Kuramo Capital Management LLC

Item 5 – Fees and Compensation

More specific information with respect to fees, redemptions, and termination is set forth in
the respective Kuramo Fund Documents.

Management Fees

Kuramo Capital charges management fees to the Kuramo Funds in accordance with the
Kuramo Fund Documents. Management fees are paid quarterly in advance by the general
partner deducting the fee from the Kuramo Funds with prior notice given to the investors
in the form of a capital call notice. Upon the admission of a new investor into the Kuramo
Funds, management fees are included in the initial capital call notice provided to the
investor. Thereafter, management fees are due quarterly in advance. For Kuramo Funds I,
II, III and Kuramo CIV III, management fees are based on funded capital contributions less
cash balances less capital called to fund cumulative management fees, less realized losses.

In the unlikely event a Kuramo Fund would terminate Kuramo Capital as its investment
manager, any unearned and pre-paid management fee shall be adjusted on a pro rata basis
according to the actual number of days during the period and be returned by Kuramo
Capital to the Kuramo Fund. The refunded amount will be distributed to each investor pro
rata based on that investor's investment.

Management Fees Paid to Underlying Fund Managers

In the case of investments into underlying funds, the Kuramo Funds pay management fees
to the managers of the underlying funds; these fees are included in the capital commitment
of the Kuramo Funds to the underlying funds.

Both the Kuramo Funds and the underlying funds in which the Kuramo Funds invest impose
management and administrative costs, expenses, and performance allocations. This will
result in greater expense to the investors than if investors invested directly in the underlying
funds.

Additional Fees and Management Fee Offsets

Kuramo Capital is entitled to and in some cases has received additional fees relating to the
portfolio companies, such as consultancy fees, directors’ fees, advisory fees, transaction
fees, monitoring fees, break-up fees, and other fees earned by or paid to the Firm by
portfolio companies or potential portfolio companies with respect to Kuramo Capital’s
management of the Kuramo Funds. Such fees are directly offset against the Firm's
management fees charged to, and paid by, the Kuramo Funds to Kuramo Capital. Kuramo
Capital does not have the right to accelerate any such fees. Currently, Kuramo Capital
receives minimal such fees, and the amount is directly offset against the Firm's
management fees charged to the respective Kuramo Fund. Kuramo Funds I, II, and III have
100% offsets, while Kuramo CIV III has an 80% offset.

Redemptions

Generally, investor withdrawals from the Kuramo Funds are not permitted.

Item 7 – Types of Clients

Kuramo Capital provides investment advice to the Kuramo Funds and not individually to
the investors of the Kuramo Funds. Please see Item 4 for more information on these clients.
Investors in the Kuramo Funds include, but are not limited to, institutional investors (such
as public and corporate pension plans, insurance companies, financial institutions,
endowments, foundations) as well as trusts, high net worth individuals, family offices and
other qualified entities.

Details concerning minimum investment amounts are set forth in the respective Kuramo
Fund Documents. The general partner of each Kuramo Fund typically reserves the right to
waive, and has waived, the minimum investment amount requirement.