VR Advisory Services Ltd

Item 5.        Fees and Compensation

VR generally receives compensation from our Funds based both on the percentage of assets we
manage and on performance achieved for our Funds’ accounts.

VR generally charges our Funds an asset-based management fee based upon the net asset value equal
to 0.125% per month (a 1.5% annual rate) of each Fund Investor’s capital account.

VR also charges a performance-based profit allocation equal to 20% of each Fund Investor’s annual
net realized and unrealized profits subject to a ‘loss carry forward’ or ‘high water mark’ limitation.
This means that VR only receives a performance profit allocation when a Fund Investor’s account
value for the year has recovered any losses from all prior years.

For Fund Investors in the VR Global Feeder Funds, redemptions or withdrawals within 12 months
of each subscription are subject to an early redemption fee equal to 4.5% of the aggregate net asset
value of the interests redeemed, payable to VR Global Partners, L.P. For Fund Investors in the VR
Argentina Recovery Feeder Funds, no redemptions or withdrawals are permitted within 12 months
of each subscription.
VR may elect to waive and/or alter the asset-based management fees and/or performance-based profit
allocations payable by Fund Investors.

The Funds' governing documents permit the establishment of one or more classes of shares or interests
carrying reduced or no management fees and/or performance-based profit allocations without existing
Fund Investors' consent. Such classes, which are otherwise on identical terms to other classes, may
be offered to VR, its affiliates, their principals and employees (including immediate family members)
and vehicles managed or sponsored by any of them. As these affiliated investors may invest without
bearing such fees or allocations, this arrangement may give rise to conflicts of interest.

VR charges the affiliated investor in the SMA (the “SMA Investor”) a management fee that is
negotiated directly between VR and the SMA Investor. Such fees are calculated in accordance with
its Investment Advisory Agreement with VR. The SMA bears certain expenses, subject to the
negotiated terms of its Investment Advisory Agreement.

Except as described above, VR’s fees are not negotiable and are not-refundable.

VR generally accrues asset-based management fees described above monthly against each Fund
Investor’s capital account and pays such fees to VR quarterly. VR accrues the performance-based
compensation mentioned above monthly against each Fund Investor’s capital account monthly, if
applicable, and these are crystallized at the end of each year, or whenever a Fund Investor makes a
withdrawal, but only on the withdrawn amount.

In connection with our advisory services and pursuant to our Funds’ organizational documents, our
Funds, and consequently the Fund Investors, can be expected to bear all applicable costs, fees and
expenses incurred in connection with the Funds’ organization and operations, including those related
to:

       (i)     investment programs, including: (A) researching, making, holding, monitoring or
               disposing of investments (including prospective investments, whether or not
               consummated), including costs, fees and expenses related to research, due diligence,
               proxies, brokerage commissions and borrowing charges on investments sold short; (B)
               market data, including alternative data and expert networks (including any computer
               hardware and software incorporated into the cost of obtaining such research and
               market data, including third-party vendors necessary to process such data and any
               customized development and implementation costs); (C) exchange, clearing and
               settlement charges and other trading-related costs, fees and expenses (including trade
               errors that are not the result of willful misconduct, recklessness or gross negligence),
               appraisal fees and investment-related travel expenses (which are travel expenses
               related to the purchase, sale or transmittal of, or due diligence regarding, investments,
               including transportation, lodging, meals, admission costs for attending conferences
               related to such investments and other similar costs and expenses); (D) investment
               banking fees and expenses, such as underwritings and private placement expenses; (E)
               interest on, and commitment fees and expenses arising out of, debt balances or
               borrowings (including stock borrowings) and banking and custody fees; and (F) fees
               of consultants and finders relating to investments;
       (ii)    any withholding, transfer or other taxes imposed or assessed on or collected from a
               Fund (including any interest and penalties);
       (iii)   compliance, regulatory filings or regulatory and governmental inquiries including: (A)
               all costs, fees and expenses associated with any investigations, responding to any

         subpoenas, participating in any proceedings, entering into any settlements or
         disgorging any profits (1) for activity involving a Fund or, to the extent the conduct is
         covered by the indemnification or exculpation obligations of a Fund, any person
         entitled to indemnification, or (2) that are directly related to investments or business
         as an investor; (B) all costs, fees and expenses (including legal fees and expenses)
         incurred to comply with any applicable federal, state or other laws, rules or regulations
         (including rules and regulations from self-regulatory organizations, as well as privacy
         and data protection laws) to the extent such costs, fees and expenses directly relate to
         a Fund’s activities, including costs, fees and expenses incurred in connection with
...

Item 7.        Types of Clients

VR provides investment advice to privately placed pooled investment vehicles, or hedge funds, and
not individually to the Fund Investors. The underlying Fund Investors are typically:

       •       Family offices, trusts and estates;
       •       Endowments, foundations and other charitable organizations;
       •       Institutional investors, funds of funds and allocators;
       •       High net worth individuals;
       •       Pensions and profit sharing plans; and
       •       Corporations, partnerships or other business entities (private banks, insurance
               companies, etc.).

VR also provides investment advice specifically tailored to the SMA Investor, a VR affiliate. This
investment advice is currently not provided or made available to any other parties.

Investment Requirements

To invest in any of the VR Feeder Funds, we generally require a minimum investment of $1,000,000,
although at times we may accept investments of a lesser amount in our sole discretion, provided
investments in VR Global Offshore Fund Ltd. and VR Argentina Recovery Offshore Fund II Ltd.
remain subject to Cayman Islands minimum investment requirements.

Interests in the VR Feeder Funds are not registered under the U.S. Securities Act of 1933, as amended
(the “Securities Act”), and none of the VR Feeder Funds are registered as “investment companies”
under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”).
Accordingly, we require that U.S. Fund Investors must meet the requirements for an “accredited
investor” under the Securities Act and a “qualified purchaser” within the meaning of the Investment
Company Act. Such Fund Investors must also meet the standards of a “qualified client,” as defined
in the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”).

This brochure is neither an advertisement, an offer to sell, a recommendation, nor a solicitation of
any offer to buy any securities or investment advisory services, including interests in any Fund.