LCV Management LP

Item 5: Fees and Compensation

A. Fee Schedule

Portfolio Management Fees

        Total Assets Under Management         Annual Fees
        All Assets                            2.00%

The advisory fee is calculated using the value of the assets in the Account on the last
business day of the prior billing period.

For the fund, the management fee will be charged based on the capital commitment from
LPs.

These fees are generally negotiable and the final fee schedule will be memorialized in the
client’s advisory agreement. Clients may terminate the agreement without penalty for a
full refund of LML's fees within five business days of signing the Investment Advisory
Contract. Thereafter, clients may terminate the Investment Advisory Contract generally
with 30 days' written notice.

Performance-Based Fees for Portfolio Management (Fund)

Qualified clients will pay an annual fee of 2.00% of Capital commitment of LPs to the fund
along with a 20.00% performance fee based on capital appreciation. If the client's portfolio
rises in value, the client will pay 20.00% on that increase in value, but if the portfolio drops
in value, the client will not incur a new performance fee until the portfolio reaches the last
highest value, adjusted for withdrawals and deposits, which is generally known as a “high
water mark”, The high water mark will be the highest value of the client’s account on the
last day of any previous year, after accounting for the client’s deposits or withdrawals for
each billing period.

In general, a “Qualified Client” is:
 (1) a natural person or company who at the time of entering into such agreement has at
least $1,100,000 under the management of the investment adviser;
 (2) a natural person or company who the adviser reasonably believes at the time of
entering into the contract: (A) has a net worth of jointly with his or her spouse of more
than $2,200,000 excluding the value of the client’s primary residence; or (B) is a qualified
purchaser as defined in the Investment Company Act of 1940, §2(a)(51)(A) (15 U.S.C. 80a-
2(51)(A)); or
 (3) a natural person who at the time of entering into the contract is: (A) An executive
officer, director, trustee, general partner, or person serving in similar capacity of the
investment adviser; or (B) An employee of the investment adviser (other than an
employee performing solely clerical, secretarial, or administrative functions with regard
to the investment adviser), who, in connection with his or her regular functions or duties,
participates in the investment activities of such investment adviser, provided that such
employee has been performing such functions and duties for or on behalf of the
investment adviser, or substantially similar function or duties for or on behalf of another
company for at least 12 months.

These fees are generally negotiable and the final fee schedule will be memorialized in the
client’s advisory agreement. This service may be canceled with 30 days’ notice. Clients
must pay the prorated performance-based fees for the billing period in which they
terminate the Investment Advisory Contract up to and including the day of termination.

Selection of Other Advisers Fees

B. Payment of Fees

Payment of Portfolio Management Fees

Asset-based portfolio management fees are withdrawn directly from the client's accounts
with client's written authorization on a quarterly basis, or may be invoiced and billed
directly to the client on a quarterly basis. Clients may select the method in which they are
billed. Fees are paid in advance.

       Payment of Performance-Based Portfolio Management Fees

       Performance-based portfolio management fees are withdrawn directly from the client's
       accounts with client's written authorization on a quarterly basis, or may be invoiced and
       billed directly to the client on a quarterly basis. Clients may select the method in which
       they are billed. Fees are paid in arrears.

       Payment of Selection of Other Advisers Fees

       The timing, frequency, and method of paying fees for selection of third-party managers
       will depend on the specific third-party adviser selected.

       C. Client Responsibility For Third Party Fees – Family Office

       Clients are responsible for the payment of all third party fees (i.e. custodian fees,
       brokerage fees, mutual fund fees, transaction fees, etc.). Those fees are separate and
       distinct from the fees and expenses charged by LML. Please see Item 12 of this brochure
       regarding broker-dealer/custodian.

       D. Prepayment of Fees

       LML collects fees in advance. Refunds for fees paid in advance but not yet earned will be
       refunded on a prorated basis and returned within fourteen days to the client via check, or
       return deposit back into the client’s account.

       For all asset-based fees paid in advance, the fee refunded will be equal to the balance of
       the fees collected in advance minus the daily rate* times the number of days elapsed in
       the billing period up to and including the day of termination. (*The daily rate is calculated
       by dividing the annual asset-based fee rate by 365.)

       E. Outside Compensation For the Sale of Securities to Clients

       Neither LML nor its supervised persons accept any 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 6: Types of Clients

LML generally provides advisory services to the following types of clients:

       ❖      Individuals
       ❖      High-Net-Worth Individuals
       ❖      Pooled Investment Vehicles

There is no account minimum for any of LML’s services.

 Item 7: Methods of Analysis, Investment Strategies, & Risk of
                             Loss

       A. Methods of Analysis and Investment Strategies