Lanx Management LLC

Item 5: Fees and Compensation

  Generally, the basic fee schedule of the Company for the Lanx Funds is that the
  Company receives a management fee from each Lanx Fund based on net assets under
  management (the "Management Fee"). Generally, the Management Fee for the Lanx
  Funds is set forth in the Investment Management Agreement between the Company
  and each of the Lanx Funds and ranges between 0.5%-1.5%. Lanx Concentrated Fund I,
  LP and Lanx Concentrated Offshore Fund I, Ltd, (the “Lanx Concentrated Funds”)
  may impose an early withdrawal fee of 3% payable to the Lanx Concentrated Funds for

any redemptions prior to the expiration of a lock-up period. The Company (or its
affiliate), in its sole discretion, may waive or reduce the Management Fee and/or the
performance-based compensation with regard to the investments of certain limited
partners or shareholders, including investors that are employees or affiliates of the
Company. The Management Fee is deducted monthly or quarterly, as applicable,
from the Lanx Funds’ assets.

The Management Fee for the Lanx Flagship Funds is paid monthly, in advance,
generally based on the net assets of each Lanx Fund as of the last business day of the
immediately preceding month adjusted for the current month's subscriptions and
redemptions. The Management Fee for Lanx Series Fund 1 is paid quarterly, in
advance, as of the first business day of each calendar quarter.

Generally, the Company (or its affiliate) receives performance compensation from the
Lanx Funds, if applicable, at the end of each year, equal to a specified percentage of
the Lanx Funds' net profits (both realized and unrealized gains and losses), if any,
subject to a "loss carry-forward" provision. The performance-based compensation for
the Lanx Funds is set forth in the Investment Management Agreement between the
Company and the Lanx Funds and ranges between 5% and 10%. Payment of the
performance-based compensation may create an incentive for the Company (or its
affiliate) to make investments on behalf of the Lanx Funds that are riskier or more
speculative than would be the case in the absence of such an arrangement.

Investors in the Lanx Funds will also be subject to other fees and expenses, including,
without limitation, legal, accounting, auditing, and other professional expenses,
administrator fees and expenses, director fees and expenses, organizational expenses,
and insurance as well as the management fees and incentive fees charged by private
investment funds in which the Lanx Funds invest (the "Portfolio Funds”). In addition,
each Portfolio Fund will have its own administrative, management, investment and
other fees and expenses in addition to performance allocations, if any. As an investor
in a Portfolio Fund, the Lanx Funds (and, indirectly, investors in the Lanx Funds,) will
be charged its pro rata share of fees and expenses, including, custodial fees and
brokerage commissions and possible overhead expenses such as rent, personnel
expenses, equipment, supplies, management and consulting fees and similar expenses.

The Company receives either a negotiated variable fee or a percentage of assets under
management from the Other Clients.

  The supervised persons of Lanx do not receive compensation for the sale of securities
  or other investment products.

Item 7: Types of Clients

  The Company provides investment advice to the Lanx Funds. The Lanx Flagship
  Funds operate as funds of alternative fund managers and co-investments. Lanx Series
  Fund 1 is a separate series under Lanx Opportunity Fund, LLC which operates as a
  Delaware series limited liability company and issues multiple series, each a separate
  pool of assets. Each series functions as a separate entity that will generally invest in a
  single Portfolio Fund. Investors in the Lanx Funds include high net worth individuals,
  trusts, foundations, endowments and other institutional investors. The Company also
  provides investment advisory services on a non-discretionary basis and other services
  to high net worth individuals and family offices.

  Please see Item 4 (Advisory Business) and Item 10 (Other Financial Industry Activities
  and Affiliations).