Joseph Advisory Services LLC

Item 5 – Fees and Compensation

The management fee payable to the Advisor is either a fixed fee or an annual fee of up to 200 basis points of the total
aggregate capital commitments in place as of the last day of the preceding calendar year (or, with respect to calendar
year 2020, as of January 1, 2020). Management fees shall accrue quarterly on the first day of each January, April,
July and October, and be paid out of distributable income and gain of the Funds (prorated for any partial semi-quarterly
period for which it applies), or from separate capital contributions called.

                                                601 N. Mesa St.19th Floor
                                                    El Paso, TX 79901
                                                  Phone: (915) 820-8082

The Funds shall pay for all reasonable expenses including, without limitation, the organizational expenses of the
Funds; ongoing administrative expenses; legal, custodial and accounting expenses; expenses associated with the
preparation of the Company’s financial statements, tax returns and Schedule K-1s; third-party, out-of-pocket legal,
financial, and technical due diligence expenses incurred in connection with any proposed Investment (whether or not
consummated); third-party, out-of-pocket legal and financial costs and expenses incurred in connection with the
disposition of any investments; fees and expenses of custodians, consultants, economists, outside counsel and
accountants; the cost of insurance; any taxes, fees or other governmental charges levied against the Company;
expenses relating to any governmental inquiry or public relations undertaking; and the costs and expenses of any
litigation involving the Funds and the amount of any judgments or settlements paid in connection therewith, relating
to the business, activities and interests of the Funds.

For more detailed information on the fees and compensation received by the Advisor and its affiliates, please refer to
the respective Fund’s Offering Documents.

The Advisor and its affiliates do not buy or sell securities, other than the recommendation of interests in the Funds,
and does not receive any compensation for securities transactions in any client account, other than the management
fees noted above and performance-based fees noted below.

Item 7 – Types of Clients

The Advisor offers portfolio management services to pooled investment vehicles. The Funds are not registered under
the Investment Company Act of 1940 (the “Company Act”), as amended, in reliance on the exemptions provided in
Sections 3(c)(1) and 3(c)(7) thereunder, as applicable. Additionally, the interests, shares or units (as applicable) are
not registered under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder
(the “Securities Act”) pursuant to an exemption from registration under Regulation D of the Securities Act.

Generally, the Investors in the Funds meet the definition of “accredited investor” as defined in the Securities Act and
“qualified client” as defined in the Advisers Act and includes individuals, entities, trusts, estates, other corporations or
business entities, or family offices. In addition, owners, principals and other related persons of the Advisor can and
have invested in one or more of the Funds.

The various requirements for investing in a Fund, including the minimum investment size, are set forth in each Fund’s
Offering Documents. The Advisor has the ability, in its sole discretion, to permit commitments below the minimum
amounts set forth in the Offering Documents.

                                                  601 N. Mesa St.19th Floor
                                                      El Paso, TX 79901
                                                    Phone: (915) 820-8082