Park Lane Advisors LLC

Item 5 – Fees and Compensation

The fees and compensation payable to the Adviser vary among the SMA and Fund offerings
(collectively, the “Clients”) for which it furnishes investment management services.

SMAs

The Adviser, under the terms of the IAA, receives a set fee that based on a percentage of the
assets under management for the billing period. Additionally, under the IAA, the Adviser is
eligible to earn an annual performance-based compensation from certain Clients (“Incentive
Allocation”) based on the annual unrealized gains of the value of such Client’s account. The
Incentive Allocation for each Client shall be subject to a “high-water”. The high water mark
assures that an Incentive Allocation is taken only with respect to new profits and not
recovered profits after a loss. Additionally, the Adviser earns annual performance
compensation from certain Clients based on annual realized gains of investments in such
Clients account. The management fee ranges depending on the amount of assets under
management, complexity of the investment strategies, and other pertinent factors.

In more limited circumstances, the Adviser may enter into an IAA with an SMA Client in
which, in exchange for rendering investment management services, it receives a percentage
of the portfolio assets through a distribution to a profit-sharing plan. In general, the investor
in the SMA is established as a Class A Member whereas the Adviser (or its affiliate) is
designated as a Class B member. Each Class is delineated with certain rights, options and
responsibilities under the IAA.

Funds

Funds for which the Adviser serves as investment manager are assessed as a fee for advisory
services that is further described in the Governing Documents of the applicable offerings. The
Adviser, either directly or through an advisory affiliate that serves as general partner (or
comparable role) for the Fund, receives an upfront management fee, a one-time upfront or
transaction fee, or an annual management fee billed in quarterly (or other periodic
installments as may be directed under the Governing Documents) based on the assets under
management for that offering. The Adviser, either directly or through an advisory affiliate
that serves as general partner (or comparable role) for the Fund, has the ability also to earn
an incentive fee through achieving a performance-based objective as outlined in the
Governing Documents. Certain Fund offerings may, however, not provide for an incentive fee.
For additional information, investors are encourage to review the Governing Documents.

Management Fee. Management Fees for the Adviser (or by extension an advisory affiliate
thereto) are classified as either an Asset Based Fee or Upfront Fee as described below. The
fees and other compensation the Adviser or its affiliates will receive from an offering for fund
management and/or investment advisory services (“Management Fees”). Management Fees
are determined on a fund-by-fund basis and are set forth in a respective Fund’s Governing
Documents. Such Management Fees can typically be paid up front or calculated as a
percentage per annum of the capital contributions made by investors that are made payable
quarterly. Management Fees will generally range from 0.50% to 2.00% per annum.

Asset Based Fee. The Adviser will be entitled to receive various types of fees and other
compensation for fund management services, investment advisory services and other
administrative and support services provided to the Funds.

Upfront Fee or Transaction Fee. The Adviser will be entitled to receive an upfront fee, which
can be in the form of a dollar figure or percentage of the overall anticipated capital
contributions representing the amount of forecasted interests to be sold for the offering. The
upfront fee is generally used for offerings in which the Fund requires a reserve size to offset
expected operating expenses and other costs. The upfront/transaction fee is contingent upon
numerous factors and ranges in amount based on materials considerations for us to perform
investment management services.

Performance Based Compensation. The Advisor or an affiliate of the Adviser will be entitled
to earn a performance-based compensation (“Carried Interest”) based on the profits of a Fund
that is deducted from the investment proceeds of the members. Carried Interest earned by
the Adviser will generally be 20% of the profits earned by a Fund after the investors in a Fund
have received their return of capital plus a preferred return. A Fund’s governing documents
include further details concerning its respective Carried Interest calculations. While not
generally negotiable, the manager of a Fund may, in its sole discretion, waive or reduce the
amount of Carried Interest for a member in a Funds. Given that the manager’s carried interest
allocations are based on the performance of a Fund, the structure may incentivize the
manager to make investments that may be more speculative than would be the case in the
absence of such distributions. This incentive is mitigated, however, because any losses a Fund
sustains will reduce the manager’s Carried Interest distribution.

Custodial Fees, Transaction Costs, and Other Expenses

All fees paid to the Adviser for investment management services are separate and distinct
from custodial fees, transaction costs, and other expenses that may be applicable to certain
portfolio investments (e.g. 12b-1 fees for mutual funds or ETFs). These fees are charged by
broker dealers or bank custodians associated with the purchase and sale of certain securities
for which a SMA portfolio may hold as a constituent. Such fees are not collected by the Adviser
but are disclosed herein to provide investors with the full spectrum of associated costs of
investing in SMA portfolios. Cash balances in client accounts are invested in cash equivalents
including money markets. These cash balances are included in the account market value for
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Item 7 – Types of Clients

As described in Item 4, the Adviser’s Clients include institutional investors including
businesses (e.g. LLCs), and pooled investment vehicles.

The Adviser limits its investors in a Fund to persons who are “accredited investors” as defined
in the Securities Act of 1933 and “qualified clients” under Rule 205-3 Advisers Act in most
cased but may require Fund investors to meet the definition of “qualified purchasers” as
defined in the Company Act.

There is no minimum account size for new or existing institutional SMA clients. However, the
Adviser reserves the right to refuse any client or account for any reason at its sole discretion.
Investors in the Funds managed by the Adviser must adhere to the initial capital contribution
amount set under the terms of the Governing Documents.