UBS Fund Advisor LLC

ITEM 5.          FEES AND COMPENSATION

A.       Fees

Generally, Fund Advisor charges an advisory or administration fee between 0.50% and 1.50%. Our
fees are negotiable, and at our sole discretion, may be waived and may differ for different funds and for
different classes within the same fund, based on a number of factors. These factors include, but are not
limited to:

     •   the type and size of the fund,

     •     the number and type of services selected,
     •     the scope of the engagement,
     •     the complexity of the services provided and preferences of the fund
     •     the expected frequency with which services may be needed, and
     •     the nature and amount of investor assets involved.

The advisory or administration fee paid to Fund Advisor may be waived in their entirety for certain
classes of investors (for example, ERISA plans investing through an advisory program). Our ability to
charge a fee less than the maximum or waive the fee may result in one fund paying for the same set of
services provided to another fund at a lower fee or free of charge. We also have the discretion to
discount fees for specific investors in our funds purchasing multiple funds or investing a large amount in
a specific fund.

B.         Billing Practices

Valuation and Billing: Fund Advisor generally relies on the value of the underlying fund's assets
provided by the underlying fund or other third party service providers, and engages in an internal
valuation process with respect to a feeder fund's other assets for purposes of determining or calculating
our advisory or administration fees, although, under limited circumstances, Fund Advisor may re-value
the underlying fund.

Our fees are generally payable monthly or quarterly in arrears. Fees for certain private equity and real
estate funds are payable in advance.

C.         Fees/Other Charges Not Covered by Our Advisory Fee

The fee you pay covers only our advisory or administration services provided in our agreement with the
fund. Our fees do not:

•        cover any other services, accounts or products any UBS entity provides to you;
•        any fees charged at the UBSFS brokerage account level
•        custody fees imposed by other financial institutions if you choose to custody your assets at other
         financial institutions; or
•        any fees charged to the fund by other UBS entities or third party entities, as disclosed in the fund's
         offering document.

Please review the applicable prospectus and offering documents for the investment vehicles
offered in the program carefully for a detailed description of the additional fees associated
with these securities.

ITEM 7.             TYPES OF CLIENTS

A.         Type of Clients

We provide advisory or administration services exclusively to unregistered investment companies
including hedge funds, funds of funds, private equity and real estate funds.

B.       Requirements for Receipt of Services

        1.      Agreements. As part of our engagement, we require that each fund execute an
agreement with us that describes the nature of the services we provide, the fees and any restrictions
applicable to our services.

          2.      Investment Recommendations. Our services do not include the recommendation or
solicitation of any other types of securities.

        3.      Termination. Each Fund may terminate its agreement with Fund Advisor by notifying
Fund Advisor in writing, generally upon 30 to 60 days notice. Upon termination, we will have no further
obligation to advise or administer the fund, as applicable.