East End Advisors LLC

FEES AND COMPENSATION

A. Advisory Fee

   All of East End’s clients are “qualified purchasers” (as defined in the Investment
   Company Act of 1940). For advisory services, East End charges an annualized fee
   based on the amount of Portfolio assets it manages and monitors for the particular
   client. Such fee is typically paid quarterly. Our fee is based solely on the amount of
   assets under management and East End does not charge performance-based fees. For
   investment consultations without investment supervisory services East End charges a
   flat fee for such services.

   All fees and payment terms are negotiated individually with each client depending on
   the full nature of services provided to such client and are subject to revision.

B. Frequency and Method of Advisory Fee Payment

   We bill our clients for the fee for our investment advisory and investment consultation
   services, which is generally payable in quarterly installments.

C. Other Fees or Expenses

   In addition to paying East End’s advisory fees, our clients pay their own custodian fees.
   East End clients also incur the cost of management fees, performance fees and
   operating expenses related to their Investment Funds.

D. Timing of Advisory Fee Payments

   East End’s fees are generally charged in advance. If an account is terminated, the client
   is entitled to a pro rata refund of any amounts paid but not yet earned by East End.

E. Compensation for the Sale of Investment Products

   This is not applicable, since neither the Adviser nor any of its employees accepts
   compensation for the sale of securities or other investment products.

TYPES OF CLIENTS

East End provides investment advisory services to various high net worth individuals, families,
trusts and charitable institutions, foundations and endowments.

Generally, the minimum Portfolio size for an East End client is $500 million. However, we have
accepted clients with less than that amount.