Dwight Securities Management LLC

ITEM 5 – FEES AND COMPENSATION

Full details of the Incentive Allocation and an explanation of the terms mentioned above is contained in the
governing documents of each Client, which are provided to all investors in each of the Clients prior to investment.

Dwight Securities Management does not represent that the level of the Incentive Allocation is consistent with other
private pooled investment vehicle arrangements. The Incentive Allocation could be higher than the fees charged
and profits retained by other fund managers for the same or similar services.

Fees, Expenses & Services Generally

Dwight Securities Management does not represent that the amount of the management fees coupled with the
Incentive Allocation is consistent with fees charged by other investment advisers under the same or similar
circumstances. The fees charged by Dwight Securities Management and its wholly owned affiliate, Dwight
Securities Partners, LLC, could be higher than the fees charged by other investment advisers for the same or similar
services.

The Clients and investors in the Clients incur other fees and expenses in addition to the management fee described
above and an Incentive Allocation. Such other fees and expenses are typically incurred in connection with the
purchase of investments held by the Clients and include, as applicable, brokerage commissions, ticket transaction
charges, custodial fees and other expenses assessed by qualified custodians and broker/dealers utilized by Dwight
Securities Management. The Clients also incur certain other operating and administrative fees and expenses related
to normal and customary operating, management, and administrative functions required by the Clients, including
but not limited to expenses associated with the continued offering of Clients interests in relevant jurisdictions and
filing and other fees related to such offerings, as well as fees and expenses incurred with respect to the periodic
review and modification of the Clients’ governing documents.

In the event that Dwight Securities Management’s investment advisory services are terminated by a Client or its
managing member, Dwight Securities Management will provide a pro-rated refund of fees charged, as applicable,
based on the number of days services are provided during the final calendar quarter.

Please refer to each Client’s governing documents for further information regarding the fees and expenses of
Dwight Securities Management and the Clients.

Separately Managed Account and Sub-Advised Funds Fees & Services

Management fees and expense arrangements with respect to any SMA and Sub-Advised Fund are set forth and will
be calculated in accordance with such Clients’ investment advisory agreement.

Dwight Securities Management LLC                      Page 7                                  Form ADV Part 2A
                                                                                             Disclosure Brochure

ITEM 7 – TYPES OF CLIENTS

Dwight Securities Management’s clients include the Funds and include other clients structured as limited
partnerships formed for and limited to a small number of investors or individual investors. Each investor in the
Clients and any limited partnerships established as private placements managed by Manager are generally
“accredited investors” as defined under the Securities Act of 1933. Investors desiring to own member interests of
the Funds must be both an “accredited investor” as defined by the SEC under Regulation D and “qualified client” as
defined by Advisers Act Rule 205-3.

Dwight Securities Management also provides investment advisory services to SMAs and Sub-Advised Funds.

Minimum Investment Amounts Required

The minimum investment required for the Funds is $250,000. The Manager has the ability to waive that
requirement.

The minimum investment required for SMAs, Sub-Advised Funds and other pooled investment vehicles advised or
sub-advised by the Manager is determined by the terms of the investment advisory agreement entered into with
the Client.

Dwight Securities Management LLC                    Page 9                                  Form ADV Part 2A
                                                                                           Disclosure Brochure