Greenlake Asset Management LLC

Item 5         Fees and Compensation

A.        The Firm’s Fees and Compensation; B.        Payment of Compensation

The Firm (or its affiliates) charges fees to its Funds for investment advisory and management
services (“Management Fees”) that are equal to 0.75%-1% of Net Assets Under Management,
subject to waiver or reduction by the Firm, on an annual basis, payable monthly or quarterly, as
provided for in the Fund Governing Documents of the applicable Fund.

In addition, if the Firm acts as a servicer for any loan, it receives an additional fee of 0.5%-2% of
the principal amount of any loan (“Servicing Fees”) which is payable on a monthly or quarterly
basis by the Funds, as provided for in the Fund Governing Documents of the applicable Fund.

In addition, the Firm also receives or may receive the following compensation from borrowers (not
from the Funds and not Investors), not associated with investment advice to the Funds: Origination
Fees, Extension Fees, Break Up Fees, Late Charges, Default Interest Payments, Exit Fees, Profit
Participation Fees, Good Faith Deposits, Forbearance Fees, Purchase Premiums, and Prepayment
Penalties/Premiums. These fees are paid directly by borrowers on Fund loans. These fees are
negotiable and vary on market conditions.

Investors permit the Firm (or, if applicable, its affiliates) to directly deduct the Management Fees
and Servicing Fees from the Funds. However, the Firm (or, if applicable, its affiliates), in
accordance with Governing Documents and/or the Fund Governing Documents, can also request
that Investors remit the Management Fees to the Funds, which then pay the Firm.

In addition, pursuant to the Fund Governing Documents, the Firm or its affiliates are permitted to
receive certain performance-based compensation in the form of excess profits from one or more of
the Funds. However, the Firm maintains the discretion to allocate all or any portion of such
compensation to the respective Fund. See Item 6.

C.       Additional Fees and Expenses

Generally, the Funds are responsible for their organizational expenses, up to the maximum set forth
in the Fund Governing Documents. Expenses borne by the Funds typically include, but are not limited
to, those expenses incurred in connection with the marketing and offering of interests in the Funds,
fees, costs and expenses relating to the Funds’ investment programs, including those related to
structuring and negotiating the acquisition, financing and disposition of investments, insurance and
litigation expenses, legal, audit and accounting expenses, custodial, compliance and administrative
expenses, and any extraordinary costs and all other operating costs and expenses in connection with
the operation of the Funds. The Funds may also be subject to different or additional costs or
expenses as are more fully described the Fund Governing Documents, which contain a detailed
description of all costs and expenses of the Funds.

D.       Prepayment of Management Fees

Generally, Management Fees are paid monthly in arrears. If the Firm (or any affiliate thereof) is

terminated by a Fund, then any Management Fees paid in advance will be prorated and amounts
attributable to the period following such termination shall be returned to such Fund.

E.       Additional Compensation and Conflicts of Interest

Neither the Firm nor any supervised person of the Firm may accept direct compensation for the
sale of securities or other investment products.

As noted above in Item 5, the Firm will receive additional fees payable by the loan borrowers for
each loan that the Funds invest in. As a result of this, the Firm has an incentive to underwrite all
loans, regardless of whether they would be profitable to the Funds. The Firm mitigates this potential
conflict of interest by managing the Funds in accordance with each Fund’s investment objectives
set forth in the Fund Governing Documents.

Item 7          Types of Clients

The Firm provides investment advice to the Funds, which are pooled investment vehicles, generally
organized as limited liability companies or limited partnerships that are exempt from registration
under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
Investors in the Funds include insurance companies, fund-of-funds, individual retirement accounts
(“IRAs”), endowments and foundations and other institutional investors and high net worth
individuals. The Fund sets a target fund size for each Fund, and generally sets a minimum investment
amount for Investors (typically around $100,000 - $500,000 per Investor, but the Firm may accept
lesser amounts at its discretion). IRAs are subject to the prohibited transaction rules of the Internal
Revenue Code that, could, from time to time, have the effect of limiting the investment opportunities
available to certain Fund accounts.