Saybrook Fund Advisors LLC

Item 5 Fees and Compensation

MANAGEMENT FEE SCHEDULES
FUNDS
SFA receives management fees for managing the Funds. Generally, management fees are charged at an
annual rate of.75% of the amount of unfunded capital commitments and 1.5% of the amount of funded capital
committed or net invested assets by each limited partner in a Fund. Management fees are payable quarterly in
advance and are typically paid by the investor via capital calls. The first payment, if less than a full quarter, is
prorated for the days remaining in the quarter. More detailed information regarding the management fee for
each Fund is set forth in the respective Offering Memorandum (“OM”), and Limited Partnership Agreement
(“LPA”).

The foregoing represents the management fees charged by SFA; however, SFA has sole discretion to waive
or reduce fees to investors that meet certain qualification requirements based on commitment size or other
strategic or relationship factors.

ACCOUNTS
For providing investment advisory services to an Account, SFA will generally receive a fee equal to an annual
rate of one percent (1.00%) of the account’s fair value. The management fee will generally be paid on the first
business day of each calendar quarter. For investment periods of less than a quarter, the management fee
will be prorated. More detailed information regarding the management fee can be found in each Account’s
Investment Management Agreement (“IMA”).

SFA will provide a detailed invoice for each period, which outlines the fees and supporting calculations. The
Account is solely responsible for verifying the accuracy of the fee calculation prior to payment. Depending
upon the Account’s IMA, the payment can be made to SFA or be deducted from the Account.

SUB-ADVISORY
The advisory fee for SFA’s sub-advisory services is a mutually agreed-upon fee, generally equal to a
percentage of invested capital. Fees are paid on a quarterly basis, billed quarterly in advance and will be
prorated for any partial period. The advisory fee is subject to negotiation between SFA and the third party.

ADDITIONAL TYPES OF FEES OR EXPENSES
In addition to the management fees paid to SFA, the investment advisory services bear certain expenses. As
set forth in its respective agreement, each Fund bears expenses including, without limitation: (i) administration
fees and expenses, whether provided by a third party or by SFA or an affiliate of SFA; (ii) audit fees; (iii) broken
deal expenses; (iv) brokerage commissions, clearing and settlement charges (please see Item 12 for additional
information regarding brokerage practices); (v) custodial fees and other bank service fees; (vi) interest and
other expenses incurred in respect of borrowings, if any; (vii) due diligence related expenses, including, without
limitation, third party consultants and related travel; (viii) expenses associated with information, communication
and periodic reporting to investors; (ix) expenses incurred in connection with legal and regulatory compliance
with U.S. federal, state, local and non-U.S. or other law or regulation; (x) financial statements, tax returns and
Schedules K‐1; (xi) insurance premiums; (xii) legal fees, including costs of litigation and the amount of any

                                                         Form ADV Part 2A for Saybrook Fund Advisors, LLC
judgments or settlements paid in connection herewith; and (xiii) marketing expenses incurred in connection
with fundraising activities in each case subject to the organization expense cap. Expenses of SFA in connection
with maintaining and operating its offices (such as compensation of its employees, rent, utilities and general
office expenses) are not included. Please refer to the respective investment advisory agreements for a detailed
description of expenses borne by each Fund or Account.

The expenses chargeable to the SMAs and sub-advisory clients will be negotiated with the respective client in
the relevant agreement.

TERMINATION
FUNDS
Investors are not permitted to otherwise reduce or withdraw their investments until the Fund’s maturity.

ACCOUNTS
Written notice must be provided prior to termination. The prior notice period will vary based on the Account’s
investment strategy. More information on the termination process can be found in each Account’s IMA.

In the event SFA’s services are terminated prior to the end of a quarter, SFA shall refund the unearned portion
of the management fee it received from the investors.

Neither SFA nor any of its employees accept compensation for the sale of securities or other investment
products.

Item 7 Types of Clients

FUNDS
SFA or an affiliate acts as general partner, managing member, or otherwise, exercises investment discretion
with respect to the Funds. The Funds include investment partnerships or other investment entities formed under
domestic laws and operated as investment pools exempt from the definition of an investment company under
the Investment Company Act of 1940, as amended. The investors participating in the Funds may include
individuals, other investment entities, pension and profit-sharing plans, trusts, estates or charitable
organizations or other corporations or business entities and at certain times will include, directly or indirectly,
principals or other employees of SFA and its affiliates.

Each of the Funds has a stated minimum investment requirement. The Funds’ minimum investment
requirement is $1 million. For certain investors, SFA can waive these minimum investment requirements in its
sole discretion. The Funds are not suitable for all prospective investors. The applicable subscription application
and OM for each Fund sets forth the suitability requirements that a prospective investor must satisfy in order
to invest in each Fund.

ACCOUNTS
SFA as an adviser exercises investment discretion with respect to the Accounts. The Accounts may include
investment partnerships or other investment entities formed under domestic laws and operated as investment
pools exempt from the definition of an investment company under the Investment Company Act of 1940, as
amended. The investors of an Account may also include individuals, other investment entities, pension and
profit-sharing plans, trusts, estates or charitable organizations or other corporations or business entities, and
at certain times will include, directly or indirectly, principals or other employees of SFA and its affiliates.

Each of the Accounts will have a stated minimum investment requirement of $10 million. For certain investors,
SFA can waive these minimum investment requirements in its sole discretion.

Accounts are not suitable for all prospective investors. The applicable subscription application and IMA for
each Account sets forth the suitability requirements that a prospective investor must satisfy in order to invest
in each Account.