Meadow Capital Management LLC

Item 5: Fees and Compensation

        We are compensated for our investment advisory services based on a percentage of
committed capital, invested capital, or net asset value (“NAV”). Certain clients pay us a
management fee based on committed capital during its investment period and thereafter pay us a
management fee based on invested capital; other clients pay us a management fee based only on
committed capital. One client (Gotham Office Realty Partnership LLC) pays the higher of a
percentage of committed capital or NAV. We negotiate the rate with investors in each Fund, and
with respect to the Funds of One at the time such fund or vehicle is established and therefore such
compensation terms vary by client. Meadow Partners reserves the right to negotiate, waive, reduce,
rebate, or calculate differently its Fees with respect to any Client and any Fund investor. We are
entitled to collect management fees from clients on a quarterly basis.

       Management fees are payable quarterly in advance of the services rendered. Fees related
to Gotham Office Realty Partnership LLC are payable quarterly in arrears to the Manager during
the Manager Term set forth in the Operating Agreement. As required by the Investment Advisers
Act of 1940, as amended (the "Advisers Act"), if the Advisory Agreement of a Fund is terminated
before the end of the applicable period, management fees will be charged on a pro rata basis
through the date of termination, and any fees paid in advance but not earned will be refunded.

        Each Fund and each Fund of One generally bears certain other fees, expenses and costs
which are incidental or related to the maintenance of the applicable Fund or investment vehicle, or
related to the acquisition, carrying and disposition of its investments and assets, including but not

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limited to private placement fees, sales commissions, appraisal fees, taxes, brokerage fees,
accounting, legal, investment banking, consulting, information services, professional fees,
custodial, trustee, partnership reporting, filing and registration, taxes, insurance, telephone, travel
and other such expenses.

       With respect to the Funds, for a more complete discussion of the fees and compensation
payable to Meadow Partners by any Fund the investors should refer to the offering and
organizational and governing documents for that Fund. The fees and compensation payable to
Meadows Partners related to the services provided to the Funds of One are set forth in the
organizational and governing documents specific to those investment vehicles.

        Neither we nor any of our 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

        As described in Item 4, our legacy business is the provision of investment advisory services
to the Funds which are privately offered pooled investment vehicles. Investors in the Funds include
public pension plans, funds-of-funds and other institutional investors. The Funds may have a
specified minimum investment set forth in their offering documentation, organizational documents
or other governing documents. Such minimums are typically subject to the discretion, on the part
of Meadow Partners, to permit investment of a smaller amount generally or with respect to any
investor in the relevant Fund.

       To date, each of the Funds of One is offered to a public pension plan. In the future, products
and services similar to the Funds of One may be offered to other clients, which clients would be
expected to include the types of institutional investors that invest in the Funds.

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