Marlin Manager LLC

Item 5. Fees and Compensation

Management Fee. The current Clients do not pay a management fee. Marlin does not expect to receive
management fees from one or more future Clients, but if it does, such amounts will be disclosed in the applicable
Client Documentation.

Master Servicing & Other Fees. Each MSR Purchaser (as defined in Item 8, below) may receive from a Client a
monthly fee of $1 per current loan on its MSR platform (a “Master Servicing Fee”). A portion of such fee is paid
by the MSR Servicer to Marlin, and the balance will be for the benefit of the equity holders of a specific class of
such MSR Purchaser, held, ultimately, by the beneficial owners of Marlin.

An MSR Purchaser may also charge additional on-going or one-time fees as outlined and described in the related
Client Documentation.

Performance-Based Compensation. Although it does not currently receive any performance-based compensation
in connection with providing investment advisory services to the current Clients, Marlin expects to receive incentive
compensation from one or more future Clients, which will be disclosed in the applicable Client Documentation.

Organizational Expenses. Marlin IB bore (i) up to $600,000 of its legal, accounting, filing and other fees, costs and
expenses incurred in its formation and the offering of its respective interests, and the formation and organization
of certain subsidiary entities, in each case incurred on or prior to the first anniversary of its initial closing date (“O&O
Expenses”), by or on behalf of the Manager, the Investment Manager and their affiliates, and (ii) up to $300,000
of O&O Expenses incurred by or on behalf of the sole third-party Investor and its affiliates.. Marlin IC will bear (i)
up to $250,000 of O&O Expenses incurred by or on behalf of the Manager, the Investment Manager and their
affiliates, and (ii) up to $250,000 of O&O Expenses incurred by or on behalf of the sole third-party Investor and its
affiliates. Marlin VII will bear (i) up to
$400,000 of O&O Expenses incurred by or on behalf of the Manager, the Investment Manager and their affiliates,
and (ii) up to $400,000 of O&O Expenses incurred by or on behalf of the sole third-party Investor and its affiliates.
Marlin VIII will bear (i) up to
$400,000 of O&O Expenses incurred by or on behalf of the Manager, the Investment Manager and their affiliates,
and (ii) up to $400,000 of O&O Expenses incurred by or on behalf of the sole third-party Investor and its affiliates.
Marlin IX will bear (i) up to
$125,000 of O&O Expenses incurred by or on behalf of the Manager, the Investment Manager and their affiliates,
and (ii) up to $125,000 of O&O Expenses incurred by or on behalf of the sole third-party Investor and its affiliates.

Generally, Clients, will bear all of their respective legal, accounting, filing and other fees, costs and expenses, and
any other organizational expenses incurred in connection with their structuring and formation, which are incurred
on or prior to the first anniversary of the Initial Closing Date, as set forth in the applicable Client Documentation.

Operating Expenses. As described in the applicable Client Documentation, each Client will be responsible for all
expenses related to its activities and operations and the activities and operations of its subsidiaries (including each
MSR Purchaser, as applicable) that the General Partner or Manager, as applicable, or the Firm, as the case may
be, determines in its good faith to be reasonable, including: (i) all costs and expenses related to evaluating,
negotiating, making, monitoring, disposing of or otherwise dealing with proposed and/or actual investments
(whether or not the Client actually makes an investment); (ii) taxes of the Client (but specifically excluding any
federal, state, local or foreign withholding taxes and similar amounts withheld or deducted by a Fund attributable
to a limited partner, member or other Investor and deducted or withheld by the Fund under applicable law); (iii)
fees of auditors, counsel and other advisors of the Client; (iv) insurance and litigation costs of the Client and its
affiliates; (v) expenses associated with the distribution of reports and notices to Clients and the limited partners,
members or other Investors; (vi) any brokerage commissions and other investment costs incurred by or on behalf
of the Client; (vii) with respect to Funds, the expenses associated with the limited partner, member or other investor
committee, if any, and the meetings of the limited partners, members or other Investors, including any annual
general meeting; (viii) debt service and other

amounts payable under any financings of the Client; (ix) costs of winding-up the Fund, if applicable; (x)
indemnification expenses; and (xi) extraordinary expenses of the Client.

To the extent that the General Partner, the Manager, the Firm, an MSR Purchaser or any of their affiliates create
any goodwill or any tangible or intangible assets in connection with the performance or use of services charged to
a Client (including, but not limited to, analytical or algorithmic computer programs and servicing brand recognition),
the General Partner, the Manager, the Firm, such MSR Purchaser or their affiliates (as applicable), and not the
Client, will have all rights and title to all tangible and intangible assets that each of them has created.

The General Partner, the Manager, the Firm, or their respective affiliates, in their discretion, may from time to time
pay for any of the foregoing organizational or operating expenses, and either be reimbursed by the relevant Client
or waive their right to reimbursement for any such expenses, as well as terminate any such voluntary payment or
waiver of reimbursement. To the extent that the General Partner, the Manager, the Firm, or their affiliates pays
any such expenses on behalf of a Client, the General Partner, the Manager, the Firm, or their affiliates will be
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Item 7. Types of Clients

The types of Clients that the Firm expects to serve are described in Item 4. “Advisory Business.” Minimum
investment amounts for the Clients are individually negotiated and set forth in the applicable Client Documentation.