Mark Asset Management LP

Item 5   Fees and Compensation

 MAM LP generally charges its Clients a management fee, payable on a quarterly basis, in advance, based on the
 value of assets under its management. The management fee generally is calculated at an annual rate of 0.75% to
 1.5% of the value of an account’s assets, but may be lower or higher depending on various factors, including,
 among others, the type of services provided, the amount of assets under management and whether the Client’s
 assets are subject to a lock-up provision.

 MAM LP may also receive performance-based compensation from its Clients. Performance-based compensation
 is structured to comply with Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers
 Act”) and other applicable provisions of federal and state laws, and generally is equal to 20% of an account’s
 profits above a high-water mark or an index. Performance-based compensation is typically calculated and payable
 to MAM LP as a fee or allocated to a General Partner (as defined in Item 10) at the end of each fiscal year or
 calendar year as specified in the relevant Client agreement.

 Different Funds and different classes of interests in a Fund may be subject to different fees, and all investors and
 prospective investors should review the governing documents of each Fund in conjunction with this brochure for
 complete information on the fees and expenses related to a particular Fund. Fees and expenses related to
 Separately Managed Accounts may vary and are detailed in each Separately Managed Account’s investment
 management agreement. MAM LP and/or the General Partners or directors of the Funds may, in their sole
 discretion, waive all or any portion of the management fee and/or performance-based compensation with respect
 to certain investments, including third-party or related private funds, and for certain investors, including
 employees, directors, officers, and affiliates of MAM LP, or family members of any such persons.

 Each Client may, and certain Clients will, pay expenses as described in the Client’s management agreement or
 related disclosure. The Funds may and, in certain circumstances, will bear custodial, distribution, administrative,
 accounting and/or auditing, legal and certain other expenses pursuant to agreements with their service providers
 and as disclosed in their offering materials. The Separately Managed Accounts bear custodial and administrative
 and other expenses pursuant to agreements with service providers and according to requirements set out in the
 investment management agreements between each Client and MAM LP. All Clients incur brokerage and other
 transaction costs. Please see Item 12, Brokerage Practices for further details.

 For Separately Managed Accounts, MAM LP bills the Clients for fees payable and the custodian deducts the fees
 from the accounts upon authorization from the Client. For Funds, the Firm deducts fees directly from the Fund’s
 account. MAM LP’s Client agreements generally provide that investment management services are terminable
 without penalty upon thirty days’ prior written notice and that, if such agreement is terminated prior to the end of
 a calendar quarter, any unearned portion of prepaid fees will be refunded by MAM LP to the Client. In certain
 instances, less than thirty days’ prior written notice may be given.

 Except as described under Item 10 in relation to the Data License Agreement, neither MAM LP nor any of its
 supervised persons accepts compensation for the sale of securities or other investment products, including asset-
 based sales charges or service fees from the sale of mutual funds.

Item 7   Types of Clients

 Currently, MAM LP’s advisory clients include (i) private funds that are exempt from registration under the
 Investment Company Act of 1940, as amended and (ii) separately managed domestic and foreign accounts for
 institutions and high net worth individuals. Interests in the Funds and Separately Managed Accounts are only
 offered to qualified individuals and entities that, at a minimum, meet the criteria of “accredited investors.”

 MAM LP generally requires that a Client invest a minimum of $10,000,000 to open a Separately Managed
 Account. Investors in the Funds are also generally subject to a minimum investment requirement of $2,000,000.
 However, it is at the discretion of the management of MAM LP or the General Partner or directors of the Funds to
 waive such minimum amounts.