Davis Capital Partners LLC

ITEM 5: FEES AND COMPENSATION

Description of fees and fee billing

Davis generally charges the Private Fund investors both performance-based
special allocations and asset-based management fees. Performance-based
special allocations are charged in compliance with Rule 205-3 of the Advisers
Act.

With respect to the Private Fund, Davis receives a quarterly management fee
in advance in an amount equal to one-fourth (1/4) of one percent (1.0%) of
the net asset value of the Private Fund attributable to the investors at the
start of the quarter. Davis also receives special allocations equal to 20% of
the net appreciation in each investor’s capital account subject to a hurdle
rate equal to (i) a 7 percent annualized rate of return or (ii) the return on the
S&P 500 total return index (assuming reinvestment of dividends) during the
measurement period on the investor’s original capital contribution. The
special allocations are made as of each of the following measurement dates:
the date of any withdrawal of capital by an investor at any time (with respect
to the amount withdrawn), the transfer of all or any part of its interest in the
Private Fund by an investor (with respect to the amount transferred) and the
date of winding up and termination of the Private Fund.

Quarterly management fees are pro rated if Davis provides management
services for less than a full quarter.

Davis’s standard fees with respect to the Private Fund are set forth above,
however, Davis retains the right to negotiate different fees with an investor
in the Private Fund.

Fees are deducted from the Private Fund’s assets.

Other Fees or Expenses

The Private Fund has paid or reimbursed Davis for certain legal, accounting
and other expenses in connection with the organization of the Private Fund.

The Private Fund is also responsible for its ongoing operating expenses
including, but not limited to, legal, accounting and audit expenses.

The Private Fund will also incur custodial, brokerage and other transaction
costs. For more information regarding Davis’s brokerage arrangements see
Item 12 below.

Davis Capital Partners, LLC
Firm Brochure –Part 2A of Form ADV       6                  March 28, 2018

DC184787.2

Participation or Interest in Client Transaction

Neither Davis nor any of its supervised persons accepts compensation for the
sale of securities or other investment products, including asset-based sales
charges or service fees from the sale of mutual funds.

ITEM 7: TYPES OF CLIENTS

Currently, Davis provides its services solely to the Private Fund. Investors in
the Private Fund include:

   -   Individuals, including high net worth individuals

   -   Trust, estates or charitable organizations

   -   Corporations or other business entities

The minimum investment required to invest in the Private Fund is $500,000;
however, Davis reserves the right to reduce this minimum amount on a case-
by-case basis.