Erez Asset Management LLC

Item 5 – Fees and Compensation

      Advisory Fees and Compensation – In general, the Adviser receives a management fee in
      connection with the advisory services provided to each Client. Advisory fees are set forth
      in each Erez Client’s Governing Documents.
      Management Fees –
      The Separate Account is not charged a management fee. The Separate Account pays a
      15% performance fee subject to a high-water mark as described in Item 6 -- Performance-
      Based Fees and Side-By-Side Management.
      A Series may be a fully hedged “hedge fund” style series or an un-hedged “real estate”
      style series.
      The Open-End Hedged Series pays a 1.5% management fee and 15% performance
      allocation fee whereas the Open-End Unhedged Series pays a 1.5% management fee and

20% performance allocation fee over a 7% hurdle. See Item 6 -- Performance-Based Fees
and Side-By-Side Management below for a detailed description of the Series’
performance allocation fees.
The management fee is calculated and payable to the Adviser monthly, in advance, as of
the first day of each calendar month.
The minimum initial investment that will be accepted from an Open-End Unhedged Series
Limited Partner is $100,000. The minimum initial investment that will be accepted from
an Open-End Hedged Series Limited Partner is $100,000. The minimum initial investment
for a Series is defined in the applicable Series Supplement, subject to reduction in the sole
discretion of EROF GP LLC (the “General Partner”) who is an affiliate of the Adviser. In
addition, the minimum additional capital contribution that will be accepted from an
existing Investor is described in the applicable Series Supplement.
Investors and prospective investors should carefully review the Governing Documents of
each applicable Client in conjunction with this Brochure for complete information on the
management fees, the calculation of the incentive allocation, high water mark and hurdle
rate compensation payable with respect to a particular Client.
Payment of Fees - Fees charged are deducted from the Series’ assets. Management fees
are paid to the Adviser monthly in advance, as of the first day of each calendar month. A
pro rata management fee will be charged to Investors on any amounts invested in the
midst of any month.
The performance allocation fee is payable to the General Partner of the relevant Series.
An Investor’s monthly account statement shows an Investor’s holdings in the Series net
of all fees and expenses.
Other Fees and Expenses -
Organizational and Initial Offering Expenses. Each Series will pay or reimburse the
General Partner, the Adviser, the Principal and/or any of their respective partners,
managers, members, directors, officers, employees, agents and affiliates (collectively,
“Affiliates”) for all organizational and initial offering expenses of the Series and the Series’
pro rata portion of such expenses, including, but not limited to, legal and accounting fees,
printing and mailing expenses and government filing fees (including “blue sky” filing fees).
The Fund’s and each Series’ organizational and initial offering expenses may be, for
accounting purposes, capitalized and amortized by the Fund for up to 60 months from the
date the Fund and/or the applicable Series commence operations. Amortization of such
expenses is a divergence from U.S. generally accepted accounting principles (“GAAP”). In
certain circumstances, this divergence may result in a qualification of the Fund’s or a
Series’ annual audited financial statements.

Operating and Other Fund Expenses. The Fund and each Series will each incur its own
expenses. With respect to the applicable Series and its pro rata portion of the Fund
expense, each Series will pay or reimburse the General Partner, the Investment Manager
and/or the other Affiliates for: (i) all expenses incurred in connection with the ongoing
offer and sale of Interests, including, but not limited to, printing of this Governing
Documents and exhibits, marketing expenses (including all travel and travel-related
expenses, such as flights, car rental, hotels, meals and ride-sharing (“Travel-Related
Expenses”)) and documentation of performance and the admission of Investors, (ii) all
operating expenses of the Fund and the Series, such as tax preparation fees,
governmental fees and taxes, any administration fees paid to the Administrator, costs of
communications with Investors, and ongoing legal, accounting, auditing, bookkeeping,
consulting and other professional fees and expenses, (iii) all Fund research, trading and
investment-related costs and expenses (e.g., brokerage commissions, research fees, fees
to any broker, futures commission merchant or custodian, margin interest, expenses
related to short sales, custodial fees, bank service fees, and clearing and settlement
charges), (iv) technology-related costs and expenses, including, but not limited to,
software licenses, data feeds and colocation expenses, (v) all expenses related to
attending any conference or seminar related to alternative or activist investments (e.g.,
registration and Travel-Related Expenses), (vi) subject to applicable law, regulatory and
other filing fees and expenses, and compliance costs and expenses, including, but not
limited to, anti-money laundering officer fees, all fees and expenses incurred by the
Adviser and/or its Affiliates directly in connection with examinations by the Securities and
Exchange Commission (the “SEC”), the U.S. Commodity Futures Trading Commission, the
National Futures Association, and other regulatory authorities, within and outside the
United States, that are attributable to the Fund and the applicable Series, as well as fees
and expenses associated with the completion of regulatory filings that are attributable to
the Fund and such Series (including, without limitation, Form PF filings and/or Form CPO-
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Item 7 – Types of Clients

       The Adviser provides investment advice to a Separate Account and to the Fund and each
       Series of the Fund. The minimum initial investment in a Series is defined in the Applicable
       Series Supplement, subject to waiver or reduction by the General Partner of the Fund.
       Potential Investors must meet the suitability and net worth requirements set forth in the
       Fund’s and Series’ Governing Documents in order to invest in a Series. Investors must be
       (a) an “accredited investor” within the meaning of Rule 501 of Regulation D under the
       Securities Act of 1933, as amended (the “Securities Act”), or (b) a “qualified purchaser”
       as defined in Section 2(a)(51) of the Investment Company Act, or (c) a Qualified Client (as
       defined in Rule 205-3 of the Advisers Act, or (d) a “knowledgeable employee” within the
       meaning of Rule 3c-5 of the Investment Company Act of 1940..