Calvert Impact Advisory Services LLC

Item 5: Fees & Compensation

Description of Advisory Fees & How We Are Compensated
Management Fees
The Fund will pay the Lead Fund Manager a progressive annual management fee (the "Management Fee") based on a blended
rate (the "Blended Rate") determined in accordance with the following schedule. During the Fund's investment period, the
Blended Rate will be based on limited partner capital commitments as of the date of determination. Thereafter, the Blended
Rate will be based on the Fund's invested capital. The Management Fee will be paid quarterly in advance.

                                           Aggregate
                                                                               Management Fee
                                Limited Partner Commitments /
                                                                               Rate Per Annum*
                                       Invested Capital
                                       First $250 million                             2.00%
                                       Next $250 million                              1.75%
                                       Over $500 million                              1.50%
                            * Lower fees for comparable services can sometimes be available from other sources.

As a sub-advisor, CIAS will receive a portion of the Management Fee paid to the Lead Fund Manager. The Lead Fund Manager,
working with the fund administrator, is responsible for calculating and distributing the Management Fee, which the Fund's
investors indirectly bear. A complete description of the Management Fee is outlined in the Offering Documents, which investors
should consult for full details.

Item 7: Types of Clients

Clients
The Adviser currently provides management services to the Fund, which is the Adviser's only Client. Investment advice is
provided directly to the Fund, not to individual investors in the Fund.

Interests in the Fund are not registered under the 1933 Act and, therefore, are offered only to "accredited investors" under the
1933 Act's Regulation D. Investors in the Fund may include, without limitation, endowments, foundations, public charities,
corporations, limited liability companies, and limited partnerships.

Minimum Investment
The minimum initial capital commitment for an investor in the Fund is $5 million, although the Fund's general partner may
accept investments in a lesser amount at its sole discretion.

This brochure may be provided to current or prospective investors in the Fund, together with the Offering Documents and other
related documents, prior to or in connection with such person's consideration or execution of an investment in the Fund. It may
subsequently be provided at the Adviser's discretion or, upon an investor's request, annually. Investors and other recipients
should be aware that, while this brochure may include information about the Fund as necessary or appropriate, it should not be
considered a complete discussion of the Fund's features, risks, or conflicts of interest. Full information about the Fund is included
in the Offering Documents, which may be provided to current and eligible prospective investors only by the Adviser or another
authorized party.

      In no event should this brochure be considered an offer of interest in the Fund or relied upon to determine
         whether to invest. It is also not an offer of, or agreement to provide, advisory services directly to any
                                                           recipient.

This brochure is designed solely to provide information about the Adviser for compliance with certain obligations under the
Advisers Act and, as such, responds to relevant regulatory requirements under the Advisers Act, which may differ from the
information provided in an offering document. To the extent that there is any conflict between discussions herein and similar or
related discussions in any offering document, the offering document shall govern.