, out-of-pocket costs incurred in
investigating and pursuing potential investments that are not consummated, and the out-of-pocket
cost of organizing and maintaining special purpose vehicles; (iv) other expenses of the general partner
or the Firm reasonably related to their status as general partner or investment manager of the Fund,
as applicable, or performance of their respective duties relating to the Fund, including without
limitation compliance expenses and fees and expenses of legal counsel and other professional advisers
of the general partner and the Firm, as applicable; (v) Fund administration expenses (other than the
general partners’ and the Firm’s overhead), including, without limitation, initial and ongoing fees of
any third-party administrator and any other costs incurred in connection with performing anti-money
laundering procedures, maintaining the books and records of the Fund, communicating with the
investors and providing periodic reports to the investors, valuation costs, completing regulatory
reports, any insurance, indemnity or litigation expense (including any judgments or settlements paid
in connection therewith), auditing expenses of the Fund, financial statement and tax return preparation
...

Item 7 – Types of Clients

Describe the types of clients to whom you generally provide investment advice, such
as individuals, trusts, investment companies, or pension plans. If you have any requirements
for opening or maintaining an account, such as a minimum account size, disclose the
requirements.

As discussed in Item 4 above, CPAM currently provides investment advice and management to the
Current Fund and Separate Accounts. The Current Fund is not registered or required to be registered
under the Investment Company Act of 1940 (“Investment Company Act”); are not made available to
the general public; their securities are not registered or required to be registered under the Securities
Act of 1933, as amended (“Securities Act”); and Current Fund interests are privately placed to qualified
investors. Qualified investors include individuals or entities to which Current Fund interests are
permitted to be sold, which generally includes (i) in the United States, people or organizations who
meet certain net worth, income and/or financial sophistication requirements as described above or (ii)
in other countries, as permitted by the relevant securities laws in such jurisdiction and in compliance
with any foreign offering provisions applicable to CPAM and/or the Current Fund.

Prospective investors in the Current Fund must meet eligibility criteria and are subject to certain
withdrawal requirements and limitations. Investors must be (i) “accredited investors” (as defined in
Regulation D under the Securities Act) and (ii) “qualified clients” as defined in the Advisers Act or (iii)
“qualified purchasers” or “knowledgeable employees” as defined in the Investment Company Act.
The minimum initial investment in the Current Fund is $1,000,000, subject to waiver at the discretion
of CPAM. The Current Fund’s Investment Manager may specify its investment minimum.

Generally, similar terms will apply to Separate Accounts, though investors in such Separate Accounts
have negotiated terms that differ from those for the Current Fund.

Separate Account Clients and investors in the Current Fund may include, but are not limited to, banks
or thrift institutions, trusts, estates or charitable organizations, university endowments, insurance
companies, corporations or other business entities and high net worth individuals and family offices.