Truman Capital Advisors LP

Item 5 Fees and Compensation

Truman is not required to provide this information, as the brochure will only be delivered to
qualified purchasers as defined in section 2(a)(51)(A) of the Investment Company Act of 1940.

Truman will usually deduct its advisory fees directly from Client accounts.

Each Fund bears all of its own legal and other organizational expenses incurred in the formation of
the Fund. Each Fund also bears its own operating and other expenses including, but not limited to,
investment-related expenses. Investment related expenses include, but are not limited to, costs, fees
and other out-of-pocket expenses directly related to: (i) the investigation of investment
opportunities (whether or not consummated); (ii) the acquisition, ownership, financing, hedging or
sale of its investments, (including travel and lodging expenses in connection with investment
activities, transaction fees, legal and other expenses, brokerage commissions, information-related
expenses, clearing and settlement charges, custodial fees, interest expenses, appraisal fees, and
other due diligence expenses); and (iii) all other operational expenses, including legal, responding
to formal and informal regulatory inquiries and indemnification expenses, auditing, tax return
preparation, and accounting, expenses incurred in collection of monies owed to the Fund, insurance
expenses, regulatory expenses (including certain filing fees), the costs and expenses of third-party
risk management products, models and services (including, without limitation, the costs of risk
management software or database packages), fees of the administrator and any other service
providers, and to the extent applicable, any taxes, fees or other governmental charges levied against
the Fund, extraordinary expenses (such as litigation-related expenses) and expenses comparable to
the foregoing. Any expenses borne for the benefit of both the Fund and other Clients of the
investment manager and its affiliates are allocated between the Fund and such other Clients on a
fair and equitable basis.

An affiliate of Truman (Columbus Consulting, LLC) offers due diligence services to the Fund and
charges a fee for these services that is comparable to the fees charged by non-affiliated entities
performing similar services. The due diligence service involves comprehensive analytical work
involving mortgage investment opportunities that includes the review of: 1) collection comments
provided by the selling servicer; 2) title and tax issues as reported by companies retained by
Columbus for the purpose of determining potential foreclosure issues; and 3) timeline risks
associated with each asset to be acquired. Such information is used to determine the final pricing
for each asset acquisition and in certain cases the decision not to acquire a particular asset. The due

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diligence fee is based on the number of mortgage files reviewed and is charged whether or not a
reviewed mortgage is selected for investment or not. This creates an inherent or potential conflict
of interest as Truman has an incentive, in order to increase its overall due diligence fees, to perform
due diligence on mortgage files for which it does not reasonably believe the Fund will invest.

Another affiliate of Truman (Columbus Real Estate Management, LLC) earns a fee in connection
with services related to the management and disposition of residential property and is normally
paid a portion of the fee payable to the real estate broker for selling the property and a fee for
managing the liquidation of the real estate. The fees are calculated based on the selling price of the
property and is comparable to compensation paid to non-affiliated parties performing similar
services.

Truman believes it has adequate policies and procedures in place to minimize the inherent or
potential conflicts of interest noted above. Where available, Truman will attempt to utilize affiliates
as a means of ensuring the quality of services provided to its Funds as opposed to third parties over
which quality control measures can be more difficult to oversee. In addition, Truman negotiates fee
arrangements with affiliates at or below what it believes to be current market rates. Truman will
make reasonable efforts to periodically review the services provided by its affiliates to ensure, in
its good faith judgment, that it is receiving services at or better than what it believes to be current
market and paying at or below what it believes to be current market rates for these services. Truman
has the option to use third party vendors for any services it deems appropriate.

The payment of management fees is negotiated with each Fund and may include a fee for assets
under management as well as a fee from the liquidation proceeds of an asset. Management fees are
generally paid quarterly. If a Fund should terminate the relationship prior to the end of a quarter,
the fees will be calculated as provided in the related fund documents.

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Item 7 Types of Clients

Truman provides its investment advisory services to the Funds, which are generally pooled
investment vehicles.

The Fund’s investors may consist of any of:

    •   Banks and other financial institutions

    •   Insurance companies

    •   Investment companies

    •   Public and private retirement and pension plans

    •   Public and private profit-sharing plans

    •   Trusts and estates

    •   Private funds

All investors are subject to applicable suitability requirements. Truman requires that each investor
in a Fund be a qualified purchaser as defined in the Investment Company Act of 1940, as amended.

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