Krusen Capital Management LLC

Item 5: Fees and Compensation

A. Fee Schedule

Investment Supervisory Services Fees

         Total Assets Under Management                   Annual Fee

        All Assets Under Management                      0% - 1%

These fees are negotiable, and the final fee schedule is attached in the Investment
Advisory Contract. Fees for funds are generally charged quarterly in advance. Fees for
Advisory Clients are generally charged quarterly in advance. Investors in most of the
Funds may have infrequent opportunities to withdraw from the specific vehicle in which
they have invested. Withdrawal rights and notice periods applicable to investors in the
Funds are governed by the limited partnership agreement or other organization
documents applicable to each investment. If KCM does not manage a Fund, an Account,
or an Advisory Client for a full quarter, the asset-based fee will be refunded on a prorated
basis, based on the number of days remaining in a quarter at the point

       of termination. Clients may terminate their contracts without penalty, for a full
       refund, within 5 business days of signing the advisory contract.

       In limited circumstances, KCM may charge clients a fixed fee ranging from $1,000 -
       $250,000 per annum per advisory investment.

       B. Payment of Fees

       Payment of Investment Supervisory Fees
       Advisory fees are withdrawn directly from the client’s accounts with client written
       authorization or billed to the clients. Fees are generally paid monthly (offshore) and
       quarterly (onshore) in advance for Funds. The fees for Advisory Clients are calculated
       quarterly in advance and are billed semi-annually.

       C. Clients Are Responsible for Third Party Fees

       Funds clients are responsible for the payment of all third-party fees (i.e., custodian fees,
       audit fees, administration fees, transaction fees, etc.). All clients are responsible for the
       management fees, performance fees, and expenses of the underlying funds recommended
       by KCM. Those fees are separate and distinct from the fees and expenses charged by KCM.
       Please see Item 12 of this brochure regarding broker/custodian.

       D. Prepayment of Fees

       KCM collects fees monthly (offshore) and quarterly (onshore) in advance for the Funds.
       Fees that are collected in advance will be refunded based on the prorated amount of work
       completed at the point of termination and the total days during the billing period. Fees
       will be returned within thirty days to the client via wire transfer or deposited back into
       the client’s account.

       E. Outside Compensation for the Sale of Securities to Clients

       Neither KCM nor its supervised persons accept any compensation for the sale of
       securities or other investment products.

Item 7: Types of Clients

KCM generally provides management supervisory services to the following types of clients:
          ▪   High-Net-Worth Individuals
          ▪   Other Pooled Investment Vehicles
          ▪   Trusts, Estates, or Charitable Organizations
          ▪   Corporations or Business Entities

Minimum Account Size

There is an account minimum, $100,000, which may be waived by the investment advisor, based
on the needs of the client and the complexity of the situation.

Client Requirements

KCM currently only advises Qualified Purchasers, as defined by the Investment Company Act.