Riverrock Asset Management LLC

Item 5 - Fees and Compensation

Compensation

Compensation to the Firm for investment advisory services rendered to each Fund will generally
be based on the percentage of assets managed by the Firm on behalf of the applicable Fund and by
receiving performance-based compensation. Compensation to the Firm and its affiliates (including
the General Partners) for services provided to a Fund will take the form of management fees as
well as performance-based fees, carried interest, policy acquisition fees or other incentive
compensation related to the performance of the Fund, as further described in the Governing
Documents for the applicable Fund. Where applicable, a Fund’s General Partner and/or RRAM
may waive, reduce or otherwise modify the management fee and/or performance-based
compensation for any investor in a Fund, including affiliates of the Firm, depending upon a variety
of factors including, among others, the investment strategy, type of advisory service offered,
amount of assets under management, or the overall relationship with such investor.

Payment of Fees

Management fees paid by the Funds range from 1% to 1.5% per annum and are generally based
on capital commitments, a percentage of a Fund’s portfolio value, or (in the case of the Longevity
Fund) the fair market value of the Longevity Fund’s assets. Each Fund is subject to bearing a
performance-based fee or “carried interest” allocation. The terms of the management fees,
performance fees and carried interest allocations are more fully described and defined in the
Governing Documents for the applicable Fund. These and other fees (described below) are
generally paid either as a result of (among other things) a capital call notice to investors, as a Fund
or Intermediate Vehicle expense, deducted from distributions to investors or (in the case of the
management fee paid by investors in the Longevity Fund) out of the assets of such Fund. The
specific manner in which the Firm or its related entities charges fees is established and described
in greater detail in the Governing Documents for each Fund. Fund investors should refer to these
Governing Documents for a complete understanding of how the applicable General Partner and/or
the Firm is compensated for advisory services. The information contained herein is a summary
only and is qualified in its entirety by such documents.

There are substantial constraints on an investor’s ability to transfer or assign its interest in a Fund
or withdraw from a Fund. Except in limited circumstances, an investor cannot withdraw its
investment from a Closed End Fund. Therefore, investors in a Closed End Fund should understand
that it may hold its Closed End Fund interests until the winding up and dissolution of such Closed
End Fund. An investor’s ability to withdraw from the Longevity Fund is subject to a three-year
lock up period, semi-annual liquidity and corresponding notice periods, and a 25% fund-level
“gate.” Further information about each Fund’s withdrawal and transfer provisions can be found in
the applicable Fund’s Governing Documents.

Additional Expenses

The expenses to be paid by the Funds and the Intermediate Vehicles are set forth in detail in the
applicable Governing Documents for each Fund. Investors and prospective investors should
therefore review the applicable advisory agreement or Governing Documents carefully because

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such documents, and not the summary in this Brochure, describe more specifically the expenses
an investor will bear. As a general matter and in addition to the management fee, each Fund and
its Intermediate Vehicle(s), where applicable, will pay, or reimburse the Firm or the applicable
General Partner or its affiliates for, all other fees, costs, expenses, liabilities and obligations
relating to the Fund’s activities, business, actual or potential investments, and each Fund investor
will be responsible for its pro-rata share of the Fund’s expenses (and will indirectly bear the costs
and expenses of any Intermediate Vehicle(s) through which such Fund invests by means of the
reduction of its net asset value).

The specific expenses will vary by Fund, but will generally include:

   •   costs and expenses related to the life insurance policies held by the Fund (the “Policies”),
       including cost associated with acquiring prospective Policies that may be purchased by a
       Fund (whether or not consummated), including without limitation, licensing fees, bank
       service fees, premiums, insurance, indemnification, expenses relating to maturities and
       processing death benefit claims and expenses related to acquisition, holding and disposition
       of Policies;
   •   any management fees and carried interest;
   •   software fees, including without limitation for pricing and valuation software;
   •   expenses related to the private placement of Fund interests;
   •   interest and commitment;
   •   fees on borrowings;
   •   custody fees, escrow fees, securities intermediary fees, fees for medical and loan
       underwriting, fees for life expectancy or similar reports, and fees of professional advisors
       and consultants;
   •   sourcing fees related to acquisition or sale of Policies;
   •   servicing and tracking fees related to the Policies;
   •   withholding or transfer taxes imposed on a Fund or its General Partner;
   •   governmental, regulatory, licensing, filing or registration fees incurred in compliance with
       the rules of any self-regulatory organization or any federal, state or local laws;
   •   legal fees and costs (including settlement costs) arising in connection with any litigation or
       regulatory investigation instituted against a Fund or its General Partner (in its capacity as
       such) or RRAM;
   •   director and officer liability or other insurance and indemnification or extraordinary
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Item 7 - Types of Clients
The Firm provides advisory services to the Funds only and not to their underlying investors.

The investors in each Fund are generally limited to natural persons or entities that are either: (i)
not a “U.S. Person”, as defined in Rule 902(k) of Regulation S promulgated under the Securities
Act of 1933 (the “Securities Act”), that are buying Fund securities in an “offshore transaction”,
as defined in Rule 902(h) of Regulation S promulgated under the Securities Act; or (ii) a U.S.
Person that is an “accredited investor”, as defined in Rule 501 of Regulation D promulgated under
the Securities Act. Investors in each Fund that are U.S. Persons are also generally: (i) a “qualified
client”, as defined in Rule 205-3 promulgated under the Investment Advisers Act of 1940 (the
“Advisers Act”); and/or a “qualified purchaser”, as defined in Section 2(a)(51) of the Investment
Company Act of 1940 (the “Investment Company Act”) and rules promulgated thereunder.
Each Fund is not required to register as an investment company with the SEC in accordance with
the exemptions set forth in Sections 3(c)(1) or 3(c)(7) of the Investment Company Act.

With respect to each Fund, the minimum subscription or investment amount is disclosed in the
Governing Documents of such Fund, which may be waived at the discretion of the General Partner
of the respective Fund.

Item 8 - Method of Analysis, Investment Strategies and Risk of Loss
The principal investment objective of the Firm and each of the Funds is to seek long-term
appreciation of the value of the Fund’s assets and/or generate returns for the Fund’s investors. The
Funds currently seek to achieve this objective by directly and indirectly (through Intermediate
Vehicles, where applicable) investing all or substantially all of the proceeds of their respective
offerings in life settlement policies or life settlement contingent assets. As previously described,
a life settlement is an existing life insurance policy, sold to a third party for more than its cash
surrender value but less than its death benefit. Life settlement policies generally insure the lives of
elderly individuals and are no longer wanted or needed by the owners due to circumstances
changes since the initial issuance of the insurance policy. The Funds generally purchase portfolios
of Policies from the general market or affiliates. The purchase price for Policies is generally the
market price plus any commissions, fees or similar charges added to the purchase price.

For those Closed-End Funds investing through Intermediate Vehicles, the Intermediate Vehicles
purchase of portfolios of Policies shall be in the sole discretion of the governing body of each such
Intermediate Vehicle (for example, its Board of Directors or Alternative Investment Fund
Manager) upon recommendation from the Firm.

The Intermediate Vehicles will attempt to control risk through the diversification of life settlement
investments, but any risk management techniques used by the governing body of an Intermediate
Vehicle (as well as recommendations made by the Firm) cannot provide any assurances that such

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Intermediate Vehicle will not be exposed to the risk of significant investment losses. There can
be no assurance that the Intermediate Vehicles will achieve their objectives, and investment results
in respect of their Policy investments may vary substantially over time and from period to period.

Upon purchasing a Policy from the general market or affiliates, a Fund or an Intermediate Vehicle,
or a security intermediary on its behalf, will be assigned all legal rights and responsibilities
contained in such Policy, and the Fund or Intermediate Vehicle (directly or through its securities
intermediary) will assume all legal ownership rights to the Policy and the death benefit payable
thereunder, the responsibility for future premium payments due thereunder, and the right to
monitor the life and health of the insured. With respect to any Policy that provides for double
indemnity or additional accidental death benefits, the policy owner of such Policy may, in
jurisdictions where mandated by applicable law, nevertheless retain a statutory right to designate
the beneficiary entitled to receive such double or additional accidental death benefits to the extent
the same are in excess of the net death benefit payable under such Policy.

Risk Factors

No investment is free of risk. Current and prospective investors in the Funds are cautioned that
investments in securities involve the risk of loss, including the possibility of a complete loss of the
amount invested, and that they should be prepared to bear these risks. Investors should also refer
to the applicable Fund’s Governing Documents for a description of the risk factors specific to that
Fund.

The following risk factors represent some of the unique risks associated with investments in the
Funds and do not purport to be a complete list of the risks involved in investing. In addition, there
may be risks that are not currently known to the Firm or that the Firm believes to be immaterial at
the current time that could affect the performance of a Fund.

   •   Uncertainty of Life Settlements Market. The Policies may not be readily re-saleable in the life
       settlements or tertiary life insurance market if the need should arise for the liquidation of any of the
       Policies. The value of a policy in the life settlements or secondary market depends
       significantly on the health and medical condition and life expectancy of the insured, life
       expectancy tables then in use by the life settlement industry, and any changes in general
       economic conditions, including interest rates, inflation rates, government regulations,
       overall industry conditions, competition, political conditions, volatility in the financial
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