Checketts Partners Investment Management LLC

Item 5. Fees and Compensation

As compensation for investment management services rendered to the Funds, CPIM receives
from each Fund an advisory fee calculated based on a percentage of the aggregate capital
contributions invested or the outstanding capital base of the respective Fund. The precise
amount of, and the manner and calculation of, the advisory fees for each Fund are set forth
in the Fund’s Limited Partnership Agreement.

Investors must be qualified purchasers as defined in section 2(a)(51)(A) of the Investment
Company Act of 1940 and understand the proposed method of compensation and its risks prior
to investing in the Funds.

GENERAL INFORMATION:

Personal Investments in funds: Certain executive officers and/or investment professionals
of CPIM have invested or may invest a portion of their personal net worth in Checketts
Gravity GP, LLC, Checketts Rhone SPV GP, LLC, and Checketts Rhone SPV 2 GP,
LLC (“General Partners”) which serve as the General Partner of each Fund, respectively.

Different Fee Schedules: CPIM’s and the General Partners’ fees may be discounted or
waived with respect to any investor for any particular period of time at the sole discretion of
CPIM or the General Partner, as applicable. This discounted rate or waiver is not available to
all or even most investors in the Funds.

Termination / Withdrawals: An investor may withdraw all or any part of its investment from
the Funds as set forth in the Limited Partnership and Subscription Agreements. CPIM or the
General Partners, as applicable, may in their sole discretion, waive or modify any of the terms
of withdrawals for certain investors who are relatives, employees or affiliates of CPIM or the
General Partners or its principals, or for certain large or strategic investors as well as in any
other case.

Investors in the Funds should refer to the Risk Factors Memoranda, Limited Partnership
and Subscription Agreements for complete information regarding withdrawals of
investments.

Other Fees and Expenses: While it is not anticipated that mutual funds will be included in
the clients' portfolios, money market mutual funds may be used to 'sweep' unused cash
balances until they can be appropriately invested. Investors should recognize that all fees paid
to CPIM for investment advisory services are separate and distinct from the fees and expenses

charged by mutual funds to their shareholders. These fees and expenses are described in each
fund's prospectus. These fees will generally include a management fee, other fund expenses,
and a possible distribution fee.

In addition to fees paid to our firm or the General Partners, investors will also be responsible
for the fees and expenses charged by custodians and imposed by any broker dealer with which
CPIM may effect transactions for the Funds. Please refer to Item 12 of this brochure for
additional information regarding brokerage.

Side Letters: CPIM or the General Partners, as appropriate, may in the future, waive or modify
the terms of investment for certain large or strategic investors, in side letters or otherwise, in
its sole discretion, including but not necessarily limited to, a waiver or lowering of the
Management Fee, preferential redemption rights, and/or increased transparency or reporting.

General: Prospective investors should refer to the Risk Factors Memoranda, Limited
Partnership and Subscription Agreements for additional important information, terms,
conditions and risks involved with investing in the Funds.

Item 7. Types of Clients

Our firm currently provides investment management services solely to the Funds as disclosed
in Item 4 of this Brochure.

Except as may be permitted by CPIM, the minimum required initial investment commitment

for each Fund is $500,000. Prospective investors should refer to the Limited Partnership and
Subscription Agreements for additional important qualification requirements for investment in
the Funds summarized below.

Limited Partners or their representatives must meet certain income, net worth, and other
suitability requirements, including qualifying as “qualified purchasers,” as defined in Section
2(a)(51) of the Investment Company Act of 1940, as amended.