Pacific Private Fund Advisors LLC

Item 5.         Fees and Compensation
Upon withdrawal or termination of an advisory relationship or upon investment other than
at the beginning of the normal investment cycle, PPFA will refund fees and/or charge a
client (or the investors of such client) only for the actual period that PPFA provided advisory
services.

    I.     Private Funds
For discretionary and non-discretionary investment management services to the Private
Funds, PPFA generally is paid management fees per annum of assets under management
or invested and reinvested capital, as applicable. Some Private Funds pay a management
fee based on the total commitments made to the fund. The management fee for a Private
Fund may be based upon notional values, which are described in the respective Private
Fund’s limited partnership agreement, confidential private placement memorandum,
investment management agreement and/or other governing documents (collectively, the
“Governing Documents”). In addition, PPFA may receive performance-based fees or
investment profit allocations (“carried interest”) with respect to Private Funds, as further
discussed in Item 6.

PPFA may reduce, waive, or calculate differently, all or part of the management fee attributed
to certain limited partners of the Private Funds, including employees of PPFA, Pacific Life, and
its affiliates.

The respective general partners of the Private Funds typically receive certain allocations from
the Private Funds that are calculated and charged based on a share of gains on or net income
from the assets of the Private Funds. The allocations may be disproportionate relative to the
capital contribution that the general partner makes to the Private Fund. Any share of profits
allocated or distributed to a general partner or affiliate of a Private Fund is separate and distinct
from the management fee charged by PPFA to the Private Fund for advisory services.

   II.     Separate Accounts

For Separate Accounts, PPFA’s role is generally limited to portfolio management functions.
Clients typically pay separate fees to third parties for other services associated with the
account, such as custody and audit services. Separate Account fees are negotiable, considering
the commitment amount and the investment mandate.

   III.    Other Fees

In addition to any fees paid to PPFA and its affiliates, Separate Accounts and clients and
investors in the Private Funds pay their pro rata portion of the management fees, incentive fees
or allocations, and expenses in respect of each Underlying Fund in which such client or investor
is invested.

Investors in the Private Funds also bear the Private Funds’ organizational and operating
expenses. These expenses are set forth in detail in each Private Fund’s Governing Documents.

To the extent that PPFA’s clients purchase secondary interests, they may incur fees and expenses
related to (i) a broker who has assisted either the seller or buyer in consummating the
transaction and (ii) transfer expenses (including legal and accounting fees) incurred by the
Underlying Funds arising from or related to the secondary transaction. Such fees and expenses

will be set forth in a contract with the broker or addressed in the purchase and sale agreement
for the transaction.

   IV.    Other Compensation

PPFA and PPFA’s supervised persons do not earn commissions for the sale of securities or
other investment products. PPFA’s supervised persons receive a base salary along with an
annual discretionary bonus that is based upon a variety of factors including, but not limited to,
the performance results of PPFA and contributions of that individual to the success of PPFA.

Please see the response to Item 12 for additional information about brokerage commissions.

Item 7.         Types of Clients

PPFA offers discretionary advice to the Separate Accounts and most of the Private Funds.
Additionally, PPFA established a Private Fund where Pacific Life is the sole investor, but PPFA
does not have investment discretion over this fund.

Minimum Investment Requirements

PPFA and its related persons require that each limited partner in the Private Funds qualify as
(i) an “accredited investor” as defined in Regulation D under the U.S. Securities Act of 1933, as
amended (the “Securities Act”) and (ii) either a “qualified purchaser” as defined in Section

2(a)(51) of the Investment Company Act of 1940 (the “Investment Company Act”) or a
“knowledgeable employee”, as defined under Rule 3c-5 of the Investment Company Act. The
limited partners of the Private Funds may include high net worth individuals, corporations,
funds of funds, financial institutions, insurance companies, endowments, foundations, trusts,
estates, sovereign wealth funds, public and private pension plans, profit sharing plans, and
knowledgeable employees.

The minimum investment commitment required of a limited partner to participate in the
Private Funds typically is $1,000,000 for institutional investors and $100,000 for individual
investors; however, the general partner of each Private Fund has discretion to increase or
reduce the minimum investment commitment. Investors in the Private Funds should refer to
the Governing Documents for complete information on minimum investment requirements for
participation in the Private Funds.