LibertyView Capital Management LLC

FEES AND COMPENSATION

A.       Advisory Services and Fees

        Written investment advisory agreements govern the terms of compensation and the
manner in which we charge fees to each of our clients. The fees we charge for our advisory
services may be negotiable depending on the circumstances of the client’s account and the
service levels we provide to the client. Subject to the terms of their applicable investment
advisory agreement, clients may elect to be billed directly for fees or may authorize us to directly
deduct fees from the client’s account. For instance, we directly deduct our fees from the
accounts of the LibertyView Funds. We generally bill our fees, or directly deduct our fees from
client accounts, on a quarterly or annual basis. Our fees are payable in arrears or in advance.
For a detailed description of our fee arrangements, please see “Item 5 Fees and Compensation 
Fees,”–below.

       Our clients are responsible for all fees and expenses incurred, directly or indirectly, by or
on behalf of such client, including, without limitation:

        directors’ fees and expenses, as applicable;

        administration fees and expenses;

        brokerage commissions and dealer spreads;

        regulatory filing fees and expenses, as applicable;

        transaction-related fees and expenses;

        all fees and expenses incurred in connection with any investment or potential investment,
         (including, without limitation, consulting and other professional fees and expenses,
         research and diligence fees and expenses, fees and expenses attributable to any
         investment vehicle used in connection with any investment by the client, and all other
         investment-related expenses);

        continuing offering fees and expenses;

        legal, accounting, and auditing fees and expenses;

        tax audit costs, tax filing preparation costs, taxes, and assessments;

        fees to an administrator or any other service provider providing services to the client
         (including, without limitation, any valuation services);

        costs related to the preparation, reproduction, and mailing of reports to members,
         partners, or shareholders, as applicable;

        expenses associated with compliance with applicable laws and regulations;

        custodial fees and insurance expenses; and

        extraordinary fees and expenses, if any, including, without limitation, any
         indemnification obligations.

        In connection with the above fees and expenses, the Feeder Funds pay a proportionate
share of such fees and expenses incurred by the Master Funds into which such Feeder Funds
invest. We do not receive a brokerage commission or other compensation attributable to the sale
of securities or other investment products.

       For a discussion of the factors that we consider in selecting or recommending broker-
dealers for client transactions and determining the reasonableness of commissions and
compensation for such broker-dealers, please see “Item 12 Brokerage Practices  Selection of
Broker-Dealers and Reasonableness of Compensation.”

       We do not currently use the services of a placement agent to refer potential investors in
the LibertyView Funds. Underlying investors in the LibertyView Funds may, in the future, also
be subject to placement agent fees. The terms of sales and on-going compensation payable to
placement agents for interests sold by them may differ among the various placement agents
depending on the sales relationship established with the particular placement agent and the
amount of capital contributed through the efforts of the placement agent. In accordance with
Rule 206(4)-3 of the Advisers Act, placement agent fees will be disclosed to each of the
LibertyView Funds and each underlying investor in the LibertyView Funds through a separate
disclosure statement executed by the underlying investor, as applicable.

B.       Payment of Fees

         The fees relating to our trading strategies are generally as follows:

LibertyView Funds                                    Fee schedule

LibertyView Credit Opportunities Fund,               A management fee is payable to the Adviser by
L.P (Master Fund)                                    LibertyView Credit Opportunities Fund, L.P.,
                                                     quarterly in advance at an annual rate of 1.0%
Associated Feeder Funds:                             of that Master Fund’s net asset value, as
                                                     determined at the beginning of each fiscal
LibertyView Credit Opportunities Fund,               quarter. For periods commencing on or after
Ltd.                                                 January 1, 2016, the Adviser has voluntarily
                                                     reduced the management fees payable by
LibertyView Credit Opportunities Fund II,            LibertyView Credit Opportunities Fund, L.P.
Ltd.                                                 by 25%. The Adviser reserves the right to re-
                                                     institute the full management fees payable by
LibertyView Credit Opportunities Fund,
                                                     LibertyView Credit Opportunities Fund, L.P.
LLC
                                                     in its discretion at any time.
LibertyView Credit Opportunities Fund II,
                                          An incentive allocation is allocable to the
LLC
                                          Adviser by LibertyView Credit Opportunities

                                              Fund, L.P., at a rate equal to 20% of the
                                              cumulative increase in the balance of its Feeder
                                              Funds’ capital accounts during each fiscal
...

TYPES OF CLIENTS

       We currently provide investment advisory services to the LibertyView Funds, which are
offered to high net worth individuals, financially sophisticated individual and institutional
investors, including trusts, estates, or charitable organizations, pension and profit sharing plans
and commingled investment vehicles, including investment companies.

        Investors in the LibertyView Funds must make minimum initial subscriptions, which
generally range from $250,000 to $1,000,000, and any additional subscriptions must also be
made according to established minimums. In addition, investors in the LibertyView Funds must
meet certain prescribed criteria, including, as applicable, being an “accredited investor,” as
defined in Rule 501(a) of Regulation D, promulgated pursuant to Section 4(a)(2) of the
Securities Act of 1933, as amended; a “qualified purchaser,” as defined in Section 2(a)(51)(A) of
the Investment Company Act of 1940, as amended; and a “qualified client,” as defined in Rule
205-3 of the Advisers Act. Such minimum investment amounts and investor criteria are set forth
in the offering documents of each LibertyView Fund. With respect to the LibertyView Funds,
the minimum aggregate subscription per fund investor may not be reduced below $100,000 (or,
with respect to the Offshore Feeders, such other amount specified under Cayman Islands law
from time to time).

       We may, in our sole discretion, waive any of these minimum account requirements.