Level One Global Advisors LLC

Item 5: Fees and Compensation
 LOF receives an operational fee from each Fund based on a budget approved by the Investors not
 affiliated with its general partner (the “Operational Fee”). Unless otherwise determined by the
 general partner of a Fund, such Operational Fee is generally expected to be paid by the applicable
 Fund in cash quarterly in advance in accordance with the applicable Governing Fund Document and
 the approved budget, with the Operational Fee for any partial quarter prorated based on the number
 of business days in such fiscal quarter. The portion of such fee with respect to the period beginning
 on the commencement date of a Fund and ending on the last day of the fiscal quarter in which initial
 contributions are due from third-party investors (such date, the “Initial Contribution Date”) shall be
 payable on the Initial Contribution Date. Operational Fees paid to LOF by each Fund may only be
 amended by agreement between the parties and with approval from the Investors not affiliated with
 the general partner of such Fund. In addition to the Operational Fee, LOF may receive transaction,
 advisory, monitoring, directors, and other fees in connection with investments. Any such fees
 received from any company in which a Fund holds an interest and in connection with the investment
 by the Fund in such company shall belong and be paid to such Fund.

 To the extent provided in the applicable Governing Fund Documents, LOF will pay out of the
 Operational Fee the general overhead and administrative expenses of each Fund’s general partner
 and LOF, including salaries, bonuses and benefits of employees of each Fund’s general partner and
 LOF (other than Carried Interest described in Item 6 below), as well as rent, entertainment, travel,
 office furniture, fixtures and computer equipment.

 Consistent with the applicable Governing Fund Documents, each Fund will generally bear all costs
 and expenses incurred by such Fund, its general partner, LOF and their respective affiliates on
 behalf of such Fund. Costs and expenses that the Funds are expected to bear include, but are not
 limited to, the following: (a) expenses relating to identifying (including any finder’s fees),
 evaluating, valuing, researching, investigating, structuring, diligencing, monitoring, hedging,
 purchasing, holding, operating, managing, disposing of (or potentially disposing of), refinancing
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 (including any brokerage fees or expenses (Item 12 below provides further discussion of LOF’s
 brokerage practices and related costs and fees)) or restructuring the investment (including travel and
 travel-related expenses, transportation, meals, business entertainment, lodging and other similar
 expenses relating to the foregoing); (b) third-party and out-of-pocket expenses, including attorneys’
 fees, auditors’ fees and travel and related expenses in connection with the organization of the Funds;
 (c) fees, costs and expenses incurred in connection with Fund operations, including travel and
 travel-related expenses and the fees and expenses of tax advisors, accountants, administrators, legal
 counsel, auditors, consultants, depositaries or custodians and other third party professionals, advisors
 and service providers; (d) insurance premiums; (e) any and all fees, costs and expenses related to the
 Funds’ indemnification obligations; (f) fees, costs and expenses associated with audits of the Funds
 and the preparation of the Funds’ periodic reports and related statements and other printing and
 reporting-related expenses in respect of the Funds and their activities.

Item 7: Types of Clients
 LOF provides investment advice to the Funds. Investment advice is provided directly to the Funds
 (subject to the direction and control of the applicable general partner of each such Fund) and not
 individually to Investors.

 Interests in the Funds are offered pursuant to applicable exemptions from registration under the
 Securities Act and the 1940 Act. Each underlying investor in the Funds must be an “accredited
 investor” as defined in Regulation D under the Securities Act, and a “qualified purchaser” as defined
 in the 1940 Act. Certain employees of LOF who qualify as “knowledgeable employees” under Rule
 3c-5 of the 1940 Act may be permitted to invest directly or indirectly in the Funds.

 LOF does not have a minimum commitment for an investor, however LOF maintains discretion to
 establish such thresholds. Investors will be required to make certain representations when investing
 in the Funds, including but not limited to that (i) they are acquiring an interest for their own account,
 (ii) they received or had access to all information they deem relevant to evaluate the merits and risks
 of the prospective investment and that (iii) they have the ability to bear the economic risk of an
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 investment in the Funds. Each investor will be furnished with a copy of the agreement of limited
 partnership and certain other agreements with respect to the applicable Fund.