Alpha Leonis Partners LLC

Item 5 – Fees and Compensation
The Firm generally receives management fees (“Advisory Fees”) and performance­based
compensation, including performance allocation from its Clients (referred “Performance
Compensation”). The Clients may also reimburse the Firm and or its employees, advisors, or
consultants for certain expenses and/or make other payments to the Firm or its affiliates or its
employees, advisors, or consultants for services provided. Additionally, consistent with the
partnership agreement of the VC Fund, the VC Fund typically bears certain out­of­pocket expenses
incurred by the Firm in connection with the services provided to the VC Fund. Further details about
certain common fees and expenses are set forth below. The Advisory Fees paid by the VC Fund
will generally be reduced by the fees incurred by the VC Fund in connection with the organization
expenses that exceed a limit specified in the VC Fund’s partnership agreement.
It should be noted that fees described in this section serve as indicative purposes only. The exact
fees as well as other commercial terms will be outlined in the specific Advisory Agreement
between the Firm and its Clients.
In providing its services, the Firm is fully independent of banks, providers of financial products or
any other institutions operating in the financial industry. The Firm has no obligation to promote
any financial products or services and does not receive any remuneration from third parties.
The only revenues earned by the Firm for its services are the fees and compensation payments
received from its Clients.
The Firm is the General Partner and Investment Adviser of the Alpha Leonis Venture Fund I, L.P.
(the “VC Fund”), a Delaware domiciled fund investing in early­stage AI venture capital private
equity funds. In respect of its discretionary investment advisory services to the VC Fund, the Firm
is paid a management fee and performance allocation by the VC Fund. The VC Fund is closed to
new investors. The Firm recognizes that allocating Client assets to the VC Fund or its portfolio
companies represents an apparent conflict of interest because the Firm may be incentivized to
allocate Client assets based on economic or other advantages to the Firm, and the Firm might
otherwise not allocate Client assets to the VC Fund. However, when allocating assets to Clients,
the Firm considers all factors, including written fee arrangements, Client suitability factors, and
other relevant investment variables, in order to make a decision that considers only the best
interests of the Client. In the event of a conflict of interest, the Firm will be guided by its fiduciary
responsibilities, compliance policies and procedures and good faith judgment as to the best
interests of its Clients, as well as the conflict of interest provisions set forth in the VC Fund’s
partnership agreement, if applicable. Notwithstanding the foregoing, the Firm provides
investment management and related services to Clients other than the VC Fund, and the

establishment of the VC Fund and its business and operations are not intended to restrict the
business or activities of any of the foregoing entities. The Firm may enter into contracts and
transactions with, or invest in, portfolio companies of the VC Fund without the consent of any
person, including any Client or limited partner in the VC Fund.

Annual Advisory / Management Fees
VC Fund
The Firm’s Advisory Fees for the VC Fund are calculated as follows:
    x   For years 1­3 – the annual management fee is 1% of aggregate capital commitments of
        limited partners that pay management fees, paid quarterly in advance.
    x   For subsequent years the annual management fee is 1% of the net asset value of the VC
        Fund, paid quarterly in advance by limited partners who pay management fees.
Other Clients
The Firm’s annual Advisory Fees are typically calculated as a percentage of the market value of its
assets under management or, for investments that are not publicly listed (private markets), as a
percentage of net asset value of assets under management or their cost or based upon committed
capital to a particular investment strategy depending on the Advisory Agreement with each such
Client. Calculation of Advisory Fees, expressed as a percentage of investments’ net asset value is
the predominant method of fee calculation for the Firm’s Clients and it is performed on a quarterly
basis as of March 31st, June 30th, September 30th, and December 31st per the Firm’s standard
valuation policy. The annual Advisory Fees for advisory services depend on size and complexity of
the mandate. Typically, different rates are applied for various asset categories. The Advisory Fees
range between 0.25% and 1.00% per annum and are negotiable depending on the service level
required by the Client, type of investments, and total assets under management for the Client.
The Firm’s Advisory Fees are invoiced to the Client quarterly. They are paid either in arrears or in
advance, depending on the applicable Client Advisory Agreement. Payment is due 30 days after
the date of the invoice. The Firm does not deduct Advisory Fees from Client’s accounts.
Due Diligence Expenses
Depending on their scope, the Firm may charge the Client with third­party expenses related to
due diligence conducted by the Firm on investments added to the Client’s portfolio. These
expenses are primarily fees paid to law firms for review of legal setup and subscription
documentation of recommended investments. Advisory Agreements between the Firm and its
Client define limits for such expenses, and charges above these limits require prior explicit
approval by the Client. Due diligence expenses are allocated to Clients on a pro rata basis
depending on the amount they invest / commit to a deal. If the transaction is not consummated,
such “broken deal” costs are borne by the Firm.

Performance Fees
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Item 7 ­ Types of Clients
The Firm’s Client base consists of institutional entities such as endowments, family offices and
pooled investment funds.
For comprehensive services provided to multi­asset portfolios, the minimum initial account size is
typically $20 million. This threshold can be reduced by the Firm in our discretion, depending,
among other factors, on asset classes to which our services are to be provided or on potential for
development of the relationship. For Clients seeking advice on a specific strategy or asset category,
the minimum size is much lower but typically never lower than $1 million.
Each prospective Client is required to execute a written agreement with the Firm specifying the
range of advisory services and fees in order to establish a Client arrangement.