GFG Alternative Investment Advisors LLC

Item 5.   Fees and Compensation.

(A)   How We are Compensated for Our Advisory Services. GFG is generally compensated
      for its advisory services by charging each GFG Investment Vehicle certain fees (the
      “Fees”), which Fees are set forth in the Investment Management Agreement and/or other
      Governing Documents of each GFG Investment Vehicle. Such Fees paid by a GFG Fund
      are generally indirectly borne by its Investors. Fees are generally of two types: (1) a
      management fee, generally calculated as an annual percentage of the applicable fee base
      described in the Governing Documents of such GFG Investment Vehicle, is deducted from
      the GFG Investment Vehicle’s assets and is generally payable quarterly in advance; and
      (2) a portion of each GFG Investment Vehicle’s investment profit is allocated and
      distributed to its general partner, which is affiliated with GFG, as carried interest, in
      accordance with the distribution provisions of the Governing Documents of the relevant
      GFG Investment Vehicle.

      GFG establishes and negotiates with Investors in the applicable GFG Investment Vehicle
      the precise amount of, and the manner and calculation of, Fees with respect to such GFG
      Investment Vehicle. GFG has the authority to enter into side letter agreements with
      individual Investors that modify the Fees payable by such Investors from the standard fees
      described in the Offering Documents. Certain Investors in a GFG Investment Vehicle,
      including, for example, a GFG Investment Vehicle’s general partner, its affiliates and
      certain “friends and family” Investors pay reduced or no Fees, at the discretion of GFG or
      the GFG Investment Vehicle’s general partner, as the case may be.

(B)   How We Collect Our Fees. With respect to Funds, GFG generally deducts management
      fees from each Fund’s assets and debits such amounts from the applicable Investors’ capital
      accounts in such Fund. Such Fees are generally collected on a quarterly basis in advance,
      as more specifically described in the relevant Fund’s Governing Documents. Carried
      interest is distributed in accordance with the distribution provisions of Fund’s Governing
      Documents. Regarding Other Investment Vehicles, Fees would be collected in accordance
      with the Governing Documents thereof.

(C)   Other Fees or Expenses Charged to Clients. Each GFG Investment Vehicle is generally
      required to pay for all expenses of such GFG Investment Vehicle (“Vehicle Expenses”)
      other than Investment Manager Expenses (as defined below), and to the extent such Vehicle
      Expenses are incurred by GFG or a general partner of a GFG Investment Vehicle on behalf
      of such vehicle, GFG or the general partner, as the case may be, are required to be promptly
      reimbursed by the GFG Investment Vehicle for any such expenses incurred. Vehicle
      expenses shall generally include, without limitation and to the extent provided by the
      particular GFG Investment Vehicle’s Governing Documents:

          •   all organizational expenses of such GFG Investment Vehicle;

          •   all expenses incurred in connection with the ongoing offer and sale of interests in
              the GFG Investment Vehicle, such as printing of any offering disclosure materials
              and any revisions, amendments or supplements;

•   all out-of-pocket costs of the administration of the GFG Investment Vehicle, such
    as accounting, audit, legal, administrator and consulting fees and expenses, costs
    of holding any meetings of Investors, costs of any litigation, director and officer
    liability or other insurance, expenses associated with reporting and providing
    information to existing and prospective Investors, and expenses associated with
    the maintenance of books and records of the vehicle and the preparation and
    dispatch to the Investors of distributions, financial and tax reports, portfolio
    valuations, tax returns and required notices;

•   all general operating expenses of the GFG Investment Vehicle, such as expenses
    and fees incurred in connection with the registration, qualification or exemption of
    the vehicle under any applicable laws and the maintenance thereof, expenses
    incurred in connection with the preparation of, and alterations and amendments to,
    the organizational documents of such vehicle, all taxes, fees or other governmental
    charges levied against vehicle, expenses incurred in connection with any tax audit,
    investigation, settlement or review of the vehicle, all principal, interest, fees,
    expenses and other amounts payable in respect of or in connection with borrowings
    or other financings by the vehicle, all unreimbursed expenses incurred in
    connection with the collection of amounts due to the vehicle from any person,
    expenses incurred in connection with any litigation involving the vehicle
    (including the cost of any investigation and preparation) and the amount of any
    judgment or settlement paid in connection therewith, any liabilities for indemnity
    or contribution to any person, and all expenses incurred in connection with
    administrative proceedings related to matters undertaken by the vehicle’s tax
    matters partner or partnership representative;

•   all out-of-pocket costs and expenses incurred in investigating, developing,
    negotiating, structuring, acquiring, trading, settling, monitoring or holding
    investments of the GFG Investment Vehicle (including expenses incurred prior to
    the initial closing date of such vehicle in relation to investments actually made) or
    proposed investments that are not consummated, such as legal, accounting,
    consultant and other professional costs and expenses, travel costs and other
    expenses incidental thereto, brokerage commissions and other finders fees and
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Item 7.        Types of Clients.

         As described in Item 4.B above, GFG’s current Clients consist solely of the Funds, which
         are private investment vehicles formed to pool the assets of Investors for investment as
         described in the Offering Documents of each such Fund. Investors in funds managed by
         GFG have included high net-worth individuals, trusts, an endowment, insurance
         companies, corporations, partnerships, limited liability companies, and other sophisticated
         investors, all of which must meet the Fund’s minimum suitability standards. The
         requirements for investing in the GFG Investment Vehicles, including minimum
         investment amounts (which GFG has the authority to waive), are set forth in each GFG
         Investment Vehicle’s Governing Documents.

 GFG’s “supervised persons” consist of its officers, partners, directors (or other persons occupying a similar status or
performing similar functions), or employees, or any other person who provides investment advice on its behalf and is
subject to its supervision or control.