Morgan Creek Capital Management LLC

ITEM 5 – FEES AND COMPENSATION

Item 5.A   Describe how you are compensated for your advisory services. Provide your fee
           schedule. Disclose whether the fees are negotiable.

           Note: If you are an SEC-registered adviser, you do not need to include this
           information in a brochure that is delivered only to qualified purchasers as defined
           in section 2(a)(51)(A) of the Investment Company Act of 1940.

           In general, Non-Discretionary Clients are charged an asset-based fee of 50 basis
           points or more annually.

           Non-Discretionary Clients may also be charged a performance fee, based on the
           aggregate appreciation of the assets in the account. For certain Non-Discretionary
           Clients, the accounts must earn a minimum rate of return (i.e., the return must
           exceed a ‘hurdle rate’ or benchmark) before the Adviser is entitled to a
           performance fee, and the minimum rate of return may be different for different
           Non-Discretionary Clients. In any event, fees for Non-Discretionary Clients are
           individually negotiated between the Adviser and the respective Non-
           Discretionary Client.

           The fee schedules and termination provisions for Morgan Creek’s Funds vary and
           are described in detail in each Fund’s offering memorandum. Capitalized terms
           are also defined in the applicable memorandum. Below is a summary of the fee
           schedules.

           MORGAN CREEK ABSOLUTE RETURN OFFSHORE FUND (SPC), LTD.

                 o Management Fee: The Fund pays to the Adviser a Management Fee,
                   payable quarterly in advance, of 1% (per annum) of the net assets of the
                   Fund.

                 o Incentive Fee: The Adviser will be paid 10% (per annum) of any profits
                   allocated to a Common Share in excess of a preferred return equal to the
                   yield on the 91-day U.S. T-Bill plus 400 basis points, subject to a loss
                   carryforward provision.

                 o This Fund is currently closed to new investors.

           MORGAN CREEK BRIC PLUS PRIVATE FUND, LTD.

                 o The Fund pays the Adviser a management fee, payable quarterly in
                   advance, of 1% (per annum) of the net asset value. There is no incentive
                   fee.
                 o The Fund is currently closed to new investors.

           MORGAN CREEK PARTNERS I, LP

                 o Management Fee: Each limited partner pays to the Adviser a
                   Management Fee, payable quarterly in advance, of 0.75% (per annum)

       of the net asset value of the Partnership’s net assets as of the last day of
       the immediately preceding calendar quarter.

    o Distributions: The Partnership will make distributions of assets as
      follows: (i) 100% to the partners in proportion to their respective Capital
      Contributions until the cumulative amounts distributed to each partner
      pursuant to this clause (i) equals the partner’s aggregate Capital
      Contributions; (ii) 100% to the partners in proportion to their respective
      Capital Contributions until the cumulative amounts distributed to each
      partner pursuant to this clause (ii) provides each partner with an
      investment return of 8% per annum on such partner’s unreturned Capital
      Contributions (the “Preferred Return”); (iii) 100% to Morgan Creek (or
      its affiliate) until it has received an amount equal to 10% of the
      cumulative amounts distributed to each partner pursuant to clause (ii);
      and; (iv) 90% to each partner and 10% to Morgan Creek (or its affiliate).

    o This Fund is currently closed to new investors.

MORGAN CREEK PARTNERS II, LP; MORGAN CREEK PARTNERS III,
LP; and MORGAN CREEK PARTNERS IV, LP

    o Management Fee: Prior to the earlier of (i) the expiration of the
      commitment period and (ii) the drawdown of a limited partner’s entire
      capital commitment, each limited partner pays to the Adviser a
      Management Fee, payable quarterly in advance, of 1% (per annum) of
      the aggregate amount of each limited partner’s drawn capital as of the
      end of the preceding calendar quarter. Following the earlier of (i) the
      expiration of the commitment period and (ii) the drawdown of the
      limited partner’s entire capital commitment, each limited partner pays
      to the Adviser a Management Fee, payable quarterly in advance, of 1%
      (per annum) of the amount of the net asset value of the partnership’s net
      assets as of the end of the preceding calendar quarter that is attributable
      to the capital accounts of the limited partners.

    o Distributions: The Partnership will make distributions of assets as
      follows: (i) 100% to the partners in proportion to their respective Capital
      Contributions until the cumulative amounts distributed to each partner
      pursuant to this clause (i) equals the partner’s aggregate Capital
      Contributions; (ii) 100% to the partners in proportion to their respective
      Capital Contributions until the cumulative amounts distributed to each
      partner pursuant to this clause (ii) provides each partner with an
      investment return of 8% per annum on such partner’s unreturned Capital
      Contributions (the “Preferred Return”); (iii) 100% to Morgan Creek (or
      its affiliate) until it has received an amount equal to 10% of the
      cumulative amounts distributed to each partner pursuant to clause (ii);
      and; (iv) 90% to each partner and 10% to Morgan Creek (or its affiliate).
      NOTE: Preferred Return definitions for Morgan Creek Partners IV, LP
      differ slightly from the above summary, and those limited partners are
      encouraged to refer to the specific offering document for more detailed
      information.
...

ITEM 7 – TYPES OF CLIENTS

Describe the types of clients to whom you generally provide investment advice, such as individuals, trusts,
investment companies, or pension plans. If you have any requirements for opening or maintaining an
account, such as a minimum account size, disclose the requirements.

As described in Item 4.A, the Adviser primarily provides discretionary investment advisory services to the
Funds and provides non-discretionary advisory services to several other accounts. The minimum
subscription amount for each of the Funds, in general, is either $1,000,000 or $5,000,000, although the
minimum subscription amount may be and has been waived for certain Investors. Certain Funds may have
lower minimum investment requirements. Generally, the minimum account size for a Non-Discretionary
Client is $50 million, which may be and has been waived at the Adviser’s discretion for certain Non-
Discretionary Clients. In certain circumstances and when deemed appropriate for a large or strategic
investor, Morgan Creek may establish a separately managed account that tailors its investment objectives
to those of the specific investor, and Morgan Creek may manage the account on a discretionary basis.
Morgan Creek will determine the minimum account size for such Discretionary Client accounts on a case-
by-case basis.