PPB Advisors LLC

Item 5          Fees and Compensation

PPB provides investment services to the Affiliated Funds and receives compensation in the form of a
GP Fee, which is described in detail in each of the Affiliated Funds’ offering documents. PPB deducts
its fees directly from the Affiliated Funds’ assets on a monthly or quarterly basis, in advance as detailed in the
Affiliated Funds’ offering documents. PPB, in its sole discretion, may charge a lesser GP Fee.

In addition to PPB’s GP Fee, the unaffiliated Investment Advisor will charge an investment
management fee, as stated in the PPM. The underlying Funds are responsible for the payment of all
third-party fees (i.e. custodial fees, brokerage fees, mutual fund fees, transactions fees, etc.) Those fees
are separate and distinct from the fees and expenses charged by PPB. Members of PPB are also
registered representatives of Vigilant Distributors, LLC, a SEC registered and FINRA member broker-

dealer. In certain circumstances, Vigilant will enter into placement agreements with the underlying
funds associated with the Affiliated Funds. In these circumstances, the employee of PPB, through the
relationship with Vigilant, may accept compensation from the sale of securities or other investment
products and such compensation may benefit PPB or an affiliate of PPB.

The Offering Documents between PPB or the unaffiliated Investment Advisor and the Affiliated Funds
will continue in effect until terminated by either party by written notice in accordance with the terms of
the Offering Documents. Upon termination, PPB shall refund the pro-rated portion of the advanced
advisory fee paid based upon the number of days remaining in the billing quarter.

Item 7           Types of Clients

PPB provides investment management services to the Affiliated Funds. Investors in these Affiliated
Funds are referred through relationships with institutions or other organizations.