Miravast Asset Management LLC

ITEM 5         FEES AND COMPENSATION

Partnerships

 Specific details concerning each Partnership’s fees, expenses, and distribution provisions are
 described in the applicable governing and offering documents for that Partnership. In general, the
 Adviser is entitled to receive management fees and may be eligible to receive performance-based
 compensation, in each case on a fund-specific basis and as set forth in the relevant Partnership
 documents. Accordingly, investors should review the applicable offering documents for the specific
 terms, including the manner of calculation, timing of payment, and any applicable conditions to such
 compensation. The Adviser may, in its sole discretion, waive or reduce management fees and/or
 performance-based compensation for certain investors, including affiliates and individuals affiliated
 with the Adviser.

Each Partnership will bear all its organizational and operating expenses as discussed in detail
in their respective governing documents. Generally, these will include, without limitation:
legal, auditing, accounting, consulting and actuarial fees; administration fees; life insurance
policy investment servicing fees; securities intermediary and custodian fees; costs of obtaining

and maintaining licenses, registrations, costs of reporting to regulatory authorities and
complying with requests of information there from, and costs of producing reports and notices
to investors, financial statements, tax returns and Schedules K-1; expenses and fees associated
with the acquisition, ownership and maintenance of life insurance policies (including
premiums due thereon), and the enforcement and disposition of the life insurance policies,
including principal, interest and fees in relation to any leverage facilities; expenses associated
with meetings of the limited partners, advisory board or directors; extraordinary expenses
(such as litigation); any pre-approved third-party expenses relating to unconsummated
transactions; expenses of liquidation of the Partnership or certain special purpose vehicles; any
taxes, fees or other government charges levied against the Partnership or special purpose
vehicle and all expenses incurred in connection with any tax audit, investigation, settlement
or review thereof; and expenses in relation to any leverage facilities of any special purpose
vehicles, including any interest or fees.

Separately Managed Accounts

Advisory related fees and performance-based fees are negotiated between SMA Clients and the
Adviser and is dependent upon the level of advisory services provided.

ITEM 7         TYPES OF CLIENTS

Miravast generally provides investment advice to private funds and separately managed
institutional clients. The Partnerships generally require a $5 million minimum investment.
Miravast may modify or waive such minimum investment requirement from time to time.
Minimums for separate accounts are dependent on the SMA’s individual circumstances,
including their existing exposure to life contingent assets, but are more than the minimum
investment required of a limited partner in the Partnership.