Caprice Capital Partners LLC

Item 5. FEES AND COMPENSATION

 The Adviser currently receives a management fee from the Clients, as agreed upon in the Clients’ operating agreements
 and/or investment management agreements (“IMA”) that is agreed upon between the Adviser and the Clients and which
 describes the terms by which the relationship between the Adviser and the Clients will be governed. The management fee
 is generally payable quarterly in arrears and is based upon the Clients’ gross asset value as of the last day of each month
 during the quarter and adjusted for assets held less than a full month.

 In addition to the management fee, the Adviser is entitled to performance-based compensation with respect to the Clients.
 Clients and investors meeting the definition of “Qualified Client” may be charged a performance compensation. A
 Qualified Client is defined in SEC Rule 205-3 under The Investment Advisers Act of 1940 (the “Advisers Act”), as
 follows: “A natural person who, or a company that… has at least $1,100,000 under the management of the investment
 adviser” or “A natural person who, or a company that, the investment adviser entering into the contract (and any person
 acting on his behalf) reasonably believes, immediately prior to entering into the contract, either: a net worth (together,
 in the case of a natural person, with assets held jointly with a spouse) of more than $2,200,000…”1.

 The amount of the performance compensation is negotiated and agreed upon between the Adviser and the Clients in the
 relevant IMA and/or operating agreements. Neither the Adviser nor any of its supervised persons does or will accept
 compensation (e.g., brokerage commissions) for the sale of securities or other investment products. The Adviser will also
 collect certain administration and arranger fees from issuers relating to the investment process.

  For purposes of calculating a natural person's net worth: (1) The person's primary residence must not be included as an asset; (2) Indebtedness
secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time the investment advisory contract
is entered into may not be included as a liability (except that if the amount of such indebtedness outstanding at the time of calculation exceeds the
amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess must be
included as a liability); and (3) Indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the
residence must be included as a liability.

The Adviser accepts performance-based fees, as further described below in response to Item 6. Other fees, costs, and
expenses which the 1974 Funds pays in connection with the operation of the 1974 Funds and the management and
investment management of the 1974 Funds include the costs and expenses of brokerage and transactions (see also “Item

Item 7. TYPES OF CLIENTS

The Adviser provides investment advisory services to the Clients, which are a related investment adviser and pooled
investment vehicles. Investment advice is provided directly to the Clients and not individually to any investors. Investors
of the Clients generally include affiliated insurance companies, but may also include, but are not limited to, high net
worth individuals, family offices, fund of hedge funds, endowments, foundations, trusts, charitable organizations,
pension plans, sovereign wealth funds and corporate or business entities.

The Adviser does not currently require that a client account be funded with a minimum funding requirement.