TREO Asset Management LLC

Item 5. Fees and Compensation
In consideration for the investment advisory services that Treo provides to the Funds, the Firm generally receives (i) a
one-time pre-appointment / transition services fee, payable upon the closing date of the GP role, (ii) an annual asset-
based management fee, ranging from 1% to 3%, which is levied in relation to the Fund’s net assets and deducted
quarterly in advance, (iii) a performance-based distribution fee, as described in more detail in Item 6 below, and (iv) a
one-time dissolution fee payable upon completion of final / liquidation audit.
Fee structures are unique to each Fund under management and agreed at the time Treo is engaged.

Clients pay other expenses in addition to the fees paid to Treo. For example, each Fund is responsible for all fund
operating expenses including (a) all out-of-pocket third-party expenses (including the costs of services provided to the
Fund by persons who are not employees of Treo, such as fees and expenses of attorneys, accountants, consultants and
other third-party professionals) incurred in connection with the making, holding, sale or proposed sale of any Fund
investment or proposed investment; (b) expenses such as fees for custodial services, brokerage fees and fees of the
administrator; (c) entity-level taxes; (d) fees and expenses associated with the preparation and distribution of reports to
shareholders, including audit and tax fees; and (e) all litigation-related and indemnification expenses.

Any salary and other retention arrangements agreed with key personnel of the former management team will also be a
direct expense of the Funds.

In connection with brokerage fees and transaction costs that the Funds may incur, please see the discussion in Item 12
below for further information regarding the Firm’s brokerage and trading practices.

Treo Asset Management LLC                                                                                 Form ADV Part 2A