Roppel Capital Management LLC

Item 5 – Fees and Compensation

Advisory Fees, Payment of Fees

Private Funds

The fees and other compensation for advisory services to Clients are set forth either in the Private
Fund’s applicable Private Fund Governing Documents. Generally, each Client pays Roppel Capital
a fee equal to a percentage (typically 2% per annum) of the capital account balances of each Client
as of the first day of each calendar quarter (the “Management Fee”). The Management Fees are
generally payable in advance for each calendar quarter.

In addition to the Management Fee, Roppel Capital (or an affiliate of Roppel Capital which serves as
the general partner of the Private Funds) is generally entitled to a quarterly performance-based fee,
generally 20% of net profits allocated to each Private Fund investor, subject to an applicable “high
water mark” (the “Incentive Fee”). The Incentive Fee is determined with respect to each calendar
quarter as of the close of business on the last business day of the respective quarter.

The Private Fund Governing Documents permit Roppel Capital (or the general partner of the Private
Funds) to reduce, waive, assign, participate or otherwise share the Management Fee or Incentive Fee
payable with respect to any investor.

Please refer to the individual Private Fund Governing Documents, including each Private Fund’s
Private Placement Memorandum, for additional detail regarding the calculation of the Management
Fee and Incentive Fee.

Private Fund Additional Fees and Expenses

Roppel Capital’s fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the client. Clients may incur certain charges imposed
by custodians, brokers, third party investment and other third parties such as fees charged by
managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer
and electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions. Mutual funds and exchange traded funds also charge internal management fees,

which are disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of
and in addition to Roppel Capital’s fee, and Roppel Capital shall not receive any portion of these
commissions, fees, and costs.

Each of the Private Funds typically pay such costs and expenses as Roppel Capital reasonably
determines in good faith to be necessary, appropriate, advisable, incidental or convenient to effect
the Funds’ formation, promote or conduct the Funds’ businesses or achieve the Funds objectives.
The Funds bear all costs and expenses associated with their organization, the offering of Interests
and ongoing operations, except as otherwise described below. Roppel Capital however, may not
cause Funds to compensate Roppel Capital or its related persons except upon terms and conditions
comparable to those that would be negotiated on an “arm’s length” basis between unaffiliated
parties for the type of service or transaction in question.

The Funds direct operational costs and expenses may include, without limitation: (i) Management
Fees; (ii) costs and expenses incurred by Roppel Capital in connection with investigating investment
opportunities for the Funds and reviewing the continuing suitability of the Funds’ investments in light
of each Fund’s investment objectives (including related travel, lodging and entertainment expenses);
(iii) costs and expenses incurred in connection with the investment and reinvestment of Fund assets,
including brokerage commissions, dealer mark-ups, mark-downs and spreads, and related clearing
and settlement charges; (iv) borrowing charges and other costs and expenses associated with short
sales; (v) interest expense and loan commitment fees relating to Fund borrowings (including margin
debt and obligations under repurchase agreements); (vi) custodial, administrative, legal,
accounting, auditing, record-keeping, appraisal, tax form preparation, compliance and consulting
costs and expenses (including costs and expenses associated with obtaining systems and other
information designed to facilitate Fund accounting or record-keeping, including related hardware
and software); fees, costs and expenses of third-party service providers that provide such services
(including fees, costs and expenses of attorneys retained by Roppel Capital to represent Roppel
Capital in connection with the business and affairs of each Fund, to the extent such fees, costs and
expenses relate to advice provided to Roppel Capital by such attorneys with respect to such
business and affairs); insurance costs and expenses; bank service fees; costs and expenses
associated with preparing investor communications; and printing and mailing costs and expenses;
(vii) fees and taxes imposed by any governmental entity or self-regulatory organization, including
licensing, filing, registration and exemption fees and withholding, transfer and franchise taxes; (viii)
each Fund’s indemnification obligations under the LLC Agreement and other agreements to which
each of the Fund’s may be a party; and (ix) extraordinary costs and expenses, if any. Notwithstanding
the foregoing, Roppel Capital bears all costs and expenses of the types described in item (ii) above
to the extent such costs and expenses exceed 0.1% (on an annualized basis) of each Fund’s average
monthly NAV.

Roppel Capital is responsible for all salaries, bonuses and employee benefit expenses of its related
persons who are involved in the management and conduct of the business and affairs of the Fund
(as well as related overhead, including office space and equipment, utilities, telephone and
telecopier expenses, and other similar items), except that, as described above, the Fund bears: (i)
costs and expenses incurred by Roppel Capital in connection with investigating investment
opportunities for the Fund and reviewing the continuing suitability of each Fund’s investments in light
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Item 7 – Types of Clients

Roppel Capital manages and provides investment advisory services to Private Funds for which its
related persons act as general partner or sponsor. Underlying investors in Private Funds typically
include high net worth individuals, banks, thrift institutions, trusts, estates, charitable organizations,
foundations, pension funds, sovereign wealth funds, endowments and other corporations.
Generally, each underlying investor in a Private Fund must be an “accredited investor” as defined
under Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the
“Securities Act”) and a “qualified client” as defined under the Investment Advisers Act of 1940, as
amended (the “Advisers Act”). Investors in the Private Funds must meet certain suitability and other
requirements, as set forth in the Private Fund’s Governing Documents.

The minimum initial investment by investors, as set forth in the applicable Governing Documents
ranges between $400,000 to $1,000,000 based on the specific Private Fund. Roppel Capital or the
general partners to the Private Funds may, however, in their sole and absolute discretion, waive or
change the minimum investment amount.