Doliver Advisors LP

ITEM 5 – FEES AND COMPENSATION

I.   CLOSED‐END FUND STRATEGY FEES:

     A.) DEFINITIONS

         i.   Net Asset Value is defined as the sum of net equity across all of each client's
              managed accounts including the effect of securities receivable and corresponding
              sums (including fees) payable, plus any distributions, dividends, fee credits
              receivable, (or tax credits receivable). Doliver receives custodial data from a 3rd
              party service provider. The custodial data may not match the broker’s statement
              exactly due to any of the following reasons: different price sources, accrued
              interest may be included or excluded, or unsettled trades.

        ii. Net Performance for any period is defined as the change in Net Asset Value after
            considering commission and interest expenses less any additional funds placed
            under management by the client plus any withdrawals by the client.

        iii. Net Rate of Return for any period is defined as the Net Performance for the
             period divided by the beginning Net Asset Value for the period.

        iv. Benchmark. (Effective January 1, 2015) The benchmark will be applied as
            0.75% for each quarter and will be used as an alternative until the 90-day T-
            Bill rate increases to a level above this 3% annual rate. This change is beneficial
            for clients and is reflected by the quarterly percentage gain (or loss) in the
            account value being reduced by 0.75% prior to the calculation of the
            performance fees, thus resulting in lower performance fees (or larger fee
            credits in event of a decline in the value of the account) for the quarter. This
            new benchmark does not result in any change in the methodology used for the
            calculation of the performance fees or fee credits and will not impact the base
            advisory fee.

     B.) FEE SCHEDULE: Our standard fee schedule is billed on a quarterly basis (Lower fees for
         comparable services may be available from other sources.):

          FEE: An annual fee of 1.0% (.25% quarterly) of assets under management based on
          the beginning quarter Net Asset Value. The performance fee is plus or minus 0.1% of
          each 1% that the Net Rate of Return exceeds or falls short of the benchmark (see
          Benchmark Definition) during the quarter.

          Fees are assessed quarterly in arrears.

          After the base fee calculation, any fee reduction resulting from the cumulative
          performance adjustment will be carried as a fee credit against subsequent client
          performance fees due. We reserve the right to negotiate the above fee schedule if we
          consider such negotiation advisable. Effective January 1, 2015, Doliver implemented
          an alternative benchmark.

          FEE CREDITS: The inclusion of fee credits in the account used to calculate fees will
          have a small effect, over time, on the total fees paid. Generally future fee credits
          accumulated by the client will result in the client paying higher total fees than would
          otherwise be the case. Sufficient information is provided in the reports to clients in
          order to permit them to calculate the differences in fees based on their particular
          circumstances. We will provide assistance to any client who requests such a
          determination.

          TERMINATION: The client may terminate the advisory agreement at any time by
          giving written notice to us, and the account value used in determining the final
          performance fee adjustment will be based on the next available closing market values
          on major exchanges. In the event of account termination, there will be no refund of any
          previously paid advisory fees or previous fee credits issued.

II.   WEALTH MANAGEMENT FEES:

      Wealth Management fees are based on a percentage of assets under management (see
      schedule below):

                          TIERED FEE SCHEDULE
                          AUM                                Annual Fee
                          $0 - $1,000,000                    1.00%
                          $1,000,000 - $5,000,000            0.80%
                          $5,000,000 - $10,000,000           0.60%
                          Over $10,000,000                   0.50%

      The wealth management fee includes guidance of financial objectives and goals, in-house
      wealth management, and access to our third-party network of ancillary financial service
      providers.

      Clients will be invoiced in advance at the beginning of each calendar quarter based upon the
      market value of the client’s account at the end of the previous quarter. Fees will be debited
      from the account in accordance with the client authorization in the Wealth Management
      Agreement.

       Lower fees for comparable services are available from other sources. In certain
       circumstances, fees, account minimums and payment terms are negotiable depending on
       client’s unique situation such as the size of the aggregate related party portfolio size, family
       holdings, low-cost basis securities, passively advised investments, complexity of the
       engagement, or other factors. To the extent that margin is employed in the management of
       the client’s portfolio, the market value of the client’s account will be increased. Therefore,
       the corresponding fee payable by the client to the Advisor will be increased since the
       margin balance is included in the overall management fee calculation.

       If an account with a fee in advance arrangement is terminated before the end of the billing
       period, Doliver will refund the pre-paid fee for the unearned portion of the fee. Some clients
...

ITEM 7 – TYPES OF CLIENTS

I.     TYPES OF CLIENTS: We offer our services to a number of clients:
       Individuals, high net worth individuals, trusts, estates, foundations, charitable
       organizations, pooled investment vehicles, corporations or other business entities,
       pensions, employer sponsored plans and profit-sharing plans, among others.

II.    Closed‐End Fund Strategies’ Account Minimums:

       A minimum account of $250,000 is required for closed-end fund strategy clients, although
       this may be negotiable under certain circumstances.

       As described in Rule 205-3 under the Investment Advisers Act of 1940, we will only enter
       into investment advisory contracts under the performance fee arrangement with qualified
       clients. Qualified clients are individuals or companies who have certified that,
       immediately after entering the contract, have $1,100,000 under the management of the
       Adviser or whose net worth, at the time the advisory contract is entered into, exceeds
       $2,200,000 exclusive of the value of the primary residence, as applicable under Rule 205-
       3.

III.   Wealth Management Account Minimums:

       A minimum account of $250,000 is required for wealth management clients, although this
       is negotiable under certain circumstances. Doliver may group certain related client
       accounts for the purpose of achieving the minimum account size.

 IV.   Doliver Private Equity Fund Account Minimums:

       A minimum account of $200,000 is required for Doliver Private Opportunity Fund III LP
       clients, although this may be negotiable under certain circumstances. The private fund
       qualifies for the exclusion from the definition of an investment company under section
       3(c)(1) of the Investment Company Act of 1940, with sales being limited to qualified
       clients.

       A minimum account of $200,000 is required for Doliver Income Fund I LLC clients,
       although this may be negotiable under certain circumstances. The private fund qualifies
       for the exclusion from the definition of an investment company under section 3(c)(1) of
       the Investment Company Act of 1940, with sales being limited to qualified clients.

       A minimum account of $100,000 is required for Doliver Income Fund II LLC clients,
       although this may be negotiable under certain circumstances. The private fund qualifies
       for the exclusion from the definition of an investment company under section 3(c)(1) of
       the Investment Company Act of 1940, with sales being limited to qualified clients.

       A minimum account of $100,000 is required for Doliver Real Estate Fund I LP clients,
       although this may be negotiable under certain circumstances. The private fund qualifies
       for the exclusion from the definition of an investment company under section 3(c)(1) of
       the Investment Company Act of 1940, with sales being limited to qualified clients.

       A minimum account of $100,000 is required for Doliver Royalty Fund I LLC clients,
       although this may be negotiable under certain circumstances. The private fund qualifies
       for the exclusion from the definition of an investment company under section 3(c)(1) of
       the Investment Company Act of 1940, with sales being limited to qualified clients.

       A minimum account of $100,000 is required for Doliver APP Equity SPV LLC clients,
       although this may be negotiable under certain circumstances. The private fund qualifies
       for the exclusion from the definition of an investment company under section 3(c)(1) of
       the Investment Company Act of 1940, with sales being limited to qualified clients.

       A minimum account of $100,000 is required for Doliver Deep Tech Fund LLC clients,
       although this may be negotiable under certain circumstances. The private fund qualifies
       for the exclusion from the definition of an investment company under section 3(c)(1) of
       the Investment Company Act of 1940, with sales being limited to qualified clients.

       A minimum account of $100,000 is required for Doliver Special Credit LLC clients,
       although this may be negotiable under certain circumstances. The private fund qualifies
       for the exclusion from the definition of an investment company under section 3(c)(1) of
       the Investment Company Act of 1940, with sales being limited to qualified clients.