Kenter Canyon Capital LLC

Item	5	–	Fees	and	Compensation

    A.      Fee	Schedule
    The	 fees	 and	 compensation	 payable	 to	 Kenter	 Canyon	 are	 negotiable	 and	 vary	 among	 its	 Funds.
    However,	the	range	of	compensation	is	generally	as	follows:
            1.       Management	Fee
    Kenter	Canyon	typically	receives	a	quarterly	asset-based	management	fee	calculated	as	a	percentage
    of	each	Investor’s	capital	account,	payable	quarterly	in	advance.	The	management	fee	is	generally
    between	0.15%	(a	0.6%	annual	rate)	and	0.375%	(a	1.5%	annual	rate).	Kenter	Canyon	may,	in	its	sole
    discretion,	reduce,	waive	or	calculate	differently	the	management	fee	with	respect	to	any	Investor.
            2.       Incentive	Allocation
    For	M3,	M4,	M5,	M6,	M7,	M8,	M9,	M10,	M11,	M12,	M13	and	M14	,	Kenter	Canyon	does	not	currently
    receive	an	incentive	allocation.	If	in	the	future	Kenter	Canyon	 receives	an	incentive	 allocation	with
    respect	to	these	Funds,	this	Brochure	will	be	updated	accordingly.
            3.       Fee	Comparison
    The	expenses	of	the	Funds,	including	the	management	fee	and	incentive	allocation	may	constitute	a
    higher	percentage	of	average	net	assets	than	would	be	found	in	other	investment	vehicles	or	with
    other	investment	advisers.
    B.      Payment	of	Fees
    Management	fees,	incentive	allocations	and	third-party	fees	(discussed	below)	are	deducted	from
    Fund	 assets.	 Management	 fees,	 which	 are	 paid	 in	 advance,	 are	 withdrawn	 at	 the	 beginning	 of	 the
    quarter.
    C.      Third-Party	Fees
    The	 Funds	 shall	 pay	 such	 costs	 and	 expenses	 as	 Kenter	 Canyon	 shall	 reasonably	 determine	 to	 be
    necessary,	 appropriate,	 advisable	 or	 convenient	 to	 realize	 the	 Funds’	 investment	 objectives,
    including	but	not	limited	to:	(i)	management	fees;	(ii)	all	general	investment	expenses	(i.e.,	expenses
    which	Kenter	Canyon	reasonably	determines	to	be	directly	related	to	the	investment	of	the	Fund’s
    assets);	 (iii)	 all	 administrative,	 legal,	 accounting,	 auditing,	 record-keeping,	 tax	 form	 preparation,
    compliance	and	consulting	costs	and	expenses;	(iv)	fees,	costs	and	expenses	of	third-party	service
    providers	that	provide	such	services;	and	(v)	any	extraordinary	expenses,	among	other	expenses.
    Kenter	Canyon’s	fees	are	exclusive	of	costs	and	expenses	which	shall	be	incurred	by	the	Funds.	Such
    costs	and	expenses	are	exclusive	of	and	in	addition	to	Kenter	Canyon’s	management	fee,	and	Kenter
    Canyon	shall	not	receive	any	portion	of	these	costs	and	expenses.
    Please	see	Item	12	of	this	Brochure	regarding	brokerage.

	                                                                               Kenter	Canyon	Capital,	LLC	Brochure

    D.      Prepayment	of	Fees
    Kenter	Canyon	does	not	expect	Clients	or	Investors	to	prepay	fees.	Kenter	Canyon	will	pro	rate	the
    management	fee	for	interests	held	for	less	than	a	full	quarter.
    E.      Outside	Compensation	for	the	Sale	of	Securities
    Neither	Kenter	Canyon	nor	its	supervised	persons	accepts	compensation	for	the	sale	of	securities	or
    other	investment	products	outside	of	its	association	with	Kenter	Canyon.
    The	 foregoing	 discussion	 in	 Item	 5	 represents	 Kenter	 Canyon’s	 basic	 compensation
    arrangements.	 The	 management	 fees	 and	 incentive	 allocations	 described	 above	 are
    structured	to	comply	with	Rule	205-3	under	the	Advisers	Act.	Fees	and	other	compensation
    are	negotiable	in	certain	circumstances	and	arrangements	with	any	particular	Investor	may
    vary.	 Although	 Kenter	 Canyon	 believes	 its	 fees	 are	 competitive,	 lower	 fees	 for	 comparable
    services	may	be	available	from	other	investment	advisers.

Item	7	–	Types	of	Clients
    Kenter	Canyon	provides	investment	advice	and	management	to	the	Funds.
    Kenter	Canyon	intends	to	restrict	the	number	of	Investors	and	will	offer	Interests	only	through	non-
    public	 transactions	 in	 order	 to	 maintain	 the	 Funds’	 exclusions	 from	 “investment	 company”	 status
    under	the	Investment	Company	Act.	Prospective	Investors	generally	must	be	“accredited	investors,”
    as	 defined	 in	 Regulation	 D	 under	 the	 Securities	 Act	 of	 1933,	 as	 amended,	 and	 must	 meet	 other
    eligibility	 criteria	 as	 specified	 in	 the	 Constituent	 Documents.	 Kenter	 Canyon	 may,	 in	 its	 sole
    discretion,	waive	any	admission	standard	with	respect	to	any	Investor.
    The	minimum	initial	investment	by	an	Investor	in	the	Funds	is	$250,000,	subject	to	waiver	at	the
    discretion	of	Kenter	Canyon.