O'Connor Alternative Investments LLC

Item 5 - Fees and Compensation

Management fees

 O’Connor Alternative Investments, LLC does not have a standard fee schedule. Fees and expenses are
 described in detail within each Client account's respective Governing Documents. However, in
 providing investment advisory services, O’Connor Alternative Investments, LLC, commonly receives a
 management fee from a Client in an amount equal to a percentage of the net assets managed by
 O’Connor Alternative Investments, LLC as determined at the end of a month or quarter, respectively.
 Fees may be calculated based on the aggregated market value of all assets under management and
 may include allocations to cash. In the event of termination during a monthly or quarterly period,
 prorated adjustments in management fees are made, as appropriate.

 O’Connor Alternative Investments, LLC, may receive a performance-based fee, based on a percentage
 of profits earned within the applicable determination period, and in addition to its management fee.
 Typically, management fees and performance-based fees payable to O’Connor Alternative Investments,
 LLC are separate, distinct, and in addition to other expenses that may be charged to Clients and
 disclosed in their applicable Governing Documents. Please see Item 6 Performance-Based Fees and
 Compensation below for details of such fees.

 Other fees

 Unless otherwise negotiated, Clients will pay transaction-related costs including, without limitation;
 brokerage commissions and/or spreads; exchange, regulatory and user fees; interest on margin
 accounts and other indebtedness; independent asset verification performance by a third party;
 borrowing charges on securities sold short; custodial fees; bank service fees; withholding and transfer
 fees; fees and expenses relating to investments in ETFs; expenses related to currency exchanges
 and currency hedging; professional fees (including, without limitation, expenses of consultants and
 experts) relating to portfolio instruments; legal fees; travel expenses; expenses incurred in connection
 with trade execution, clearance, settlement, confirmation and/or reconciliation; research expenses
 paid through "Research Payment Accounts" (RPAs); research expenses paid through soft dollar
 arrangements; fees and expenses related to prime brokerage, transaction counterparties and/or other
 service providers; investment-related expenses, regardless of whether or not investments are
 consummated; expenses related to obtaining any licenses or permits relating to investment for the
 Client, expenses related to logistical services, market data, and information technology, hardware,
 applications and software that will not be obtained through the use of soft dollars and other expenses
 related to the purchase, sale or transmittal of securities and other instruments.

 In addition, Clients will likely assume the cost for other expenses. Such expenses unrelated to
 investments include, but are not limited to: fees for data and software providers; research expenses not
 paid through RPAs or soft dollar arrangements; technology expenses related to research and
 development, legal, accounting, audit and tax preparation and tax structuring expenses; entity-level
 taxes; governmental fees; regulatory expenses and fees (including, but not limited to, expenses
 incurred in connection with complying with regulatory reporting obligations, as well as out-of-pocket
 costs of preparing regulatory filings related to the Client or O’Connor Alternative Investments, LLC as it
 relates to the Client); expenses related to the maintenance of a fund's registered office; expenses
 related to the establishment and operation of fund subsidiaries; expenses related to obtaining any
 licenses or permits; corporate licensing fees; the Management Board's and Officer's liability insurance
 premiums or fees and expenses (including travel); corporate secretarial services expenses; Anti-Money
 Laundering (AML) Officer expenses; expenses incurred in connection with the offer and sale of shares of
 a fund (including any expenses and fees associated with the creation of additional classes and series of

O’Connor Alternative Investments, LLC
Form ADV Part 2A: Firm Brochure

 shares such as fees and expenses associated with the preparation or amendment of Governing
 Documents and amendments or supplements to offering documents and any costs of printing,
 preparing and distributing explanatory memoranda); administration fees; Employee Retirement Income
 Security Act of 1974, as amended, ("ERISA") bonding costs (if applicable); and expenses incurred in
 providing information to shareholders (including any fees associated with translation of fund
 documents and reports). In addition to these items, expenses of O’Connor Alternative Investments,
 LLC include, without limitation: personnel costs relating to finance, control, operational, legal,
 compliance, risk management, technology (research and development), trading and investment; and
 premises, recruitment and disaster recovery costs also fall within items in this category. Some Clients
 may have the amount of certain expenses capped at a maximum amount, generally determined by a
 percentage of assets under management for the Client(s).

 To the extent utilized, sub-advisers do not receive any compensation directly from a Client for the
 investment services/advice they provide unless permitted by a Client’s Governing Documents.
 O’Connor Alternative Investments, LLC, not Clients, compensates the affiliated sub-advisers for their
 advice rendered. O’Connor Alternative Investments, LLC may also invest in commingled funds which,
 if managed by unaffiliated managers, may charge management and/or performance fees and other
 expenses which can be passed on to Clients subject to their applicable Governing Documents.

 Fee negotiation

 Management fees and performance-based fees may be reduced, waived or calculated differently for
...

Item 7 - Types of Clients

 General introduction

 O’Connor Alternative Investments, LLC primarily provides investment advisory services to various types
 of pooled investment vehicles and institutional SMAs. Clients are required to enter into an investment
 advisory or investment management agreement prior to the establishment of an advisory relationship.

 ERISA Clients

 O’Connor Alternative Investments, LLC may provide discretionary investment management services to
 Clients that are employee benefit plans covered by applicable regulations and opinions of ERISA. In
 such instances for ERISA plan Clients, O’Connor Alternative Investments, LLC is typically a “covered
 service provider” to the plan for purposes of ERISA Section 408(b)(2). We provide services to ERISA
 plans both as a registered investment adviser under the Advisers Act and as a fiduciary under Section
 3(21) of ERISA.

 In providing such services, we may rely on Prohibited Transaction Exemption 84-14 (the "QPAM
 exemption") and will notify the Department of Labor of our intention to do so.

 Conditions for managing accounts

 O’Connor Alternative Investments, LLC generally, requires minimum account investments, although
 this may be waived under certain circumstances.

 For certain types of investment strategies or pooled vehicles offered or managed by O’Connor
 Alternative Investments, LLC, U.S. Clients (and U.S. investors in certain of those pooled vehicles) must
 generally satisfy certain investor sophistication requirements, including that the Client is an "accredited
 investor” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the
 “Securities Act”); a "qualified purchaser" within the meaning of section 2(a)(51) of the Investment
 Company Act; a "qualified institutional buyer” as defined in Rule 144A under the Securities Act; and/or a
 "qualified eligible person" as defined in Rule 4.7 of the Commodity Exchange Act.

O’Connor Alternative Investments, LLC
Form ADV Part 2A: Firm Brochure