Kroll (Cayman) Limited

March 31, 2008 i
Client Engagement#: 4422 00 |
1

Philadelphia Alternative Asset Fund Limited Inveice No: 36930
RE: Liquidation Services 80 Page No. 4 j
HOURS
HCO LIQUIDATION SERVICES - Review Receiver's website and telephone
conference with Receiver, 0.40 104.00 |
HC LIQUIDATION SERVICES - Correspondence with investors re remaining H
issues regarding releases. Review records and provide information to
assist investors. 1.20 312,00
Current Invoice Fees 55.40 18,491.00
RECAPITULATION
Timekeeper Title Hours Hourly Rate Total
Richard E. Fogerty Partner 12.20 $595.00 $7,259.00
Hadley Chilton Senior 43.20 260.00 11,232.00
7 % Surcharge for administrative service costs 1,294.37
Current Fees and Expenses... 19,785.37
Total Balance Due... $19,785.37

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 #
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.


02/19/2008
HC

TF

REF
REF
REF

02/20/2008
HC
HC
HC
TF
REF
REF

02/21/2008

HC
TF

02/22/2008
HC
HC

He
REF

REF
REF

02/25/2008
HC

REF

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - Liaise with TF and REF re email to investors
and email to Eyewaves re UBS release. Finalise same. Correspondence
with investors re releases and distributions. Dealing with changes of
contacts

LIQUIDATION SERVICES - Review of outgoing emails to investors.
Emails to REF re. same. Case management.

LIQUIDATION SERVICES - 4 emails NP. 2 email SR.

LIQUIDATION SERVICES - 3 emails committee.

LIQUIDATION SERVICES - 7 emails investors.

LIQUIDATION SERVICES - Telephone conferences with investors re
shareholdings, releases and LP fund, Correspondence with investors re
same issues.

LIQUIDATION SERVICES - Liaise with TF re case progression. Create
task list.

LIQUIDATION SERVICES - Engagement administration.
LIQUIDATION SERVICES - Review of outstanding matters schedule.
Amends to same. Discussion with HC re. same. Case management.
Review of outgoing emails to creditors (x 3) re. releases.
LIQUIDATION SERVICES - Emails re Maples settlement.
LIQUIDATION SERVICES - Emaiis re website.

LIQUIDATION SERVICES - Receipt and review fee notes from counsel.

LIQUIDATION SERVICES - Review of outgoing emails re. releases (x 2).

Case management.

LIQUIDATION SERVICES - Telephone conferences with MH re hearing.
LIQUIDATION SERVICES - Correspondence with investors re release
forms.

LIQUIDATION SERVICES - Correspondence with Ritch & Conolly re
fees. Liaise with REF re same.

LIQUIDATION SERVICES - Email committee.

LIQUIDATION SERVICES - 4 emails to investors.

LIQUIDATION SERVICES - Emails R&C, Emails re MFG covenant and
order of Cayman court.

LIQUIDATION SERVICES - Correspondence with investors re releases
and requisite documents.
LIQUIDATION SERVICES - Email NP.

February 29, 2008

Client Engagement #:

4422 00

Invoice No: 36900

HOURS

0.40
0.70
0.30
0,90

2.00
1.00
0.40

1.00
0.20
0.20
0.30

0.30

4.00
9.30
0.10
0,50

0.60

1.80
0.10

Page No. 4

650.00
158.00
416,50

178.50
535.50

520.00
260.00
104.00

395.00
119.00
119.00

78.00

118.50

78,00
260.00
78.00
59.50
287.50

357.00

468,00
59.50


05/01/2008
REF

REF
HC

05/02/2008
REF

05/05/2008
REF

05/06/2008
HC

REF
05/07/2008
HC
HC
REF
05/08/2008
HC
REF
REF

05/09/2008
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

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. kroll.com

May 31, 2008

Client Engagement #: 4422 00
Invoice No: 37068

HOURS i

|
LIQUIDATION SERVICES - Receive order of Philadelphia court. 6 i
emails NP (no charge).
LIQUIDATION SERVICES - Email to investor (no charge).
LIQUIDATION SERVICES - Correspondence with investor re transfer of
shares, 0.50 142.50
LIQUIDATION SERVICES - Email from SR with draft agreement with
Laura Eustace. 0.20 130.00
LIQUIDATION SERVICES - 3 emails NP (no charge) |
LIQUIDATION SERVICES - Liaise with REF re fee applications, Forward.
letter from Receiver ad litem to R. Sentner. 0.40 114.00
LIQUIDATION SERVICES - Emails NP and DP (no charge).

|
LIQUIDATION SERVICES - Correspondence with investor re releases. 0.40 114.00
LIQUIDATION SERVICES - Management of engagement records (no
charge). 0.50
LIQUIDATION SERVICES - Emails SR and NP (no charge).
LIQUIDATION SERVICES - Correspondence with investors re status
and respond to audit request. Correspondence with US Receiver and
investor re releases. 1,40 399.00
LIQUIDATION SERVICES - 8 emails NP (restrict charge to 0.10). 0.10 65.00
LIQUIDATION SERVICES - Email SR and directly with investors. 0.30 195.00
LIQUIDATION SERVICES - Correspondence with investors re status. 0.80 228.00



HC

HC

01/14/2008
KD

EF
REF

REF
TF
HC
HC
HC

01/15/2008
REF

REF
REF

REF
HC

HC

HC

01/16/2008

MR

REF

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - Calls to committee members re covenant
not to sue.

LIQUIDATION SERVICES - Review letter from Maples. Review directors’
settiement documents. Review release from Receiver, Compile fee notes
for committee review, Liaise with TF and REF.

LIQUIDATION SERVICES - Attempt telecon to S. Vazquez of CIMA re:
annual fees. Discussion with HC re: status update.

LIQUIDATION SERVICES - Client accounting for receipts and expenses
LIQUIDATION SERVICES - Emails and discussions re release that Man
has requested from Investors. Emails SR. 6 emails NP. Further emails
on objections.

LIQUIDATION SERVICES - Emails with committee.

LIQUIDATION SERVICES - Email to Bob Sentner re. filed version of
Objection to Receivers Motion. Case management - review of outgoing
emails (x 2).

LIQUIDATION SERVICES - Correspondence with KD and REF re CIMA
fees.

LIQUIDATION SERVICES - Correspondence with Kroll UK re invoice.
LIQUIDATION SERVICES - Correspondence with investors re share
transfer requests.

LIQUIDATION SERVICES - 10 emails NP. Email Walkers. 6 emails re
objection to Receiver motion. Receive amended settlement documents
re UBS and Maples directors.

LIQUIDATION SERVICES - Documents for website.

LIQUIDATION SERVICES - Document for investors re release requested
by Man.

LIQUIDATION SERVICES - Emails committee.

LIQUIDATION SERVICES - Investigations to verify information regarding
transfer of shares.

LIQUIDATION SERVICES - Correspondence with counsel re objection to
Receiver's motion. Receipt and review correspondence from Receiver
and draft email to investors re releases. Liaise with service provider re
addition to liquidation website.

LIQUIDATION SERVICES - Email to committee re meeting.
Correspondence with committee re same.

LIQUIDATION SERVICES - Prepare schedule of fees for Court
application
LIQUIDATION SERVICES - 4 emails from investors,

January 34, 2008

Client Engagement #:

4422 00

Invoice No: 36829

HOURS.

0.50

2.50

0.20
0.40

1.40
0.20
0.30

0.30
0.30

0.60

2.20
0.20

0.40
0.20

0.60

2.00

0.60

0.80
0,50

Page No. 4

130.00

650.00

44,00
48.00

833.00
119.00
118.50

78,00
78.00

156.00

1,309.00
119.00

238.00
119.00

156.00

520.00

156.00

208.00
297.50


04/01/2008
REF
HC

HC

04/02/2008
REF

HC

HC

HC
04/03/2008

HC

HC

REF

04/04/2008
REF
REF
HC.
NB

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

LIQUIDATION SERVICES - Emails with investors.

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

Grand Cayman KY1-1102
CAYMAN ISLANDS

345 946 0081 Fax 345 946 0082
wwww.kroll.com,

April 30, 2008

ClientEngagement# 4422 00
Invoice No: 36981

LIQUIDATION SERVICES - Liaise with Stradley, REF and Nixon
Peabody re UBS and covenant not to sue. Correspondence with Stradley

re call. Preparation for call.

LIQUIDATION SERVICES - Correspondence with investors re audit
requests. Liaise with Stradley and investors re documents required in

support of releases.

LIQUIDATION SERVICES - Preparation for emails, with and take part in
conference cail SR, NP & Walkers. Emails re UBS and Man settlements.
LIQUIDATION SERVICES - Liaise with Nixon Peabody and telephone
conference with same. Liaise with REF, prepare for and attend call with
Receiver. Discuss remaining tasks. Liaise with Walkers re Maples
covenant.

LIQUIDATION SERVICES - Emails with investors re releases and
assignment of shares.

LIQUIDATION SERVICES - Correspondence with Stradiey re releases.
Review files for original documents.

LIQUIDATION SERVICES - Liaise with Mark Dorval re investor releases
and supporting documents,

LIQUIDATION SERVICES - Liaise with Walkers re UBS settlement
proceeds and re Maples settlement. Liaise with REF re invoices.
Correspondence with Stradley re payment of settlement proceeds.
LIQUIDATION SERVICES - Emails SR,

LIQUIDATION SERVICES - Emails.

LIQUIDATION SERVICES - Emails Walkers and SR.

LIQUIDATION SERVICES - Receipt and review invoice from Walkers.
LIQUIDATION SERVICES - Engagement administration.

HOURS
0.30 195.00
2.00 $70.00
2.50 712.50
4.70 4,105.00
2.00 $70.00
1.50 427,50
0.80 228.00
1.50 427.50
2.20 627,00
0.20 130.00
0.30 195.00
0.40 260.00
0.30 85.50
0.10 12.00



Kroll (Cayman) Limited

April 30, 2008 i

Client Engagement #: 4422 00
Philadelphia Alternative Asset Fund Limited Invoice No: 369814
RE: Liquidation Services 80 Page No. 3
Timekeeper Title Hours. Hourly Rate Total
Koriel Drummond Case Administrator 0.10 220.00 22.00
Hadley Chilton Senior 15.60 285.00 4,446.00
Dian Wardle Assistant Manager 0.60 350.00 210.00
Novelette Bodden Admin Assistant 0.10 4120.00 12,00 /
7 % Surcharge for administrative service costs 519.40 |
Current Fees and Expenses. 7,939.40
Total Balance Due... $7,939.40

WIRE INSTRUCTIONS: JP Morgan/Chase, 1 Chase Manhattan Plaza, New York, NY 10081, U.S.A.
ABA#O21-0000-21, 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.

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



Kroll (Cayman) Limited

March 31, 2008
Client Engagement #: 4422 00

Philadelphia Alternative Asset Fund Limited Invoice No: 36830
RE: Liquidation Services 80 Page No. 2
HOURS
REF LIQUIDATION SERVICES - 3 emails investors. 0.30 178.50
REF LIQUIDATION SERVICES - 5 emails NP. 0.50 297.50
03/10/2008
HC LIQUIDATION SERVICES - Review draft REF 9th affidavit and
appendices. 4.20 312.00
HC LIQUIDATION SERVICES - Liaise with investors re releases and
documentation required. Correspondence with Receiver re same. 2.60 650.00
REF LIQUIDATION SERVICES - Emails Walkers. Receive 9th affidavit. 0.50 297.50
03/1 1/2008
HC LIQUIDATION SERVICES - Review and amend REF affidavit.
Telephone conferences with Walkers re same. Deliver affidavit. 2.50 850.00
REF LIQUIDATION SERVICES - Review, comment and approve 9th affidavit,
Emails re M&C settlement, 1.40 833.00
03/12/2008
HC LIQUIDATION SERVICES - Emails from counsel re covenants not to
sue, 0.30 78.00
HC LIQUIDATION SERVICES - Emails and telephone conferences with
investors re settled list details, releases and liquidation status. Liaise with
REF re same. 2.40 624.00
REF LIQUIDATION SERVICES - Attend court hearing. Emails SR and DP. 1.10 654.50
REF LIQUIDATION SERVICES - Emails with investors re release. 0.70 416.50
03/13/2008
HC LIQUIDATION SERVICES ~ Liaise with investors re contact details,
shareholdings and releases. Emails with REF re same. 3.00 780.00
HC LIQUIDATION SERVICES - Management of engagement records, 0.50 130.00
REF LIQUIDATION SERVICES - Emails with Investors re releases. 0.90 $35.50
03/14/2008
HC LIQUIDATION SERVICES - Telephone conferences with investors and
custodians re releases. Assist investors with requisite documentation. 2.50 650.00
REF LIQUIDATION SERVICES - Emails re releases. 0.30 178.50
REF LIQUIDATION SERVICES - Email Walkers. 0.10 59.50
03/17/2008
HC LIQUIDATION SERVICES - Liaise with investors re releases and
required documents. 1.80 468.00
REF LIQUIDATION SERVICES - Consents not to sue, Emails Walkers. 0,50 297.50
03/18/2008
He LIQUIDATION SERVICES - Liaise with investors re releases and

required documents. 2.00 520.00



Kroll (Cayman) Limited

January 31, 2008
Client Engagement #4422 00

Philadelphia Alternative Asset Fund Limited Invoice No; 36829
RE: Liquidation Services 80 Page No. 9

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 #
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.



01/21/2008
REF

REF

TF

01/22/2008

KD

REF

REF

TF

HC
HC
HC
HC

01/23/2008
esc
REF
REF
TF
HC
HC

HC

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - Review memo of law filed by Receiver, for
discussion with NP. Telephone call NP, Email re lega! costs. 5 emails
with NP.

LIQUIDATION SERVICES - Preparation for conference call with
committee. 10 ernails re committee meeting and to and from committee.
Agenda items for committee meeting.

LIQUIDATION SERVICES - Internal discussions re. documents filed at
court concerning the Receivers Motion,

LIQUIDATION SERVICES - Review client accounting re: payments.
Correspondence to |. Ramos.

LIQUIDATION SERVICES - Preparation and chair meeting of committee.

10 emails with committee members. Review and agree distribution
schedules to be sent to committee.

LIQUIDATION SERVICES - Telephone calls NP. 12 emails NP. Review
letter to SR. Email from SR.

LIQUIDATION SERVICES - Preparation of settlement figures for
Committee call. Attended Committee call. Preparation of settlement
schedule for distribution to Committee members.

LIQUIDATION SERVICES - Liaise with committee re provision of
distributions documents and finalising committee meeting details.
LIQUIDATION SERVICES - Prepare for, attend and minute committee
meeting. Emails to commitee members re resolutions.

LIQUIDATION SERVICES - Liaise with Walkers re South Square.
LIQUIDATION SERVICES - Correspondence with committee and TF re
onshore/offshore split.

LIQUIDATION SERVICES - Final review of the Maples settlement.
LIQUIDATION SERVICES - Telephone call NP. 10 emails NP. Email
SR.

LIQUIDATION SERVICES - Emails committee. Review research done to
respond to committee query.

LIQUIDATION SERVICES - Emails to Bob Sentner (x 3). Amends to
settlement allocation schedule (x 2). Internal discussions re. same.
LIQUIDATION SERVICES - Telephone conference with and provide
liquidation information to committee member.

LIQUIDATION SERVICES - Liaise with TF and REF re onshore/offshore
split rationale.

LIQUIDATION SERVICES - Engagement administration.

January 31, 2008
Client Engagement #: 4422 00
Invoice No: 36829

HOURS

2.30

1.80

9.30

0.10

2.90
0.80

3.50
0.30

1.00

0.30

0.40

1.30

0.80

0.50
0.50

PageNo. &

4,368.50

1,071.00

118.50

22.00

1,725.50

1,249.50

1,145.50
208.00

910,00
78.00

260.00

186.00
4,011.50
238.00
$13.50
208.00

130.00
130.00


REF
REF
TF

HC
HC

HC
HC
HC
01/17/2008
REF
REF
REF
HC
HC

HC
HC

01/18/2008
REF

REF
REF
TF

TF

HC

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - 6 emails SR. 5 emails on release by Man. 6
emails NP. Email DP. 4 emails on objection against Receiver motion,
LIQUIDATION SERVICES - Email re meeting of committee. 7 emails
with members of committee.

LIQUIDATION SERVICES - Emails to Cordone re. Disclosure of investor
assignments (x 2). Discussion with REF re. same.

LIQUIDATION SERVICES - Correspondence with investors re releases.
LIQUIDATION SERVICES - Liaise with REF and committee members to
organise meeting.

LIQUIDATION SERVICES - Review Kroll UK bill and liaise with TF re
same.

LIQUIDATION SERVICES - Liaise with Receiver re investors and
responding to investor queries.

LIQUIDATION SERVICES - Liaise with TF re onshore/offshore split.

LIQUIDATION SERVICES - 10 emails NP. Review covenant not to sue
and other settlement documents. Discuss settlement TF. Emails NP on
compromise with Receiver, including review of filings.

LIQUIDATION SERVICES - 5 emails on investor claims.

LIQUIDATION SERVICES - 10 emails re committee meeting, including
emails with members.

LIQUIDATION SERVICES - Responding to investor queries. Research to
verify investor identity. Research re investors’ contact details. Update
settied list.

LIQUIDATION SERVICES - Organisation of committee meeting.
LIQUIDATION SERVICES - Review of Maples settlement documents.
LIQUIDATION SERVICES - Finalise compilation of invoices from
counsel and liquidators, Liaise with counsel re same. Email to
committee.

LIQUIDATION SERVICES - Receive brief, affidavit, exhibits, etc. filed by
Receiver, from SR. Review documents. 8 email NP. 5 emails re investor
release required by Man

LIQUIDATION SERVICES - 3 emails with committee.

LIQUIDATION SERVICES - Email with investor.

LIQUIDATION SERVICES - Emails to Declan McAdams (x 2) re. MF
Settlement. Review of responses received.

LIQUIDATION SERVICES - Print and review of documents filed at court
concerning Receivers Motion (distribution letter, distribution brief,
distribution declaration, distribution affidavit & exhibits). Draft email
summary of same, Discussions with engagement team re. same.
LIQUIDATION SERVICES - Review distributions documents of Receiver.
investor queries.

January 31, 2008
Client Engagement #: 4422 00

Invoice No: 36829

HOURS.
2.40
0.70

0.50
4.00

1.00

1.00
0.50

3.00
0.60

0.90
1.50

0.80
1.00

1,50

2.30
0.30
0.10

0.30

1,80

2.20

Page No. 5

1,428.00
416.50

197.50
260,00

260.00
52.00

260,00
430.00

1,785.00
357.00

535.50
390,00

208.00
260.00.

380.00

1,368.50
178.50
59.50

118.50

711.00

572.00

|



Kroll (Cayman) Limited

March 31, 2008
Client Engagement # 4422 00

Philadelphia Alternative Asset Fund Limited Invoice No: 36930
RE: Liquidation Services 80 Page No. 3
HOURS
HC LIQUIDATION SERVICES - Liaise with REF, review covenants not to
sue and send to Walkers. Telephone conference with LC re same. 0.60 4166.00
REF LIQUIDATION SERVICES - Execute consents not to sue. Emails NP and
Walkers. 1.20 714.00
REF LIQUIDATION SERVICES - Emails. 0.10 59.50
03/19/2008
REF LIQUIDATION SERVICES - Emails NP and SR. 0.30 178,50
03/20/2008
HC LIQUIDATION SERVICES - Telephone conferences with Receiver re
investor releases and MFG's comments. Telephone conferences with
investors re same. Update contro! schedule and files. 3.00 780.00
HC LIQUIDATION SERVICES - Liaise with REF and Receiver re meeting to
discuss final tasks. 0.40 104.00
REF LIQUIDATION SERVICES - Email Walkers. 0.10 $9.50
03/25/2008
HC LIQUIDATION SERVICES - Liaise with Receiver re investor releases
with remaining issues. Contact investors to resolve remaining issues. 1.40 364.00
03/26/2008
REF LIQUIDATION SERVICES - 2 emails re conference call SR (no charge).
HC LIQUIDATION SERVICES - Liaise with investors re requested
documentation, 1,00 260.00
HC LIQUIDATION SERVICES - Liaise with engagement team and Receiver
re setting up a conference call. 0,50 130.00
HC LIQUIDATION SERVICES - Correspondence with investors re status
and shareholdings. 0.80 208.00
03/27/2008
HC LIQUIDATION SERVICES - Setting a call re status and closing plan with
Receiver and counsel. 0.40 4104.00
HC LIQUIDATION SERVICES - Assist investors in providing adequate
supporting documentation for MFG/UBS releases. 0.80 208.00
HC LIQUIDATION SERVICES - Management of engagement records and
liaise with engagement team re progress. 0.50 130.00
03/31/2008
REF LIQUIDATION SERVICES - Email DP. Emails SR. Emails and review
drafts of motion to compel re UBS. 4.10 654.50
HC LIQUIDATION SERVICES - Receipt and review correspondence from

Receiver re motion to compel UBS to deliver settlement proceeds.
Discussions with REF and Receiver re same. 1.40 364.00



Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

01/30/2008
REF

REF
REF
TF

HC

01/31/2008
REF

KD

Timekeeper
Richard E. Fogerty
Chris Sharpe
Koriel Drummond
G. James Cleaver
Tammy Fu

Marc Randall
Hadley Chilton
Elizabeth Frederick
Novelette Bodden

LIQUIDATION SERVICES - Preparation for and meet SR. Meeting NP.
Document review, including Sykes and Drebsky affidavits. Emails
Walkers re Maples. Telephone cail Walkers. Emails re documents filed
in Cayman proceedings. Email NP. Emails and Telephone call DP re
UBS.

LIQUIDATION SERVICES - Email from investor.

LIQUIDATION SERVICES - Email from committee.

LIQUIDATION SERVICES - Review of case records for documentation in
support of settlement negotiations. Case management.

LIQUIDATION SERVICES - Research settiement documents and send
information to REF.

LIQUIDATION SERVICES - Prepare for and attend hearing on Receiver
motion. Meeting NP. Emails with Walkers on covenant not to sue, Email
from SR,

LIQUIDATION SERVICES - Prepared file note re: CIMA annual fees,

Current Invoice Fees

RECAPITULATION
Title Hours
Partner 67,30
Assistant Manager 1.00
Case Administrator 1.40
Managing Partner 4,80
Manager 18.70
Senior 0.80
Senior 64,80
Admin Assistant 0.40
Admin Assistant 0.10

7 % Surcharge for administrative service costs

Direct Expenses
Current Expenses through 01/31/2008

Current Fees and Expenses....

Tota! Balance Due...

January 34, 2008
Client Engagement # 4422 00

Invoice No: 36829

HOURS

Hourly Rate
$595.00
315,00
220.00
620.00
395.00
260.00
260.00
120.00
120.00

5.20
0.10
0.10
0.50

4.00

4.80

Page No. 8

3,084.00
59.50
59.50

197.50

4,040.00

2,856.00
44,00

66,285.00

Total
$40,043.50
315.00
308.00
4,416.00
7,386.50
208.00
16,848.00
48.00
12.00

4,639.95

1,539.45,

1,539.45

72,464.40

$72,464. 40

|
|


Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

REF LIQUIDATION SERVICES - Email NP (no charge).

05/13/2008
TF LIQUIDATION SERVICES - Review of Laura Eustace Settlement
documentation and email. Discussion with REF re. same. Review and
comparison of previous offer and documentation.
REF LIQUIDATION SERVICES - Email from SR and review further draft
settiement with Laura Eustace.

05/14/2008
KD LIQUIDATION SERVICES - Various e-mails to and from HC re:
distribution payments. Telecons to and from investor re: same.
Telecon with N. Orloff of Stradley Ronan re: query on distributions,
05/15/2008
KD LIQUIDATION SERVICES - E-mails to and from investor. Telecon with
N. Orloff of Stradley Ronon re: details of distribution payments. Telecon
with investor re: same.
TF LIQUIDATION SERVICES - Case management - review of outgoing
emails.
05/16/2008
TF LIQUIDATION SERVICES - Review of incoming email from Cordone
including atlachments.
08/20/2008
REF LIQUIDATION SERVICES - Email NP (no charge).
KD LIQUIDATION SERVICES - E-mail from R. Tadese re: distribution to
investor.
05/21/2008
TF LIQUIDATION SERVICES - Email to Cordone re. Eustace settlement
and papers.
REF LIQUIDATION SERVICES - Review Laura settlement proposal and
emails SR.
05/22/2008
KD LIQUIDATION SERVICES - Discussion with TF re: distributions to
Investors.
05/23/2008
KD LIQUIDATION SERVICES - E-mail from Investor re: distributions to
investor, E-mail TF re: same. Discussion with TF re: status update.
TF LIQUIDATION SERVICES - Email to M.Dorval re. payment query.

Review of response.

Client Engagement #:

May 31, 2008

4422 00

Invoice No: 37068

HOURS

4.20

0.40

0.40

0.50

0,20

0.10

0.50

0.10

0.20

0.40

Page No.

2

534.00

260.00

88.00

110.00

89.00

222.50

22.00

89.00

325.00

22.00

44,00

178.00



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Kroll (Cayman) Limited

February 29, 2008
Client Engagement #4422 00

Philadelphia Alternative Asset Fund Limited Inveice No: 36800 i
RE: Liquidation Services 80 Page No. 2 |
H
|
HOURS |
HC LIQUIDATION SERVICES - Liaise with REF re preparation of fee
application. 0.30 78.00
HC LIQUIDATION SERVICES - Review covenant not to sue directors and
receipt and review correspondence from counsel re same. 0.70 182.00

REF LIQUIDATION SERVICES - Review and comment on covenant.
Telephone call GJC, re covenant (n/c). Telephone calls Walkers. 14

emails Walkers. 2 emails SR. 240 1,428.00
REF LIQUIDATION SERVICES - Emails with committee. 0.20 119,00
TF LIQUIDATION SERVICES - Review of monthly fee note. 0.20 79.00
TF LIQUIDATION SERVICES - Review of incoming email from Receiver re.
UBS release. General case management - review of outgoing emails. 0.40 158.00
02/11/2008 H
REF LIQUIDATION SERVICES - Emails re creditor queries on releases. 0.70 416.50
REF LIQUIDATION SERVICES - Emails SR. Emails re UBS. Emails DP. 0.70 416.50
REF LIQUIDATION SERVICES - Emails committee. 0.10 59.50
HC LIQUIDATION SERVICES - Correspondence with investors re status
and contact details. 0.80 208.00
HC LIQUIDATION SERVICES - Liaise with REF re UBS settlement. Review
investor release. Review settlement agreement. Discuss with TF. 2.00 520.00
TF LIQUIDATION SERVICES - Initial review of Eustace documentation,
Preparation of file note re. same. Collation of information/documentation
re, same. Set up file re. same, General case management - review of
outgoing emails (x 3). 4.20 474.00
02/12/2008
REF LIQUIDATION SERVICES - Emails committee. 0.10 59,50
REF LIQUIDATION SERVICES - 18 emails re UBS settlement and notices.
Emails NP. 10 emails re settlement Laura Eustace. Emails DP. 3.80 2,261.00
HC LIQUIDATION SERVICES - Review UBS documents from REF.
Research query from committee member re Indemnification and !
correspondence with REF re same. Research Laura Eustace documents
for TF. 2.50 650.00
TF LIQUIDATION SERVICES - Preparation of Eustace fies. Emails to and |
from REF re. same. Discussions with HC re. same. Review of additional
documentation and financials received. Email to Receiver re, same.
Review of PAAM website for relevant information / documents. Case
management - review of outgoing emaiis. 2.00 790.00
02/43/2008
HC LIQUIDATION SERVICES - Receipt and review correspondence from
Gordon Panton. 0.20 52.00
HC LIQUIDATION SERVICES - Correspondence with investors re releases.

Correspondence with REF re investor correspondence. 4,00 260.00


02/01/2008
Hc

HC
REF
REF

02/04/2008
REF

REF

02/05/2008
REF

02/07/2008
HC

HC
HC

HC
GJC

REF

02/08/2008
HC

Kroll (Cayman) Limited

P.O, Box 1402
Bermuda House, 4th Floor

‘Cayman Financia Centre

Grand Cayman KY%-1102

CAYMAN ISLANDS

345 946 0081 Fax 345 946 0082

www. kroll.com i

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

LIQUIDATION SERVICES - Correspondence with TF and REF re fee
resolutions.

LIQUIDATION SERVICES - Correspondence with investors re status.
LIQUIDATION SERVICES - Return travel PHL-GCM (depart 6am, arr
2:45pm) 5 emails NP. 4 emails Walkers. Review amendment to
covenant. Email from SR.

LIQUIDATION SERVICES - Email from Commitee.

LIQUIDATION SERVICES - Telephone calls Walkers re Maples. Email
SR. Review offer from Laura Eustace.
LIQUIDATION SERVICES - Faxes and emails from committee.

LIQUIDATION SERVICES - Email SH.

LIQUIDATION SERVICES - Email R Sentner re fee resolutions. Review
papers from settlement sharing discussions.

LIQUIDATION SERVICES - Review correspondence and files re settled
list. Make amendments to list.

LIQUIDATION SERVICES - Discuss L. Eustace documents with TF.
LIQUIDATION SERVICES - Review documents from Receiver's website.
LIQUIDATION SERVICES - Reviewing the proposed amendments to the
Maples settlement. Reading and replying to various emails from Walkers
regarding these changes. Speaking to Richard Fogerty about the
proposed changes.

LIQUIDATION SERVICES - Emaiis NP. 4 emails Walkers.

LIQUIDATION SERVICES - Review and comments upon UBS investor
release.

February 29, 2008

Client Engagement #: 4422 00
Invoice No: 36900

HOURS
0.30 78.00
0.50 130.00

]
3.20 1,904.00
0.10 59.50
0.90 536.50
0.40 238.00
0.10 59.50
0.60 156.00
4.00 260.00

0.20 52.00 |
1.00 260.00
2.50 1,850.00
0.70 416.50
0.50 130.00


01/24/2008
REF

REF
HC
HC
01/25/2008
KD

REF

REF
HC

HC

01/29/2008
cs
REF

REF
REF
HC
HC

HC

HC
HG

HC

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - 10 emails with committee or about queries
raised by them. Review reach done for response to committee query.
LIQUIDATION SERVICES - Emails re Man release. 5 emails NP. Email
Walkers, Email DP.

LIQUIDATION SERVICES - Correspondence with committee members.
LIQUIDATION SERVICES - Review Receiver website and documents re
onshore/offshore split.

LIQUIDATION SERVICES - Attempt telecon with S. Vasquez re: annual
fees. Discussion with HC re: status update.

LIQUIDATION SERVICES - Telephone call and 11 emails NP. Email
DP. Review email NP for suggested compromise with Receiver. Travel
arrangements to attend court hearing PHL.

LIQUIDATION SERVICES - 3 emails committee. Research court filings
to respond to enquiry from committee. Resolutions of committee.
LIQUIDATION SERVICES - Research documents and review proposal
for onshore/offshore split. Discuss with REF and draft opinion. Review
files for support.

LIQUIDATION SERVICES - Liaise with committee re resolutions.

LIQUIDATION SERVICES - Reviewing files for court documents.
LIQUIDATION SERVICES - Travel GCM to PHL (leave 8 15AM arrive
6:30pm restrict travel charge to 2 hours). 12 emails NP. 10 emails re
application to court and Man covenant. Email DP, 4 emails Walkers re
Maples directors.

LIQUIDATION SERVICES - Emails to and from committee.
LIQUIDATION SERVICES - Emails with investors.

LIQUIDATION SERVICES - Correspondence with investors.
LIQUIDATION SERVICES - Correspondence with committee and update
REF re resolutions.

LIQUIDATION SERVICES - Receipt and review correspondence from
US counsel re Receiver's opinion on onshore/offshore split.
LIQUIDATION SERVICES - Email to RS re fees.

LIQUIDATION SERVICES - Receipt and review correspondence re
support for Receiver's motion and draft correspondence to investors.
LIQUIDATION SERVICES - Review Velocity correspondence and
receiver website and provide information to REF.

January 31, 2008

Client Engagement #:

4422 00

Invoice No: 36829

HOURS

4.40

1.10
9.50

3.00

0.10

2.60

4.30

2.50
0.40

1,00

2.00
0.40
0.30
0.80
0.30

0.40
0.60

1.00

4.60

Page No. 7

833.00

654.50
130.00

780.00

22.00

1,547.00

773.50

650.00
104,00

315.00

1,190.00
238.00
178.50
208.00

78.00

104.00
156.00

260.00

1,196.60

i


HC

04/07/2008
: KD

04/08/2008
REF

04/09/2008
REF
REF

04/14/2008
REF
DW

04/15/2008
REF

04/16/2008
REF
REF
DW

04/17/2008
REF
DW

04/28/2008
HC
HC

04/29/2008
HC

Timekeeper

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - Correspondence with investors re
distributions and releases.

LIQUIDATION SERVICES - Client accounting re: receipts.
LIQUIDATION SERVICES - Email.

LIQUIDATION SERVICES - Emails NP.
LIQUIDATION SERVICES - Emails.

LIQUIDATION SERVICES - Emails with investors.
LIQUIDATION SERVICES - Take a call from investor. Review

subsequent email therefrom and contact RELF te discuss. Prepare an

email in response for approval by RELF and send when approved,

LIQUIDATION SERVICES - Email from R&C (n/c).

LIQUIDATION SERVICES - 4 emails.
LIQUIDATION SERVICES - 3 emails.
LIQUIDATION SERVICES - Prepare an email to Citco.

LIQUIDATION SERVICES - Email.

LIQUIDATION SERVICES - Prepare an email in response to Deloitte

audit enquiry in respect of Citco account for a client.

LIQUIDATION SERVICES - Management of engagement records.
LIQUIDATION SERVICES - Review various emaiis from investors.
Prepare responses where necessary.

LIQUIDATION SERVICES - Liaise with administrative staff re
warehousing of records.

Current Invoice Fees

RECAPITULATION
Title Hours

Richard E. Fogerty Partner 4.20

April 30, 2008

Client Engagement #: 4422 00
Invoice No: 36981

HOURS

Hourly Rate
$650.00

0.10

0.20
0.10

0.40

0.30

0.20

0.20

0.10

0.20

0.30

Page No. 2

427.50

22.00

65.00

130.00
65.00

260.00

105.00

130.00
130.00
35.00
65,00

70.00

85.50 |

228.00

57.00
7,420.00

Total

$2,730.00


Kroll (Cayman) Limited

January 31, 2008
Client Engagement #: 4422 00

Philadelphia Alternative Asset Fund Limited Invoice No: 36829
RE: Liquidation Services 80 Page No. 3
HOURS
HC LIQUIDATION SERVICES - Discussions re indemnity clause and
settlement documents. 1.00 260.00
01/09/2008
REF LIQUIDATION SERVICES - Telephone call to committee member. 18
emails with committee members. 1.70 1,011.50

REF LIQUIDATION SERVICES - Detailed comments to NP on objection to
Receiver motion. 24 emails with NP. Email from Walkers. § emails re

objection. 3.70 2,201.50
TF LIQUIDATION SERVICES - Further review of objection to Receivers

Motion. Discussions with Bob Sentner re. same. Email to REF and Bob

Sentner re. same. Case management - review of outgoing emails (x 2). 2.60 1,027.00

01/10/2008

KD LIQUIDATION SERVICES - Telecon with S. Vasquez of CIMA re: annual

fees. Telecon with M. Woods of the Registrar of Companies re: annual

fees. Discussion with HC re: status update. Updating correspondence

to the Registrar of Companies. 0.30 66.00
GJC LIQUIDATION SERVICES - Reviewing the UBS settlement papers. 1.00 620,00
REF LIQUIDATION SERVICES - 14 emails with committee. 0.90 535.50

REF LIQUIDATION SERVICES - Receive further draft of objections from NP.
Emails re application to court for sanction to enter covenant not to sue

Email Walkers re UBS. Email re R&C. Emails to KPMG. 2.00 1,190.00
TF LIQUIDATION SERVICES - Strategy and progress meeting with HC.

Email to REF re, same. Case management. 0.50 197.50
HC LIQUIDATION SERVICES - Look into Ritch & Conolly query and provide

response. 0.50 130.00
HC LIQUIDATION SERVICES - Correspondence with investors. 0.80 208.00
HC LIQUIDATION SERVICES - Liaise with REF, TF and counsel re UBS

settlement document drafting. 1.00 260.00

01/11/2008

KD LIQUIDATION SERVICES - Client accounting re: receipts 0.10 22.00
GJIC LIQUIDATION SERVICES - Reviewing the Maples settlement

documents. 0.50 310.00

REF LIQUIDATION SERVICES - 7 emails with NP. 4 emails on application
for sanction of covenant. 4 emails on investor release required by Man. 9
emails on objections to Receiver motion. 3 emails from Walkers with

drafts of settlements with UBS and directors, Emails DP. Emails SR. 3.40 2,023,00
REF LIQUIDATION SERVICES - Email from committee, 0.10 59.50
TF LIQUIDATION SERVICES - Review of incoming emails (x 8). Review of

court application re. entering covenant not to sue. Further review of draft
objection to Receivers Motion. Outgoing email to investor. Outgoing
email to Ritch & Connolly. Case management. 3.40 1,343.00


Kroll (Cayman) Limited

February 29, 2008
Client Engagement #: 4422 00

Philadelphia Alternative Asset Fund Limited Invoice No: 36900
RE: Liquidation Services 80 Page No, 5
HOURS
REF LIQUIDATION SERVICES - Email investor. 0.10 59.50
02/26/2008
HC LIQUIDATION SERVICES - Correspondence with investors re releases
and requisite documents. 1.50 390.00
TF LIQUIDATION SERVICES - Case management - review of outgoing
emails. 0.30 118.50
REF LIQUIDATION SERVICES - Emails NP. Email Walkers. 0.70 416,50
REF LIQUIDATION SERVICES - Email investor. 0.10 59.50
02/27/2008
HC LIQUIDATION SERVICES - Correspondence with investors re releases
and requisite documents. 3.00 780.00
HC LIQUIDATION SERVICES - Correspondence with MH re summons and
discussing hearings and Grand Court sanction of the covenants with
Maples. 0.50 130.00
HC LIQUIDATION SERVICES - Review documents on Receiver website. 1,00 260.00
HC LIQUIDATION SERVICES - Engagement administration. 0.20 52.00
TF LIQUIDATION SERVICES - Case management - review of incoming and
outgoing emails {x 6). 0.50 197.50
REF LIQUIDATION SERVICES - Telephone cali NP. 10 emails NP. Emails
Walkers, 6 emails SR. 2.40 1,428.00
REF LIQUIDATION SERVICES - Email to committee and replies. 0.60 357,00
REF LIQUIDATION SERVICES - Email CIMA, 0,10 59.50
02/28/2008
HC LIQUIDATION SERVICES - Receipt and review correspondence from
Committee re objection. 0.40 104.00
HC LIQUIDATION SERVICES - Review investor files to verify details of
holdings. Telephone conferences with investors re releases. Email with
investors re same, Llalse with TF re same. 2,50 650.00
TF LIQUIDATION SERVICES - Case management. Outgoing emails to
creditors re, releases (x 5). 0.50 197.50
REF LIQUIDATION SERVICES - Telephone call with members of committee.
Letter from committee member. 9 emails with committee members. 1.70 1,011.50
REF LIQUIDATION SERVICES - Telephone call NP. Telephone call SR.
Telephone cail Walkers. 6 emails NP. Emails Walkers. Emails SR. 2.10 1,249.50
REF LIQUIDATION SERVICES - Letter to CIMA. 0.20 119.00
02/29/2008
sD LIQUIDATION SERVICES - Engagement administration. 0.20 24.00
HC LIQUIDATION SERVICES - Correspondence with investors re releases
and requisite documents. 2.50 650.00
TF LIQUIDATION SERVICES - Review of outgoing emails to creditors re.

releases, 0.20 79.00


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.kroll.com

March 31, 2008 |
Philadelphia Alternative Asset Fund Limited

pio Mol (Peyren) Limited Client Engagement #: 4422 00
0. Box ‘
George Town, Grand Cayman Invoice No: 36930

Cayman Islands
RE: Liquidation Services 80
HOURS
03/03/2008
HC LIQUIDATION SERVICES - Correspondence and telephone conferences
with Investors re releases. Review incoming emails and releases. 1.00 260.00
REF LIQUIDATION SERVICES - Email to Committee. 0.20 119.00
REF LIQUIDATION SERVICES - 4 emails NP. 3 emails SR. 4 emails DP, 0.90 535.50
03/04/2008
HC LIQUIDATION SERVICES - Liaise with Receiver regarding investor |
releases. Correspondence with investors re same. review Incoming
emails and releases, 2.40 546.00
REF LIQUIDATION SERVICES - 5 emails SR. Emails Walkers, Emails NP. 0.80 476.00
REF LIQUIDATION SERVICES - 6 emails with Investors. 0.60 357,00 |
i
03/05/2008 |
HC LIQUIDATION SERVICES - Liaise with Receiver regarding investor i
releases. Correspondence and telephone conferences with investors re
same. Review incoming emails and releases. 3.00 780.00
HG LIQUIDATION SERVICES - Telephone conference with committee
member re status and releases. 9.30 78.00
REF LIQUIDATION SERVICES - Emails with investors. 0.30 178.50
REF LIQUIDATION SERVICES - 3 emails NP. 0,30 178.50
03/06/2008
HC LIQUIDATION SERVICES - Correspondence and telephone conferences
with investors re releases, Review incoming emails and releases. 2.00 520.00
HC LIQUIDATION SERVICES - Telephone conference with committee |
member re status and releases. Re-send emails. 0.50 130,00 |
03/07/2008
HC LIQUIDATION SERVICES - Correspondence and telephone conferences |
with investors re releases. Review incoming emails and releases. 2.50 650,00 |
HC LIQUIDATION SERVICES - Discussions re transfer documentation. 0.50 130.00
HC LIQUIDATION SERVICES - Email with Receiver re approval of fee

application, 0.20 52,00


01/04/2008
REF
REF
TF

HC

HC

HC

01/07/2008
NB

REF
REF

REF
HC

HC
HC

01/08/2008
KD

REF
TF
HC

HC
HC

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - 4 emails re Man settlement and application
to court for sanction. 5 emails re UBS settlement. 2 emails re objection to
Receiver motion. Emails with DP.

LIQUIDATION SERVICES - 8 emails re seeking approval of committee
to covenant.

LIQUIDATION SERVICES - Review of incoming email from Bob Sentner
re. Receivers Motion.

LIQUIDATION SERVICES - Correspondence with Nixon Peabody re
payments from Receiver to discharge professional fees and expenses,
Correspondence with Receiver re same. Forward cheques to counsel.
LIQUIDATION SERVICES - Review amended Man settlement
agreement and email to Committee for comment.

LIQUIDATION SERVICES - Discussions with Walkers and REF re
settlement documents. Correspondence with committee re covenant not
to sue, Review Receiver website.

LIQUIDATION SERVICES - Engagement administration - Alex
Horsbrough-Porter.

LIQUIDATION SERVICES - 7 emails with committee.
LIQUIDATION SERVICES - 5 emails NP. Receive and review draft
amendments to UBS settlement.

LIQUIDATION SERVICES - Email investor.

LIQUIDATION SERVICES - Two Telephone conferences with Walkers
re Deloitte. Review auditor files. Liaise with REF re Deloitte.
LIQUIDATION SERVICES - Correspondence with counsel re fees.
Review Receiver's website re same.

LIQUIDATION SERVICES - Responding to investor emails.

LIQUIDATION SERVICES - Preparing file notes re: annual fees to the
Registrar of Companies. Telecon with E. Bodden of the Registar of
Companies. Telecon with S. Erskine of CIMA re: annual fees.
Discussion with HC re: status update.

LIQUIDATION SERVICES - Emails SR. 7 emails NP. 4 emails re UBS
settlement. 4 emails concerning the objection to Receiver motion
LIQUIDATION SERVICES - Review of draft objection to Receivers
Motion, Emails to/from REF and Bob Sentner re. same.
LIQUIDATION SERVICES - Correspondence with investors.
LIQUIDATION SERVICES - Liaise with R. A. re Liquidators’ fees.
LIQUIDATION SERVICES - Discussion with REF re moratorium on
share transfers. Telephone conference with investor and email with
Receiver re same.

January 31, 2008

Client Engagement #:

4422 00

Invoice No: 36829

HOURS

0.70

0.20

1.00

0.70

3.00

0.10
0.70

0.80
0.10

4.00

0.60
0.80

0.40
2.10
2.20
0.80
0.30

0.80

Page No. 2

892.50
416.50

79.00

260.00

182.00

780.00

12.00
416.50

476.00
§9.50

260.00

156.00
208.00

88.00
4,249.50
869.00

208.00
78.00

208.00



Kroll (Cayman) Limited

May 31, 2008 |
Client Engagement #: 4422 00 |
Philadelphia Alternative Asset Fund Limited Invoice No: 37068 i
RE: Liquidation Services 80 Page No. 3 |
HOURS
REF LIQUIDATION SERVICES - Emails NP (no charge).
REF LIQUIDATION SERVICES - 4 emails investors and SR. 0.20 130.00
05/26/2008
TF LIQUIDATION SERVICES - Case management - review of outgoing
emails. 0.40 178.00
05/27/2008
REF LIQUIDATION SERVICES - 5 emails Walkers (no charge).
05/28/2008
REF LIQUIDATION SERVICES - Email from SR and an investor. 0.10 65.00
05/29/2008
REF LIQUIDATION SERVICES - Email from investor. 0.10 65.00
05/30/2008
TF LIQUIDATION SERVICES - investor queries. 0.40 178.00
Current Invoice Fees 10.50 3,987.00
RECAPITULATION
Timekeeper Title Hours Hourly Rate Total
Richard E, Fogerty Partner 1.90 $650.00 $1,235.00
Korie! Drummond Case Administrator 1.30 220.00 286.00
Tammy Fu Manager 3.30 445.00 1,468.50
Hadley Chilton Senior 0.50 0.00 0.00
Hadley Chilton Senior. 3.50. 285.00 997.50
7 % Surcharge for administrative service costs 279.09
Current Fees and Expenses... 4,266.09
Total Balance Due..... $4,266.09

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 #
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.


01/02/2008
REF
REF

Te
TF

HC
HC

Ho

HC

01/03/2008
REF
TF
HC

HC
HC

Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
Cio Kroll (Cayman) Limited

P.O, Box 1102 GT

George Town, Grand Cayman

Cayman Islands
RE: Liquidation Services 80

HOURS
LIQUIDATION SERVICES - Emails re committee. 6.20 4119.00
LIQUIDATION SERVICES - 3 emails NP. 8 emails South Square. 3
emails SR (n/c). 3 further emails NP (n/c). Review PA case sent by SR,
which claims to support split of litigation settlements. 2 emails re
Walkers fee note. 2 emails Walkers. Email re court application for
consent to Man settlement. Email from NP with revised draft settlement,
etc, and review docs. Receive and review draft directors settlement. 2.40 4,428.00
LIQUIDATION SERVICES - Review of outgoing emails re. reporting. 0.20 79.00
LIQUIDATION SERVICES - Internal discussions and review of
information re. Laura Eustace financials, objection to Receivers Motion
and other outstanding issues. Review of Receivers’ Motion. 41.60 632.00
LIQUIDATION SERVICES - Liaise with TF re transfer requests. 0.50 130.00
LIQUIDATION SERVICES - Liaise with TF and investor re
documentation, 0.60 156.00

LIQUIDATION SERVICES - Emails with counsel re UBS. Emails with TF

and counsel re objection. Liaise with counsel re invoices, settlement

documents and investor release. Review documents re same and

covenant not to sue. Review documents pertaining to co-mingling. 3.00
LIQUIDATION SERVICES - Review documents re the Laura Eustace

estate. Discuss with TF.

7.0, Box 1102
Bermuda House, 4th Floor
Cayman Financial Centre

Grand Cayman KY1-1102
CAYMAN ISLANDS

245 946 0081 Fax 345 946 0082
ww. krali.com

January 31, 2008

Client Engagement #: 4422 00
invoice No: 36829 |

780.00

LIQUIDATION SERVICES - Email from South Square. 3 emails re Man

covenant. 6 emails re UBS settlement and covenant. Email from

Walkers.

LIQUIDATION SERVICES - Review of incoming emails re. committee

issues (x 2).

LIQUIDATION SERVICES - Review proposed settlement. Email to
Committee re proposed settlement, soliciting comment.
LIQUIDATION SERVICES - Responding to investor queries.

LIQUIDATION SERVICES - Review correspondence from Receiver and

counsel re court filings and settlements.

1.00 260.00
4.10 654.50
0.10 39.50 |
0.80 208.00
1.00 260.00
2.00 520.00


KD

NB

REF
REF
REF
REF

02/14/2008
HC

HC
REF

TF

02/15/2008
HC

HC
REF

02/18/2008
HC
HC
HC

HC

REF

TF

Kroll (Cayman) Limited

Philadeiphia Alternative Asset Fund Limited
RE: Liquidation Services 80

LIQUIDATION SERVICES - Draft correspondence to Kroll. Review file
re: payment of invoice. Discussion with engagement team re: status
update.

LIQUIDATION SERVICES - Engagement administration - Ms. Kim
Rapson.

LIQUIDATION SERVICES - Email re Web site.

LIQUIDATION SERVICES - Email to committee.

LIQUIDATION SERVICES - 2 emails re enquiry from CIMA.
LIQUIDATION SERVICES - Email NP. 2 emails DP.

LIQUIDATION SERVICES - Review 4 versions of REF 8th affidavit from
Walkers. Draft amendments. Discuss with TF.

LIQUIDATION SERVICES - Review investor files re share transfers.
LIQUIDATION SERVICES - Receive 8th affidavit. Emails with NP,
Walkers, TF and HC re affidavit.

LIQUIDATION SERVICES - REF 8th affidavit.

LIQUIDATION SERVICES - Review files and emails and update investor
bank and address details.

LIQUIDATION SERVICES - Revisions to REF 8th affidavit. Liaise with
TF and REF and Walkers re same.

LIQUIDATION SERVICES - Telephone call SR. Emails DP. Emails re
Cayman directors. Emails SR. Emails NP. Review, amend and swear 8th
affidavit,

LIQUIDATION SERVICES - Correspondence with Receiver, finalise
investor details spreadsheet for Receiver and send. Correspondence
with investors re contact and bank details,

LIQUIDATION SERVICES - Finalise REF 8th Affidavit. Arrange for
notary and send to Walkers. Telephone conference with MH re same.
LIQUIDATION SERVICES - Receipt and review correspondence from
committee members. Discuss with TF.

LIQUIDATION SERVICES - Provide responses to investor queries.
Liaise with TF re same. Liaise with Receiver re investor's completion of
release forms.

LIQUIDATION SERVICES - Review investor schedule. Emaiis SR.
Emails Walkers. Emails NP

LIQUIDATION SERVICES - Review of outgoing emails re, releases
Case management.

February 29, 2008
Client Engagement #: 4422 00

Invoice No: 36900

HOURS

0.20
0.10
0.10
0.10

0.20
0.30

2.00
1.20

1.50

3.00

2.20

2.00

0.80

0.30

1.50
1.40

0.50

Page No, 3

44.00
12,00
59.50
59,50

119.00
178.50

520.00
312.00

773.50
395.00

390.00

780.00

4,309.00

§20.00
208.00

78,00

390,00
833.00

197.50


Kroll (Cayman) Limited

Philadelphia Alternative Asset Fund Limited
RE; Liquidation Services 80

REF

Timekeeper
Richard E. Fogerty

Sarah Douglas
Koriel Drummond
G. James Cleaver
Tammy Fu
Hadiey Chilton
Novelette Bodden

LIQUIDATION SERVICES - Emails with committee.
Current invoice Fees

RECAPITULATION
Title
Partner
Admin Assistant
Case Administrator
Managing Partner
Manager
Senior
Admin Assistant

7 % Surcharge for administrative service costs

Direct Expenses
Current Expenses through 02/29/2008

Current Fees and Expenses

Total Balance Due.....

February 29, 2008
Client Engagement # 4422 00

Invoice No: 36900

Page No. 6
HOURS
0.26 _ 119.00
87.40 35,039.50
Hours Hourly Rate Total
30.80 $595.00 $18,326.00
0.20 120.00 24,00
0.20 220.00 44.00
2.50 620.00 1,550.00
8.50 395.00 3,357.50
45.10 260.00 11,726.00
0.10 120.00 12.00
2,452.77

52,982.36

$52,982.36

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 #
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.