Gulfstream CM LLC

Item 5.    Fees and Compensation

Fees for Account Clients

The Adviser charges each Account Client a quarterly investment management fee, in arrears, based on the
value of the Account Client’s assets under management. The standard investment management fees for
Account Clients will range from 0.30% to 0.40% per annum. Investment management fees for Account
Clients are negotiated separately based upon various objective and subjective factors including, but not
limited to, the amount of assets placed under direct management, the amount of assets placed under
supervision, the complexity of the engagement and the level and scope of the overall investment services
to be rendered. The Adviser reserves the right to negotiate fees and to agree to a fee schedule other than
the Adviser’s standard fee schedule (as set forth above) and/or waive the minimum size for opening an
account. Any increase to the Adviser’s standard fee schedule will not affect fees charged to existing Account
Clients under management prior to the effective date of the change.

Investment management fees are accrued as of the last day of each month during a quarter based on the
net asset value of the assets in the Account Client’s account (including net unrealized appreciation or
depreciation of investments and cash, cash equivalents and accrued interest) on the last day of the month.
Management fees are paid, in arrears, to the Adviser as of the end of each quarter. If a new client account
is established during a quarter or a client account is closed during a quarter, the investment management
fee will be prorated. Under certain circumstances, the investment management fee will be prorated to
account for additional contributions to or partial redemptions from client accounts during the quarter.

The Adviser does not receive performance-based fees from its Account Clients.

The Adviser will deduct the investment management fee from each Account Client’s account by instructing
the Account Client’s custodian to pay the Investment Manager’s fee directly from the Account Client’s
account. Alternatively, the Adviser may also bill the Account Clients for investment management fees.

Fees for the Funds

The Adviser receives an investment management fee in connection with the advisory services the Adviser
provides to each Fund in an amount equal to 1.5% per annum based on the value of assets under
management. The precise amount of, and the manner and calculation of, each Fund’s fees are set forth in
such Fund’s organizational documents.

The investment management fee with respect to each Fund is calculated each quarter based on the total
net assets of the Fund as of the first day of the quarter and thereafter paid to the Adviser in three monthly
installments within ten days after the last day of each month in the applicable quarter.

The Adviser (or its related person) is also paid performance-based compensation with respect to each
Fund, which is compensation that is based on a share of net profits of such Fund, as set forth in the Fund’s
organizational and offering documents.

The Adviser, in its sole discretion, may offer and has offered different fee terms, or waived fees entirely, to
investors that are members, principals, employees or affiliates of the Adviser, or relatives of such persons,
and for certain large or strategic investors.

The Adviser deducts from each Fund’s assets the investment management fee and performance-based
compensation payable by such Fund by instructing such Fund’s custodian to pay the fee or compensation.

Other Fees and Expenses of Account Clients and the Funds

In addition to paying investment management fees and performance-based compensation, as applicable,
client accounts will also be subject to other expenses such as legal, accounting, audit, and other
professional expenses, administration expenses, research expenses and investment expenses such as
commissions, expenses attributable to regulatory filings which are made with respect to the assets of a
client (including Section 13, Section 16 and Form PF filings), interest on margin accounts and other
indebtedness, custodial fees, bank service fees, brokerage and other expenses related to the purchase,
sale or transmittal of a client's assets. Please refer to Item 12 of this Brochure, “Brokerage Practices,” for
more detailed information about the Adviser’s brokerage practices.

The allocation of expenses between the Adviser and any client and among clients represents a conflict of
interest for the Adviser. The Adviser has adopted an expense allocation policy that is designed to address
this conflict. The Adviser allocates expenses to each client in accordance with the client's arrangements
with the Adviser (including applicable client disclosures). The Adviser seeks to allocate shared expenses
for products and services benefiting the Adviser and the client, and not covered in the client's arrangements,
in a fair and reasonable manner. The Adviser’s Compliance Officer is responsible for reviewing the expense
allocation policy and periodically reviews allocations of expenses between the Adviser and its clients and,
separately, among clients.

Typically, where fees, costs and expenses are incurred for the benefit of one client, the Adviser will allocate
100% of such fees, costs and expenses to such client, subject to the terms of the client’s arrangement with
the Adviser and the discretion of the Adviser. Similarly, to the extent fees, costs and expenses are incurred
in connection with regulatory, tax, accounting, marketing, or similar requirements applicable to a particular
client, the Adviser will typically allocate 100% of such fees, costs and expenses to such client subject to
any requirements of the client’s arrangement with the Adviser and the discretion of the Adviser.

In addition, a client will bear more or less of a particular expense based on the methodology used, and a
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Item 7.     Types of Clients

Account Clients

The Adviser's Account Clients may consist of high net worth individuals, trusts, corporations and other
business entities. The Adviser provides investment management services for discretionary Account Clients.

The Adviser typically requires that an Account Client invests a minimum of $1 million to open an account.
If the account size falls below the typical minimum requirement due to market fluctuations only, an Account
Client will not be required to invest additional funds with the Adviser to meet the typical minimum account
size. The Adviser reserves the right in its sole discretion to waive account minimums.

The Funds

The Funds are pooled investment vehicles intended for sophisticated investors. Any initial and additional
subscription minimums are disclosed in the offering memorandum for the relevant Fund. The Adviser
reserves the right in its sole discretion to waive account minimums.