Note: Questions Assume Same Onshore/Offshore Terms

Formation Questionnaire

Thank you for downloading our Formation Questionnaire. We don't anticipate that you will be able to immediately answer all questions, but please answer those that you can and familiarize yourself with the rest. We will use the questionnaire as a basis for discussion and to help us quickly understand your needs so that we can offer you an appropriately tailored engagement.

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* Any client or prospective client Information communicated to Akin Gump Strauss Hauer & Feld on this form is communicated with a view to obtaining legal services. The information will be held in confidence and protected by the attorney-client privilege to the extent allowed by law.

General Information______

Fund Name Manager Name

Principal place of Street operations City State, ZIP Anticipated launch size Target size in two years ($mill) ($mill) Target launch date

Principals and contacts Principal 1 Name: Email: Phone: Principal 2 Name: Email: Phone: Principal 3 Name: Email: Phone: Principal 4 Name: Email: Phone: Principal 5 Name: Email: Phone:

Trading Strategy______

Please describe the general trading strategy and objective of the fund. Style Relative-value Event driven Global assets allocation Long-short Long bias Short bias Opportunistic Other Sector Market sector (if applicable) (E.g. healthcare, technology, energy, etc.) Diversification Multi-manager Multi-strategy Multi-fund Multi-market Other Please describe Please briefly describe the fund’s proposed investing objective

Asset Base______

What type of assets will the fund hold and trade (check all that apply)? Securities Public Equity Public Debt FINRA “New Issues” Private Equity Private Debt Options Swaps Derivatives Security Funds Interests Other (please describe)

Commodities Physical Futures Commodity Funds Interests Derivatives Other (please describe) What percent of the fund will commodity investments comprise %

Real Estate Physical Debt RE Funds Interests Mineral Rights Other

Other Please describe

Trading volume/frequency, valuation and liquidty Estimated annual portfolio turnover (as % of portfolio) Is value established by third party market sources (e.g. exchanges)? -- Exchanges on which the assets regularly trade Please generally describe the liquidity of the fund’s assets

Investor Base______

How many investors are anticipated at launch? Are any investors likely to negotiate or influence the terms of the fund and/or require a side letter -- agreement? Do you anticipate the need for an offshore entity to accommodate Non U.S. investors and U.S. -- tax exempt investors? Do you anticipate the need for a master-feeder structure? --

What types of investors do you anticipate will invest in your fund? Non U.S. Jurisdiction(s) of Non U.S. investors U.S. Taxable State(s) of residence U.S. Tax Exempt State(s) of residence  IRA  Foundation  ERISA  Other

What are the qualifications of your anticipated investors? Qualified Purchasers Qualified Clients Knowledgeable Employees Qualified Eligible Persons (commodity funds only) Accredited Investors How many? Non-accredited Investors How many?

Which of the following apply to the entity that will act as the investment manager? It is currently registered as an investment advisor. Federal State Which state It will advise other clients in addition to the fund. How many?

Investor Terms______

Note: questions assume same onshore/offshore terms

Management Fees and Expenses Management fee (percentage of NAV) % Assessment period -- Charged in arrears or advance -- Is the management fee used to cover all of the general partner’s (or investment -- manager’s) overhead costs (such as rent and salaries)? Is the general partner (or investment manager) permitted to use “Soft Dollars? -- Will the use of “Soft Dollars” remain within the SEC Safe harbor --

Performance Compensation Performance compensation (percentage of profits) % Performance period -- Is any portion of the performance compensation escrowed? -- Is the performance compensation subject to clawback? -- Is the performance compensation subject to a high water mark? -- Conventional high water mark Modified high water mark please describe Is the performance compensation subject to a hurdle rate? -- Is the performance compensation applied to all profits (Soft Hurdle) or only those in excess of the hurdle rate (Hard Hurdle) -- Is the Hurdle a Fixed Hurdle or Benchmark Hurdle -- If Fixed Hurdle - Fixed rate % If Benchmark Hurdle - Benchmark used Is the performance compensation paid if the return is negative but in excess of the benchmark (benchmark hurdle only)? No

Subscriptions Initial subscription date (proposed or past) Subscription periods --- Minimum subscription amount ($1,000s) Is a minimum aggregate subscription level required to commence the fund? -- Min aggregate subscription level (mill) $ Is there a maximum aggregate subscription level? -- Max aggregate subscription level (mill) $ Will the fund issue multiple classes/series of shares to accommodate different investor -- terms or to accommodate different exposures to investments? If Yes, please explain Will the general partner (or affiliate) make a specific capital commitment to the fund? -- What amount % or $ Note: GP commitment of 1% or 250k is generally considered sufficient to ensure capital gains treatment (when applicable). Will the fund engage a placement agent to solicit subscriptions? -- Are subscriptions subject to a sales charge? --

Leverage and Illiquid Investments Will the fund use leverage? -- Any limitations on use of leverage? -- If yes, please describe Will the fund use special situation investment accounts (“Side Pockets”) to hold illiquid or -- hard to value investments? Performance fee/allocation only paid on realized gains? --

Withdrawals and Transfers Withdrawal period -- Withdrawal notice (days) Partial withdrawals permitted? -- Withdrawal charge imposed? -- Amount of charge (% of withdrawal amount) % Lock up period imposed? -- Hard lock Soft lock Lock up period days Soft lock withdrawal reduction/penalty % of withdrawal amount Discretion to impose a withdrawal gate? -- Gate percentage % Individual gate Aggregate gate Gates applied to subsequent requests -- After how many requests are investors entitled to 100% Discretion to force withdrawals (mandatory redemptions)? -- Discretion to suspend withdrawals? -- For any reason Only upon certain events (e.g. dissolution) Are the general partner, investment manager and affiliates subject to the same -- withdrawal restrictions as investors? If No, please describe

Operational Issues______

General Frequency of investor reports -- Are the annual financial statements audited? -- Generally comply with GAAP -- Are there any independent oversight boards or committees? -- Conflicts Board Advisory Board Investment Committee Valuation Committee Other Please describe the function of the board/committee and whether its advice is binding or advisory only Will the fund amortize its organizational expenses? -- Any “Key Person” provisions? -- Key Persons Key Person event provides for: Dissolution Withdrawal Other if “Other”, please describe

Miscellaneous Issues______

Background Do any of the principals have prior experience with the formation and operations of a pooled -- investment vehicle? Have any of the principals (or entities that they control) formed any other funds or sold interests -- in any other funds in the last 12 months? Have any of the principals been subject to disciplinary actions by state or federal -- agencies/authorities or any financial industry regulatory bodies?

Which of the following additional services would you like Akin Gump to provide? Initial Blue Sky filings (Form Ds) Administration agreement review Name availability search Registered office agreement review Compliance manual development Prime broker agreement review EIN applications (tax IDs) Director agreement review Trademark and trade name ISDA agreement review search and registration Investment advisor registration Agreement among principals Due Diligence Questionnaire Seed Investor Agreement Review