West Elk Capital LLC

Item 5 - Fees and Compensation

 As compensation for investment advisory services rendered to the Fund, West Elk receives from the
 Fund a management fee, as further described in the Fund’s offering documents (the “Management
 Fee”) and as described generally below.

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 With respect to each limited partner in the Fund (each, a “Limited Partner”), West Elk will receive a
 Management Fee that is calculated and paid quarterly in arrears as of the close of business in New
 York on the last Business Day (as defined in the Fund’s offering documents) of the calendar quarter
 in an amount equal to 1.50% per annum of the net asset value of the Limited Partner’s closing Capital
 Account (as defined in the Fund’s offering documents) balance for such quarter. The Management
 Fee is generally subject to waiver or reduction by West Elk and the General Partner in their sole
 discretion. This fee structure may be modified from time to time.

 In addition, the Fund is responsible for all costs and expenses incurred in connection with its offering
 and organization (including legal and accounting fees and expenses). The Fund also will bear all of its
 operating expenses, including, without limitation, the Management Fee; fees of the Fund’s
 independent auditors, accountants, administrator and custodial fees; fees for the maintenance of the
 Fund’s books and accounts, including fees of any separate accountants retained for the Fund; fees of
 the Fund’s legal counsel (including, without limitation, litigation fees of the Fund); registration and
 licensing fees; fees, costs, and expenses related to the sourcing, evaluation, purchasing, holding, and
 sale of investments; taxes (including withholding and transfer taxes); preparation and distribution
 of Limited Partners’ reports and other communications with Limited Partners and the public;
 expenses for ongoing Limited Partner support, including, but not limited to, visits to Limited Partners
 and periodic meetings of one or more of the Limited Partners; and professional fees of consultants
 incurred in connection with the operations of the Fund; insurance costs; costs of Fund borrowing
 facilities, including origination expense, legal and compliance fees, and interest; and other costs
 reasonably related to the operation of the Fund.

 Notwithstanding the foregoing, West Elk or the General Partner may negotiate or set a Management
 Fee different from the foregoing with respect to the Fund. Additionally, please see Item 6 –
 Performance-Based Fees and Side-By-Side Management below for information regarding the
 “Performance Allocation” that the Fund may pay.

 When West Elk utilizes the services of broker-dealers for transaction-related services for the Fund,
 the Fund will incur brokerage and other transaction costs. For additional information regarding
 brokerage practices, please see Item 12 – Brokerage Practices below.

Item 7 - Types of Clients

 West Elk currently provides investment advisory services solely to the Fund. Investment advice is
 provided directly to the Fund, subject to the direction and control of the General Partner, and not
 individually to the Limited Partners of the Fund.

 Interests in the Fund are offered pursuant to applicable exemptions from registration under the
 Securities Act and the 1940 Act. Permitted investors in the Fund may include high net worth
 individuals, banks, thrift institutions, pension and profit-sharing plans, trusts, estates, charitable
 organizations and other business entities.

 The minimum investment requirement for the Fund is $500,000. However, the General Partner of the
 Fund, in its sole discretion, may permit investments that are less than the required minimum
 investment requirement. In addition, legal eligibility requirements must be met to invest in the Fund.