Lakemore Partners Management US LLC

Item 5 Fees and Compensation
Management Fee

Management fees on Lakemore US-managed Funds are generally charged within the
master-feeder structure based on aggregate capital contributions made by investors
in the Funds for an annual management fee of up to 1.5%.

Lakemore US reserves the right to negotiate or waive some or all fees for certain
investors in the Funds, including for current employees or investors who are affiliated
with Lakemore Partners.

Funds’ management fees will be accrued and paid quarterly in arrears based on the
Governing Documents of the Fund.

Other fees and expenses

In addition to paying management fees and being subject to performance fees (as
further elaborated in Item 6 ‘Performance-Based Fees and Side-By-Side Management’),
the Funds will incur other expenses, including costs relating to an individual Fund’s
own operations. These include organizational expenses, interest, fees, expenses and
other amounts payable in respect of financings, costs of third-party services including
legal, accounting, tax preparation fees, compliance and other professional costs, costs
relating to custody of assets of the Fund and its subsidiaries, any insurance, indemnity
or litigation expenses, all costs of administration, including preparation of financial
statements and reports to the Fund’s investors, and any taxes, fees or other
governmental charges levied against the Fund as described in more detail in each
Client’s Governing Documents.        Where a Fund may have an Investor Advisory
Committee or Investor Advisory Board (“IAC”), all reasonable travel-related expenses
and other expenses for members will be covered by the Fund.

For Investors in a Fund, expenses noted above will be allocated and passed on to
Investors on a pro rata basis relevant to their ownership in such Fund. Expenses
attributable to multiple series or Funds will be allocated on a pro-rated basis based
on the weighting of each individual series or Fund and passed on to investors on a pro-
rata basis of their ownership in the relevant series or Fund. Lakemore US may, in its
sole discretion, implement a fee cap in order to limit the amount of expenses charged
to a particular series or Fund. In these instances, Lakemore US or any of its affiliates
bears any fees and expenses which exceed the fee cap.

In addition to fees and expenses listed above, other expenses include: travel expenses;
accounting, tax, and audit expenses; legal expenses; and other expenses not listed.
Funds that invest with an underlying manager or in underlying funds bear associated
fees and expenses. Expenses attributable to a single Fund will be billed to the Fund
directly and expenses attributable to a group of Funds will be allocated on a pro-rata
basis. Details regarding expenses can be found in the applicable Governing Documents
of each Fund. For further discussion of these and related items, see Item 12 (Brokerage
Practices).

The Managing Member and/or Lakemore Partners in its sole discretion, can cause the
Fund(s) and/or the master-feeder structure to borrow money from any person
(including a related party) for any purpose including (a) covering fund expenses and
organizational expenses; (b) funding or re-financing investments or follow-on
investments (including funding any amounts not paid by any defaulting Investor),
provided that such outstanding borrowings by the Fund and the master-feeder
structure permitted by clauses (a) and (b) inclusive above shall not, in the aggregate,
typically exceed 40% of the gross asset value of the master fund, calculated
immediately after such borrowing. Each of the managing members or directors of the
Funds shall have the right, in its sole discretion, to pledge any or all of the assets of
the Fund and/or the master-feeder structure, as applicable, as security for any such
financing. The Fund and the master-feeder structure may be exposed to leverage from
underlying Investments in addition to any borrowings of the Fund or the master-feeder
structure.

No additional sales-based compensation or trails will be paid to Lakemore US or any
Lakemore US supervised person for the sale of securities or other investment products,
including asset-based sales charges or service fees.

Prospective Investors are encouraged to consult their own financial, tax and legal
advisors regarding any investment decision regarding Lakemore US’s investment
advisory services.

Item 7 Types of Clients
Lakemore US provides investment advisory services to pooled investment vehicles
operating as private investment funds.

Underlying Investors who are U.S. persons generally must be (i) an “accredited
investor”, as defined in Regulation D under the U.S. Securities Act of 1933, as amended
(the “Securities Act”), and (ii) a “qualified purchaser”, as defined in the U.S. Investment
Company Act of 1940, as amended (the “Company Act”). The subscription agreement
contains representations and questionnaires relating to these and other qualifications.
The minimum investment for an Investor in a Fund is described in each Fund’s offering
and Governing Documents.

This Brochure will be provided to prospective Investors in a Fund, together with the
Fund’s Governing Documents, prior to or in connection with such Investor’s
consideration or execution of an investment in the Funds. Investors and other
recipients should be aware that while the Brochure may include information about the
Funds, as necessary or appropriate, it should not be considered to represent a
complete discussion of the features, risks or conflicts associated with the Funds. More
complete information about the Funds will be included in the Governing Documents,
which will be provided to eligible prospective investors. The Funds or their shares will
not be registered with the SEC under the Company Act and the Securities Act.