LC VERO Manager LLC

Item 5 Fees and Compensation
LCV annual fees for Investment Supervisory Services are based on fixed fees and performance-
based fees.

Generally, for both employee benefit and individual accounts, clients will be invoiced in arrears based
on the calendar quarter end value (market value or fair market value in the absence of market value,
plus any credit balance or minus any debit balance), of the client's account as of the last business day
of the previous quarter end. Fees may be negotiable.

Private Funds: For information about the fees charged with respect to investments in private
investment funds, please see the applicable fund’s offering documents. LCV, in its sole discretion,
may waive all or a portion of the management fee, performance fee and/or incentive allocation due
from certain private investment fund investors. Certain investors that are members, partners, affiliates,
and employees of LCV, members of the immediate families of such persons, and trusts or other
entities for their benefit generally do not pay such fees. In addition to LCV and/or the relevant affiliate’s
fees and allocations, investors in private investment funds, bear indirectly certain fees and expenses
as more fully described in the applicable offering documents. Such fees and expenses vary, but
typically include (but are not limited to) the following: (i) expenses incurred in connection with the

evaluation, acquisition, monitoring or disposition of investments, including, without limitation, loan fees,
appraisal fees, private placement fees, sales commissions, brokerage fees and commissions,
underwriting commissions and discounts, travel (including meals and lodging) expenses and legal,
accounting, investment banking, consulting, information services and other third party professional
fees and travel (including meals and lodging), investment-specific communication fees and expenses
and other expenses related to the discovery, investigation, development, making and disposition of
investments (whether or not consummated); (ii) expenses incurred in connection with the carrying or
management of investments, including, without limitation, settlement and transfer charges, appraisal
expenses, recordation expenses, custodial, trustee, record keeping and other administration fees,
including, without limitation, fees and expenses of the relevant private investment fund’s administrator;
(iii) expenses incurred in connection with the incurrence of indebtedness, including, without limitation,
interest, borrowing fees, reverse purchase agreements, credit facilities, margin financing, total return
swaps, the issuance of debt securities and other costs associated with any financing; (iv) expenses
incurred in connection with the preparation and delivery of the relevant private investment fund’s
financial statements, reports and tax returns and Schedule K-1’s (or similar schedules); (v)
professional fees and expenses, including, without limitation, fees and disbursements of the members
of the relevant private investment fund’s Advisory Committee (and attorneys, accountants or other
third party experts engaged to assist such Advisory Committee with its function), fees and
disbursements of attorneys, accountants, consultants, custodians, valuation agents and experts
relating to private investment fund matters, and fees and disbursements associated with updating the
subscription documents and amending or restructuring the constituent documents of the private
investment fund or other related vehicles, including, without limitation, the private investment fund’s
General Partner, but excluding the constituent documents of LCV; (vi) any costs, including, without
limitation, compensation, indemnification and insurance expenses associated with committees
(including the Advisory Committee); (vii) any taxes or other governmental charges levied against the
relevant private investment fund; (viii) expenses relating to defaults of limited partners; (ix) insurance
premiums, deductibles or expenses in connection with the activities of the private investment fund,
including, without limitation, errors, omissions, fidelity, general partner liability, directors’ and officers’
liability and similar coverage for any person acting on behalf of the private investment fund, the private
investment fund’s General Partner or LCV; (x) expenses (including, without limitation, legal fees and
expenses) incurred to comply with any law or regulation related to the activities of the private
investment fund (including, without limitation, (A) the offering of limited partnership interests or shares
and any “blue sky” filing fees and expenses, (B) the preparation and filing of Form PF and other similar
regulatory filings and (C) compliance with the reporting requirements of Sections 1471 through 1474 of
the U.S. Internal Revenue Code of 1986, as amended, any Treasury Regulations promulgated
thereunder and other associated legislation, regulations or guidance, commonly referred to as the
Foreign Account Tax Compliance Act, the Common Reporting Standard issued by the Organization for
Economic Cooperation and Development, or similar legislation, regulations or guidance enacted in any
other jurisdiction which seeks to implement equivalent tax reporting and/or withholding tax regimes
and certain regulations and other administrative guidance thereunder) or incurred in connection with
any litigation or governmental inquiry, investigation or proceeding involving the private investment
fund, including the amount of any judgments, settlements or fines paid in connection therewith; (xi)
expenses incurred in connection with the dissolution, winding up or liquidation of such private
investment fund; (xii) fees, costs and expenses incurred in connection with computing the value of the
assets of the private investment fund (including, without limitation and as applicable, any and all fees,
...

Item 7 Types of Clients
LCV provides investment management services on a discretionary basis to the private investment funds
and separate accounts. LCV provides advisory services to high-net-worth individuals.