SAF Advisors LLC

Item 5 Fees and Compensation
Management Fee for the Funds
Each Fund pays the General Partner a management fee (the "Management Fee”) paid quarterly in
advance equal to one-quarter of a percent (0.25%) (one percent (1%) annually) of the beginning
capital account balance of each Limited Partner for such calendar quarter. The General Partner, may,
in its sole discretion, enter into arrangements with Limited Partners under which the Management Fee
is reduced, waived or calculated differently with respect to such Limited Partners, including, without
limitation, Limited Partners that are members, affiliates or employees of the General Partner, members
of the immediate families of such persons and trusts or other entities for their benefit, or Limited
Partners that make a substantial investment or otherwise are determined by the General Partner in its
sole discretion to represent a strategic relationship. Other fee arrangements may be negotiated in
accordance with each private placement agreement.

SaaS technology platform fee
Conduit Funds are subject to a SaaS technology platform fee (the “SaaS Technology Platform Fee”),
payable to an affiliate of the General Partner, which will be the greater of (i) one-fifteenth of a percent
(0.15%) of the Net Asset Value of the Conduit Fund during any calendar year (ii) or $90,000 per year,
except as such amount is reduced or waived by the General Partner or the General Partner’s affiliate.

Limited Partners may not withdraw from the Conduit Fund prior to its dissolution. In addition, Limited
Partners may not sell, assign or transfer any of their Interests, rights or obligations in the Conduit Fund
except with the consent of the General Partner.

The Conduit Funds reserves the right to engage broker-dealer(s) (“Placement Agents”) and pay selling
commissions and/or referral fees to such persons in connection therewith directly out of the capital
contributions and capital accounts of Limited Partners referred to the Partnership by such Placement
Agents (“Placement Fees”) as further set forth in the Subscription Agreement. Notwithstanding the
foregoing, Placement Fees shall not, on an aggregate basis, exceed 2.5% of the total capital

commitments made by a Subscriber to the Partnership. Alternatively, a portion of the Management Fee
may be remitted to third parties introducing Limited Partners to the Partnership, or the General Partner
may use its own resources to compensate third parties for such introductions, provided that such third
parties are affiliated with registered broker-dealers.

Certain Conduit Funds will generally bear up to $50,000 of organizational and offering expenses
(including legal, travel, accounting, filing, capital raising and other expenses) incurred in connection
with the formation of the Conduit Fund and the offering of the Interests (collectively, “Organizational
Expenses”) or as otherwise disclosed in the offering documents. The General Partner shall pay and be
responsible for any Organizational Expenses which, in the aggregate, exceed $50,000. The General
Partner shall pay and be responsible for any Conduit Fund Expenses other than the Management Fee
(as defined below) and Extraordinary Legal Expenses which, in the aggregate, exceed one half of one
percent (0.5%) of the Net Asset Value (as defined below) of the Conduit Fund during any calendar
year. In addition to the foregoing costs and expenses, Limited Partners will indirectly bear the cost of
the Conduit Fund’s pro rata share of management fees, carried interest, organizational expenses,
taxes, indemnification and other costs and expenses payable by or allocable to the Conduit Fund as a
limited partner of the Underlying Fund.

Certain Conduit Funds will pay the costs and expenses of the Conduit Fund, including without
limitation, the SaaS Technology Platform Fee (as defined below), liquidation expenses of the Conduit
Fund, audit expenses of the Conduit Fund and preparation of the Conduit Fund’s tax returns,
extraordinary one-time expenses of the Conduit Fund, subsequent closing interest charged to the
Conduit Fund in connection with its admission to the Underlying Fund, and certain other expenses set
forth in the Partnership Agreement; provided, that, expenses borne by the Conduit Fund for audit
expenses of the Conduit Fund and preparation of the Conduit Fund’s tax returns shall not exceed
$75,000 per calendar year. Limited Partners indirectly bear the cost of the Conduit Fund’s pro rata
share of management fees, carried interest, organizational expenses, taxes, indemnification and other
costs and expenses payable by or allocable to the Conduit Fund as a limited partner of the Underlying
Fund.

Payments to Underlying Managers
In addition to the management fee described above, the Private Access Funds are generally subject to
their pro rata portion of any fees charged by the Underlying Funds. These fees typically include a
management fee, which generally ranges from 1% - 2% on an annual basis, and in most cases an
incentive compensation arrangement, which generally ranges from 10% - 20% of the capital
appreciation in the Underlying Fund. In respect of the Underlying Funds that are private equity funds,
such Private Access Funds are often subject to a preferred return and General Partner catch-up. In
addition, each Fund will indirectly bear its pro-rata share of organizational expenses and other
operational expenses and costs and expenses payable by the Fund to the Underlying Fund.
Furthermore, certain Underlying funds will offset the amount of any management fees payable by a
Private Access Fund (and its other limited partners, members or shareholders) by the amount of any
transaction fees, break-up fees, commitment fees, underwriting fees, amendment fees, waiver fees,
modification fees, monitoring fees, consulting fees, directors’ fees, advisory fees, closing fees and
other similar fees received and retained by the Underlying Fund Manager (or any of its affiliates) in
...

Item 7 Types of Clients
We offer investment advisory services to pooled investment vehicles (other than investment
companies). Each private fund requires a minimum dollar amount to invest in the fund. See the
respective offering documents for more information regarding minimum investments.