Rail Splitter Capital Advisers LLC

Item 5 - Fees and Compensation
We receive management fees and/or incentive allocations from each Fund we advise (together, “Private Fund Fees”), which may be
paid directly to us or to an affiliate that serves as the Fund’s general partner (or equivalent). These fees are described in detail in each
Fund’s Governing Documents. Investors in the Funds are generally “qualified purchasers” under the Investment Company Act of 1940
or “knowledgeable employees.” The fees charged to each Fund are described in the Fun’s Governing documents. We may waive or
reduce any portion of the Private Fund Fees for any Investor or Fund at our discretion.

In addition to Private Fund Fees, each Fund bears its own operating expenses, which may include legal, audit, administration,
research, accounting (including outsourced accounting), trading, technology, and other professional services. Funds also generally
bear transaction related costs, such as brokerage commissions, margin interest, custodial fees, and software expenses (e.g., order
management systems). Each Fund may also be responsible for indemnification obligations under its Governing Documents. Typically,
we deduct the management fee quarterly, in advance, directly from each Investor’s capital account, as determined by the terms of
the applicable Governing Documents. Withdrawals during a quarter are typically subject to a pro-rata refund of prepaid management
fees, as described in the applicable Fund’s Governing Documents, if any.

For the separately managed account (“SMA”) we advise, we charge a management fee based on a percentage of assets
under management. The specific fee rate and payment terms are negotiated with the SMA and described in the applicable
investment management agreement.

The fees described in this section do not include brokerage commissions or other transaction costs paid to third parties.
See Item 12 (Brokerage Practices) for more information.

Item 7 - Types of Clients
We currently only provide investment advice to the Funds, but may provide our investment advice to other types of investors, which
may include institutions, investment pools, trusts, endowments, sovereign wealth funds, pension plans, or charitable organizations,
but excluding persons within the definition of “retail investors” under Rule 17a-14(e)(2) of the Securities Exchange Act of 1934.
Investors in the Funds are generally subject to a minimum investment amount of $250,000 but we may waive this minimum.