GLOUSI25 Gerald Ford iCapital Advisors, LLC Form ADV Part 2A filing, capital-raising and other expenses incurred in connection with the formation of the Fund and the offering of the Interests (including costs associated with preparing and distributing offering memoranda). These expenses may be subject to a cap based on the terms set forth in each Fund's PPM. Please refer to the applicable Fund PPM for further details. Fund Expenses: The Private Access Fund will generally pay the costs and expenses of the Private Access Fund. including without limitation: the management fee: organizational expenses: liquidation expenses of the Private Access Fund: any sales or other taxes, fees or government charges which may be assessed against the Private Access Fund: expenses and fees related to audits of the Private Access Fund's books and records and preparation of the Private Access Fund's tax returns; costs of preparing and distributing financial statements and other reports to and other communications with the Partners, as well as costs of all governmental returns, reports and filings: any subsequent closing interest charged to the Private Access Fund in connection with its admission to an Underlying Fund: extraordinary one-time expenses of the Private Access Fund; all expenses relating to litigation and threatened litigation involving the Private Access Fund, including indemnification expenses: commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities: the costs and expenses (including travel related expenses) of hosting meetings of the Partners, or otherwise holding meetings or conferences with limited partners. whether individually or in a group: expenses attributable to normal and extraordinary investment banking, commercial banking. accounting. appraisal. legal. administrative (including any fees and expenses of the administrator for the Private Access Fund related to the Private Access Fund or