Volofin Capital Management US LLC

Item 5 Fees and Compensation
This Brochure will be delivered only to “qualified purchasers” as defined in Section 2(a)(51)(A) of the
Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, no fee table or fee schedule
is included in this Brochure.

In consideration for volofin Capital Management’s advisory and other services, volofin Capital
Management and/or certain of its affiliates generally are entitled to receive management fees, and may
receive performance allocations (e.g., carried interest or incentive allocations), with respect to the Clients.
While the fees and compensation applicable to each Client are described in detail in the applicable
governing documents, side letters and/or fee agreements, an overview of volofin Capital Management’s
basic advisory fees is summarized below. A potential investor should read and review all governing
documents in their entirety before making any investment decisions.

Advisory Fees
Management Fees: In consideration for its advisory services to the Client, volofin Capital Management
receives a “Management Fee.” The specific payment terms and other conditions of the Management Fee
available to volofin Capital Management are set forth in the Client’s governing documents and/or fee
agreements. The Management Fee is a percent of the Client’s daily average aggregate outstanding principal
amount of any Aviation Investment Assets held by the Client, without regard to changes in market value,
accrued interest or general or specific loan loss reserves, payable quarterly in arrears. The Management Fee
is paid to volofin Capital Management by directly billing the Client. Upon the termination of volofin Capital
Management’s Management Agreement with a Client, volofin Capital Management will refund to the
Client the pro-rated portion of any Management Fee already received by volofin Capital Management for
the period following the effective date of such termination.

volofin Capital Management and its affiliates will benefit from volofin Capital Management’s relationship
with and its receipt of Management Fees from a Client. Such Management Fees and relationship will
enhance the value of volofin Capital Management, and a Client (other than those Clients holding direct or
indirect interests in volofin Capital Management) will not participate in any increase in the value of volofin
Capital Management.

A Client has the right to terminate volofin Capital Management’s advisory services in accordance with the
terms of the applicable governing documents and/or Management Agreement. Upon termination of such
agreement with any Client who has paid in advance, volofin Capital Management will refund to such Client
the pro-rata portion of any advance payment based on the number of days remaining in the billing period
after the date of termination, provided that nothing else was specified in the respective Client’s governing
documents and/or Management Agreement.

Although currently not applicable, a Client managed by volofin Capital Management may in the future
purchase an interest in another Client managed by volofin Capital Management, provided that the sale or
purchase is consistent with volofin Capital Management’s fiduciary obligations to each such Client and that
such sale or purchase is consistent with the investment policies, guidelines, and objectives of each such
Client’s general investment strategy as per each such Client’s governing documents. Client investors
should be aware that, while volofin Capital Management endeavors at all times to act in the best interests
of all of its Clients, volofin Capital Management’s receipt of compensation from each of the Clients and

the contribution of additional capital by a Client to another Client may create potential conflicts of interest.
In certain circumstances, volofin Capital Management may choose to lower or wave (or rebate back) the
Management Fee of a Client investing in another Client by the amount of Management Fees applicable to
the Client’s investment in such other Client.

Underwriting and Origination Fees

volofin Capital Management underwrites and originates Aviation Investment Assets, some or parts of which
will be acquired by Clients and others of which will be retained by volofin Capital Management and its
affiliates (including, but not limited to, Clients affiliated with or managed by volofin Capital Management)
or sold to others. Typically, volofin Capital Management receives and retains for itself compensation from
the related Aviation Investment Asset obligors or transaction sponsors (i.e., each borrower or guarantor of
a loan) or otherwise receives fees or compensation in connection with such loans. Fees and compensation
retained by volofin Capital Management include, but are not limited to, upfront and structuring fees,
commitment, origination, syndication, monitoring, agent and/or other fees for services provided by volofin
Capital Management in connection with such Aviation Investment Assets. Such fees or compensation are
not typically expected to be offset by volofin Capital Management against Management Fees paid by any
Clients for investment advisory and management services.

volofin Capital Management’s receipt of fees for services with respect to Aviation Investment Assets that
could be offered to or acquired by Clients represents a conflict of interest to the extent that volofin Capital
Management has an economic incentive to underwrite and originate, and recommend or cause Clients to
invest in, such Aviation Investment Asset. volofin Capital Management seeks to mitigate this conflict
through its written allocation policy that does not permit volofin Capital Management to make allocation
decisions on the basis of whether or not a particular Client permits volofin Capital Management to retain
fees. From time to time volofin Capital Management has agreed, and in future may agree, to share fees with
Clients.

Other Fees and Expenses
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Item 7 Types of Clients
As discussed in Item 4 of this Brochure, volofin Capital Management currently provides non-discretionary
portfolio management and investment advisory services to an insurance company and to a pooled
investment vehicle. In the future, volofin Capital Management may provide non-discretionary and/or
discretionary portfolio management and investment advisory services (directly or indirectly through a sub-
advisory arrangement with the client's primary investment adviser) to institutional accounts or other
privately offered pooled investment vehicles.

Minimums

For new accounts volofin Capital Management generally requires $50 to $100 million to establish an
advisory relationship.

volofin Capital Management may waive or reduce these requirements in its discretion and reserves the right
to decline any account in its sole discretion. volofin Capital Management also reserves the right to close
any account which falls below the minimum requirements to establish an account due to Client activity or
as a result of market movement. Smaller-sized accounts may not receive or be able to fully implement
volofin Capital Management’s investment recommendations for a particular strategy depending on the price
of securities and the size of the accounts.