Rock Creek Group LLC

Item 5.    Fees and Compensation

         Management and Incentive Fees. The Adviser’s fees vary depending upon the nature,
size, structure, and extent of the mandate and the structure of the investment and the relationship,
and other factors. The amount and structure of the management fee (including frequency and
whether the amount is deducted from the account or billed to the Client and whether deducted or
billed in advance or in arrears), incentive fee and/or allocation varies across Funds, Accounts, and
OCIO Portfolios and are set out within the governing documents, offering documents (including
share class supplements, if any), and/or the investment management agreements between the
Adviser and the Client. The actual fees and investment sizes for an account may be negotiated,
and certain Clients pay more or less than the fees generally described in this Brochure, or more or
less than similar Clients or Clients invested in similar strategies. As further described below,
amounts vary as a result of negotiations, discussions and/or factors about the mandate or overall
relationship with the Adviser.

        With respect to the Adviser’s Commingled Funds, the Adviser charges a management fee
of up to 1% (depending on the specific Fund and share class). Management fees often decrease as
portfolio assets reach specific thresholds. These lower fees only apply when the asset levels are
maintained above these thresholds. Certain Commingled Funds also charge an incentive fee or
offer an incentive fee option of up to 20.0% (annually) of realized and unrealized capital
appreciation, with a high water mark or certain hurdle rates or certain preferred returns (depending
on the specific Fund and share class).

        With respect to the Adviser’s Funds of One, the Adviser’s management fees are negotiated
on a case-by-case basis with the client similar to a Separate Account. Certain management fees are
a sum of breakpoints with lower management fees when net assets exceed specific thresholds in a
portfolio. Certain Funds of One also charge an incentive fee or incentive allocation of up to 10.0%

(annually), with a high water mark or certain hurdle rates or certain preferred returns (depending
on the specific Fund).

       Management fees charged by the Funds to a particular share class may be based on the
redemption terms offered to such share class so that generally if a longer lock up is elected by the
investor, the management fee charged would be lower than had a shorter lock up been elected.
Share class supplements contain details of these terms.

        For certain Portfolios, the management fee will be calculated based on committed capital
for a specific time period and then calculated based on the applicable Portfolio’s invested capital
or net asset value as further set forth in the applicable investment management agreement.
Moreover, for such Portfolios that also charge an incentive fee or incentive allocation, such
incentive fee or incentive calculation will be based on the realized exit values as further set forth
in the applicable investment management agreement, limited partnership agreement, or other
constitutive document.

        Certain Funds enter into side letter agreements with certain investors that have offered such
investors preferential fees and liquidity (subject to applicable regulatory requirements), address
statutory or regulatory requirements applicable to such investor, or otherwise alter the rights under
or supplement the terms of the governing documents in a manner more favorable to such investors
based on factors including, but not limited to, the size of investment, and overall relationship with
the Adviser.

        With respect to the Adviser’s Separate Accounts and OCIO Portfolios, the Adviser’s
management fees are negotiated on a case-by-case basis with the client in light of strategy and
other factors. Certain Separate Accounts have a flat fee. In certain instances, minimum fees may
apply. Certain Separate Accounts and OCIO Portfolios also charge an incentive fee of up to 10.0%
(annually), with a high water mark or certain hurdle rates or certain preferred returns (depending
on the specific Separate Account or OCIO Portfolio).

        For certain Clients, the Adviser invests assets of a Separate Account or a Fund in certain
other Funds (as described herein) in accordance with applicable law and guidelines. In such cases,
the fees are structured so as to avoid duplication of fees through a separate share class or an offset,
as the case may be.

        In certain cases, investors receive fee reductions of all or a portion of the management fee
(and/or incentive fee or allocation) attributable to an investor’s interest in the pooled investment
vehicle or invest fee free in pooled vehicles and pay negotiated fees outside of the vehicle, per a
separate agreed-upon fee schedule. Fees and allocations can differ depending on the share class
or interest type, meaning investors in the same pooled vehicle may be subject to different fee or
incentive structures.

        In certain cases, the Adviser will charge a Fund investor or Separate Account client a flat
fee. Any such flat fee and its terms are negotiated on a case-by-case basis with the investor or
client.

        For non-discretionary services, such Advisory Clients pay either a negotiated fixed fee
based on service type (e.g., manager due diligence, portfolio risk analysis) or an asset-based fee.
For transition management services, the Adviser may charge a fee, or at its discretion, waive the
fee as an accommodation for existing Clients.

        With respect to the Adviser’s discretionary sub-advisory services, the Adviser charges a
fee for the services it provides to RockCreek (Canada) Adviser, Inc.

        With respect to the Adviser’s non-discretionary sub-advisory services, the Adviser charges
an asset-based fee for the services it provides.
...

Item 7.    Types of Clients

         The Adviser advises Private Funds, Separate Accounts, and OCIO Portfolios for
institutional investors including foundations; endowments; insurance companies; sovereign wealth
funds; and Taft-Hartley, corporate, municipal, state, and non-U.S. pension plans. The Adviser is
also a sub-adviser to an unrelated Registered Fund managed by a third-party investment adviser.

       Requirements to Open or Maintain an Account. Certain Funds are not available to all
U.S. investors or the Funds limit the number of U.S. investors that they accept. Funds generally
require that U.S. investors certify that they are a “qualified purchaser” as defined in Section
2(a)(51)(A) of the Investment Company Act of 1940, as amended (the “Company Act”), and an
“accredited investor” as defined by Regulation D promulgated under the Securities Act of 1933,
as amended. Certain Funds’ Boards of Directors have sole discretion to decline to accept the
subscription of a Fund’s interests for any prospective investor. With regard to the Commingled
Funds, in general, there is a required minimum investment of $5 million and a required minimum
additional subscription amount of $1 million. Moreover, with regard to the Delaware-domiciled
Commingled Funds, the Fund’s general partner or managing member (as the case may be) in its
sole discretion may accept either initial or additional subscriptions of a lesser amount.
Furthermore, with regard to the Cayman Islands-domiciled Commingled Funds, the Fund’s Board
of Directors, in its sole discretion, may accept either initial or additional subscriptions of a lesser
amount (but in no event less than such amounts as required to comply with section 4(3) of the
Mutual Funds Law (2009 Revision) of the Cayman Islands, as amended from time to time).

         In general, a minimum investment of approximately $50 million is applicable for an
investor that wishes to invest in a Fund of One or for the Adviser to manage a Separate Account
for a client, depending on strategy, scope of mandate, and other factors, including other investment
mandates with the Adviser. This minimum investment may be waived at the discretion of the
Adviser.

        In general, a minimum investment of approximately $30 million is applicable for the
Adviser to manage an OCIO Portfolio for a client, depending on strategy, scope of mandate, and
other factors, including other investment mandates with the Adviser. This minimum investment
may be waived at the discretion of the Adviser.

         The Funds generally limit the ability of investors to withdraw capital or redeem or transfer
their interests for a period of time after investment. Lockups are specific to each Fund as set forth
in the applicable offering documents and may differ among the classes of interests in the same
Fund. Generally, a Fund may waive or alter these requirements. Certain Funds are closed-end
funds investing in private markets and therefore will not offer any redemption rights. For further
information regarding the particular notices of requests for withdrawal and redemption terms of

the Funds, please refer to the applicable private placement memorandum and supplements,
including the descriptions of the notice requirements for requests for redemption, and the timing
for submitting notices and, separately the process and timing for receipt of redemption proceeds
being subject to receipt of Underlying Fund proceeds in the case of multi manager funds.

        Qualifying Employee Investments. Certain qualifying team members, former partners,
and related estate planning vehicles are able to invest in certain Funds; all participants in such
investment vehicles are required to be a qualified purchaser or a “knowledgeable employee” as
defined in Rule 3c-5 under the Company Act. Team members do not pay management fees to the
Adviser with regard to such investments but are responsible for their pro rata share of expenses
related to such investment vehicle.