Pavaki Capital Management LLC

Item 5 — Fees and Compensation
 Pavaki does not charge a management fee for its advisory services. The Firm's
 compensation is derived entirely from performance-based fees (incentive allocation).

 Performance-Based Fees / Incentive Allocation
 The General Partner receives an incentive allocation equal to 20% of the net profits
 generated in each investor's capital account, subject to a high-water mark. Investors retain
 80% of the profits. The incentive allocation is calculated and allocated on a quarterly basis.
 The high-water mark is applied on a per-investor basis and resets quarterly in accordance
 with the terms of the Fund's Limited Partnership Agreement.

 Performance-based fee arrangements may create an incentive for the Firm to make
 investments that are riskier or more speculative than would be the case in the absence of
 such arrangements. The high-water mark provision is intended to mitigate this risk by
 ensuring that the General Partner does not receive an incentive allocation unless the Fund
 has recovered any prior losses.

 Other Expenses
 The Fund bears its own transaction-related expenses,      including brokerage commissions
 and other costs directly related to the execution of      securities transactions. All other
 operating expenses, including legal fees, accounting      and auditing fees, organizational
 expenses, administration fees, and custodial fees, are    borne by the General Partner, as
 described in the Fund's Private Offering Memorandum.

 The Firm does not receive compensation for the sale of securities or other investment
 products.

 Lock-Up Period and Early Redemption Fees
 Each capital contribution made by a Limited Partner is subject to an Initial Lock-Up Period of
 thirty-six (36) months from the date of the capital contribution. During the Lock-Up Period, a
 Limited Partner may not request redemption of their investment except with the consent of
 the General Partner.

 If a Limited Partner redeems their interest during the Lock-Up Period, the following early
 redemption fees will apply:

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Pavaki Capital Management, LLC — Form ADV Part 2A

      • Redemption within the first 12 months of purchase: 50% redemption fee

      • Redemption between 12 and 24 months of purchase: 40% redemption fee

      • Redemption between 24 and 36 months of purchase: 35% redemption fee

 In the event of an early withdrawal during the Lock-Up Period, there shall be no
 reconciliation for profits and losses allocated to the Limited Partner's Capital Account.
 Accordingly, no excess performance fees, if any, shall be refunded. The early redemption
 fees are designed to protect the Fund and its remaining investors from the costs and
 disruptions associated with premature withdrawals.

 After the expiration of the Initial Lock-Up Period, a Limited Partner may withdraw from the
 Fund entirely by providing sixty (60) days' prior written notice to the General Partner.
 Distributions of any withdrawal will generally be made within fifteen (15) business days after
 the withdrawal date.

 Investors should carefully consider the Lock-Up Period and early redemption fees before
 investing, as these terms significantly restrict liquidity.

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Pavaki Capital Management, LLC — Form ADV Part 2A

Item 7 — Types of Clients
 Pavaki provides investment advisory services exclusively to one private fund, Pavaki
 Capital Partners, LP. The Fund is offered to accredited investors as defined in Rule 501(a) of
 Regulation D under the Securities Act of 1933, and qualified clients as defined in Rule 205-3
 under the Investment Advisers Act of 1940.

 The minimum investment commitment for the Fund is $5,000,000, generally representing
 50 Partnership Interests at $100,000 each. The General Partner may, in its sole discretion,
 accept subscriptions for lesser amounts.

 Not applicable. Pavaki Capital Management, LLC is a registered investment adviser with the
 SEC (SEC File No. 801-136179).

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Pavaki Capital Management, LLC — Form ADV Part 2A