Gerber/Taylor Management LLC

Item 5 - Fees and Compensation

The Funds
Each Fund is governed by its Governing Documents that set forth in detail the fee structure relevant
to each Fund.

GT receives management fees from most of the Funds it manages. Management fees are typically
paid quarterly in advance. In valuing the Funds, GT generally relies on values reported by each
Portfolio Investment’s Manager, which will typically be estimates and are subject to revision. GT’s
management fees are based on the most current information available when fees are calculated. If
GT is terminated as adviser to a Fund, a pro rata portion of the fee paid in advance would be
refunded to the relevant Fund.

GT receives an annual management fee from its multi-strategy, global hedged equity, blended, and
offshore U.S. tax-exempt Funds equal to 1% of their respective estimated net assets, paid quarterly
in advance. GT also receives an annual management fee from certain other Funds ranging from
0.30% to 0.70% of their respective estimated net assets, paid quarterly in advance. GT does not
receive a management fee from a few of the Funds.

GT receives an annual management fee on the Illiquid Funds of 1% of either investor contributed
capital or capital contributed to Managers, depending on the terms of the Funds’ Governing
Documents. In a few Funds, a fee break is given for commitments over a certain level. In several
of the Funds, GT has elected to either reduce or waive the management fee.

GT receives performance-based allocations from its multi-strategy, global hedged equity, blended
and offshore U.S. tax-exempt Funds in the amount of 1% of net new profits annually, subject to a
high-water mark. GT receives a 10% allocation of net profits, which is subject to a high-water
mark from its biotech Fund. GT does not receive performance-based allocations from its long
biased or special opportunity Funds.

Performance fees on most of the private equity and real asset Funds are generally based on a
percentage of distributions from the Funds after the investors have been distributed their original
investment. These percentages range from 1% to 5% depending on the respective Fund’s
Governing Documents. In a few of the private equity and real asset Funds performance fees are
not paid until after the investors have been distributed their original investment plus an additional
6% preferred return on contributed capital.

GT offers fee discounts for investors (discussed in the Separate Accounts section) whose
investments in the Funds exceed $50 million, as well as for certain other investors. To avoid a
prohibited transaction under U.S. Department of Labor rules, GT has designated its Profit-Sharing
Plan and any individual retirement account for an employee of GT as Special Partners with a 100%
waiver of management and performance-based fees paid to GT for investments made in the Funds.

Investors in Funds managed by GT will pay one management fee and one performance allocation,
if applicable, to GT, which may be charged at either the investor or investee Fund level. Fees

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related to the Managers are in addition to fees paid to GT. GT does not receive any portion of the
fees paid to Managers.

Each Fund generally bears its own organizational and operating expenses, consistent with the
applicable provisions in each of the Funds’ Governing Documents, including but not limited to:

      Expenses relating to the organizational and offering costs;

      Fees and expenses of service providers to the Fund, including administration (including
       AML), legal, auditing, accounting, consulting, financing, valuation, banking and custodial
       fees and expenses, in connection with operations of a Fund or investment;

      Fees and expenses related to purchasing, developing, implementing, or maintaining
       information technology, data subscriptions, including computer software or information
       technology services purchased from service providers used in connection with a Fund and
       its operations, administration and in connection with providing services to a Fund;

      Interest, fees and expenses due to a Fund’s borrowings or indebtedness, including potential
       borrowings to fund investor redemptions;

      Directors and Officers liability and other insurance costs of the Firm and other persons
       acting on behalf of a Fund;

      Expenses incurred in connection with the preparation of reports to the Fund’s investors,
       including financial statements, tax returns and Internal Revenue Service Schedule K-1s and
       for the purpose of complying with any applicable law, rule, or regulation, including
       regulatory filing or other expenses of the Fund;

      Fees and expenses associated with maintaining the Fund, including the operation,
       restructuring, dissolution, winding up and termination thereof and any amendments or
       modifications to the Funds’ Governing Documents;

      Extraordinary expenses (including litigation costs and indemnification) related to a Fund,
       an investment, any potential investment or otherwise relating to such investment (including
       expenses incurred in connection with a governmental inquiry, investigation or proceeding);

      Any taxes, fees or other governmental charges levied against the Fund. Certain of these
       costs and expenses will be incurred by GT and reimbursed by the Funds;

      Due diligence fees, including costs of conducting background checks;

      Expenses related to Fund investments such as custodial fees, brokerage fees and
       commissions; and

      Expenses related to any Fund’s board (including travel expenses related to board meetings).

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Item 7 - Types of Clients

GT has two types of Clients, which are the Funds and Separate Accounts.

GT provides discretionary investment management services to the Funds, which are privately
offered pooled investment vehicles. Each investor in a Fund generally must qualify as an
“accredited investor”, as defined in Regulation D under the Securities Act and must qualify as a
“qualified purchaser” as defined in the IC Act with respect to some of the Funds, or a “qualified
client” as described in Rule 205-3 under the Advisers Act with respect to other Funds.

Generally, the Funds impose minimum initial contributions ranging from $250,000 to $1,000,000
as described in each Funds’ Governing Documents. Minimums may be waived at GT’s discretion.

GT primarily provides customized non-discretionary investment advisory services to Separate
Accounts, which may include foundations, endowments, corporations, institutional investors and
high-net-worth individuals. However, under certain circumstances, GT may provide investment
advice to Separate Accounts on a discretionary basis. Any discretion will be exercised in a manner
consistent with the account’s advisory agreement.