Levco Capital LP

ITEM 5: FEES AND COMPENSATION
Collaborative. Collaborative pays Levco management fees in exchange for Levco’s investment management services.
Management fees may range from an annual rate of 0.5% to 2.0% depending on the Class of interests issued by
Collaborative, payable quarterly in advance based on the following:

        (i)      for any calendar quarter falling during the investment period for the applicable Class, committed
                 capital attributable to such Class and
        (ii)     for any calendar quarter falling after the expiration of the investment period for such Class, the
                 “fair value” of the interests in the Underlying Fund (or, for certain Classes, the remaining cost basis
                 of investments) determined as provided below in this Item 5 as of the immediately preceding fiscal
                 year-end (except for certain Classes enumerated in Collaborative’s limited liability company

                  agreement) plus cash held by the Class, the value of any temporary investments held by the Class
                  and other assets of such Class less accrued expenses, debt and other liabilities and obligations of
                  such Class less accrued carried interest amounts distributable to Levco Capital Investors with
                  respect to the Class, as described in Item 6.

The “fair value” of the interests in the Underlying Funds will be based on the values provided by the Underlying Fund
managers provided that, if no such valuations are provided by an Underlying Fund, or if Levco so determines, then
the values will be based on such other valuation that Levco in its sole discretion determines to be appropriate. The
valuations of the Underlying Fund interests are subject to adjustment based only on the finalization of such values
as reflected in the audited financial statements of Collaborative for the immediately preceding Fiscal-Year but shall
not otherwise be subject to other intra-year adjustment or reconciliation (except for certain enumerated Classes in
Collaborative’s limited liability company agreement which are subject to quarterly or monthly adjustments as
provided therein). Management fees are generally deducted from Collaborative’s assets.

The only payments that Collaborative makes to Levco or Levco’s affiliates are (a) the management fees described
above, (b) “carried interest” distributions to Levco Capital Investors described in Item 6 below, (c) reimbursements
for expenses advanced by Levco on Collaborative’s behalf and for the In-House Fund Expenses provided below and
(d) interest payments made by Collaborative to Levco or a Levco related party in connection with a loan made by
such party to Collaborative as provided in Item 14 hereof.

Collaborative is responsible for any and all of its operating expenses including: investment related expenses (i.e.,
expenses which Levco reasonably determines to be related to the investment of Collaborative’s assets, including
with respect to investments that fail to close), including Collaborative’s allocable share of the management fees and
other expenses of Underlying Funds and other entities in which Collaborative invests, research and due diligence
expenses; Levco and its principals’ investment related travel costs and the fees and expenses of investment-related
consultants; all taxes, withholding and transfer fees, and tax preparation expenses and fees and expenses for tax
advice; legal fees and expenses (which include the costs of amending the Offering Documents); accounting and
auditor fees and expenses; administrator and administration fees and expenses; insurance expenses, including
premium payments and deductibles (such insurance expenses include payment of directors' and officers' errors and
omissions liability insurance, crime coverage insurance and cybersecurity insurance, as applicable, for Levco and
Levco Covered Persons); liquidation expenses of Collaborative and the relevant Class; consultants’ fees and
expenses; regulatory expenses related to Collaborative (including, without limitation, expenses relating to preparation
and filing of regulatory reports made by Levco with regard to Collaborative’s portfolio or operations such as Form PF);
filing and registration fees; expenses incurred in connection with the offering, issuing, marketing and sale of the
Interests and other similar expenses related to Collaborative; borrowing expenses, including non-usage fees and line
of credit charges; extraordinary expenses (such as litigation related expenses and indemnification of Levco and Levco
Covered Persons; and such expenses set forth in the following paragraph. Each Class will be responsible for all
expenses associated solely with such Class and its fair share of Collaborative’s expenses, as determined by Levco in
its sole discretion.

Certain or all of the administrative, reporting and other services with regard to Collaborative, or any particular Class,
including but not limited to reviewing and processing the subscription documents, issuing capital calls, making
distributions, maintaining accounting records, performing bank reconciliations and preparing and distributing
periodic reports, may be performed by personnel of and, to the extent Levco determines that the aggregate fees
and expenses attributable thereto (which may include Levco’s good faith estimate of (i) a portion of the salaries
payable by Levco to its personnel performing such functions and (ii) the software utilized by Levco in performing
such functions) are generally consistent with the aggregate costs customarily charged by third-party professionals
for performing such functions, such costs (“In-House Fund Expenses”) will be borne by Collaborative.

As withdrawals from Collaborative are not permitted, pro-rating of the management fees is not generally applicable.
If, however, Levco ceases to serve as the investment manager of Collaborative during a billing period, the
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ITEM 7: TYPES OF CLIENTS
As discussed in Item 1 above, Levco provides investment management services to Collaborative, which is a “fund of
funds.” Interests in Collaborative are offered exclusively to sophisticated investors who qualify as “accredited
investors” as defined under Regulation D of the Securities Act and “qualified purchasers” as defined under the
Investment Company Act of 1940. Although Collaborative generally seeks minimum commitments of $250,000,
Levco can waive such minimums at its discretion.

Levco also provides non-discretionary services to the Account Client, a high net worth individual.