August 31, 2007

Client Engagement #: 4422 GO

Philadelphia Alternative Asset Fund Limited invoice No: 36424
RE; Liquidation Services 80 Page No. 4

HOURS

08/24/2007
REF LIQUIDATION SERVICES - Receive and review draft opposition to UBS

motion, expert witness reports and discuss NP. Email from Cordone and
consider suggestion that | swear affidavit. Email Campbells re funds
held by UBS. Emails R&C re UBS and telephone call. Receive skeleton

arguments from Allison and Campbells. 3,30 4,963.50

{ GJC LIQUIDATION SERVICES - Update from RF. 0.30 186.00
DG LIQUIDATION SERVICES - Email to/from G Manning of Campbells re:

release of funds held by UBS. 0.20 79.00

HC LIQUIDATION SERVICES - Management of engagemeni records. 0.40 104.00

08/27/2007
REF LIQUIDATION SERVICES - Conference call Receiver, Receiver ad litem,
NP, Stradley and Dilworth. Conference cail Dilworth and NP. Telephone
calis NP re affidavit for Receiver. Review, agree and swear affidavit for
Receiver. Emails with NP. Emails with Dilworth re conference call.
Research letter from attorney for UBS and arrange transmission of letter
to Dilworth. Email from R&C with letter from U8S Cayman attorney and

review. 2.40 1,428.00
TF LIQUIDATION SERVICES - Preparation of hearing bundle. Brief review

of same. Email to Robert Sentner & Jim Rodgers. 1.00 395.00
Hc LIQUIDATION SERVICES - Review updates to liquidation website. 0.20 $2.00
DG LIQUIDATION SERVICES - Email from Campbells re: funds held by

UBS and taxing of costs. Discussions with REF and email to R & C re:
same. Cofllating correspondence evidencing UBS submitting to
( jurisdiction of US District Court. Sending same to REF for onward
transmission to Dilworth Paxon. 0.50 197.50

08/28/2007
REF LIQUIDATION SERVICES - Emails from Counsel re UBS hearing. 4
emails with R&C prior to hearing. Emails NP. Email from R&C with
further submissions made by attorney for UBS. Email updates from R&C

during and after hearing. 1.80 1,071.06
DG LIQUIDATION SERVICES - Various emails and telephone calls with R
Senter re: fee application. 0.50 197.50
08/29/2007
DG LIQUIDATION SERVICES - Discussions with R Sentner re: current
status of fee application. Emails to/from REF re: same. Case
management. 1.00 395.00
08/30/2007 i

REF LIQUIDATION SERVICES - Email from R&C with particulars of claim
from UBS Cayman attorney. 0.30 178.50



cH E; (_onotty

ATTORNEYS.-A Ww
P O Box 1994 * Queensgate House « 113 South Church Street
Grand Cayman KY1-1104 * CAYMAN ISLANDS

Phone: 345 949 7366 * Facsimile: 345 949 8652
E-mail: info@re.com.ky « Web: www.re.com.ky

17" September 2007 Dannewred 4 OE
| 4 | oF}

Krol! Cayman Limited
P.O. Box 1102
4" Floor
Bermuda House
George Town
Grand Cayman KY1-1102
Attention: Richard Fogerty, Esq. and David Griffin, Esq.
BY HAND
Dear Richard and David,
Re: Philadelphia Alternative Asset Fund, Ltd (In Official Liquidation)

I enclose the firm's fee note for the period 14" June 2007 to 13" September 2007 for your kind
attention.

Yours sincerely,

Cy (\-

Cherry Bridges
RITCH & CONOLLY

Enc.

XAClients\K\Kroll Cayman Limited re Philadelphia Alternative Asset Fund_10700\Correspondence\K coll\Griffin_17Sepl0?7BL.doo



Date
08/03/07
08/07/07

08/08/07
08/29/07

08/30/07

08/30/07
08/3 1/07

09/06/07
09/07/07
09/07/07

09/26/07

Nixon Peabody LLP
Invoice # 8909929 Page 2

Timekeeper Hours Description of Services

R. Sentner 3.00 Prepare JL's fee application.

R. Sentner 4.50 Prepare application for JLs for reimbursement of costs and
expenses.

R. Bergmann 9.90 Confer with R. Sentner regarding Nixon fee application.
Assist with assembly of fee application binders.

R. Sentner 1.00 Conference call with Receiver, Receiver ad litem and
Liquidators regarding motion to remove receiver.

R. Bergmann 3.40 Draft amended application of joint liquidators for fees.
Review docket for previous fee application information.
Review pleadings and files for exhibits.

R. Bergmann 0.40 Draft order approving amended application.

R. Bergmann 2.40 Revise amended application for fees. Revise certificate of
service.

R. Bergmann 0.60 Review exhibits to fee petition. Revise exhibits.

R. Bergmann 0.50 Assist with electronic case filing issues. File fee petition.

R. Sentner 0.50 Telephone conference with S. Harmelin and J. Rodgers
regarding settlement discussions.

R. Bergmann 0.20 Review docket. Confer with R. Sentner regarding petition

filing.

TOTAL HOURS: 31.10

TOTAL FEES: $19,669.50

For Charges and Disbursements:

Date

08/06/07
08/07/07
08/07/07

Description Amount
Photocopy 64.60
Photocopy 15.80
Photocopy 367.00

TOTAL CHARGES AND DISBURSEMENTS $447.40

TOTAL FOR MATTER — MAN FINANCIAL CO.: $20,116.90

Total Fees... $ 19,669.50
Total Charges and Disbursements $ 447.40
Total Time and Costs ..... $ 20,116.90

TOTAL FOR STATEMENT: $20,116.90


Invoice #: 73967 Page 5

reviewing Levers J's Ruling; drafting and
amending letter to Campbells; reviewing
e-mail to Richard Fogerty.

September 13, 2007

Call with Michael Crystal and David Allison 0.70 246.82
Email to Kroll on call with Michael Crystal 0.80 282.08
Email to Justice Levers' secretary 0.40 141.04
Draft letter to Campbells 0.60 211.56
Sep-13-07 Reviewing e-mails from David Allison; 0.50 225.50
sending out e-mail to Campbells and e-mail to
David Allison.
Totals 93.15 CI$33,469.53
Our fees
Time Spent Cherry Bridges 32.60 @ CI$451.00 per hour
Time Spent Alex Horsbrugh-Porter 49.30 @ 60 per hour
Time Spent Paralegal 11.25 @C1$451.00per hour 2
a$i2z3 . 00
DISBURSEMENTS
Mailfast Services 28.00
Photocopies, telefax, telephone, laser prints 4,817.44
and sundry charges
Totals CI$4,845.44
Total Fee & Disbursements

Previous Balance

Balance Now Due

If the account is being settled in US$, the
USS equivalent for the CIS figure above is

AHP
AHP
AHP
AHP

CB

CI$14,702.60
CI$17,383.18
CI$1,383.75

CI$38,314.97
45,903.77

CI$84,218,74

US$102,705.78


Kroll (Cayman) Limited

July 31, 2007
CilentEngagement# 4422 00

Philadelphia Alternative Asset Fund Limited Invoice No: 36386
RE: Liquidation Services 80 Page No. 6

HOURS
GS LIQUIDATION SERVICES - Review of judgement re fee application.
Updating schedules for fee application re the same. Review of economic
data website for inflation statistics, Assisting DG with information re
charge out rates and experience for each member of staff. Writing prose
for response affidavit to fee application. 3.10 806.00
HC LIQUIDATION SERVICES - Drafting report to investors. 1.00 260.00

07/24/2007

REF LIQUIDATION SERVICES - Telephone call Walkers re application to

court. Attend hearing in Chambers. Review letter received from

directors re their appeal against my adjudication. Instructions to NP.

Email to SR re funds frozen in Canada. Email from R&C re costs

awarded to UBS at hearing. 1.60 952.00
MR LIQUIDATION SERVICES - Review and update of memorandum re

tracing exercise for claim against Eustace. 0.70 182.00
DG LIQUIDATION SERVICES - Emails to R Sentner and M Holligon re:

application for approval of budget and fees. Discussions with REF re:

same. 1,50 592,50

07/25/2007

REF LIQUIDATION SERVICES - Emails NP re application to court in

Philadelphia. Emails R&C re UBS costs. Emails R&C re experts.

Receive and review amended ruling for Chief Justice. 1.10 654.50
HC LIQUIDATION SERVICES - Review legal advice and update report to

investors. 14.00 260.00
DG LIQUIDATION SERVICES - Email to R Sentner re: application to US

District Court for release of funds under protocol. Sending BS all

relevant documents to support application. Emails re: experts in US.

proceedings. Emails to R & C re: UBS costs order. 3,30 1,303.50

07/26/2007

REF LIQUIDATION SERVICES - Meeting MCQC. Emails with Dilworth.

Letter to MFL. 1.30 773.50
DG LIQUIDATION SERVICES - Email fo REF re: US experts. Email to J

Rogers of Dilworth Paxon re: same. Review of letter from Walkers to

Maples re: proposed directions for MFL appeal. Discussion with UK

counsel re: strategy for dealing with appeals filed by MFL and UBS

Cayman. 2.00 790.00
NB LIQUIDATION SERVICES - Engagement administration - Eyewaves

Graphic Design Ltd. 0,10 12.00



IP WALKERS

4 August 2007

Page 5

Invoice No: 125158

24 Jul 2007
24 Jul 2007
24 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
25 Jul 2007
27 Jul 2007
27 Jul 2007
30 Jul 2007
30 Jul 2007
30 Jul 2007

Michelle Isaacs
6 Jul 2007

46 Jul 2007
418 Jul 2007

Sandie Corbett

10 Jul 2007
12 Jul 2007

Email in Kroll

Email in Counsel

Email in Kroll

Meeting with MCQC
Email in Kroll to Sentner
Email in Kroll to Sentner
Email out Counsel
Email out Counsel
Email in Counsel

Email in Sentner

Email out Sentner
Email in Sentner

Email out Kroll, Sentner
Letter out M&C

Email out M&C

Email out Kroll

Email in Kroll to Sentner
Email out Kroll
Telephone call Kroll
Email in Sentner

Email out Sentner

Email out Sentner

Reviewing Joint Opinion from David Allison and
Michael Crystal

Conference call with Michael Crystal, David Alison
and Mark Holligon

Reviewing and amending file memo

Telephone call Court Office
Court hearing

TOTAL PROFESSIONAL CHARGES

0.10
0.10
0.10
0.20
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
34.60

1.00
0.80

0.40
2.20

0.10
1.00
1.10

40.30

55.00
§5.00
55.00
110.00
55.00
55.00
55.00
§5.00
55.00
55.00
$5.00
§5.00
55.00
§5.00
55.00
55.00
§5.00
55.00
§5.00
55.00
55.00
55.00
$19,030.00

150.00
120.00

60.00
$330.00

61.50
615,00
$676.50

US$21,512.50


'

Professional Fees of Mr David Allison
VAT Registration No: 744 2364 38
| 3-4 South Square
| Kroll (Cayman) Limited | Gray’s Inn
| PO Box 1102 GT i London
| Bermuda House, 4th Floor | WCIR SHP
| Dr. Roy's Drive, Tel : 020 7696 9900

GeorgeTown,Grand Cayman Fax 1 020 7696 9911

DX : 338 (Chancery Lane)
Solicitor Ref No, Richard Fogerty/David Date 10 October 2007 Case Ref. 64192

Griffin

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)
LTD

Date Description Fees VAT

(Continued from previous page) Fees B/FWD 25355.00 5.25
19 Sep 2007 * Perusing Papers and Preparation 350.00 0.00
20 Sep 2007 * Perusing Papers and Preparation 350.00 0.00

21 Sep 2007 Perusing Papers and Preparation )
Advising by Telephone )

* Settling correspondence and considering Expert 875.00 0.00
Evidence

26 Sep 2007 * Perusing Papers and Preparation re: US Pleadings 375.00 0.00
and e-mails

28 Sep 2007 Perusing Papers and Preparation )
Drafting Letter and e-mail )

* Consultation (Counsel only) with Michael Crystal 500.00 0.00
Qc}
_________ Note: Items marked '*' are previously unbilled _
OUTSTANDING FEES £27805.00
OUTSTANDING VAT £5.25
TOTAL OUTSTANDING £27810.25

PLEASE MAKE CHEQUE PAYABLE TO Mr David Allison

This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED PLEASE QUOTE CASE REFERENCE NO.ON ALL CORRESPONDENCE

Page no: 7


Professional Fees of Mr David Allison
VAT Registration No: 744 2364 38

3-4 South Square
Kroll (Cayman) Limited Gray’s Inn
PO Box 1102 GT London
Bermuda House, 4th Floor WCIR SHP
Dr. Roy's Drive, | Tel 2 020 7696 9900
GeorgeTown,Grand Cayman Fax : 020 7696 9911
DX 1338 (Chancery Lane)
Solicitor Ref No. Richard Fogerty/David Date 10 October 2007 Case Ref. 64192
Griffin

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)
LTD

| Date Description Fees VAT
(Continued from previous page) Fees B/FWD 16430.00 5.25
28 Aug 2007 Perusing Papers and Preparation re: Expert 1250.00 0.00
Reports, issues arising and further documents from
R&C; Advising by e-mails and Telephone.
Advising by e-mails 200.00 0.00
03 Sep 2007 —_ * Considering Particulars and Structure of Defence 800.00 0.00
04 Sep 2007 * Perusing Papers re Court Issues 350.00 0.00
06 Sep 2007 * Perusing Papers and Preparation re, Judgment and 225.00 0.00
Appeal Prospects
07 Sep 2007 Perusing Papers and Preparation re Defence )
* Consultation (Counsel only) with Michael Crystal 1125.00 0.00
QC re Judgment and Next Steps (over period
7/9-8/9/07) |
Note: Items marked '' are previously unbilled . ee
OUTSTANDING FEES £C/FWD
OUTSTANDING VAT EC/FWD

TOTAL OUTSTANDING £C/FWD
PLEASE MAKE CHEQUE PAYABLE TO Mr David Allison

This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED PLEASE QUOTE CASE REFERENCE NO.ON ALI, CORRESPONDENCE

Page no: 5



Professional Fees of Mr. Michael Crystal QC

VAT Registration No: 244 3932 62

GeorgeTown,Grand Cayman

Fax : 020 7696 9911

11783
| 3-4 South Square
Kroll (Cayman) Limited | Gray’s Inn
PO Box 1102 GT | London
Bermuda House, 4th Floor WCIR SHP
Dr. Roy's Drive, Tel : 020 7696 9900
j

DX : 338 (Chancery Lane)

Solicitor Ref No. Richard Fogerty/David

Griffin

Date 10 October 2007

Case Ref. 64192

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)

LTD
Date

23 Aug 2007

24 Aug 2007

28 Aug 2007

07 Sep 2007

12 Sep 2007

15 Sep 2007

Description Fees VAT
(Continued from previous page) Fees B/FWD 28125.00 0.00
Preparation ; Telephone Consultation with David 2250.00 0.00
Allison, Kroll, Ritch and Connolly
Preparation ; Telephone Consultation with David 1500.00 0.00
Allison re claim by UBS Cayman
Perusing Papers and Preparation 1500.00 0.00
* Preparation ; Telephone Consultation with David 2250.00 0.00
Allison re claim by UBS Cayman
* Preparation ; Telephone Consultation with David 750.00 0.00
Allison and Rich and Connolly re claim by UBS
* Preparation ; Telephone Consultation with David 2250.00 0.00
Allison re draft Points of Defence and draft
preliminary issue
_____Note: Items marked *"' are previously unbilled
OUTSTANDING FEES £C/FWD
OUTSTANDING VAT £C/FWD

TOTAL OUTSTANDING £C/FWD
PLEASE MAKE CHEQUE PAYABLE TO Mr. Michael Crystal QC

This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED

Page no: 4

PLEASE QUOTE CASE REFERENCE NO.ON ALL CORRESPONDENCE



HEWALKERS
12 July 2007

Page 2

Invoice No: 123555

PROFESSIONAL CHARGES DETAILS

Date

Guy Locke
4 Jun 2007
4 Jun 2007
4 Jun 2007
§ Jun 2007
5 Jun 2007
6 Jun 2007
6 Jun 2007
7 Jun 2007
20 Jun 2007

Mark Holligon
4 Jun 2007
4 Jun 2007
14 Jun 2007
1 Jun 2007
1 Jun 2007

1 Jun 2007
1 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
1 Jun 2007
4 Jun 2007
1 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
1 Jun 2007
1 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007
4 Jun 2007

Narrative

Reviewing director indemnity issues.
Reviewing indemnity issues

Reviewing Emails, approach re adjudication
Reviewing emails re adjudication
Reviewing M & C correspondence
Reviewing costs issues

Reviewing RF call, SC

Reviewing costs issues/emails.

Reviewing M finance issues, email

Discussion Guy Locke

Email out Kroll

Email in Kroll

Email in Sentner

Researching possible ways of challenging POD
agreement indemnity

Email in Guy Locke

Email out Guy Locke

Email in Cordone

Letter in Stradley

Email out Alex H-Porter

Drafting affidavit for fee approval

Email out Kroll re fee application

Email out Kroll re Court Reports

Email out Kroll re call

Email out Kroll re affidavits

Email in Kroll re affidavits

Email in Alex H-Porter

Email in Kroll re cail

Email in Sentner re call

Email in Kroll re Court report

Email in Sentner re call

Email in Sentner - query from Receiver
Email out Sentner - query from Receiver
Email in Kroll re calt

Email out Kroll re call

Email in Kroll re call

Email in Sentner re call

Email in T&R

Email out Kroll re call

Email in Kroll re call

mail out Kroll re calt

Email in Sentner re call

Email in Guy Locke re cal!

Email in Krolt re cail

Letter out M&C

Drafting Order

Telephone cai! Kroll re M&C application
Email in Kroll re M&C application

0.40
0.30
0.40
0.20
0.20
0.60
0.30
0.30
0.30
3.00

0.10
0.10
0.10
0.10
6.00

0.10
0.10
0.10
0.10
0.10
0.50
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.40
0.10
0.10
0.20
0.20
0.10
0.10

246.00
184.50
246.00
423.00
123.00
369.00
184.50
184.50
184.50

$1,845.00

55.00
55.00
55.00
55.00
3,300.00

§§.00
55.00
55.00
$5.00
55.00
275.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
$5.00
55.00
56.00
55.00
55.00
$6.00
$6.00
55.00
55.00
58.00
55.00
110.00
110.00
55.00
55.00



Professional Fees of Mr David Allison
VAT Registration No: 744 2364 38

3-4 South Square

| Kroll (Cayman) Limited Gray’s Inn

| PO Box 1102 GT | London

| Bermuda House, 4th Floor WCIR SHP

| Dr. Roy's Drive, Tel 020 7696 9900

| GeorgeTown,Grand Cayman | Fax : 020 7696 9911

| | DX : 338 (Chancery Lane)
Solicitor Ref No. Richard Fogerty/David Date 10 October 2007 Case Ref. 64192

Griffin

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)
LTD

Date Description Fees VAT
(Continued from previous page) Fees B/FWD 10075.00 0.00

01 Aug 2007 Perusing Papers - Preliminary Issue Work, Appeal
Against Rejection of Proof of Authorities )

Drafting Letter )

Perusing Papers and Advising by Telephone (x2) ] 675.00 0.00
03 Aug 2007 Advising by Telephone 250,00 0.00

Disbursement : Telephone call charge from hotel on 30.00 5.25

holiday
15 Aug 2007 — Advising by Telephone 150.00 0.00 i
17 Aug 2007 Advising by Telephone 150.00 0.00

21 Aug 2007 Perusing Papers and Preparation )
Consultation (Counsel only) with Michael Crystal

QC re Letter )
Working on Skeleton Argument (over periods i

OUTSTANDING FEES £C/FWD
OUTSTANDING VAT £C/FWD

TOTAL OUTSTANDING £C/FWD
PLEASE MAKE CHEQUE PAYABLE TO Mr David Allison

‘This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED PLEASE QUOTE CASE REFERENCE NO.ON ALL CORRESPONDENCE

Page no: 3



Kroll (Cayman) Limited

September 30, 2007

Client Engagement # 4422 00
Philadelphia Alternative Asset Fund Limited Invoice No: 36464
RE: Liquidation Services 80 Page No. 3
HOURS
09/14/2007
REF LIQUIDATION SERVICES - Telephone call NP re mediation hearing.
Telephone call to Walkers and leave voicemail re action against M&C in
Cayman, at suggestion of Receiver ad litem. Receive and review draft
email to Dilworth and discuss DG. Receive and review email from R&C
re hearing of preliminary matter on gross negligence. 1.40 833.00
DG LIQUIDATION SERVICES - Review of Walkers fee note for August
2007. Telephone conversation and email to G Laub of Dilworth Paxon re:
approval of Scheme of Arrangement by investors. 1.50 92,50
09/17/2007
HC LIQUIDATION SERVICES - Review and file expert reports. 0.50 130.00
DG LIQUIDATION SERVICES - Reviewing Points of Defence re: UBS.
appeal. 1.50 592.50
REF LIQUIDATION SERVICES - Receive and review points of defence for
application by UBS. Review expert reports of Nigel Meeson QC and R.
O'Neill, Emails DP. Emails DA. Email NP (no charge). Emails R&C re
UBS action and choice of advocate. 3.10 1,844.50
REF LIQUIDATION SERVICES - 8 emails with members of the committee. 0.60 357.00
09/18/2007
REF LIQUIDATION SERVICES - 5 emails from R&C re application of UBS for
preliminary determination of gross negligence. Email from Allison re
same. 6 emails with MCQC. 3 emails NP re fee application (no charge).
Email from OP. Travel GCM to PHL to attend meetings DP, mock trial
and discussions on strength of case, etc. (arrive airport GCM 1.00pm
and arrive PHL 12:40am. Review legal precedents on gross negligence
during flights. Charge for travel restricted to 4 hours). 6.30 3,153.50
REF LIQUIDATION SERVICES - Email from investor. 0.20 119.00
HC LIQUIDATION SERVICES - Review documents re UBS claim. 0.20 52.00
09/19/2007
REF LIQUIDATION SERVICES - Meeting Rodgers & Harmelin. Meeting
Stradley, re results of mock trial from day before and further strategy for
litigation. Receive judgment of Levers re UBS. Receive costs certificate
for May hearing of UBS. 4.20 2,499.00
HC LIQUIDATION SERVICES - Liaise with REF/DG re investor. 0.10 26.00
DG LIQUIDATION SERVICES - Review judgment of Madam Justice Levers
re: directions as to preliminary determination to be made in relation to
UBS Administration Agreement. Tracing exercise re: Canadian Assets. 2.50 987.50


“Peron C onot Ly

ATTORNEYS. AT. LAW

P © Box 1994 + Queensgate House « 113 South Church Street
Grand Gayman KY1-1104 + CAYMAN ISLANDS
Phone: 345 949 7366 + Facsimile: 346 949 8652
E-mail: info@re.com.ky * Web: www.re.com.ky

Kroll Cayman Limited September 13, 2007

P.O. Box 1102

4th Floor, Bermuda House Client number 8277

George Town

KY1-1102 Matter number 10700
Inv #: 73967

Attention: Richard Fogerty

Re: Philadelphia Alternative Asset Fund

DATE DESCRIPTION HOURS AMOUNT LAWYER

Jun-14-07 Reviewing Alex Horsbrugh-Porter's opinion 0,50 225.50 CB
and e-mailing to Alex Horsbrugh-Porter.

Jun-15-07 Telephone call with Laura Vendulez, 0.20 70.52 AHP
Call with Laura Vendzueles 0.20 70.52 AHP

Jun-18-07 Conference Call with Kroll and Dilworth 1.30 458.38 AHP
Paxton

Jun-20-07 Email to Walkers on Fees 0.30 105.78 AHP

Jun-21-07 Conference call with Kroll, Walkers and U.S. 0.60 211.56 AHP
Receivers’ Attorneys

Jun-24-07 Drafting Budget Schedule 1.00 352.60 AHP.

Jun-25-07 Email to Kroll on Budget 0.20 70.52 AHP

Jun-26-07 Reviewing budget; e-mail to Alex 0.30 135.30 CB
Horsbrugh-Porter.

Jun-27-07 Telephone call with Richard Fogerty and Alex 0.20 90.20 CB

Horsbrugh-Porter; reviewing e-mail from
David Griffin.

Call to Richard Fogerty on correspondence 0.30 105.78 AHP
Call to Richard Fogerty on issues for QC 0.40 141.04 AHP
Jun-29-07 Telephone call with Richard Fogerty; 0.20 90.20 CB
reviewing e-mail re Listing Form.
Jul-03-07 E-mail and telephone call to Richard Fogerty 1,00 451.00 CB

re drafting letter to LC and Tom Lowe; dealing
with Listing Form; e-mails to Alex
Horsbrugh-Porter and Richard Fogerty.



tH WALKERS

1 August 2007

Page 4

Invoice No: 125158

16 Jul 2007
17 Jul 2007
47 Jul 2007
417 Jul 2007
47 Jul 2007
17 Jul 2007
17 Jul 2007
47 dul 2007
17 Jul 2007
17 Jul 2007
17 Jul 2007
47 Jul 2007
47 Jul 2007
17 Jul 2007
48 Jul 2007
18 Jul 2007
418 Jul 2007
48 Jul 2007
18 Jul 2007
18 Jul 2007
18 Jul 2007
18 Jul 2007
18 Jul 2007
19 Jul 2007
19 Jul 2007
19 Jul 2007
19 Jul 2007
19 Jul 2007
19 Jul 2007
49 Jul 2007
20 Jul 2007
20 Jul 2007
20 Jul 2007
20 Jul 2007
20 Jul 2007
20 Jul 2007
20 Jul 2007
20 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
23 Jul 2007
24 Jul 2007
24 Jul 2007
24 Jul 2007
24 Jul 2007

Email out Alex H-P

Telephone call Kroll

Telephone call Counsel

Email out Counsel

Telephone cali Counsel's Clerk

Email in Counsel's Clerk

Email out Counsel's Clerk

Email in Counsel's Clerk

Email out Counsel's Clerk

Amending budget

Email out Kroll

Email out Kroll

Email in Anglo Irish

Email in Kroll

Telephone conference call with investors
Email in Counsel with draft letter to M&C
Amending draft letter to M&C

Email out Counsel re draft letter to M&C
Email in Kroll

Email in Kroll with affidavit

Amending affidavit

Email out Kroll re affidavit

Email in investor

Email out Counsel

Email in Counsel

Email in Counsel

Email out Kroil

Telephone call Chief Justice's secretary
Working on skeleton

Email in Sentner

Telephone call Kroll x 2

Working on skeleton and bundles
Attending Court, including travel and waiting
Discussion Sandie Corbett re ruling
Reviewing ruling

Email out Kroll with ruling

Email out MC QC

Email out R Sentner

Email in Counsel

Email in Sentner

Email in Sentner

Email out Sentner

Telephone call Kroll

Email out Counsel

Email in Counsel

Email in Counsel

Email in Kroll

Amending Order

Email out Kroll - revised ruting

Email in Kroll

Email out Kroll

Telephone call Kroll

Telephone call Kroll

Attending Court, including travel and waiting
Preparing for hearing

0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.60
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.70
0.10
0.20
0.80
0.60
0.20
0.30
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.90
0.50

$5.00
55.00
55.00
§5.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
330.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
385.00
55.00
110.00
440.00
330.00
410.00
165.00
55.00
55.00
55.00
55.00
55.00
§5.00
55.00
110.00
55.00
55.00
§5.00
$5.00
55.00
§5.00
55.00
55.00
55.00
55.00
495.00
275.00


Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

DG LIQUIDATION SERVICES - Sending R & C opinion to R Sentner for
onward transmission to Dilworth Paxon, Discussions with legal counsel
re: privilege. Report to Court.

06/19/2007

DG LIQUIDATION SERVICES - Emails to/from Committee members re: fee
approvai. Discussions with Receiver ad litem re: rejection of UBS
Cayman claim. Drafting letter informing UBS Cayman of the rejection of
its claim. Discussions with legal counsel re: same.

HC LIQUIDATION SERVICES - Review PAAM website and provide update
to DG and REF. Management of engagement records re same.

HC LIQUIDATION SERVICES - Review correspondence from investor re

audited financial statements and prepare response.

REF LIQUIDATION SERVICES - Telephone cali NP. Telephone cali Walkers.
Telephone call Receiver ad litem and R&C. Letter to Campbells rejecting
claim of UBS. Review R&C advice on UBS. Email from Stradley.

REF LIQUIDATION SERVICES - Emails with committee.

06/20/2007
SD LIQUIDATION SERVICES - Engagement administration.
HC LIQUIDATION SERVICES - Prepare framework for budgets. Review
correspondence from Walkers re same. Discussions with DG re same.
HC LIQUIDATION SERVICES - Collate fatest scheduling order information
for DG.
DG LIQUIDATION SERVICES - Reviewing email from M Holligon re:

budgets and basic assumptions. Review of latest scheduling order
handed down by Judge Baylson. Various emails with counsel to arrange
meeting with Receiver ad litem to discuss adding defendants to the US
litigation. Discussing same with REF.

KD LIQUIDATION SERVICES - Review website and print Court filings
pasted. Discussion with HC re: same.

REF LIQUIDATION SERVICES - Email from Walkers re budgets.

06/21/2007
KD LIQUIDATION SERVICES - Review website and print Court filings
posted.
DG LIQUIDATION SERVICES - Budgets and discussions with HC.

Conference call with Dilworth Paxon re: UBS and the Directors/MFL.
Various emails to Counsel re: same. Report to Court.

HC. LIQUIDATION SERVICES - Correspondence with investor and Stradley
Ronan re distribution payment. Receipt and review correspondence from
investor re audit request. Liaise with DG and prepare response.

HC LIQUIDATION SERVICES - Management of engagement records.

Client Engagement

Invoi

HOURS

1.50

4.20

0.80

3.40
0.30

0.10
2.00

0.30

3.00

2.30
0.20

1.60

4,50

4.50
0.20

June 30, 2007
# = 442200

ice No: 36316
PageNo. 4

847.50

1,533.00
336.00
192.00

1,870.00
165.00

12.00
480,00

72.00

1,095.00

471.50
110.00

328.00

1,642.50

360.00
48.00


I WALKERS Page 2
13 September 2007 ___Invoice No: 127733

PROFESSIONAL CHARGES DETAILS

Date Narrative Hours Amt
Mark Holligon
2 Aug 2007 Reviewing various emaiis 0.50 275.00
3 Aug 2007 Reviewing emails 0.40 220.00
6 Aug 2007 Reviewing emails 0.30 165.00
7 Aug 2007 Reviewing emails 0.50 275,00
14 Aug 2007 Reviewing emails 0.30 165.00
15 Aug 2007 Reviewing emails 0.20 140.00
16 Aug 2007 Reviewing emails 0.20 110.00
23 Aug 2007 Email in Sandie Corbett 0.10 55.00
27 Aug 2007 Telephone cali Kroll /m 0.10 55.00
27 Aug 2007 Telephone cali Sentner i/m 0.10 55.00
27 Aug 2007 Reviewing UBS Motion 0.30 165,00
27 Aug 2007 Telephone call Kroll 0.30 165.00
27 Aug 2007 Email out cs! 0.10 55.00
28 Aug 2007 Email in csi 0.10 55.00
29 Aug 2007 Telephone cali Stradiey 0.10 $5.00
29 Aug 2007 Telephone call Krol! 0.10 55.00
29 Aug 2007 Email out CARD 0.10 55.00
29 Aug 2007 Email in cst 9.10 55.00
29 Aug 2007 Email in M&C 0.10 55.00
29 Aug 2007 Email out cs! 0.10 §5.00
30 Aug 2007 Telephone call Stradley /m 0.20 1140.00
30 Aug 2007 Email in CARD 0.10 55.00
30 Aug 2007 Email in CARD 0.10 $5.00
30 Aug 2007 Email out CARD 0.10 55.00
30 Aug 2007 Email in CARD 0.10 55.00
31 Aug 2007 Email in Stradley 0.10 §5.00 i
31 Aug 2007 Email out Stradiey 0.10 55.00 i
4.90 $2,695.00
Matthew Goucke
2 Aug 2007 Reviewing various emails and attachments re US 0.50 200.00
Court approval of fees
2 Aug 2007 Discussion - S Corbett re preparation of narratives 0.10 40.00 i
2 Aug 2007 Email out - D Griffin 0.20 80.00 :
2 Aug 2007 Email in - R Sentner 0.10 40.00 |
6 Aug 2007 Email in - R Sentner 0.10 40.00 |
6 Aug 2007 Email out - R Sentner 0.10 40.00 i
7 Aug 2007 Email in - R Sentner 0.10 40.00 i
7 Aug 2007 Email out - R Sentner 0.10 40.00 ;
7 Aug 2007 Email in - R Sentner 0.10 40.00 :
7 Aug 2007 Email out - R Sentner 0.10 40.00 i |
7 Aug 2007 Email out - R Sentner 0.10 40.00 |
8 Aug 2007 Email in - R Sentner 0.10 40.00
8 Aug 2007 Email in - Kroll 0.10 40,00
8 Aug 2007 Email in - R Sentner 0.10 40.00
8 Aug 2007 Email in - H Chilton 0.10 40.00



iJ] WALKERS

CAMA SANS “43 September 2007 Invoice No: 127733

~ MHIGAL/K0424-56702
BRITISH VIRGIN ‘SLANDS

Kroll (Cayman) Limited

OLS BO Box 1102 GT
Fourth Fioor

HONG KONG Bermuda House

British American Centre

JERSEY George Town, Grand Cayman KY1-1102
Cayman Islands

LONDON

Attention: Richard Fogerty

PAAF LIQUIDATION

PROFESSIONAL CHARGES for work performed in relation to the above

matter, as set out in the attached schedule. $4,467.00
DISBURSEMENTS

Filing Fees 945.12

Overseas Call 7.82

Printing 7.20

Professional Fees 3,672.00

Sundry Expense 44.67

TOTAL DISBURSEMENTS $4,676.81
AMOUNT DUE US$9,143.81

b- te Phas
WALKERS
—.&O.E.

This fee note has been prepared in accordance with Walkers’ Terms of Engagement.

‘We appreciate your business and encourage you to rate our services by filing out a service report on our website
m ). Your feedback will assist us in assessing and improving the quality of our service.

US$ WIRE TRANSFER DETAILS.
‘The Bank of Now York ABA No: 021000018
+ Wail Street ‘SWIFT: IRVTUS3N
New York, NY 10286 ‘Account: WALKERS
USA. Account No: 890-0396-678
Reference: 66702-12773 Walkers
Walker t 87 Mory Steel. George Town

PLEASE QUOTE INVOICE NUMBER WITH ANY REMITTANCE.

PLEASE REMIT SUFFICIENT TO COVER BANK CHARGES. 6

ayman KY?

OF +) 345 749 7886 wow war



[| WALKERS

26 September 2007 Invoice No: 128691
MH/GAL/K0424-56702

Kroll (Cayman) Limited
©" BO Box 1102 GT
Fourth Floor
Bermuda House
British American Centre
George Town, Grand Cayman KY1-1102
Cayman Islands

Attention: Richard Fogerty

PAAF LIQUIDATION

PROFESSIONAL CHARGES for work performed in relation to the above

matter, as set out in the attached schedule $9,600.00
DISBURSEMENTS

Overseas Call 26.64

Photocopying 22.05

Printing 15.45

Professional Fees (Refund) (7,650.00)

Sundry Expense 96.00

TOTAL DISBURSEMENTS $(7,489.86)
AMOUNT DUE US$2,110.14

WALKERS
E&OE.

This fee note has been prepared in accordance with Walkers’ Terms of Engagement.

‘We appreciate your business and encourage you to rate our services by filing out a service report on our website
(www waikersgiobal,com/servicereport php). Your feedback will assist us in assessing and improving the quality of our service.

US$ WIRE TRANSFER DETAILS

‘The Bank of New York ABA No. 021000018

1 Wail Street SWIFT: IRVTUS3N

New York, NY 10286 Account WALKERS

USA Account No: 890-0396-679 sate
Reference: 56702-12861 Waikers

PLEASE QUOTE INVOICE NUMBER WITH ANY REMITTANCE.
PLEASE REMIT SUFFICIENT TO COVER BANK CHARGES.



**** Remittance Information ****
FEDERAL LD. NO. 16-0764720

RETURN PAYMENT TO: NIXON PEABODY LLP
437 Madison Avenue
New York, NY 10022
(212) 940-3000
FAX: (212) 940-3111

Client: 039875 Philadelphia Alternative Asset Fund, LP
c/o Walkers
P.O. Box 2656T
Grand Cayman, CAY
British Virgin Islands

Client/Matter Number: 039875.000002

Matter Name: MAN Financial Co.
Invoice Number: 8883508

Date of Invoice: 07/17/07

Terms: Due Upon Receipt
Invoice Amount: $ 5,906.53
Previous Outstanding Balance $ 266,111.23
for Matters on this bill:

Total Due: $ 272,017.76

To ensure prompt application of your payment, please reference the invoice number on your
check and return this page with payment.

Wire/ACH/Electronic Payment Information: Check or Credit Card Charge Options:
Bank Name: JPMorgan Chase Bank Invoice(s) Paid: —_

Rochester, NY 14643 Total Amount Of Payment:

ABA Routing #021 000 021 Method of Payment (Please Check)

Account Number 000 005 2381 © Check enclosed
Acct. Name: Nixon Peabody, LLP VISA Oi MasterCard CJ Discover American Express

List Credit Card Number
SWIFT CODE: — CHASUS33 CTT |

Exp. Date [TT] }

DTT TTT

Invoice Noz 8883508
Nixon Peabody Accounting Department
585 263-1077

Signature:



August 31, 2007
Client Engagement #: 4422 00

Philadelphia Alternative Asset Fund Limited Invoice No: 36424
RE: Liquidation Services 80 Page No. 5
HOURS
DG LIQUIDATION SERVICES - Review of particulars of claim filed by UBS
Cayman. 2.00 790.00
08/31/2007
DG LIQUIDATION SERVICES - Review and provide substantive commenis
on draft application for release of funds. Review of memo from MR on
tracing exercise re: assets in Canada. 4.30 1,698.50
f Current Invoice Fees 56.20 24,612.00
RECAPITULATION
Timekeeper Title Hours Hourly Rate Total
Richard E. Fogerty Partner 0.40 $0.00 $0.00
Richard E. Fogerty Partner 19.50 595.00 11,602.50
G. James Cleaver Managing Partner 0.80 620.00 496.00
David Griffin Manager 18.70 395.00 7,386.50
Tammy Fu Manager 1.00 395.00 395.00
Marc Randall Senior 0.80 260.00 208.00
Hadley Chilton Senior 41.80 260.00 3,068.00
Eleanor Grace Fisher Senior Manager 3,20 455.00 1,456.00
7 % Surcharge for administrative service cosis 1,722.84
|
Current Fees and Expenses..... 26,334.84 |
Total Balance Due. $26,334.84

WIRE INSTRUCTIONS: JP Morgan/Chase, 1 Chase Manhattan Plaza, New York, NY 10081, U.S.A.
ABA#021-0000-21, Swift: ROYCKYKY, Account: Roya! Bank of Canada, Grand Cayman, Account #
001-1-153103. For further credit to beneficiary Kroll (Cayman) Limited and account number
262-154-8.

Please also refer to client engagement number on your wire instructions.


Nixon Peabody Invoices
April 2007 — September 2007


HC

DG

09/06/2007
REF

REF
DG

08/07/2007
HC
DG

09/10/2007
REF

REF

DG

HC

09/11/2007
DG
REF

09/12/2007
REF

09/13/2007
REF

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - Correspondence with investors and liaise
with DG re settled list.

LIQUIDATION SERVICES - Various emails with counsel re: fee
application. Investor correspondence.

LIQUIDATION SERVICES - 5 emails with NP. 2 emails from Walkers.
Receive and review draft judgment of application made by UBS for
hearing of preliminary issue.

Receive and review transcript of hearing and authorities. Email from
Allison re decision.

LIQUIDATION SERVICES - Voicemail and email committee member.
LIQUIDATION SERVICES - Review of further draft of fee application
from B Sentner. Sending email to R Sentner with final comments.
Discussing same with REF.

LIQUIDATION SERVICES - Engagement administration.
LIQUIDATION SERVICES - Case file management and maintenance.

LIQUIDATION SERVICES - Telephone call with member of committee.
Email with committee.

LIQUIDATION SERVICES - Emails with DP. Telephone call Rogers and
Harmelin. Email from Stradley. Emails with NP re fee application (no
charge). Email from R&C with amended note of hearing before Levers
28/8.

LIQUIDATION SERVICES - Reviewing various investor
correspondence. Discussing same with HC. Review letter from Dilworth
Paxon re: application to US District Court.

LIQUIDATION SERVICES - Liaise with DG and respond to investor re
audit.

LIQUIDATION SERVICES - Case management.
LIQUIDATION SERVICES - Schedule of exchanges of evidence UBS.
Letter from SR re fee application to Judge Baylson (no charge).

LIQUIDATION SERVICES - Email DP re mock trial. Emails from R&C re
UBS application for preliminary hearing.

LIQUIDATION SERVICES - Emails with DP re mock trial. Letter to
attorney for UBS. Travel arrangements for visit with DP in PHL.

September 30, 2007
Client Engagement #: 4422 00

Invoice No: 36464

Page No, 2
HOURS
0.50 130.00
2.00 790.00
1.90 1,130.50
0.30 178.50
3.50 4,382.50
0.20 52.00
0.50 197.50
0.60 357.00
0.80 476.00
1.00 395.00
0.50 130.00
0.50 197.50
0.40 238.00
0.70 416,50
0.90 536.50


FEDERAL LD. NO, 16-0764720

Nixon Peabody LLP

Attorneys at Law
437 Madison Avenue
New York, NY 10022

(212) 940-3000
FAX: (212) 940-3111

October 15, 2007

Mark Holligon Invoice No. 8909929
Philadelphia Altemative Asset Fund, LP Account: 039875
c/o Walkers Terms: Due Upon Receipt

P.O. Box 2656T
Grand Cayman, CAY
British Virgin Islands

FOR PROFESSIONAL SERVICES RENDERED through September 30, 2007, including:

MATTER NO. 000002 MAN FINANCIAL CO.

For Professional Fees:

Date Timekeeper Hours Description of Services

07/09/07 i R. Sentner 1.00 Telephone conference with M. Cordone regarding motion
in Canadian bankruptcy court regarding remitting funds to
the U.S.; review motion papers regarding same.

07/10/07 i. Sentner 0.50 Review documents regarding Cayman expert report.

07/17/07 RR. Bergmann 0.20 Review several orders and ECF notices.

07/18/07 RR. Sentner 1.00 Telephone conference with M. Cordone regarding
Canadian action; review proposed settlement documents.

07/19/07 R. Sentner 1.00 Telephone conference with D. Griffin and M. Cordone

regarding strategy for Canadian action; review documents
regarding same.

07/27/07 __-R. Sentner 9,50 Conference call with Richard Fogerty and Cayman
counsel regarding status and strategy regarding UBS and
Directors’ indemnification claims.

07/30/07 __R. Sentner 4.50 Prepare fee application on behalf of Joint Liquidators;
analysis of invoices and documents filed in Cayman
Court.

07/31/07 RR. Sentner 1.50 Prepare JL's fee application; telephone conference with

D. Griffin regarding same; review and analyze documents
submitted to Cayman Court regarding same.

. Sentner 3.50 Telephone conferences with R. Fogerty; review and
prepare fee application papers.

nr

08/02/07


August 31, 2007
Client Engagement #4422 00

Philadelphia Alternative Asset Fund Limited invoice No: 36424
RE: Liquidation Services 80 Page No. 2
HOURS
08/07/2007
HC LIQUIDATION SERVICES - Correspondence with Nixon Peabody and
Waikers re court documents. 0.50 130.00
HC LIQUIDATION SERVICES - Update Liquidators' third report to investors
per REF comments. Email RF re same. 1.00 260.00
HC LIQUIDATION SERVICES - Receipt and review correspondence from
{ Campbeils. 0.20 52.00
08/08/2007
EGF LIQUIDATION SERVICES - Review and comment on report to investors. 0.50 227.50
REF LIQUIDATION SERVICES - Emails re report for website. 0.30 178.50
REF LIQUIDATION SERVICES - Emails R&C re UBS. 9 emails with NP re
court application (no charge). 0.20
HC LIQUIDATION SERVICES - Liaise with counsel re court documents and
fee application. 1.00 260.00
08/09/2007
EGF LIQUIDATION SERVICES - Review report to investors. Discussions with
HJC re: same. 2,00 910.00
REF LIQUIDATION SERVICES - 2 emails on finalising report for investors. 0.20 119.00
HC LIQUIDATION SERVICES - Liaise with engagement team re finalising
for investor report. 2.00 520.00
08/13/2007
REF LIQUIDATION SERVICES - 3 emails re expert for UBS. 0.30 178.50
( EGF LIQUIDATION SERVICES - Review report for DG amendments and
approve. 0.70 318.50
DG LIQUIDATION SERVICES - Review and comment on report to
investors. 2.50 987.50
HC LIQUIDATION SERVICES - Liaise with DG and EGF re report to
investors. Update same. 4.00 260.00
08/14/2007
REF LIQUIDATION SERVICES - Emails with NP re fee application. Emails
with DG re fee application (no charge). 0.20
DG LIQUIDATION SERVICES - Emails to/from B Sentner and REF re: fee
application. 0.50 197.50
HC LIQUIDATION SERVICES - Finalise Liquidators 3rd report to investors.
Liaise with DG re fee approval. 1.00 260.00
08/16/2007

REF LIQUIDATION SERVICES - Email from Dilworth. Emails from R&C and
David Allison re UBS hearing in Cayman. 0.40 238.00



II WALKERS Page 3
13 September 2007 Invoice No: 127733

8 Aug 2007 Reviewing JOLs' Report to the Court, Walkers’ 1.20 480.00
invoices, pleadings relevant to fee approval
application; drafting and settling email narrative of
work performed from March 2006 to present for
Nixon Peabody

3.20 $1,280.00
Sandie Corbett

2 Aug 2007 Reviewing email D Playfoot 0.10 61.50
3 Aug 2007 Reviewing email M Crawford 0.10 61.50
6 Aug 2007 Email V Foidats 0.10 61.50
6 Aug 2007 Email D Playfoot 0.10 61.50
6 Aug 2007 Email R Senter 0.10 61.50
16 Aug 2007 Reviewing emia! M Crawford 0.10 61.50
22 Aug 2007 Email M Crawford 0.10 61.50
23 Aug 2007 Email R Foggerty 010 61.50
0.80 $492.00

TOTAL PROFESSIONAL CHARGES 8.90 US$4,467.00



Walkers Invoices
June 2007 — September 2007


Kroll (Cayman) Limited

July 31, 2007
Client Engagement # 4422 00

Philadelphia Alternative Asset Fund Limited Invoice No: 36386
RE: Liquidation Services 80 Page No. 2

HOURS

BG LIQUIDATION SERVICES - Instructions to South Square re: opinion on

admission of UBS Cayman proof. 2.00 780.00
REF LIQUIDATION SERVICES - Receive and review Receiver motion in

Canada. instructions to MCQC re UBS. Receive and review final opinion

on MFL. Emails re legal budgets. Receive summons for application to

Cayman court. 1.60 952.00
REF LIQUIDATION SERVICES - Letter from investor. 0.10 59.50

07/06/2007

GJIC LIQUIDATION SERVICES - Receiving update from RE. 0.30 186.00
NB LIQUIDATION SERVICES - Engagement administration - Mr. Aristos

Galatopoulos. 0.10 12.00
REF LIQUIDATION SERVICES - Emails with NP re application in Canada.

Telephone call NP. Telephone calls Walkers. Telephone call Gowlings.

Letter to reject claim of MFL. Emails with R&C re budgets. 7 emails with

Gowlings re application in Canada. Review affidavit. 2.20 4,309.00
DG LIQUIDATION SERVICES - Sending email to R & C with comments on

projected budget for period from 1 July 2007 to 30 June 2008. Emails

to/from REF re: same. Review of Receiver’s motion to the Canadian

Supreme Court re: release of funds frozen in Canada. Discuss same

with REF, Canadian Counsel and US Counsel. Sending various

documents to Canada Counsel re: hearing of Receiver's motion.

Approving draft affidavit for submission to the Canada Court. Draft letter

of rejection to Directors/MFL re: proof of debt. Emails to/from REF and

M Holligon re: same. 5.50 2,172.50

07/09/2007
REF LIQUIDATION SERVICES - 6 emails with R&C re UBS appeal. 16
emails with NP, Stradley Ronan and DG re applications in Canada by
Receiver and settlement proposal with Mrs. Eustace. 5 emails with R&C
and South Square chambers re opinion on UBS. 3 emails R&C and
Dilworth re expert required for UBS complaint. 3 emails re budgets of
iegal advisors. 3.10 1,844.50
DG LIQUIDATION SERVICES - Emails with Canadian and US Counsel re:
Receiver's application for release of funds in Canada. Emails to/from
REF re: same. Email correspondence with R & C re: budget. Updating
budget. Drafting email to Committee explaining amendments to budget.
Sending relevant documents to South Square re: opinion on admission of
UBS Cayman Proof. Reviewing Second Amended Complaint filed by
Receiver ad litem. Email to B Sentner re: Laura Eustace settlement. 6.00 2,370.00

07/10/2007
REF LIQUIDATION SERVICES - Email re opinion of Counsel. Email re
application by Receiver in Canada. Letter from M&C. Emails from
Waitkers re appeal by M&C. Email re R&C budget. 0.60 357.00



Mark Holligon
Philadelphia Alternative Asset Fund, LP

c/o Walkers

P.O. Box 2656T
Grand Cayman, CAY
British Virgin Islands

FEDERAL LD. NO. 16-0764720

Nixon Peabody LLP

Attorneys at Law
437 Madison Avenue
New York, NY 10022

(212) 940-3000
FAX: (212) 940-3411

July 17, 2007
Invoice No. 8883508

Account: 039875
Terms: Due Upon Receipt

FOR PROFESSIONAL SERVICES RENDERED through June 30, 2007, including:

MATTER NO. 000002

For Professional Fees:

MAN FINANCIAL CO.

Review order and opinion regarding receiver.
Confer with R. Sentner regarding receiver of opinion.
Telephone conference with Shareholders Committee

Telephone conference with M. Cordone regarding status
and schedule; report to client regarding same.
Telephone conference with guardian ad litem counsel
regarding status and strategy; telephone conference with
Walkers and joint liquidators regarding same.

Prepare for and conduct conference call with Walkers,
Joint Liquidators, and new receiver ad litem, regarding

Review of correspondence regarding opposition of Man
Telephone conference with Steve Harmelin and legal

counsel regarding strategy regarding UBS.
Review motions for summary judgment; advise client

Date Timekeeper Hours Description of Services
05/04/07 —-R. Bergmann 0.30
05/04/07 sR. Bergmann 0.10
05/11/07 __-R. Sentner 1.00

regarding status and strategy.
05/15/07 __R. Sentner 0.50
05/29/07 _—_—R. Sentner 1.50
05/30/07 __R. Sentner 2.50

status and strategy.
06/06/07‘ T. Schroder 0.10

Financial.
06/19/07 R. Sentner 1.00
06/26/07 __R. Sentner 1.50

regarding same.
06/29/07 —-R. Bergmann 0.20 Review pre-trial order.

TOTAL HOURS: 8.70

TOTAL FEES: $5,798.00



t]} WALKERS

Page 7

412 July 2007 Invoice No: 123565
27 Jun 2007 Email in Kroll with draft affidavit 0.10 58.00
27 Jun 2007 Reviewing draft affidavit 0.30 165.00
27 Jun 2007 Email in Kroll re court report 0.10 56.00
27 Jun 2007 Email in Sentner 0.10 §5.00
27 Jun 2007 Email out Counsel - Scrivenor report 0.10 §5.00
27 Jun 2007 Email out Kroll re court report 0.10 65.00
27 Jun 2007 Telephone call Kroll re evidence for fee application 0.20 410.00
28 Jun 2007 Telephone call with D Allison 0.80 440.00
28 Jun 2007 Telephone cali Kroll - finalise assumptions 0.20 410.00
28 Jun 2007 Reviewing list of budget assumptions 0.10 55.00
28 Jun 2007 Email in Kroll 0.10 55.00
28 Jun 2007 Preparing bundles 0.20 110.00
28 Jun 2007 Reviewing evidence for fee application 1.00 550.00
29 Jun 2007 Telephone call Kroll - discussing budget 0.30 165.00
29 Jun 2007 Email in Counsel 0.10 55.00
29 Jun 2007 Email out Counsel 0.10 55.00
29 Jun 2007 Telephone call Kroll x 2 re listing issues 0.30 165.00
29 Jun 2007 Letter out Court 0.10 56.00
29 Jun 2007 Telephone call Court 0.10 55.00
29 Jun 2007 Telephone call Court, leaving message 0.10 $8.00
29 Jun 2007 Email in Court 0.10 55.00
29 Jun 2007 Email out Court 0.10 55.00
29 Jun 2007 Email in Court 0.10 55.00
29 Jun 2007 Email in Kroil - revised affidavit 0.10 55.00
29 Jun 2007 Email out Kroll re revised affidavit 0.10 55.00
29 Jun 2007 Email out Kroll re listing 0.10 55.00
29 Jun 2007 Email out Kroll re committee meeting to approve 0.10 55.00

budget
65.10 $35,805.00
Michelle Isaacs
49 Jun 2007 Telephone conference call w/Kroll and Nixon 0.20 30.00
Peabody
21 Jun 2007 Telephone call regarding US Litigation 0.50 75.00
28 Jun 2007 Conference call with David Alison 0.80 120.00
1.60 $225.00
Sandie Corbett
4 Jun 2007 Reviewing draft letter and amend 0.10 61.50
4 Jun 2007 Reviewing email various 0.20 423.00
5 Jun 2007 Reviewing email A Galatopolous 0.10 61.50
§ Jun 2007 Email M Holligon 0.10 61.50
6 Jun 2007 Preparation for hearing 1.00 615.00
6 Jun 2007 Reviewing draft email and amend 0.10 61.50
7 Jun 2007 Preparation for court 0.60 307.50
7 Jun 2007 Reviewing email A Galatopolos 0.10 61.50
2.20 $1,353.00
TOTAL PROFESSIONAL CHARGES 71.80 US$39,228.00



TP WALKERS
1 August 2007

Page 2

Invoice No: 125158

PROFESSIONAL CHARGES DETAILS.
Date Narrative

Guy Locke
3 Jul 2007 Reviewing MC QC Opinion
4 Jul 2007 Reviewing R & C Budget & 7th Affidavit
10 Jul 2007 Reviewing stay
18 Jul 2007 Reviewing RF affidavit - budget
25 Jul 2007 Meeting MC QC re issues.

Mark Holligon
2 Jul 2007 Email in Sentner
3 Jul 2007 Telephone cali Counsel
3 Jul 2007 Email in Counsel
3 Jul 2007 Reviewing opinion
3 Jul 2007 Email in Counsel
3 Jul 2007 Email out Kroll with opinion
3 Jul 2007 Email in Counsel
3 Jul 2007 Email out Counsel
3 Jul 2007 Email in Kroll
3 Jul 2007 Email out Kroll
3 Jul 2007 Drafting Skeleton
3 Jul 2007 Reviewing authorities cited in MC QC Opinion
4 Jul 2007 Reviewing budgets
4 jul 2007 Email in Kroll - R&C budget
4 Jul 2007 Email out Kroll - R&C budget
4 Jul 2007 Telephone call Kroll re R&C budget
4 Jul 2007 Drafting 7th Affidavit
4 Jul 2007 Email out Kroll re 7th Affidavit
4 Jul 2007 Telephone call Kroll re listing
4 Jul 2007 Telephone cail Court re listing
4 Jul 2007 Email in Kroll re Opinion
4 Jul 2007 Email out Kroll re Opinion
4 Jul 2007 Email out Counsel re Opinion
4 Jul 2007 Email in Kroll re listing
4 Jul 2007 Email in Kroll re listing
4 Jul 2007 Email out Court re listing
4 Jul 2007 Drafting Summons
4 Jul 2007 Emait in Court re listing
4 Jui 2007 Research - authorities
5 Jul 2007 Email in Counsel re opinion
§ Jui 2007 Email out Kroll re opinion
5 Jul 2007 Email in Kroll re opinion
§ Jul 2007 Email in Sentner re opinion
5 dul 2007 Email out Sentner re opinion
5 Jul 2007 Email in Sentner to Rodgers
5 Jul 2007 Email out Kroll re summons
5 Jul 2007 Email in Vendzules
5 Jul 2007 Email in Kroll re MFL proof
5 Jul 2007 Email out Kroll re MFL proof
§ Jul 2007 Email in Kroll re Canadian hearing
§ Jul 2007 Email in Sentner re Canadian hearing
6 Jul 2007 Telephone cail Kroll re Canada

1,00
0.40
0.30
0.40
0.30

2.40

0.10
0.30
0.10
0.40
0.10
0.10
0.10
0.10
0.10
0.10
3.00
1.00
0.50
0.10
0.10
0.10
0.40
0.10
0.10
0.20
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
2.00
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20

Amt

615.00
246.00
184.50
246.00
184.50

$1,476.00

55.00
165.00
55.00
220,00
55.00
55.00
55.00
55.00
55.00
55.00
1,650.00
550.00
275.00
§5.00
§5.00
55.00
220.00
55.00
55.00
410.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
1,100.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
$5.00
110.00



UP WALKERS

4 August 2007

Page 3

Invoice No: 125158

6 Jul 2007
6 Jul 2007
6 Jul 2007
6 Jul 2007
6 Jul 2007
6 Jul 2007
6 Jul 2007
9 Jul 2007
9 Jul 2007
9 Jul 2007
9 Jul 2007
9 Jul 2007
9 Jul 2007
9 Jul 2007
9 Jul 2007
9 Jul 2007
9 Jul 2007
410 Jul 2007
10 Jul 2007
10 Jul 2007
10 Jul 2007
10 Jul 2007
10 Jul 2007
10 Jul 2007
10 Jul 2007
41 Jul 2007
11 Jul 2007
11 Jul 2007
14 Jul 2007
14 Jul 2007
11 Jul 2007
11 Jul 2007
41 Jul 2007
41 Jul 2007
412 Jul 2007
42 Jul 2007
12 Jul 2007
12 Jul 2007
412 Jul 2007
42 Jul 2007
12 Jul 2007
43 Jul 2007
13 Jul 2007
13 Jul 2007
13 Jul 2007
13 Jul 2007
43 Jul 2007
13 Jul 2007
413 Jul 2007
16 Jul 2007
16 Jul 2007
46 Jul 2007
16 Jul 2007
16 Jul 2007
416 Jul 2007

Email in Sentner re Canada

Telephone call L Vendzules

Telephone call Krall re Canada and MFL
Email in Kroll - letter to MFL.

Reviewing draft affidavit

Telephone call Kroil re letter to MFL
Telephone call Kroll re MCCS claim
Email in Sentner re Canada

Email in Kroll re Canada

Email in Kroll re Canada

Email in Kroll re Canada

Email in Kroll re budget

Email out Kroll re budget

Email in Kroll

Email out Kroll

Email in Sentner - amended complaint
Email out Kroll re listing

Email out Kroll - re hearing time

Email out Kroll - correspondence with M&C
Email out Kroll - correspondence with M&C
Email in M&C re appeal

Email out M&C re appeal

Email in M&C re appeal

Email out Kroll re appeal

Email in; email out Kroll re hearing
Email in Sentner re Canada

Email out Sentner re Canada

Email in Vendzules re MFL Motion
Reviewing MFL Motion for Summons, Judgment
Email out Kroll re MFL Motion

Email out Counsel re MFL Motion

Email in Kroll to committee re budget
Preparing for hearing

Email out Kroll re rates

Preparing for hearing

Attending court, including travel and waiting
Email in J Caulfield

Email in Kroll

Email in Kroll to J Caulfield

Attending court, including travel and waiting
Email in Sentner

Email in counsel

Email in J Caulfield

Email out counsel

Email in counsel

Email in Kroll re investor call

Email out Kroll re investor call

Email in Kroll

Email out Kroll

Email in Counsel's Clerk

Email out Counsel's Clerk

Email in Counsel's Clerk

Telephone cail Kroll re Counsel's views
Email in J Caulfield

Email in Alex H-P

0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.30
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.10
0.10
0.10
0.70
0.10
0.10
0.10
2.50
0.10
0.50
0.70
0.20
0.10
0.20
1.50
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.10
0.10

55.00
55.00
55.00
55.00
55.00
$5.00
55.00
55.00
$5.00
55.00
55.00
55.00
55.00
55.00
$5.00
165.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
110.00
§5.00
55.00
55.00
385.00
55.00
55.00
55.00
1,375.00
55.00
275.00
385.00
110.00
§5.00
110.00
825.00
55.00
$5.00
55.00
55.00
$5.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
110.00
55.00
55.00


MATTER NO. 000002

For Professional Fees:

Date

04/02/07

04/12/07

04/13/07

04/16/07

04/17/07

04/18/07

04/25/07
04/25/07

04/25/07

Timekeeper

R. Sentner

R. Sentner

R. Sentner

R. Sentner

R. Sentner

R. Sentner

R. Bergmann
R. Sentner

T. Schroder

TOTAL HOURS:

Nixon Peabody LLP
Invoice # 8864473 Page 2

MAN FINANCIAL CO.

Hours

1.50

1.00

2.50

4.50

4.50

6.50

0.20
4.50

0.70

25.90

Description of Services

Telephone conference with Receiver's counsel and Joint
Liquidators and counsel regarding strategy regarding
directors and indemnity agreement.

Telephone conference with M. Cordone regarding
directors; telephone conference with M. Holligon
regarding same.

Review and analyze CFTC and Man Financial motion
papers regarding removal of receiver,

Review and analyze receiver motion papers regarding
motion to remove receiver; telephone conference with M.
Holligon regarding same and regarding strategy;
telephone conference with R. Fogerty regarding same;
telephone conference with Fogerty, Griffin, Holligon and
Locke regarding same; draft letter to Judge Baylson; e-
mail communications with M. Cordone.

Prepare letter to Judge regarding application to remove
receiver; telephone conferences with M. Holligon, R.
Fogerty and D. Griffin; telephone conferences with M.
Cordone; prepare for hearing.

Prepare for and attend court hearing regarding application
to remove Stradley Ronan; draft letter to Judge regarding
same; telephone conferences with D. Griffin regarding
same.

Review docket for letter to Judge Baylson.

Draft letter to Judge regarding Reed Smith application for
recognition.

Revise draft of letter and assemble documents to Judge
Baylson, service all counsel.

TOTAL FEES: $17,371.00


Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

REF

REF

06/28/2007
GH

KD

DG

Gs

REF

REF
NB

06/29/2007
Gs

REF

REF

Timekeeper
Richard £. Fogerty
Sarah Douglas
Koriel Drummond
David Griffin

Marc Randall
Hadley Chilton
Gwynn Hopkins
Gemma Sherwood
Novelette Bodden

LIQUIDATION SERVICES - Budgets of attorneys. Review and comment
on drafts of my affidavit. Emails re QC to be instructed for opinion.
Telephone call and emails R&C.

LIQUIDATION SERVICES - Report to court.

LIQUIDATION SERVICES - Review and comment on draft affidavit
supporting fee application to Cayman Court.

LIQUIDATION SERVICES - Photocopying documents re: report to Court.
Discussions with DG re: same.

LIQUIDATION SERVICES - Finalising REF Sixth Affidavit. Finalising
budgets. Various emails to Nixon Peabody and R & C re: same.
Discussions with Mark Holligon and REF

LIQUIDATION SERVICES - Sending email to committee members re:
approval of budget for professional fees and expenses.

LIQUIDATION SERVICES - Review drafts of affidavit, comment and
swear final version. Emails NP re their budgets. Email Walkers re court
application. Review comment and approve Liquidators‘ budgets.
Opinion of QC. Emails with NP re Receiver ad litem and UBS. R&C
budgets. Walkers budgets.

LIQUIDATION SERVICES - Emails to committee.

LIQUIDATION SERVICES ~- Scanning Liquidator's Report To Court.

LIQUIDATION SERVICES - Amendments to REFs sixth affidavit,
arranging for copies to be notorised and sent to Walkers. Emails to REF
re the same. Budget issues.

LIQUIDATION SERVICES - Telephone calls Walkers and R&C. Emails
R&C re UBS. Affidavit for court application in Cayman.

LIQUIDATION SERVICES - Email from committee.

Current Invoice Fees

RECAPITULATION
Title Hours
Partner 31.50
Admin Assistant 0.20
Case Administrator 4.70
Manager 64.80
Senior 0.50
Senior 15.00
Manager 1.00
Senior 31.60
Admin Assistant 0.90

dune 30, 2007
Client Engagement #: 4422 00
Invoice No: 36316

HOURS

1.60
0.60

0.80

4.00

0.20

3.30
0.20
0.90

0.80

1.30
0.10

150.20

Hourly Rate
$550.00
120.00
205.00
365.00
240.00
240,00
365.00
240.00
120.00

Page No. 6

880.00
330.00

365.00

164.00

1,460.00

48.00

1,815.00
410.00
408,00

192.00

715.00
55.00

$3,741.50

Jotat
$17,325.00
24,00
963.50
23,652.00
120.00
3,600.00
365,00
7,584.00
108.00


Kroll (Cayman) Limited

June 30, 2007

Client Engagement #: 4422 00

Philadelphia Alternative Asset Fund Limited Invoice No: 36316
RE: Liquidation Services 80 Page No. 5

HOURS
REF LIQUIDATION SERVICES - Telephone call Receiver. Emails NP. Emait
from Walkers. Email from R&C. Receive and review further copy of

report to Court. Emails re QC to be instructed for opinion. 1.90 4,045.00

REF LIQUIDATION SERVICES - Email from committee. 0.10 55.00
06/22/2007

sD LIQUIDATION SERVICES - Engagement administration. 0.10 12.00
REF LIQUIDATION SERVICES - Emails with committee. 0.20 110.00
REF LIQUIDATION SERVICES - Emails with Walkers re resolution of

committee on fees. 0.50 275.00
DG LIQUIDATION SERVICES - Emails to/from M Holligon re: query from

Committee on fees. Emails to REF re: instructing London Counsel to

advise on UBS and MFL claims. Discussions with MH and REF re: same. 2.50 912.50
HC LIQUIDATION SERVICES - Review fee analyses. Prepare

correspondence to Committee re same. Liaise with DG re same. 0.80 192.00

06/25/2007

DG LIQUIDATION SERVICES - Email to attorneys re: assumptions for

budgets. Email to Committee re: fee information packs. Email to M

Holligon re: Committee. Various emails to B Sentner re: agreeing to

instruct London Counsel with Receiver ad litem. Preparing mark up of

MH's amended Court report. 4.40 1,606.00
REF LIQUIDATION SERVICES - Email with committee. 0.20 110.00
REF LIQUIDATION SERVICES - Court report and emaiis on drafting. 0.80 440.00

REF LIQUIDATION SERVICES - 7 emails with R&C and Walkers re
application to court. Emails re obtaining opinion from QC. Email from

NP. Emails from Walkers re budgets. 4.60 880.00
06/26/2007
DG LIQUIDATION SERVICES - Emails with counsel re: instructing London
Counsel. First draft of fee affidavit. Sending to Counsel for comments.
Emails to/from Committee. 4.50 1,642.50
REF LIQUIDATION SERVICES - Report to investors. Report to Court. 0.70 385.00
REF LIQUIDATION SERVICES - Receive and review first draft of affidavit.
Email from NP re budgets. 0.50 275.00
06/27/2007
MR LIQUIDATION SERVICES - Review and update of REF's affidavit. 0.50 120.00
DG LIQUIDATION SERVICES - Finalising budget for period from 1 July

2007 to 30 June 2008. Preparing detailed list of assumptions. Finalising

exhibits to Court report. Preparing mark up of REF's Sixth Affidavit.

Discussing same with M Holligon and REF. Sending details of London

Counsel to R & C. 6.00 2,190.00


08/46/2007
REF

REF
HC

{ DG

DG

08/17/2007
REF

DG

08/21/2007
REF

(

08/22/2007
REF

REF
HC

08/23/2007
GJC

REF

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - Email from NP re filing by UBS for removal
of Receivers. 4 further emails re this filing.

LIQUIDATION SERVICES - 3 emails re report to investors.
LIQUIDATION SERVICES - Liaise with REF and DG re Liquidators third
report.

LIQUIDATION SERVICES - Provide final comments on investors’
report.

LIQUIDATION SERVICES - Review of motion filed by UBS seeking an
order that the Receivership be vacated or wound up. Email summary of
UBS' arguments to REF. Review of UBS motion to dismiss Second
Amended Compiaint. Reviewing correspondence from R & C re:
preliminary hearing issue and advice in relation to proceedings being
conducted by way of affidavits or pleadings. Reviewing advice from D
Allison re: same.

LIQUIDATION SERVICES - Emails from R&C re UBS application in
Cayman.

LIQUIDATION SERVICES - Review of submissions from R & C and
David Allison re: UBS directions hearing on 28 August 2007.

LIQUIDATION SERVICES - Telephone call NP re UBS motion. Email
from MCQC and letter to UBS. Email from R&C re Cayman hearing on
application of UBS.

LIQUIDATION SERVICES - Email David Allison. Letter received from
UBS attorney via R&C. Emails from R&C. Emails with NP re suggested
conference call with Receivers.

LIQUIDATION SERVICES - Report for website.

LIQUIDATION SERVICES - Receipt and review correspondence from
investor and respond.

LIQUIDATION SERVICES - Discussing the UBS and Mapies actions with
REF.

LIQUIDATION SERVICES - Telephone call NP. Conference call R&C
and South Square. 5 emails with R&C re application by UBS in Cayman.
Receive and review note of telephone call R&C/ Campbells and
directions being sought by UBS. Discussion with GJC re: UBS/Maples.

August 31, 2007
Client Engagement #4422 00
invoice No: 36424

HOURS

0.40
0.30

0.40

1.50

470

0.40

1.00

0.70

0.80
6.20

0.30

0.50

1.60

Page No. 3

238.00
178.50

104.00

$92.50

1,856.50

238.00

395.00

416.50

476,00
119.00

78.00

310,00

952.00


07/03/2007
HC

NB

REF

REF
DG

07/04/2007
HC

HC
NB

DG

REF

07/05/2007
HC
HC

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
C/o Kroll (Cayman) Limited

P.O. Box 1102 GT

George Town, Grand Cayman

Cayman Islands
RE: Liquidation Services 80

7.0. Box 1102

Bermuda House, 4th Floor
‘Cayman Financial Centre

Grand Cayman KY1-1102
‘CAYMAN ISLANDS

345 946 0081 Fax 345 946 0082
wow kroll.com

duly 34, 2007

Client Engagement # 4422 00
invoice No: 36386

LIQUIDATION SERVICES - Resolution of distribution payment issue.
Emails to investor and US Receiver.

LIQUIDATION SERVICES - Scanning documents to be sent to 3/4 South
Square re: UBS opinion.

LIQUIDATION SERVICES - Receive, review and comment on draft
opinion on claim of MFL. Email from NP. Receive and review
scheduling order. Emails R&C re budgets. Email from Waikers. Email
re depositions of UBS. Affidavit for application in Cayman Court.
LIQUIDATION SERVICES - Email from committee.

LIQUIDATION SERVICES - Review of UBS Cayman deposition
transcripts from R & C, Various emails to A Horsbrugh Porter re: same.
Emails to/from M Holligon with details of when fees and expenses were
submitted to Investors' Committee for approval, Reviewing scheduling
order handed dewn by US District Court.

LIQUIDATION SERVICES - Scanning depositions and exhibits for email
to South Square. Supervision of administrative staff re same. Review and
organisation of files.

LIQUIDATION SERVICES - Liaise with investor re distribution.
LIQUIDATION SERVICES - Scanning documents to be sent to 3/4 South
Square re: UBS opinion,

LIQUIDATION SERVICES - Review opinion from South Square re: Proof
files by Directors/MFL. Discuss with REF and draft email to M Holligon
with comments. Various emails re: budgets.

LIQUIDATION SERVICES - Emails Walkers re budgets and application
to Court. Receive and review 7th affidavit.

LIQUIDATION SERVICES - Draft report to investors.
LIQUIDATION SERVICES - Liaise with DG re emails to South Square.
Draft emails and arrange attachments. Send emails to clerks.

HOURS

0.50

0.80

2.70
0.10

4.00

3.50
0.30

4.50

2.80

1.10

1.80

1.50

130.00

96.00

4,606.50
59.50

1,580.00

910.00
78.00

180.00

4,106.00

654,50

468.00

390.00



Kroll (Cayman) Limited

September 30, 2007

Client Engagement #: 4422 00

Philadelphia Alternative Asset Fund Limited invoice No: 36464
RE: Liquidation Services 80 Page No. 4

HOURS

09/20/2007
REF LIQUIDATION SERVICES - Travel from hotel to attend mock trial

(collected 8:00am). Attend mock trial and discussions with independent
experts, Harmelin, Hodgson, DP and Stradley. Travel to airport. Travel

PHL to MIA (arrive MIA 9:40pm, restrict charge of travel). 9.00 5,355.00
09/21/2007
HC. LIQUIDATION SERVICES - Response to investor status query. 0.20 52.00
HC LIQUIDATION SERVICES - Review updates to PAAM website and
download documents, Case file management and maintenance.
Maintenance of Liquidation Website. 2.00 520.00

REF LIQUIDATION SERVICES - 4 emails with R&C re correspondence with

attorneys for UBS. 3 emails with Walkers re letter to M&C as attorneys

for directors. 2 emails with NP (no charge). Complete return travel PHL

to GCM. (arrive GCM 2:30pm, limit charge to 1.7 hours). Emails R&C re

UBS action. Telephone call MCQC, re UBS. 240 1,428.00
DG LIQUIDATION SERVICES - Letter from Camphbelis re: iisting of

preliminary hearing for UBS appeal. Investor correspondence. Email

from M Holligon re: draft email te Maples and Calder with agreement to

appeal by way of pleadings and proposed directions. 2.00 790.00
09/24/2007
DG LIQUIDATION SERVICES - Emails to/from R & C re: funds held by UBS
Cayman and costs of taxation. Investor correspondence. Various
emails from R & C and South Square. 1.20 474.00

REF LIQUIDATION SERVICES - Email NP (no charge). Emails DA re UBS.
Emails R&C re advocate to be used in UBS application. Email R&C re

objection against order sought by UBS. Emails re funds held by UBS. 0.70 416.50
HC LIQUIDATION SERVICES - Review investor query and draft response. 0.30 78.00
HC LIQUIDATION SERVICES - Receipt and review Baylson J letter. 0.10 26.00

09/25/2007

GH LIQUIDATION SERVICES - Discussions w/ DG re: methodology and

analysis of co-mingled funds. 0.50 197.50
DG LIQUIDATION SERVICES - Various emails re: availability of UK leading

counsel for preliminary hearing on UBS appeal. Review of note of

tracing of funds used to acquire assets in Canada. 4,50 1,777.50

REF LIQUIDATION SERVICES - Emails with R&C re advocacy needed for
preliminary hearing, Emails with Walkers re action on Directors, Email
DP the judgement by Judge Levers. Emails NP re mock trial. 0.90 535.50

09/26/2007
DG LIQUIDATION SERVICES - Reviewing investor correspondence.
Discussions with HC re: same. Tracing exercise. 3.00 4,185.00


Kroll (Cayman) Limited Invoices
June 2007 — September 2007


Invoice #: 74079 Page 2 September 30, 2007

Sep-18-07 E-mail to David Allison re Appeal; further 1.80
reviewing Expert Report of Ray O'Neill.

Sep-19-07 Amending letter to Campbells and e-mails to 0.90
David Allison.

Sep-20-07 E-mails to and from David Allison; reviewing 0.50

e-mails from Richard Fogerty/Alex
Horsbrugh-Porter and draft letter to

Campbells.

Sep-20-07 E-mail to David Allison attaching revised 0.80
letter to Campbells.

Sep-21-07 Letter to Campbells on preliminary issue. 0.30

Sep-26-07 E-mails to David Allison 0.50

Sep-27-07 E-mail to Alex Horsbrugh-Porter; reviewing 0.30
various e-mails from Alex Horsbrugh-Porter/
David Allison.

Sep-27-07 Attending at Mrs. Justice Levers; travel to 2.20
and from Court; e-mail to client and Counsel;
draft letter to Listing Officer.

Sep-28-07 Research on Appeals; e-mail to David Allison 1.80
on Appeals.

OUR FEES

Time Spent Cherry Bridges 780 @ CI$451.00 per hour

Time Spent Alex Horsbrugh-Porter 12.40 @  CI$352.60 per hour

Total
DISBURSEMENTS

Mailfast Services

Photocopies, telefax, telephone, laser prints and sundry charges
Secretarial Overtime

Court Filing Fee (Points of Defence)

Total

Total Fee & Disbursements
Previous Balance
Payment Received on 12" October 2007

Balance Now Due

If the account is being settled in USS, the USS equivalent for
the CIS figure above is

634.68 AHP
317.34 AHP

225.50 CB

282.08 AHP
105.78 AHP

176.30 AHP
135.30 CB

775.72 AHP

634.68 AHP

CI$3,517.80
C1$4,372.24

C1$7,890.04

4.00
636.16
29.54
200.00

CI$869.70
CI$8,759.74
84,218.74
19,788.69

CI$73,189.79

US$89,255.84


REF

Gs

DG

07/18/2007
REF

REF

0G

07/19/2007
GS

DG

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - Telephone call Walkers. 10 emails with
South Square and Walkers re budgets. Review Receiver ad litem
amended complaint which includes UBS as joint defendant. Receive and
review draft settlement with Mrs. Eustace.

LIQUIDATION SERVICES - Preparation of proxy and resoiution for the
Investors’ Committee to approve budget for professional fees and
expenses.

LIQUIDATION SERVICES - Conference call with RMB re: budget.
Preparing comparison of budget v. actual for 2006/2007. Amending
budget re: South Square fees. Drafting email to RMB expiaining
adjustments. Various emails re: settlement with Laura Eustace. Review
fees of Nixon Peabody. Email to Committee members re: further
changes to budgets and advice from South Square.

LIQUIDATION SERVICES - Receive and review opinion on claim of
UBS. Seventh affidavit. Email from R&C re UBS appeal.
LIQUIDATION SERVICES - Preparation for meeting to be held by
telephone conference. Chair meeting of Committee. Telephone call with
member of Committee. Minutes of meeting. Emails with Committee.
LIQUIDATION SERVICES ~- Conference call with Investors' Committee
re: approval of budget. Drafting minutes re: same. Email to RMB
reporting on outcome of meeting. Drafting resolution for RMB to vote on
approval of budget. Review of minute of settlement re: Laura Eustace
settlement. Draft email to M Cordone re: Receiver's application for
release of funds in Canada, Updating REF's seventh affidavit re:
approval by members of investors‘ committee. Various emails to M
Holligon re: same.

LIQUIDATION SERVICES - Seiting up file of Canadian bank accounts re
Paul Eustace for forensic exercise.

LIQUIDATION SERVICES - Emails to/from J Caulfield of RMB re:
budget. Conference call with M Cordone and Sentner re: Settlement with
Laura Eustace and Receiver's application for release of funds in Canada.
Discussion with REF re: same. Review of correspondence between
Stradley Ronon and Laura Eustace’s Canadian Counsel re: settlement.
Drafting email to MC with comments on proposed settlement. Emails
to/from B Sentner re: same. Finalising REF's Seventh Affidavit re:
approval of budget. Various emails to/from MC re: terms on which JOLs
would consent fo release of funds in Canada. Emails to/from B Sentner
re: same. Receipt and review of speadsheets from MC re: tracing
exercise. Discussions with GS re: same.

July 31, 2007

Client Engagement #: 4422 00
invoice No: 36386

HOURS

1.90

0.90

4.00

4.50

0.90

Page No. 4

1,130.50

234.00

1,580.00

833.00

1,130.50

1,777.50

234.00

2,646.50


Kroll (Cayman) Limited

July 31, 2007
Client Engagement #: 4422 00
Philadelphia Alternative Asset Fund Limited Invoice No: 36386
RE: Liquidation Services 80 Page No. 3
HOURS
DG LIQUIDATION SERVICES - Correspondence with Directors/MFL re:
appeal of adjudication of claim. Emails to South Square re: UBS opinion.
Canadian issues. Budgets. 3.00 1,185.00
07/11/2007
GJIC LIQUIDATION SERVICES - Discussing the Court hearing on July 12. 9.30 186.00
REF LIQUIDATION SERVICES - Email from SR. Email re director application
for summary judgment. 3 emails re R&C budgets. 3 emails re budgets
for committee approval. 0.50 297,50
REF LIQUIDATION SERVICES - Email to committee. 0.10 59.50
HC LIQUIDATION SERVICES - Receipt and review correspondence from
South Square. Review files. 0.50 130,00
DG LIQUIDATION SERVICES - Sending further amended budget to
Committee members. 4.00 395.00
07/12/2007
Gs LIQUIDATION SERVICES - Collating information re: charge out rates
and experience of Kroil personnel for fee application to Court. 0.40 104.00
REF LIQUIDATION SERVICES - Emails re meeting of the committee. 0.40 238.00
REF LIQUIDATION SERVICES - Emails from Cordone and NP re tracing of
funds in Canada. 0.40 238.00
DG LIQUIDATION SERVICES - Attending fee application hearing before
Grand Court. Returning to Court for adjourned hearing. Preparing
summary of experience for members of engagement team. Discussing
outcome of hearing with GUC. 3.70 1,461.50
07/13/2007
REF LIQUIDATION SERVICES - Emails re committee meeting. 0.20 119.00
DG LIQUIDATION SERVICES - Case management. 0.50 197.50
07/16/2007
REF LIQUIDATION SERVICES - Email from committee. Emails re meeting of
committee. 0.30 178.50
REF LIQUIDATION SERVICES - Emails re application made by Receiver in
Canada. Email from R&C. Email from Dilworth. Emails re bill of costs
of attorney for UBS. 0.90 535.50
Gs LIQUIDATION SERVICES - Preparing of a resolution to the committee to
approve budget for fees. 0.60 156.00
DG LIQUIDATION SERVICES - Email to REF with summary of Canadian
issues. Enquiry from investor re: transfer of custodian. Review of bill of
costs from UBS Cayman, Email to R & C re: same. 4.80 711.00
07/17/2007

REF LIQUIDATION SERVICES - Telephone call committee member. 3
emails with committee. 0.70 416.50



PT

Professional Fees of Mr. Michael Crystal QC

VAT Registration No: 244 3932 62

11783
i 3-4 South Square
Kroll (Cayman) Limited Gray’s Inn
| PO Box 1102 GT London
Bermuda House, 4th Floor | WCIR SHP
Dr. Roy's Drive, | Tel 2 020 7696 9900
GeorgeTown,Grand Cayman | Fax : 020 7696 9911
| | DX £338 (Chancery Lane)
Solicitor Ref No. Richard Fogerty/David Date 10 October 2007 Case Ref. 64192
Griffin

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)
LTD

Date Description Fees VAT

(Continued from previous page) Fees B/FWD 38625.00 0.00

21 Sep 2007 * Preparation ; Telephone Consultation with David 750.00 0.00
Allison ; Telephone Consultation with Kroll

25 Sep 2007 * Preparation re claim by UBS Cayman 750.00 0.00

| 28 Sep 2007 * Preparation and Telephone Consultation with David 375.00 0.00

i Allison re claim by UBS Cayman

Note: Items marked TM' are previously unbilled

OUTSTANDING FEES £40500.00
OUTSTANDING VAT £0.00

TOTAL OUTSTANDING £40500.00
PLEASE MAKE CHEQUE PAYABLE TO Mr. Michael Crystal QC

This fee note supersedes previous fee notes

ae

VALID ONLY WHEN RECEIPTED PLEASE QUOTE CASE REFERENCE NO.ON ALL CORRESPONDENCE

Page no: 5


Tavoice #:

Aug-06-07

Aug-08-07

Aug-09-07

Aug-15-07

Aug-16-07

Aug-17-07

Aug-21-07

Aug-22-07

Aug-23-07

Aug-24-07

73967 Page 3
Call from Michael Crystal Q.C.'s clerk

Email to Valdis Foldats on without prejudice
communication
Research on Pleadings in 4.83 Applications

Reviewing e-mail from Alex
Horsbrugh-Porter.
Further research on Preliminary Issues

Email to Kroll on Pleadings and Preliminary
Issues
Review of Expert Report by S. Andrew

Reviewing Amended Complaint and Dismissal
Motion

Drafting Submissions and Research for
28/08/07

Email to Krol! and David Allison

Research on preliminary issues

Drafting Submissions on Preliminary issues of
law for hearing 28/08/07

Reviewing e-mails from Alex
Horsbrugh-Porter and Clerk to London
Counsel; e-mail to Richard Fogerty; e-mails to
London Counsel.

Email to Cherry Bridges about Philadelphia
Stay of Proceedings

Finalising Submissions

Reviewing draft letter and sending to
Campbells.

Telephone conference with Michael Crystal
QC at 11am; telephone calls with Guy
Manning x2; e-mail to London Counsel re
Evidence Law and Civil Evidence Rules;
e-mail to Alex Horsbrugh-Porter and Richard
Fogerty.

Telephone conference with Michael Crystal
QC and David Allison at 9.45am; e-mail to
London Counsel; reviewing e-mail from
Campbells and reviewing draft directions;
telephone call with Alex Horsbrugh-Porter;
telephone call with Richard Fogerty; telephone
call with Alastair Walters.

Reviewing e-mails from David Allison;
reviewing draft Skeleton; e-mail to Alex
Horsbrugh-Porter re depositions; organising
authorities bundle; telephone calls to Guy
Manning/Alastair Walters/Richard Fogerty;

0.30
0.50

1.10
0.20

1.70
1.20

0.50
1.10

0.70

0.40
2.60
4,40

0.40

1.30

0.90
0.20

2.00

2.00

5.00

September 13, 2007

105.78
176.30

387.86
90,20

599.42
423.12

176.30
387.86

246.82

141.04
916.76
1,551.44

180.40

458.38

317.34
90.20

902.00

902.00

2,255.00

AHP
AHP

AHP
CB

AHP
AHP

AHP
AHP

AHP

AHP

AHP

CB

AHP.

AHP
CB

CB

CB

CB



**** Remittance Information ****
FEDERAL L.D. NO. 16-0764720

RETURN PAYMENT TO: NIXON PEABODY LLP
437 Madison Avenue
New York, NY 10022
(212) 940-3000
FAX: (212) 940-3111

Client: 039875 Philadelphia Alternative Asset Fund, LP
c/o Walkers
P.O. Box 2656T
Grand Cayman, CAY
British Virgin Islands
Matters: 000001 - General
000002 - MAN Financial Co.
Invoice Number: 8864473
Date of Invoice: 05/21/07
Terms: Due Upon Receipt
Invoice Amount: $ 19,251.40
Previous Outstanding Balance § 252,706.51

for Matters on this bill:

Total Due: $ 271,957.91

To ensure prompt application of your payment, please reference the invoice number on your
check and return this page with payment.

Check or Credit Card Charge Options:
Invoice(s) Paid:

Total Amount Of Payment: 5 _

Method of Payment (Pease Check)

G Cheek enclosed

© VISA Ol MasterCard Discover 1 American Express

Wire/ACW/Electronic Payment Information:
Bank Name: JPMorgan Chase Bank
Rochester, NY 14643
ABA Routing #021 000 021
Account Number 000 005 2381

Acct. Name: Nixon Peabody, LLP
List Credit Card Number

SWIFT CODE: — CHASUS33 | TC | a LTT
Exp. Date Ty

Invoice No: 8864473

Nixon Peabody Accounting Department
‘S85 263-1077 | Signature:



South Square Invoices
July 2007 — September 2007


Nixon Peabody LLP
Invoice # 8864473 Page 3

For Charges and Disbursements:

Date Description
04/06/07 Spiderphone conference call 3/30/07
04/27/07 9000733562 - SENTNER/ROBERT,Rail NEW YORK PENN-

PHILADELPHIA-NEW YORK PENN 18-Apr-07 18-Apr-07
TOTAL CHARGES AND DISBURSEMENTS

TOTAL FOR MATTER — MAN FINANCIAL CO.:

Total Fees.......... $
Total Charges and Disbursements $
Total Time and Costs $

TOTAL FOR STATEMENT:

Amount
14.00
240.40

$254.40

$17,625.40

18,997.00
254.40
19,251.40

$19,251.40


UJ WALKERS

Page 6

12 July 2007 invoice No: 123555
25 Jun 2007 Telephone caif csi clk x2 0.30 165.00
25 Jun 2007 Telephone call Kroll 0.20 410.00
25 Jun 2007 Email in Kroil 0.10 $5.00
26 Jun 2007 Email out Kroll re Court Report 0.10 65.00
25 Jun 2007 Email out Alex H-Porter re Budgets 0.10 55.00
25 Jun 2007 Email in Alex H-Porter re Budgets 0.10 5.00
25 Jun 2007 Email in Kroll re Budgets 0.10 $5.00
25 Jun 2007 Email out Kroll, Sentner re Budgets 0.10 55.00
25 Jun 2007 Prepare detailed narrative for April/May to submit 0.60 275.00

to Fortune
25 Jun 2007 Email in Kroll re cst 0.10 55.00
26 Jun 2007 Telephone call cs! clk 0.10 55.00
25 Jun 2007 Email out Kroll re cst 0.10 55.00
25 Jun 2007 Email out Sentner re Receiver Strategy re MFL. 0.10 55.00
25 Jun 2007 Email in Sentner 0.10 §5.00
25 Jun 2007 Email out Kroil with detailed narrative 0.10 §5.06
26 Jun 2007 Telephone call Kroil re cs! for MFL opinion 0.10 55.00
25 Jun 2007 Work on affidavit in support of fee application 1.50 825.00
28 Jun 2007 Email in Kroll re constitution of committee 0.10 55.00
26 Jun 2007 Email in Sentner with documents for report 0.10 55.00
26 Jun 2007 Email in Sentner with documents for report 0.10 55.00
26 Jun 2007 Email in Sentner with documents for report 0.10 55.00
26 Jun 2007 Email in Sentner with documents for report 0.10 55.00
26 Jun 2007 Email in Sentner with documents for report 0.10 55.00
26 Jun 2007 Email in Sentner with documents for report 0.10 55.00
26 Jun 2007 Email in Sentner with documents for report 0.10 55.00
26 Jun 2007 Email in Sentner with documents for report 0.10 55.00
26 Jun 2007 Email in Sentner re budgets 0.10 55.00
26 Jun 2007 Telephone call Counsel's Clerk 0.10 55.00
26 Jun 2007 Email out Sentner re budgets 0.10 55.00
26 Jun 2007 Email in Kroll regarding use of Counsel 0.10 55.00
26 Jun 2007 Email out Counsel 0.10 55.00
26 Jun 2007 Arranging transmission of documents to Counsel 0.10 §5.00
26 Jun 2007 Email in Counsel's Clerk 0.10 55.00
26 Jun 2007 Email in Counsel 0.10 55.00
26 Jun 2007 Email in Counsel's Clerk 0.10 55.00
26 Jun 2007 Email out Counsel to fix call 0.10 55.00
26 Jun 2007 Email in Counsel 0.10 55.00
26 Jun 2007 Email out Counsel re strategy 0.10 55.00
26 Jun 2007 Email out Kroll re Counsel 0.10 55.00
26 Jun 2007 Amending affidavit 0.30 165.00
26 Jun 2007 Email out Kroll with draft Affidavit 0.10 55.00
26 Jun 2007 Work on budgets 0.80 440.00
26 Jun 2007 Email in Kroll - revised report 0.10 55.00
26 Jun 2007 Email out Kroll - revised report 0.10 55.00
26 Jun 2007 Email in Sentner re revised report 0.10 55.00
27 Jun 2007 Telephone cali Kroll, leaving message 0.10 55.00
27 Jun 2007 Email out Kroll with Budget 0.10 55.00
27 Jun 2007 Email out Counsel re calt 0.10 55.00
27 Jun 2007 Email in Counsel re call 0.10 55.00
27 Jun 2007 Email out Counsel with further documents 0.10 55.00
27 Jun 2007 Email out Vendzules requesting Scrivenor report 0.10 55.00
27 Jun 2007 Email in Vendzules with 2nd report 0.10 55.00
27 Jun 2007 Email in Vendzules re expert reports 0.10 55.00
27 Jun 2007 Email in Vendzules re expert reports 0.10 55.00
27 Jun 2007 Email in Kroll re fee application 0.10 55.00


Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

7 % Surcharge for administrative service costs

Current Fees and Expenses....

Total Balance Due.

WIRE INSTRUCTIONS: JP Morgan/Chase, 1 Chase Manhattan Plaza, New York, NY 10081, U.S.A.
ABA#021-0000-21, Swift: ROYCKYKY, Account: Royal Bank of Canada, Grand Cayman, Account #
004-1-153103. For further credit to beneficiary Kroll (Cayman) Limited and account number

262-154-8.
Please also refer to client engagement number on your wire instructions

June 30, 2007
Client Engagement # 4422 00

Invoice No: 36316
Page No. 7

3,761.91

57,503.41

$57,503.41



09/03/2007
MR

REF

HC

DG

09/04/2007 -
GJC
REF
HC

DG

09/05/2007
GJIC

REF

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
Clo Kroll (Cayman) Limited
P.O. Box 1102 GT

P.O, Box 1102
Bermuda House, 4th Floor
Cayman Finanelal Centre

Grand Cayman KY1-1102
CAYMAN ISLANDS.

345 946 0081 Fax 345 946 0082
werw.krol.com

September 30, 2007

Client Engagement #: 4422 00
Invoice No: 36464

George Town, Grand Cayman

Cayman Islands

RE: Liquidation Services 80

LIQUIDATION SERVICES - Review of memorandum re tracing of funds.
Email to M Cordone re same.

LIQUIDATION SERVICES - Meeting with David Allison. 8 emails with
Walkers. Telephone call with DG re application. 3 emails with NP.
Review and comment on draft points of claim from UBS.

LIQUIDATION SERVICES - Providing responses to investor queries.
Email to investors re Liquidators' Third Report. Correspondence with
investors re contact details. Review and amend details in Settled List.
LIQUIDATION SERVICES - Discussions with HC re: posting of investor
report to liquidation website, investor correspondence. Review of fee

application. Email to R Sentner with comments. Telephone call G Locke.

Discussions and emails with with GJC and REF. Review electronic
records received from Stradley Ronon re: PNC Bank Accounts. Discuss
tracing exercise with MR. Emails to/from R & C re: UBS costs.

LIQUIDATION SERVICES - Reviewing papers re Court Application.
Reviewing the previous ruling of the judge. Telephone call with RF and
DG.

LIQUIDATION SERVICES - Emails with Walkers (0.30) and NP (0.20) re
UBS and application to court.

LIQUIDATION SERVICES - Receipt and review correspondence from
investor re status update. Respond to same.

LIQUIDATION SERVICES - Review of UBS skeleton argument re:
hearing. Various emails from Walkers re: fee application and costs going
forward. Discuss same with GJC. Emails from R & C re: taxation of UBS
legal fees. Emails between Walkers and Nixon re: importance of
defending UBS/Maples appeals. investor correspondence.

LIQUIDATION SERVICES - Reviewing fee application papers and
Walkers' comments.
LIQUIDATION SERVICES - 5 emails with Walkers and one with NP.

HOURS

0.80

2.50

6.00

1.00
0.50

0.30

3.50

0.50
0.60

208.00

1,249.50

650.00

2,370.00

$20.00
297.50

78.00

1,382.50

310.00
357.00



Professional Fees of Mr. Michael Crystal QC

VAT Registration No: 244 3932 62
11783

—

| Kroll (Cayman) Limited

| PO Box 1102 GT

| Bermuda House, 4th Floor

| Dr. Roy's Drive,

| GeorgeTown,Grand Cayman

Solicitor Ref No. Richard Fogerty/David
Griffin

Date 10 October 2007

ad

3-4 South Square

Gray’s Inn

London

WCIR SHP

Tel + 020 7696 9900

Fax, : 020 7696 9911

DX + 338 (Chancery Lane)

Case Ref. 64192

Fees B/FWD

LTD

Date Description
(Continued from previous page)

01 Aug 2007 Perusing Papers and Preparation ; Telephone
Consultation with David Allison (Counsel only).

03 Aug 2007 Perusing Papers and Preparation ; Counsel only
Telephone Consultation with David Allison re:
claim by UBS Cayman

08 Aug 2007 —_—Perusing Papers and Preparation

17 Aug 2007 Perusing Papers and Preparation ; Telephone
Consultation with David Allison

21 Aug 2007 Preparation and Consultation counsel only with
David Allison

22 Aug 2007 Preparation ; Telephone Consultation with David

Allison and Rich and Connolly re claim by UBS

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)

Fees VAT
21000.00 0.00
2250.00 0.00
1500.00 0.00
750.00 0.00
750.00 0.00
750.00 0.00
1125.00 0.00

OUTSTANDING FEES
OUTSTANDING VAT
TOTAL OUTSTANDING

i PLEASE MAKE CHEQUE PAYABLE TO Mr. Michael Crystal QC

' This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED

PLEASE QUOTE CASE,

Page no: 3

RENCE NO.ON ALL CORRESPONDENCE



Page 4

WALKERS
_12 July 2007 Invoice No: 123555
7 Jun 2007 Email out M&C. 0.10 56.00
7 Jun 2007 Attending court, including travel and waiting, 0.70 385.00
7 Jun 2007 Email in Krol! to committee 0.10 55.00
8 Jun 2007 Reviewing email in Kroll (7/6/07) 0.40 220.00
8 Jun 2007 Telephone call Kroll. 0.10 §5.00
8 Jun 2007 Email out Kroll. 0.10 §5.00
8 Jun 2007 Email in Kroll. 0.10 $5.00
8 Jun 2007 Telephone call C.Casey i/m 0.10 $5.00
8 Jun 2007 Email in L. Vendzules 0.10 55.00
8 Jun 2007 Email out L. Vendzules 0.10 55.00
8 Jun 2007 Email out Kroll - Payne Report 6.10 $5.00
8 Jun 2007 Reviewing Payne report. 0.50 275.00
8 Jun 2007 Email out M&C. 0.10 55.00
8 Jun 2007 Email out Kroll, 0.10 55.00
8 Jun 2007 Email out Alex H-Porter 0.10 55.00
8 Jun 2007 Email in Guy Locke 0.10 55.00
8 Jun 2007 Email in Kroll. 0.10 56.00
8 Jun 2007 Email in L. Vendzules. 0.10 55.00
8 Jun 2007 Email in Vendzules. 0.10 55.00
8 Jun 2007 Reviewing Scrivenor report. 1.00 $50.00
8 Jun 2007 Email out Kroll - report. 0.10 55.00
8 Jun 2007 Email out Kroll. 0.10 55.00
8 Jun 2007 Telephone call Chris Casey 0.20 410.00
8 Jun 2007 Research limitation law. 0.20 110.00
8 Jun 2007 Discussion w/ Guy Locke - Potential Deloitte claim 0.30 185.00
8 Jun 2007 Telephone call Kroll. 0.20 110.00
13 Jun 2007 Telephone call Kroll re fee application. 0.20 110.00
13 Jun 2007 Email out Court to move hearing date. 0.10 55.00
13 Jun 2007 Telephone call Kroll re fee application. 0.10 55.00
13 Jun 2007 Telephone call Kroll, Sentner re fee application. 0.50 275.00
13 Jun 2007 Email in Court. 0.10 55.00
13 Jun 2007 Email out Court. 0.10 56.00
13 Jun 2007 Email in Court. 0.10 56.00
13 Jun 2007 Email out Court 0.10 55.00
43 Jun 2007 Email in Kroil - Report to Court. 0.10 55.00
43 Jun 2007 Email out Court 0.10 §5.00
13 Jun 2007 Email in Court. 0.10 55.00
13 Jun 2007 Telephone call Kroil re report. 0.20 410.00
13 Jun 2007 Email out Court. 0.10 $5.00
13 Jun 2007 Email in Kroli 0.10 55.00
43 Jun 2007 Email out Kroll. 0.10 55.00
43 Jun 2007 Email in Court. 0.10 55.00
43 Jun 2007 Email out Court. 0.10 55.00
13 Jun 2007 Email in Court. 0.10 §5.00
13 Jun 2007 Email out Court. 0.10 55.00
43 Jun 2007 Email in Court. 0.10 55.00
413 Jun 2007 Amending draft Court Report. 3.00 4,650.00
43 Jun 2007 Email out Kroll confirming date change. 0.10 55,00
13 Jun 2007 Email out Guy Locke. 0.10 55.00
13 Jun 2007 Work on drafting Affidavit. 0.70 385.00
14 Jun 2007 Work on evidence. 1.50 825,00
14 Jun 2007 Telephone cail Sentner, Rodgers. 0.30 165.00
14 Jun 2007 Telephone cail Kroll. 0.20 110.00
14 Jun 2007 Telephone call Alex H-Porter. 0.20 110.00
14 Jun 2007 Email in Rodgers. 0.10 55.00
14 Jun 2007 Email out Rodgers. 0.10 55.00


Invoice #: 73773 Page 1 July 18, 2007

“Perc C0 LLY

ATTORNEYS. AT. LAW

P O Box 1994 + Queensgate House * 113 South Church Street
Grand Cayman KY1-1104 * CAYMAN ISLANDS
Phone: 345 848 7368 + Facsimile: 348 949 8652
E-mail: info@re.cem.ky = Web: www.re.com.ky

Krol] Cayman Limited July 18, 2007
P.O. Box 1102
4th Floor, Bermuda House
George Town Client number 8277
Matter number 10700
Inv #: 73773

Attention: — Richard Fogerty

Re: Philadelphia Alternative Asset Fund
DATE DESCRIPTION HOURS AMOUNT LAWYER
May-17-07 Call to CARD re Summons 0.30 105.78 AHP
May-18-07 Email to CARD and Kroll 0.70 246.82 AHP
May-23-07 Reviewing Transcript of J. Perras 5.20 1,833.52 AHP
May-24-07 Reviewing Transcript of J. Perras 1.30 458.38 AHP
May-25-07 Reviewing Transcript of J. Perras 1.80 634.68 AHP
May-29-07 Email to Walkers re Hearing on 16th May 1.10 387.86 AHP
2007
Reviewing Transcript of Jason Perras 2.30 810.98 AHP
May-30-07 Call with Walkers, Kroll and R. Sentner 0.90 317.34 AHP
Call with Walkers, Kroll, R. Sentner and 1.00 352.60 AHP
Receivers’ US Counsel
Drafting Notice of Appeal and Summons 1.40 493.64 AHP
Email to Walkers and Kroll on Appeal 1.40 493.64 AHP
Reviewing Transcript of Jason Perras 2.50 881.50 AHP
May-31-07 Amending Notice of Appeal 0.80 282.08 AHP
Email to US Attorneys re UBS Documents 0.30 105.78 AHP
Reviewing Transcript of Brian Burkholder 0.60 211.56 AHP
Jun-03-07 Reviewing Transcript of Brian Burkholder 3.10 1,093.06 AHP
Jun-04-07 Letter to Campbells 1.30 458.38 AHP
Email to Kroll attaching letter to Campbells 0.40 141.04 AHP
Reviewing Transcript of Brian Burkholder 3.50 1,234.10 AHP
Letter to Listing Officer 0.30 105.78 AHP
Jun-05-07 Letter to Campbells on Leave to Appeal 0.70 246.82 AHP
Letter to JOLs on Leave to Appeal 2.50 881.50 AHP

Research on Leave to Appeal 1.40 493.64 AHP


ID WALKERS
26 September 2007

Page 2

Invoice No: 128691

PROFESSIONAL CHARGES DETAILS

Date

Guy Locke
4 Sep 2007

5 Sep 2007
5 Sep 2007
5 Sep 2007
5 Sep 2007

Mark Holligon
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
3 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
4 Sep 2007
5 Sep 2007
5 Sep 2007
5 Sep 2007
6 Sep 2007
6 Sep 2007
6 Sep 2007
6 Sep 2007

Narrative

Emails, review of decision, internal discussion
calls NP/Kroil re budgets/fee application
Email RF re budget issue

Meeting internal re budget issue

Telephone call Krol

Call and discussion NP

Reviewing US fee application

Amend US fee application

Email in Sentner - draft US application
Email in Kroll re draft US application
Email Sentner re draft US application
Email in Bergman

Email in Kroll re Maples

Email out Kroll re Maples

Email in Kroll re Maples

Email out Kroll re Maples re US fee application
Email in Kroll re Maples re US fee application
Email in Kroll re US fee application
Email out Kroll re US fee application
Email in Kroll re US fee application
Email out Kroll re US fee application
Email in Kroll re US fee application
Email in Kroll re US fee application
Email out Kroll re US application
Email out Kroll re US application
Discussing fee application with Guy Locke
Telephone call Kroll, leaving message
Telephone call Kroll

Telephone call Sentner

Email in Stradley re Maples depositions
Email in Sentner

Email out D Allison

Email in Sentner re fee application
Email in Kroll re fee application

Email in Sentner re fee application
Email out Sentner re fee application
Email out Sentner re fee application
Email in Stradiey

Email out Sentner

Email in Stradley

Email in Counsel

Email in Guy Locke

Email in Sentner

Telephone cali Sentner

Email in Sentner

Email out Sentner

Email in Sentner

Hours

1.60

0.20
0.40
0.30

0.80
3.00
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.60
0.10
0.20
0.40
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.10
0.10
0.10

Amt

984.00

123.00
246.00
184.50
307.50

$1,845.00

440.00
1,650.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
330.00
55.00
110.00
220,00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
§5.00
55.00
55.00
55.00
55.00
410.00
$5.00
55.00
$5.00


Invoice #: 73773 Page 2 July 18, 2007
Reviewing Transcript of Brian Burkholder 1.50 528.90 AHP
Jun-06-07 Telephone conference with Kroll on appeal 0.40 141.04 AHP
Amending Letter to Kroll 0.30 105.78 AHP
Email to Kroll on Campbells’ fax 0.60 211.56 AHP
Email to U.S. Receiver on Appeal 0.30 105.78 AHP
Reviewing Transcript of Brian Burkholder 1.50 528.90 AHP
Jun-07-07 Call with Dilworth Paxton LLP and Kroll 0.30 105.78 AHP
Review of Transcript of Pearce Griffith 1.60 564.16 AHP
Research on Exemption Clause and Estoppel 1.00 352.60 AHP
Compiling cases & research 2.50 881.50 MB
Jun-08-07 Reviewing Transcript of Pearce Griffith and 4,20 1,480.92 AHP
Guy Martell
Jun-09-07 Reviewing Transcript of Guy Martell 1.80 634.68 AHP
Jun-10-07 Preparing Advice on Gross Negligence and 2.80 987.28 AHP
reading Jersey Case Law
Jun-11-07 Drafting Advice - independent verification 4.10 1,445.66 AHP
Research on wilful default 1.40 493.64 AHP
Jun-12-07 Drafting Advice on Wilful Default and Gross 4.20 1,480.92 AHP
Negligence
Jun-13-07 Drafting Advice on Gross Negligence and 2.30 810.98 AHP
Wilful Default
Research on Estoppel by Representation 1.60 564.16 AHP
Jun- 14-07 Finalising and sending Advice to Kroll 0.70 246.82 AHP
Totals CI$23,941.54
Qur fees
Time Spent Alex Horsbrugh-Porter 65.40 @ CI$352.60per hour CI$23,060.04
Time Spent Marcus Baldwin 2.50 @ CI$352.60per hour CI$881.50
DISBURSEMENTS
Mailfast Services 20.00
Photocopies, telefax, telephone, laser prints and 1,803.54
sundry charges
May-31-07 Court - Filing Fee (Notice of Appeal) 200.00
Court - Filing Fee (Court of Appeal Security) 50.00
Court - Filing Fee (Summons Stay of Execution) 100.00
Totals C1$2,173.54
Total Fee & Disbursements CI$26,115.08
Previous Balance 19,788.69
Balance Now Due CIS45,903.77

If the account is being settled in USS, the
USS equivalent for the CIS figure above is

US$55,980.21



4
Professional Fees of Mr David Allison

VAT Registration No: 744 2364 38

H 3-4 South Square
| Kroll (Cayman) Limited Gray’s Inn
| PO Box 1102 GT London
| Bermuda House, 4th Floor WCIR SHP.
| Dr. Roy's Drive, Tel : 020 7696 9900
GeorgeTown,Grand Cayman Fax : 020 7696 9911
. DX : 338 (Chancery Lane)
Solicitor Ref No. Richard Fogerty/David Date 10 October 2007 Case Ref. 64192

Griffin

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)
LTD

Date Description Fees VAT
(Continued from previous page) Fees B/FWD 20380.00 5.25
10 Sep 2007 * Working on Defence 450.00 0.00

12 Sep 2007 Perusing Papers and Preparation )
Advising by Telephone re: Judgment }
* Defence Work ] 1250.00 0.00

i 13 Sep 2007 * Drafting Defence 900.00 0.00
14 Sep 2007 Perusing Papers - Emails )

Drafting Defenceand Emails )
Further Drafting Defence (over period 14 &

15/9/07) )
* Consultation (Counsel only) with Michael Crystal 2150.00 0.00
QC (via Telephone) }

17 Sep 2007 * Perusing Papers and Advising by Telephone 225.00 0.00

Note: tems marked '*' are previously unbilled

OUTSTANDING FEES, EC/FWD
OUTSTANDING VAT £C/FWD

TOTAL OUTSTANDING £C/FWD

PLEASE MAKE CHEQUE PAYABLE TO Mr David Allison

This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED PLEASE QUOTE CASE ENCE NO.ON ALL CORRESPONDENCE

Page no: 6



NIXON PEABODY

437 Madison Avenue
New York, New York 10022-7001
4212) 940-3000
Fax: (212) 940-3117

Robert Sentner

Direct Dial: (212) 940-3114
E-Mail: rsentner@nixonpeabody.com

May 21, 2007

Mark Holligon

Philadelphia Alternative Asset Fund, LP
c/o Walkers

P.O. Box 2656T

Grand Cayman, CAY

British Virgin Islands

RE: PAAF
Dear Mr. Holligon:

Enclosed please find our current statement for legal services rendered and disbursements
incurred up to and including April 2007 for the referenced matter.

We sincerely appreciate the opportunity to be of service to you in this matter.

Please do not hesitate to contact me if you have any questions concerning this statement.

Yours truly, |

“Sentner
RCS:de
Enclosure

105326682



Professional Fees of Mr. Michael Crystal QC

VAT Registration No: 244 3932 62
11783

Kroll (Cayman) Limited

PO Box 1102 GT

Bermuda House, 4th Floor
Dr. Roy's Drive,
GeorgeTown,Grand Cayman

Solicitor Ref No. Richard Fogerty/David Date 10 October 2007
Griffin

3-4 South Square
Gray’s Inn
London

WCIR SHP

Tel : 020 7696 9900
Fax : 020 7696 9911

RCNA

DX : 338 (Chancery Lane)
Case Ref. 64192

_ PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)

PLEASE MAKE CHEQUE PAYABLE TO Mr. Michael Crystal QC

LTD
Date Description Fees VAT
(Continued from previous page) Fees B/FWD 13875.00 0.00
18 Jul 2007 Allison ; Joint Opinion re claim by UBS Cayman
19 Jul 2007 Preparation ; Telephone Consultation with David 750.00 0.00
Allison re claim by UBS Cayman
26 Jul 2007 Preparation; Consultation with Kroll re: 1500.00 9.00
Philadelphia Alt Asset ete & claim by Maples and
Calder.
27 Jul 2007 Preparation, consultation with Kroll, Rich and 3000.00 0.00
Connolly, telephone consultation with DWA & US
receiver Philadelphia Alt Asset etc re claim by
UBS Cayman
31 Jul 2007 Perusing Papers and Preparation ; Telephone 1875.00 0.00
Consultation with David Allison (Counsel only).
OUTSTANDING FEES £C/FWD
OUTSTANDING VAT £C/FWD
TOTAL OUTSTANDING £C/FWD

This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED

Page no: 2

PLEASE QUOTE CASE REFERENCE NO.ON ALI. CORRESPONDENCE



Page 5

IH WALKERS
412 July 2007 _ . Invoice No; 123555.
14 Jun 2007 Email in Rodgers. 0.10 55.00
44 Jun 2007 Email in Sentner. 0.10 56.00
14 Jun 2007 Email out Sentner. 0.10 55,00
14 Jun 2007 Email in Rodgers. 0.10 55.00
14 Jun 2007 Email in Rodgers. 0.10 65.00
14 Jun 2007 Email in Sentner. 0.10 55.00
14 Jun 2007 Email out Sentner. 0.10 55.00
14 Jun 2007 Email in Sentner. 0.10 55.00
14 Jun 2007 Work on evidence. 0.50 275.00
14 Jun 2007 Email out L. Vendzules. 0.10 55.00
14 Jun 2007 Email in L. Vendzules 0.10 55.00
14 Jun 2007 Email in L. Vendzules 0.10 55.00
14 Jun 2007 Email in Alex H-Porter 0.10 55.00
15 Jun 2007 Work on evidence, review docs. 2.10 1,155.00
48 Jun 2007 Email in Alex H-Porter. 0.10 $5.00
19 Jun 2007 Email in Cordone 0.10 65.00
49 Jun 2007 Review further expert reports 1.50 825,00
19 Jun 2007 Email out Sentner to fix call 0.10 55.00
19 Jun 2007 Email in Sentner to fix cait 0.10 $5.00
49 Jun 2007 Email in Sentner to fix call 0.10 55.00
19 Jun 2007 Email out Kroll re fee approval 0.10 55.00
19 Jun 2007 Email in Kroll re fee approval 0.10 55.00
19 Jun 2007 Telephone cali Receiver, Kroll, Sentner 0.10 §5.00
419 Jun 2007 Work on Court Report 0.60 330.00
19 Jun 2007 Work on report 0.20 110,00
419 Jun 2007 Work on affidavit 0.10 55.00
49 Jun 2007 Telephone call R. Fogerty regarding strategy and 0.60 330.00
fee application
49 Jun 2007 Work on budget spreadsheets 2.00 1,100.00
20 Jun 2007 Further work on report 0.20 110.00
20 Jun 2007 Email in Sentner re budgets 0.10 §5.00
20 Jun 2007 Email out team re budgets 0.10 55.00
20 Jun 2007 Email in Alex H-Porter re fee approval 0.10 55.00
20 Jun 2007 Email out Alex H-Porter 0.10 55.00
20 Jun 2007 Telephone call Alex H-Porter 0.10 55.00
20 Jun 2007 Email in Sentner re cal! with D.P. 0.10 55.00
20 Jun 2007 Email in Kroll re cali with D.P. 0.10 §5.00
20 Jun 2007 Email in Alex H-Porter re call 0.10 55.00
20 Jun 2007 Email in Sentner re call 0.10 55.00
21 Jun 2007 Email in L, Vendzules 0.10 $5.00
21 Jun 2007 Email in Sentner 0.10 55.00
21 Jun 2007 Email out Sentner 0.10 55.00
24 Jun 2007 Email in Sentner 0.10 55.00
24 Jun 2007 Telephone call Receiver, Sentner, Kroll. 0.70 385.00
24 Jun 2007 Email in Sentner 0.10 55.00
21 Jun 2007 Email in Sentner 0.10 55.00
21 Jun 2007 Email in Sentner 0.10 55.00
21 Jun 2007 Email out Guy Locke - update 0.10 55.00
21 Jun 2007 Email out Kroll - Court Report 0.16 55.00
24 Jun 2007 Telephone call Kroll re budgets and strategy 0.30 165.00
22 Jun 2007 Email in Kroll re fee approval 0.40 56.00
22 Jun 2007 Email out Kroll re fee approval 0.10 55.00
22 Jun 2007 Email in Kroll re fee approval 0.10 55.00
22 Jun 2007 Telephone call Kroll re cs] opinion 0.30 165,00
24 Jun 2007 Email in Aiex H-Porter 0.10 55.00
24 Jun 2007 Email in Kroli re Court Report 0.10 55.00



Kroll (Cayman) Limited

June 30, 2007
Client Engagement# 442200
Philadelphia Alternative Asset Fund Limited Invoice No: 36316
RE: Liquidation Services 80 Page No, 3
HOURS,
DG LIQUIDATION SERVICES - Report to Court. Telephone conversations
with M Holligon and REF re: Deloitte and UBS Cayman. Discussion with
HC re: distribution query. 6.30 2,289,50
06/11/2007
REF LIQUIDATION SERVICES ~ Email from Committee. 0.10 55.00
REF LIQUIDATION SERVICES - Email re identifying expert witness for
Receiver - ad litem. 0.10 55.00
Hc LIQUIDATION SERVICES - Email investor regarding distribution query. 0.20 48.00
HC LIQUIDATION SERVICES - Draft correspondence to investor re request
for financial statements. 0.40 96.00
DG LIQUIDATION SERVICES - Investor correspondence. 0.30 108.50
06/12/2007
REF LIQUIDATION SERVICES - Review and comment on draft court report. 4.00 §50.00
REF LIQUIDATION SERVICES - 11 emails with committee members. 0.90 495.00
HC LIQUIDATION SERVICES - Receipt and review correspondence from
investor and draft response to query. 0.30 72.00
HC LIQUIDATION SERVICES - Engagement administration re fee notes. 0.40 96.00
06/43/2007
REF LIQUIDATION SERVICES - Telephone cail and 3 emails with committee. 0.60 330.00
REF LIQUIDATION SERVICES - Email re Court hearing in Cayman. 0.20 110.00
REF LIQUIDATION SERVICES - Review and comment on statutory report to
court, 0.70 385.00
DG LIQUIDATION SERVICES - Emails to/from REF re: proposed fee
application. Discussions with M Holligon re: same. Drafting report to
Court. Emails to/from REF re: same. Discussions and emails with
Counsel and REF re: adjudication of UBS Cayman proof. 4.50 1,642.50
06/14/2007
HC LIQUIDATION SERVICES - Engagement administration. 0.20 48.00
REF LIQUIDATION SERVICES - Receipt and review advice from R&C re i
UBS, Emails with R&C. Emails re application to court. 1.10 605.00 i
REF LIQUIDATION SERVICES - Emails re committee resolutions. 0.20 110.00 H
DG LIQUIDATION SERVICES - Reviewing investor correspondence. H
Reviewing letter of advice from R & C re: UBS Cayman proof. Emaiis i
to/from R Sentner proposed call with Receiver ad litem. Discussion with }
R Sentner and M Holligon re: call with Receiver and naming UBS
Cayman and the Directors as defendants in the US litigation. Email
update to REF. 3.80 1,387.00
06/15/2007

REF LIQUIDATION SERVICES - 5 emails re release of advice from R&C to
Receiver ad litem. 0.70 385,00



“Pein Conorry

Law

PG Bex 1864 - Queensgate House + 113 South Chuscn Stent
Grand Gayman KYI-1104 + CAYMAN ISI ANNS.
Phone: 24% 949 7366 + Facsimilc: 345 949 8652
E+ mall: Into@re.com.ky > Wab: www.6c.com.Ky

Kroll Cayman Limited September 30, 2007
P.O. Box 1102

4th Floor, Bermuda House Client number 8277
George Town Matter number 10700
KY1-1102 Inv #: 74079

Attention: — Richard Fogerty
Re: Philadelphia Alternative Asset Fund
To professional charges for the period 14" September 2007 to 30 September 2007.

DATE DESCRIPTION HOURS AMOUNT LAWYER

Sep-14-07 Reviewing e-mails from Laura Vendzules, 0.50 225.50 CB
Alex Horsbrugh-Porter and David Allison; e-
mail to David Allison; telephone call with
Alastair Walters.
Sep-15-07 E-mails to and from David Allison and 1.00 451.00 cB
Richard Fogerty; reviewing e-mail from Alex
Horsbrugh-Porter and experts’ reports.
Sep-16-07 Reviewing e-mail and Points of Defence; e- 0.50 225.50 CB
mail to David Allison and Michael Crystal
QC's Clerk re amendments to Points of
Defence.
Sep-17-07 Telephone conference with David 4.00 1,804.00 CB
Allison/Alex Horsbrugh-Porter; attending
Court before Levers J; preparing for Court; e-
mails to Richard Fogerty; telephone call with
Alastair Walters; e-mails and note reporting
on Court hearing; e-mails to and from clients.
Sep-17-07 Preparing for Hearing with Justice Levers; 4.10 1445.66 AHP
attending Court in front of Justice Levers;
travelling to and from Court; reviewing
Expert Report of N. Meeson; reviewing
Expert Report of Ray O’Neill.
Sep-18-07 Reviewing e-mails from Michael Crystal 1.00 451.00 CB
QC's Clerk/Richard Fogerty; e-mail to
Richard Fogerty; reviewing draft letter to
Campbells; reviewing letter from Campbells.


Invoice #: 73967 Page 4 September 13, 2007

e-mail to Richard Fogerty and David Allison

sending draft letter; preparing draft Order;

reviewing Applicants’ hearing bundle.

Formatting skeleton received from Counsel; 4.00 492.00 PAR
preparing index of authorities; researching on

internet to obtain print-outs of authorities.

Aug-25-07 E-mail to David Allison; reviewing Skeleton 2.00 902.00 CB
Arguments and preparing for hearing.
Aug-26-07 Reviewing e-mail from Richard Fogerty; 0.50 225,50 CB

e-mail to David Allison; reviewing e-mail
from David Allison.
Aug-27-07 Preparing for hearing; reviewing e-mails from 3.00 1,353.00 CB

Campbells.
Aug-28-07 Preparing for Court for directions hearing re 4,510.00 CB
preliminary issue; in Court before Levers J

from 9.30am but adjourned to 11am and

returned 3pm to Spm.
Printing final authorities received from 4.25 522.75 PAR

Counsel and delivering to Campbells/Court;
typing notes of hearing at Court on laptop
(11:30am to lpm and 3pm to 4.15pm).

Aug-29-07 Amending hearing notes from 28th August 1.50 184.50 PAR
2007 (9am-10am; 3:30pm-4pm).
Sep-03-07 Reviewing Skeleton Arguments 1.00 352.60 AHP
Reading Expert Reports of Powell and Gross 1.30 458.38 AHP
Email to Counsel on Costs 0.40 141.04 AHP
Sep-04-07 Email to Kroll on Taxation of Costs 0.30 105.78 AHP
Letter to Valdis Foldats on Taxation 0.50 176.30 AHP
Reviewing Memo on 28/08/07 hearing 0.60 211.56 AHP
Amending hearing notes from 28th August 1.50 184,50 PAR
2007 (10am-11.30am). i
Sep-06-07 Attending Court for Judgment 0.70 246.82 AHP |
Reviewing Judgment 0.90 317.34 AHP |
Email to David Allison on Judgment 0.80 282.08 AHP |
Sep-07-07 Research on Court of Appeal Law 0.60 211.56 AHP |
Email to David Allison on Leave to Appeal 0.50 176.30 AHP |
Sep-10-07 Reviewing note of hearing and amending; 1.00 451.00 CB

e-mail to London Counsel; reviewing draft
Judgment and Campbells' amendments;
e-mails to and from Alex Horsbrugh-Porter
and London Counsel.
Sep-12-07 Reviewing e-mails from Campbells; 2.50 1,127.50 CB
conference call with London Counsel;



I WALKERS

4 August 2007 Invoice No: 125158
MH/GAL/K0424-56702

Kroll (Cayman) Limited

PO Box 1102 GT

Fourth Floor

Bermuda House

British American Centre

ssesey George Town, Grand Cayman KY1-1102
Cayman Islands

: Attention: Richard Fogerty

PAAF LIQUIDATION

PROFESSIONAL CHARGES for work performed in relation to the above

matter, as set out in the attached schedule. $21,512.50
DISBURSEMENTS

Filing a Summons. 121.95

Filing an Affidavit 30.49

Filing an Order 30.49

Online research fee 100.00

Overseas Call 180.24

Photocopying 187.95

Printing 209.55

Professional Fees 31,824.00

Sundry Expense 215.13

TOTAL DISBURSEMENTS $32,839.80

AMOUNT DUE | US$54,352.30

bles

WALKERS

E&OE.

This fee note has been prepared in accordance with Walkers’ Terms of Engagement.

‘We appreciate your business and encourage you to rate our services by filing aut a service report on our website

(veanw walkersglobal.comiservicereport.php}. Your feedback will assist us in assessing and improving the quality of our service.
US$ WIRE TRANSFER DETAILS |
‘The Bank of New York ABA No: 021000018 H
1 Wall Street SWIFT: IRVTUSSN:
New York, NY 10286 Acegunt: WALKERS
USA. Account No: 890-0396-679

Reference: §6702-125158 Walkers

PLEASE QUOTE INVOICE NUMBER WITH ANY REMITTANCE.
PLEASE REMIT SUFFICIENT TO COVER BANK CHARGES.



Kroll (Cayman) Limited

duly 31, 2007
Client Engagement# 4422 00
Philadelphia Alternative Asset Fund Limited invoice No: 36386
RE: Liquidation Services 80 Page No. 7
HOURS
07/27/2007
REF LIQUIDATION SERVICES - Telephone call MCQC and NP. Telephone
call MCQC and Jim Rogers. Meeting AHP and MCQC. Telephone call
MCQC and David Allison. 5 emails with R&C re UBS bill of costs. Email
NP. 3.60 2,142.00
MR LIQUIDATION SERVICES - Review of CD from Michael Cordone re
PNC account details. Update memorandum re tracing exercise. 1.90 494.00
GJIC LIQUIDATION SERVICES - Discussing the litigation with Michael Crystal
and Richard Fogerty. 0.50 310.00
0G LIQUIDATION SERVICES - Meeting with R & C and UK Counsel re:
UBS Cayman appeal. Conference call with Dilworth Paxon re: experts for
US litigation. Various emails re: same. 2.50 987.50
07/30/2007
REF LIQUIDATION SERVICES - Email NP. Emails re costs claimed by UBS.
Letter from UBS attorney re appeal to our decision to reject their claim.
Email from Receiver ad litem. 1.20 714.00
HC LIQUIDATION SERVICES - Draft response to investor status query.
Drafting of report to investors. Review background court documents and
correspondence. 1.60 390.00
MR LIQUIDATION SERVICES - Discussions with DG re memorandum
tracing claim against Eustace. Review and update the memorandum. 4.50 4,170.00
DG LIQUIDATION SERVICES - Review of tracing exercise re: funds frozen
in Canada. Discussing same with MR. Review letter from Campbells re:
comments on letter rejecting proof filed by UBS Cayman. Review UBS
NAV working papers re: administration fees. Discussion with REF and
email to R & C re: same. Draft email to Dilworth Paxon re; funds held by
UBS. 4.50 1,777.50
07/31/2007
DG LIQUIDATION SERVICES - Emails to/from R Sentner re: application to
US District Court. Discussion with REF re: same. 1.00 395.00
REF LIQUIDATION SERVICES - 4 emails with David Allison. 5 emails (one
long) with NP, re application to court in Philadelphia. 6 emails with R&C
re UBS. Draft email for RAL. 10 emails with expert. 3.10 1,844.50
MR LIQUIDATION SERVICES - Preparation of memorandum re tracing of
claims against Eustace. 0.60 156.00
HC LIQUIDATION SERVICES - Finalise report to investors. Review
information from DG. 1.00 260.00
Current Invoice Fees 146.90 60,886.00
RECAPITULATION
Timekeeper Title Hours Hourly Rate Total

Richard E. Fogerty Partner 40.60 $595.00 $24,157.00



Professional Fees of Mr. Michael Crystal QC

VAT Registration No: 244 3932 62

11783
3-4 South Square
Kroll (Cayman) Limited Gray’s Inn
PO Box 1102 GT London
Bermuda House, 4th Floor WCIR SHP
Dr. Roy's Drive, Tel : 020 7696 9900
GeorgeTown,Grand Cayman Fax : 020 7696 9911
_ DX : 338 (Chancery Lane)
Solicitor Ref No. Richard Fogerty/David Date 10 October 2007 Case Ref. 64192

Griffin

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)
LTD

Date Description Fees VAT
05 Jul 2007 Preparation ; Telephone Consultation with David 375.00 0.00
Allison
06 Jul 2007 Preparation ; Telephone Consultation with David 750.00 0.00
Allison re claim of UBS Cayman
10 Jul 2007 Preparation and Consultation with David Allison 1500.00 0.00
11 Jul 2007 Perusing Papers and Preparation 3000.00 0.00
12 Jul 2007 Preparation ; Telephone Consultation with David 3750.00 0.00
Allison re claim by UBS Cayman
16 Jul 2007 Perusing Papers and Preparation re claim by UBS 1500.00 0.00
17 Jul 2007 Preparation ; Telephone Consultation with David 2250.00 0.00
Allison ; draft Opinion re claim by UBS
18 Jul 2007 Preparation ; Telephone Consultation with David 750.00 0.00
OUTSTANDING FEES £C/FWD
OUTSTANDING VAT £C/FWD

i TOTAL OUTSTANDING £C/FWD
PLEASE MAKE CHEQUE PAYABLE TO Mr. Michael Crystal QC

{
This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED PLEASE QUOTE CASF. REPERENCE NO.ON ALL CORRESPONDENCE


Uf] WALKERS

CAYMAN ISLANDS,

BRITISH VIRGIN SLANOS

DUBAI

HONG KONG.

JERSEY

LONDON

42 July 2007 Invoice No: 123555
MH/GAL/K0424-56702

Kroll (Cayman) Limited

PO Box 1102 GT

Fourth Floor

Bermuda House

British American Centre

George Town, Grand Cayman KY1-1102
Cayman islands

Attention: Richard Fogerty

PAAF LIQUIDATION

PROFESSIONAL CHARGES for work performed in relation to the above

matter, as set out in the attached schedule. $39,228.00
DISBURSEMENTS

Filing an Affidavit 30.49

Filing an Order 30.49

Overseas Cail 207.27

Photocopying 925.20

Printing 83.70

Sundry Expense 392.28

TOTAL DISBURSEMENTS $1,669.43
AMOUNT DUE ___USS40,897.43

WALKERS:
E&OE.

This fee note has been prepared in accordance with Walkers' Terms of Engagement.

‘We appreciate your business and encourage you to rate our services by filing cut a service report on our website
(neuw.walkersalobal. com/servicereport.php). Your feedback will assist us in assessing and improving the quality of our service.

US$ WIRE TRANSFER DETAILS,
The Bank of New York ABA No: 024000018
1 Wali Street SWIFT: IRVTUS3N
Now York, NY 10286 Account: WALKERS
USA Account No: 890-038-678
Reference: §6702-123555 Walkers

Walker House, 87 Mary Steet, Gaorge Town

PLEASE QUOTE INVOICE NUMBER WITH ANY REMITTANCE.
PLEASE REMIT SUFFICIENT TO COVER BANK CHARGES. Grond Cayman K¥1-9081, Cay:

T +1 348 949 CIOO F +1 345 949 7886 wraw.wolkersgiobalcom

Islands



08/01/2007
HC
REF

08/02/2007
MR

HC
HC

( REF

08/03/2007
HC
HC

REF

REF

08/06/2007
REF
HC

Kroll (Cayman) Limited

P.O. Box 1102

Bermuda House, 4th Floor
Cayman Financial Centre

Grand Cayman KY1-1102
CAYMAN ISLANDS:

345 946 0081 Fax 345 946 0082
www.krall.com

August 31, 2007

Philadelphia Alternative Asset Fund Limited

C/o Kroil (Cayman) Limited Client Engagement #:

P.O, Box 1102 GT
George Town, Grand Cayman

Cayman Islands.

RE: Liquidation Services 80

HOURS

LIQUIDATION SERVICES - Review of investor report. 0.80
LIQUIDATION SERVICES - Email from Dilworth re UBS motion. Review

motion and suggestion from RAL re: joint planitiff. Discuss same with

NP, by telephone. 4 emails with David Allison re UBS. 6 emails with

R&C re UBS. 2.20

LIQUIDATION SERVICES - Review of information from Michae! Cordone

re PNC bank analysis. Review and update memorandum re tracing

exercise, 0.80
LIQUIDATION SERVICES - Review legal counsel! fee notes and discuss

with REF, Review Kroll fees. 0.60
LIQUIDATION SERVICES - Collate fee approval documentation and

send to R Sentner. Update files accordingly. 0.80
LIQUIDATION SERVICES - Email and letter Dilworth re funds held by

UBS. Email from SR. Email from Walkers. Emails re confidentiality

agreement between M&C and RAL. Emails re confidentiality of report to

Cayman court. 1.40

LIQUIDATION SERVICES - Emails from investors re status. 0.30
LIQUIDATION SERVICES - Review correspondence from Campbells re

UBS claim. 0.30
LIQUIDATION SERVICES - Email from NP with draft letter for review.

Emails R&C re UBS bill of costs and taxation. Emails (5) with R&C and

David Allison re UBS motion, Emails RAL re expert. Email from R&C

with letter and enclosure from Campbelis. 1.80
LIQUIDATION SERVICES - Email from Investor, Report for investors. 0.40

LIQUIDATION SERVICES - 2 emails David Allison. Email NP re RAL. 0.30
LIQUIDATION SERVICES - Incorporation of REF comments to Investor
report. Review Campbelis letter re UBS claim 1.00

4422 00
Invoice No: 36424

208.00

1,309.00

208.00
156.00

208.00

833.00

78.00

78.00

1,071.00
238.00

4178.50

260.00

H
|



Kroll (Cayman) Limited

June 30, 2007
Client Engagement # 442200

Philadelphia Alternative Asset Fund Limited Invoice No: 36316
RE: Liquidation Services 80 Page No. 2

HOURS

06/05/2007

REF LIQUIDATION SERVICES - 7 emails Waikers re Directors court

application. Telephone call Walkers. Email R&C. 0.80 440,00
Gs LIQUIDATION SERVICES - Preparing summary sheet of tasks

undertaken in the liquidation to accompany the fee analyses. Preparing a

file containing annotiated invoices, summary sheets to support each

month of the time analysis. 3.50 840.00
HC LIQUIDATION SERVICES - Correspondence with investor and Stradiey

Ronan re payment details. 0,30 72.00
DG LIQUIDATION SERVICES - Discussion with HC re: investor distribution

query. Review of emails re: same, Review of draft Walkers letter and

order re: adjudication of Maples claim. Discussion with REF re: same.

Fee analyses. Report to Court. 4.50 1,642.50

06/06/2007
REF LIQUIDATION SERVICES - Letter from R&C. Telephone call MCQC.
Review comments on opinion. 3 email with R&C. Emails with Walkers re
Directors application. Email from Campbells (via R&C) re costs of

application. 2.20 1,210.00
GS LIQUIDATION SERVICES - Amendments to written summary of tasks
undertaken in the liquidation. Apportionment of May 2007 invoice. 1.40 264.00 }
HC LIQUIDATION SERVICES - Prepare email to Committee re fees and |
expenses of the Liquidators and counsel. Prepare finalise analysis,
schedules and supporting documents re same. 2.50 600.00
DG LIQUIDATION SERVICES - Emails to/from M Holligon re: Maples
application. 0.50 182.50
06/07/2007 |
REF LIQUIDATION SERVICES - Emails NP. Emails R&C. Emails re court |
application by directors. Telephone call Receiver & R&C. 4.30 715.00 |
HC LIQUIDATION SERVICES - Preparation of correspondence to i
Committee regarding approval of fees and expenses of the Liquidators
and counsel. Liaise with DG re same. Update fee analyses. 2.00 480.00
DG LIQUIDATION SERVICES - Preparing for and taking part in conference
call with the Receiver ad litem and his counsel re: UBS Cayman. Various
emails to/from M Hoiligon re: Maples. Detailed review of fee information H
pack for Committee members and drafting covering letter. Drafting |
report to Court. 5.50 2,007.50
06/08/2007
REF LIQUIDATION SERVICES - Emails and receive copies of expert reports.
Emails re order of the court. 0.60 330.00
HC LIQUIDATION SERVICES - Review correspondence from Stradiey

Ronan and correspondence with investor re wire details. 0.60 144.00


Ritch & Conolly Invoices
May 2007 — September 2007


[JPWALKERS
26 September 2007

Page 3

Invoice No: 128691

6 Sep 2007

6 Sep 2007

6 Sep 2007

6 Sep 2007

6 Sep 2007

7 Sep 2007

7 Sep 2007

7 Sep 2007

7 Sep 2007
10 Sep 2007
10 Sep 2007
11 Sep 2007
12 Sep 2007
416 Sep 2007
17 Sep 2007
17 Sep 2007
17 Sep 2007
17 Sep 2007
17 Sep 2007
17 Sep 2007
17 Sep 2007
18 Sep 2007
18 Sep 2007
18 Sep 2007
19 Sep 2007
19 Sep 2007
20 Sep 2007
20 Sep 2007
20 Sep 2007
21 Sep 2007
21 Sep 2007
21 Sep 2007
21 Sep 2007
21 Sep 2007
21 Sep 2007
21 Sep 2007
21 Sep 2007
21 Sep 2007
24 Sep 2007
24 Sep 2007
25 Sep 2007
25 Sep 2007
25 Sep 2007
25 Sep 2007
25 Sep 2007

Reviewing amended Petition
Email in Sentner

Email out Sentner

Email in Kroll

Email in Sentner

Email in D Allison

Letter out M&C

Email out D Allison/Kroil
Email in Sentner
Telephone call M&C

Email out D Allison

Email in Stradley

Email in Counsel

Email out Sandie Corbett re Evidence Rules
Email out D Allison

Email in D Allison
Reviewing Civil Evidence Rules
Email in D Allison

Email out D Allison

Email in D Allison

Email out M&C

Email in M&C

Email out Counsel

Email out Sentner

Email in Counsel re M&C
Email out Counsel re M&C
Telephone cail M&C
Email out Counsel

Email in Counsel

Email in Counsel

Email out Counsel

Email in Counsel
Telephone call Kroll, leaving message
Email out Kroll

Email in Kroll

Email out M&C

Email in M&C

Email out Counsel

Email in M&C

Email out Counsel

Email in Counsel's Clerk
Email in D Allison

Email in M&C

Email out M&C

Email in Guy Locke

TOTAL PROFESSIONAL CHARGES

0.30
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.10
0.10
0.10
0.10
0.10
0.10
0.40
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.20
0.20
0.10
0.10
0.10
0.10
0.20

14.10

17.10

165.00
55.00
55.00
55.00
55.00
§5.00
55.00
55.00
55.00

110.00
55.00
55.00
55.00
55.00
65.00
55.00

220.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00

55.00
$5.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
55.00
410.00

4110.00
55.00
55.00
55.00
§5.00

410.00

"$7,755.00

US$9,600.00


Kroll (Cayman) Limited

September 30, 2007
Client Engagement #: 4422 00

Philadelphia Alternative Asset Fund Limited Invoice No: 36464 '

RE: Liquidation Services 80 Page No. § |
HOURS
HC LIQUIDATION SERVICES - Review investor email and draft response. 0.30 78.00

REF LIQUIDATION SERVICES - Email from DP with UBS answer,
counterclaims and cross claims. Review documents received. Further
exchanges of emails with DP. Email NP (no charge). 4 emails with R&C

re listing of preliminary issue. 1.30 773.50
09/27/2007
DG LIQUIDATION SERVICES - Various emails between R & C and South
Square re: preliminary hearing on UBS appeal. 0.50 197.50

REF LIQUIDATION SERVICES - Receive draft contempt motion from SR.
Long email from R&C re decision by Judge Levers on formulation of
preliminary issue. Advice from DA on preliminary issue. Draft letter to

listing officer. Further emails from R&C and DA on draft letter, 4.20 714.00
09/28/2007
DG LIQUIDATION SERVICES - Review points of Reply from Campbells re:
UBS appeal. Review Receiver's website. 2.00 790.00
HC LIQUIDATION SERVICES - Management of engagement records. 0.20 52.00

REF LIQUIDATION SERVICES - Email from DA revised letter officer. Email
from R&C with exchanges with UBS attorney re listing preliminary issue.

Receive UBS points of defence. 1,00 __ 595.00
Current Invoice Fees 86.50 41,350.50
RECAPITULATION
Timekeeper Title Hours Hourly Rate Total
Richard E. Fogerty Partner 40.10 $595.00 $23,859.50
G. James Cleaver Managing Partner 1.50 620.00 930,00
David Griffin Manager 35.70 395.00 14,101.50
Marc Randall Senior 0.80 260,00 208.00
Hadley Chilton Senior 7.90 260.00 2,054.00
Gwynn Hopkins. Manager 0.50 395.00 197.50
7 % Surcharge for administrative service costs 2,894.54 \
Current Fees and Expense: 44,245.04

Total Balance Due.

$44,245.04

WIRE INSTRUCTIONS: JP Morgan/Chase, 1 Chase Manhattan Piaza, New York, NY 10081, U.S.A.
ABA#021-0000-21, Swift: ROYCKYKY, Account; Royal Bank of Canada, Grand Cayman, Account #
001-1-153103. For further credit to beneficiary Kroll (Cayman) Limited and account number
262-154-8.

Piease also refer to client engagement number on your wire instructions.



06/01/2007
GS

REF

REF
HC

DG

06/02/2007
Gs

06/04/2007
Gs

REF

HC

DG

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
Cio Kroil (Cayman) Limited Client Engagement

P.O. Box 1102 GT
George Town, Grand Cayman
Cayman Islands

RE: Liquidation Services 80

HOURS,
LIQUIDATION SERVICES - Preparation of mandatory fee analysis, by
activity and grade of staff, to Support fee application - 12 September
2005 to 31 October 2006. 8.00
LIQUIDATION SERVICES - Emails NP. Emails to and from Walkers re
fee analysis and other outstanding items. 0.80
LIQUIDATION SERVICES - Court report. 0.40
LIQUIDATION SERVICES - Review PAAM website and provide update
to REF and DG. Management of engagement records re same. 0.50
LIQUIDATION SERVICES - Sending UBS affidavits to M Holligon to
prepare for Maples application. Emails to/from MH re: proposed fee
application. Investor queries. Fee analysis queries. 1.80
LIQUIDATION SERVICES - Preparation of mandatory fee analysis, by
activity and grade of staff, to Support fee application - November 2006 to
April 2007. 10.00

LIQUIDATION SERVICES - Finalising fee analyses, Compiling monthly

summary sheets for September 05 2006 to April 2007. Discussing

presentation issues with DG and errors with spreadsheet. 8.00
LIQUIDATION SERVICES - 5 emails with Walkers. Discuss response to

M&C with DG. Appeal of decision in claim by UBS. 3 emails from R&C.

Email from Receiver's attorney. Draft letter and order for Directors

application. Receiver's schedule of costs from attorney for UBS. 2.30
LIQUIDATION SERVICES - Provide response to investor's audit query.

Foliow up with investor re correct wire instructions. Liaise with DG re

same, 0.60
LIQUIDATION SERVICES - Discussions with M Holligon re: advice on

Maples application. Discussing same with REF. Fee analyses for

Committee. 3.00

dune 30, 2007

# == 4422 00

Invoice No: 36316

1,920.00

440,00
220.00
120.00

657.00

2,400.00

1,920.00

1,265.00

144.00

1,095.00



Professional Fees of Mr David Allison
VAT Registration No: 744 2364 38

Kroll (Cayman) Limited

PO Box 1102 GT

Bermuda House, 4th Floor
Dr. Roy's Drive,
GeorgeTown,Grand Cayman

Solicitor Ref No. Richard Fogerty/David Date 10 October 2007
Griffin

3-4 South Square
Gray’s Inn
London

WCIR SHP

Tel : 020 7696 9900
Fax, : 020 7696 9911

DX 1338 (Chancery Lane)
Case Ref. 64192

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)

LTD
Date Description Fees VAT
09 Jul 2007 Perusing and Reading Part of Files 1-12 of 2250.00 0.00
Documents for Joint Opinion
10 Jul 2007 Perusing and Reading Part of Files 1-12 for Joint 2375.00 0.00
Opinion, Advising by Telephone with Cayman
Solicitors; Consultation (Counsel only) with
Michael Crystal QC.
11 Jul 2007 Perusing Papers and Finishing Review of Files 2025.00 0.00
1-12; Drafting Joint Opinion.
12 Jul 2007 Perusing Papers )
Further Work on Joint Opinion )
Perusing Papers and Advising by Telephone ] 1025.00 0.00
14 Jul 2007 Perusing Papers )
Working on Joint Opinion ] 675.00 0.00
17 Jul 2007 Consultation (Counsel only) with Michael Crystal 225.00 0.00
OUTSTANDING FEES £C/FWD
OUTSTANDING VAT £C/FWD
TOTAL OUTSTANDING £C/FWD

PLEASE MAKE CHEQUE PAYABLE TO Mr David Allison

This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED

PLEASE QUOTE CASE REFERENCE NO.ON ALL CORRESPONDENCE


Nixon Peabody LLP
Invoice # 8883508 Page 2

For Charges and Disbursements:

Date

05/03/07
05/03/07
05/07/07
05/19/07

06/13/07
06/13/07
06/19/07

Description
Spiderphone conference call 4/02/07
Spiderphone conference call 4/03/07
4/18/07- Taxi fare
VENDOR: Parcels, Inc.; INVOICE#: 6152; DATE: 5/19/2007 -
Messenger Service - NP to US District Court Eastern District
Spiderphone conference call 5/30/07
Spiderphone conference call 5/30/07
Spider Phone Conference: 400953 - R. Sentner (Phila Asset)
Conference Call
TOTAL CHARGES AND DISBURSEMENTS

TOTAL FOR MATTER — MAN FINANCIAL CO.:

Total Fees setteeeneee $
Total Charges and Disbursement: $
Total Time and Costs $

TOTAL FOR STATEMENT:

Amount
4.08
19.00
23.00
15.00

13.43
20.40
13.62

$108.53

$5,906.53

5,798.00
108.53
5,906.53
$5,906.53



Invoice #:

Jul-08-07

Jul-09-07

Jul-10-07

Jul-16-07

Jul-17-07
Jul-18-07
Jul-25-07
Jul-27-07

Jul-30-07

Jul-31-07

‘Aug-01-07

Aug-02-07
Aug-03-07

73967 Page 2

Reviewing e-mails from Alex
Horsbrugh-Porter.

Reviewing e-mails from Alex
Horsbrugh-Porter and David Griffin; e-mail to
Alex Horsbrugh-Porter.

Emails to David Griffin on Stay of

Proceedings
Email to Dilworth on UK Counsel
Reviewing e-mails from Alex

Horsbrugh-Porter; e-mail to Alex

Horsbrugh-Porter.
Reviewing e-mail from Alex Horsbrugh-Porter

re Campbells' Bill of Costs.
Email to Guy Manning

Email to Kroll re Bill of Costs
Reviewing Bill of Costs

Email to Colin Shaw re experts
Reading Counsel Opinion

Emails to Campbells and Kroll on Costs

Reviewing Advice for meeting with Michael
Crystal Q.C.

Travelling to and meeting with Kroll, Michael
Crystal and call with Dilworth Paxton

Email to Dilworth Paxton on Kroll call

Drafting letters on directions and costs for
Campbells
Emails to David Allison

Research on Preliminary Issues
Drafting Response to Campbell's letter
Email to Kroll and David Allison on letter

Emails to David Allison and Kroll on
Directions and Administration Agreement
Email to Dilworth on monies held by UBS

Emails to David Allison and Kroll on letters to
Campbells
Drafting Statement of Objections

Sending Letters to Campbells

Emails on calls with the US Attorneys

0.20

0.50

0.40

0,50
0.20

0.20

0.40
0.90
1.20
0.60
1.60
0.40
1.10

1.90

0.30
0.70

0.40
0.80
1.30
0.40
0.70

0.70
0.30

2,50
0.50
0.40

September 13, 2007

90.20

225.50

141.04

176.30
90.20

90.20

141.04
317.34
423.12
211.56
564.16
141.04
387.86

669.94

105.78
246.82

141.04
282.08
458.38
141.04
246,82

246,82
105.78

881.50
176.30
141.04

CB

CB

AHP

AHP
CB

CB

AHP
AHP
AHP
AHP
AHP
AHP
AHP

AHP

AHP

AHP
AHP
AHP
AHP
AHP

AHP
AHP

AHP
AHP
AHP


Mark Holligon
Philadelphia Alternative Asset Fund, LP

c/o Walkers

P.O. Box 2656T
Grand Cayman, CAY
British Virgin Islands

FEDERAL LD. NO, 16-0764720

Nixon Peabody LLP

Attorneys at Law
437 Madison Avenue
New York, NY 10022

{212) 940-3000
FAX: (242) 940-3111

May 21, 2007
Invoice No. 8864473

Account: 039875
Terms: Due Upon Receipt

FOR PROFESSIONAL SERVICES RENDERED through April 30, 2007, including:

MATTERNO. 000001 GENERAL

For Professional Fees:

Date Timekeeper Hours Description of Services

04/06/07 __—‘T. Schroder 0.20 Review of order scheduling a case management
conference.

04/17/07 sR. Bergmann 0.20 Confer with R. Sentner regarding objection hearing.

04/17/07 «RR. Bergmann 0.40 Revise letter to Judge Baylson.

04/17/07 RR. Bergmann 0.20 Confer with R. Sentner regarding service of letter to Court
and hearing issues. Review case on PACER.

04/18/07 sR. Bergmann 2.00 Travel and attend disqualification hearing of Stradley
Ronin.

04/25/07 sR. Bergmann 0.40 Review and assist with assembling letter to Judge
Baylson. Confer with R. Sentner regarding letter to Judge
Baylson.

TOTAL HOURS: 3.40

TOTAL FEES: $1,626.00


Kroll (Cayman) Limited

July 31, 2007

Client Engagement #: 4422 00

Philadelphia Alternative Asset Fund Limited invoice No: 36386
RE: Liquidation Services 80 Page No. 5

HOURS

REF LIQUIDATION SERVICES - Telephone call Receiver ad litem.

Telephone cail Dilworth. Emaiis with RAL. Draft and swear affidavit for

application to Grand Court. Email NP re application made by Receiver in

Canada. Email Walkers re application. Numerous emails with SR re

application in Canada and settlement with Laura Eustace. 2.60 1,547.00
REF LIQUIDATION SERVICES - Telephone call and emails with Committee.

Minutes of committee meeting. 1.00 595.00

07/20/2007
MR LIQUIDATION SERVICES - Discussions with DG re tracing of funds.
Read documents re application by the Receiver to the Court to take
posession of the assets of Paul Eustace. 3.00 780.00
REF LIQUIDATION SERVICES - Attendance at Court. Receive and review
order of Grand Court. Review draft order in proceedings in Canada.
Receive and review draft settiement with Laura Eustace. Emails with
Stradley re Canada. Rejection letters re MFL and UBS. Emails with
Walkers, Emails with R&C re costs of UBS in Cayman proceedings. 2.60 1,547.00
DG LIQUIDATION SERVICES - Emails re: Canada issues. Reviewing draft
order from M Cordone re: Receiver's application to Ontario Supreme
Court. Sending MFL and UBS Cayman rejection letters to B Sentner for
onward transmission to Dilworth Paxon. Discussion with MR re: tracing
exercise for Canadian assets. Emails to and from B Sentner re:
application to approve budget. Review Ruling of Chief Justice re: fee
application. Discuss same with REF. 3.20 1,264.00

07/23/2007

MR LIQUIDATION SERVICES - Preparation of memorandum re tracing of

claims against Eustace. Email to M Cordone re obtaining bank account

analysis. 6.50 14,690.00
REF LIQUIDATION SERVICES - Emails re revision to R&C budgets. 4

emails with NP. Telephone cail Walkers. Receive and review emails

from court re revised court order from Chief Justice. Email from MCQC.

Email Walkers re budget application to Grand Court. 4.80 1,071.00
REF LIQUIDATION SERVICES - Receive and review further draft and then

sign minutes of committee meeting. 0.50 297.50
DG LIQUIDATION SERVICES - Reviewing schedules from Stradley Ronon |

re: tracing of funds held in Canada. Recaiculating fees and expenses for |

the period from 1 Nov 2006 to 31 May 2007 using rates approved in

Chief Justice's Ruling. Adjusting rates in budget. Sending revised

versions to M Holligon. Reviewing published figures on inflation in the

Cayman Islands in 2006 and 2007. Discussing same with REF and GJC, 3.50 1,382.50



I{IWALKERS Page 3

42 July 2007 ___ Invoice No: 123555
4 Jun 2007 Email in Alex H-Porter re strategy 0.10 55.00
4 Jun 2007 Email in J Rodgers 0.10 55.00
4 Jun 2007 Email in Alex H-Porter re strategy 0.10 55,00
4 Jun 2007 Email out Alex H-Porter re strategy 0.10 55.00
4 Jun 2007 Email in Alex H-Porter re strategy 0.10 56.00
4 Jun 2007 Email out Alex H-Porter re strategy 0.10 55.00
4 Jun 2007 Email in Alex H-Porter re strategy 0.10 55.00
4 Jun 2007 mail out Alex H-Porter re strategy 0.40 55.00
4 Jun 2007 Email in Alex H-Porter re strategy 0.10 56.00
4 Jun 2007 Email out Alex H-Porter re strategy 0.10 55.00
4 Jun 2007 Email out Kroll re draft Order 0.10 §5.00
4 Jun 2007 Email out Kroll 0.10 55.00
4 Jun 2007 Discussion Sandie Corbett re letter to M&C. 0.20 410.00
4 Jun 2007 Research - agency issue 2.00 1,100.00
§ Jun 2007 Email out Kroll re M&C letter 0,10 55.00
5 Jun 2007 Email in Kroll re M&C letter 0.10 55.00
5 Jun 2007 Email out Kroll re M&C letter 0.10 55.00
§ Jun 2007 Email in Kroll re M&C letter 0.10 55.00
5 Jun 2007 Email in Kroll re M&C letter 0.10 55.00
5 Jun 2007 Email out Kroll re M&C letter 0.10 65.00
5 Jun 2007 Email out J Rodgers re M&C 0.10 55.00
5 Jun 2007 Email in J Rodgers re M&C 0.10 55.00
§ Jun 2007 Telephone cail J Rodgers re M&C 0.10 55.00
5 Jun 2007 Email out M&C 0.10 55.00
§ Jun 2007 Telephone call M&C 0.20 110,00
§ Jun 2007 Amending Order 0.10 55.00
5 Jun 2007 Email out Kroll re M&C Order 0.10 55.00
5 Jun 2007 Email out Kroll re M&C Order 0.10 55.00
§ Jun 2007 Email in Kroll re M&C 0.10 §5.00
5 Jun 2007 Email out Kroll re M&C 0.10 55.00
5 Jun 2007 Telephone cail Kroll re fee application 0.10 65.00
5 Jun 2007 Telephone call Kroll re fee application 0.10 55.00
5 Jun 2007 Email in Alex H-Porter 0.10 55.00
5 Jun 2007 Research 4,00 550.00
6 Jun 2007 Amending Order. 0.30 165.00
6 Jun 2007 Amending Order. 0.30 165.00
6 Jun 2007 Discuss M&C fee issue with GAL/SC. 1.00 550.00
6 Jun 2007 Email out Kroll with draft Order. 0.10 55.00
6 Jun 2007 Email in Kroil re Order. 0.10 55.00
6 Jun 2007 Telephone call re Order. 0.10 55.00
6 Jun 2007 Telephone call re Order. 0.10 55.00
6 Jun 2007 Email out M&C. 0.10 55.00
6 Jun 2007 Email in M&C. 0.10 65.00
6 Jun 2007 Email out M&C. 0.10 §5.00
6 Jun 2007 Email out Kroll. 0.10 §5.00
6 Jun 2007 Research authorities 3.50 1,925.00
6 Jun 2007 Email in M&C (5/6/07) 0.10 55.00
6 Jun 2007 Email in SC re M&C proposal. 0.10 $5.00
7 Jun 2007 Discussion with Sandie Corbett re M&C email. 0.30 165.00
7 Jun 2007 Email in M&C. 0.10 55.00
7 Jun 2007 Email out Kroll re M&C email. 0.10 55.00
7 Jun 2007 Email out Kroll re M&C email. 0.10 55.00
7 Jun 2007 Telephone cai! Kroll re M&C email. 0.10 55.00
7 Jun 2007 Email out Kroll re M&C email. 0.10 55.00
7 Jun 2007 Email in Kroll re M&C email. 0.10 55.00

7 Jun 2007 Email in Kroll re M&C email. 0.10 55.00


Professional Fees of Mr David Allison
VAT Registration No: 744 2364 38

3-4 South Square
Kroll (Cayman) Limited Gray’s Inn
PO Box 1102 GT London
Bermuda House, 4th Floor WCIR SHP.
Dr. Roy's Drive, Tel + 020 7696 9900
GeorgeTown,Grand Cayman Fax + 020 7696 9911
i DX + 338 (Chancery Lane)
Solicitor Ref No. Richard Fogerty/David Date 10 October 2007 Case Ref. 64192

Griffin

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)
LID

Date Description Fees VAT
(Continued from previous page) Fees B/FWD 8575.00 0.00
17 Jal 2007 Qc
Drafting Amendment )
18 Jul 2007 Finalising Opinion, including Telephone Conference 125.00 0.00
with Michael Crystal QC and e-mail to Kroll
19 Jul 2007 Advising by Telephone (2) 125.00 0.00
27 Jul 2007 Perusing Papers and Preparation )
Advising by Telephone (2) ] 675.00 0.00
30 Jul 2007 Perusing Papers - Emails and Draft Correspondence 125.00 0.00
|31Jul 2007 —_-Perusing Papers )
H Drafting Letter )
Advising by Telephone ] 450.00 0.00 |

OUTSTANDING FEES £C/FWD
OUTSTANDING VAT £C/FWD
TOTAL OUTSTANDING £C/FWD

PLEASE MAKE CHEQUE PAYABLE TO Mr David Allison

| This fee note supersedes previous fee notes

i
t

VALID ONLY WHEN RECEIPTED PLEASE QUOTE CASE REFERENCE NO.ON ALL CORRESPONDEN

Page no; 2


Professional Fees of Mr David Allison
VAT Registration No: 744 2364 38

1
i 3-4 South Square
Kroll (Cayman) Limited Gray’s Inn
PO Box 1102 GT London
Bermuda House, 4th Floor | WCIR SHP
Dr. Roy's Drive, j Tel : 020 7696 9900
GeorgeTown,Grand Cayman Fax : 020 7696 9911
| DX : 338 (Chancery Lane)
Solicitor Ref No. Richard Fogerty/David Date 10 October 2007 Case Ref. 64192

Griffin

PHILADELPHIA ALTERNATIVE ASSET FUND LTD - UBS FUND SERVICES (CAYMAN)
LTD

| Date Description Fees VAT
(Continued from previous page) Fees B/FWD 11330,00 5.25
21 Aug 2007 21-22/8/07) )
Perusing Papers and Advising in Conference by 2600.00 0.00
Telephone |
23 Aug 2007 Perusing Papers and Preparation re: Evidence Laws; 675.00 0.00

Drafting Order (2); Telephone Conferences (2).

24 Aug 2007 Perusing Papers and Preparation ; Advising by 800.00 0.00
e-mail; Telephone Consultation with Michael
Crystal QC (Counsel only); Telephone Conferences
Q).

27 Aug 2007 On 26 and 27 August 1025.00 0.00
Perusing Papers and Preparation re: Bundle;
Drafting Reply to Other Side's Skeleton Argument
and Advising by e-mails.

OUTSTANDING FEES £C/FWD |
OUTSTANDING VAT £C/FWD 1

TOTAL OUTSTANDING EC/FWD
PLEASE MAKE CHEQUE PAYABLE TO Mr David Allison

This fee note supersedes previous fee notes

VALID ONLY WHEN RECEIPTED PLEASE QUOTE CASE REFERENCE NO.ON ALL CORRESPONDENCE

Page no: 4


Kroll (Cayman) Limited

July 31, 2007
ClientEngagement# 4422 00
Phitadeiphia Alternative Asset Fund Limited invoice No: 36386
RE: Liquidation Services 80 Page No. 8
Timekeeper Title Hours Hourly Rate Totat
G. James Cleaver Managing Partner 4.10 620.00 682.00
David Griffin Manager 67.00 395.00 26,465.00
Marc Randall Senior 17.20 260.00 4,472.00
Hadley Chilton Senior 12.60 260.00 3,276.00
Gemma Sherwood Senior 5.90 260.00 1,534.00
Novelette Bodden Admin Assistant 2.50 120.00 300.00
7 % Surcharge for administrative service costs 4,262.02
Direct Expenses 274.39
Current Expenses through 07/31/2007 274,39
Current Fees and Expenses. 65,422.41
Total Balance Due. $65,422.41

WIRE INSTRUCTIONS: JP Morgan/Chase, 1 Chase Manhattan Plaza, New York, NY 10081, U.S.A.

ABA#021-0000-21, Swift! ROYCKYKY, Account: Roya! Bank of Canada, Grand Cayman, Account #
001-1-153103. For further credit to beneficiary Kroll (Cayman) Limited and account number
262-154-8.

Please also refer to client engagement number on your wire instructions.