Rand Advisors LLC

ITEM 5.        FEES AND COMPENSATION

For providing investment advisory services, Rand typically charges the Client a management
fee and other fees as necessary and agreed to (including, but not limited to, expenses related
to servicing accounts, such as administration and legal services). Fees may be deducted
directly from the Funds.

We have entered into a shared services agreement with 1.       Armanino Advisory LLC,
d.b.a Skyview (“Armanino”). Please refer to the PPM for each Fund for a list of services to be
provided by ARMANINO.

The Funds incur brokerage and other transaction costs associated with Rand’s management
of Client Accounts. Please see the section titled ITEM 12 Brokerage Practices of this ADV
Part 2 for a discussion of Rand’s brokerage practices.

FEE SCHEDULE

Please refer to the PPM or other applicable offering documents for each of the Funds for a
detailed description of fees, expenses and use of proceeds.

UNREGISTERED INVESTMENT FUNDS

As compensation for our advisory services, each of the Funds typically pays Rand
management fees based on each Fund’s agreements. Management fees are based upon
outstanding capital accounts or amounts of committed capital. In some cases, certain
investors in one Fund may pay a different fee than others based on the terms of their
agreement with Rand.

In addition to management fees, brokerage and transaction costs, investors in the Funds will
indirectly bear the fees and expenses paid by the Funds, including custody fees,
administration, legal, audit and tax preparation fees, overhead allocation, and certain other
fees and expenses. Each of the Fund’s PPM’s or offering documents include more detailed
information about the fees and expenses paid by each of the Funds.

OTHER COMPENSATION

Fund Accounts may hold significant positions, individually or collectively, in the securities
issued by a company. Accordingly, Rand may have the right to appoint a board member or
officer for such company. Rand may appoint an employee or a third party to such position as
it sees fit in the best interest of Rand and the Funds. Employees are permitted to retain all
compensation received for such positions except to the extent contrary to the governing
documents for one or more Fund Accounts, in which case the proportion of such compensation
related to such Fund Account(s) will be paid to those Account(s) (generally in proportion to
relative assets of the Fund Account as of the date paid).

In addition, to the extent permitted by the offering and/or governing documents of the
applicable advised accounts, Rand and/or its affiliates receive other fees for services provided
to portfolio companies, provided such fees are on arms-length terms. See also ITEM 10 Other
Financial Industry Activities and Affiliations.

We have established procedures designed to address possible conflicts of interest that such
board or officer positions might present, including requiring authorization from the Chief
Compliance Officer prior to an officer or employee serving as a board member. As a result of
such activities, Rand may acquire confidential information, which may restrict Fund
Accounts from transacting in certain securities. As a result, we may not initiate a transaction
on behalf of Clients which we otherwise might have.

ITEM 7.      TYPES OF CLIENTS

Our sole advisory clients are the Atlas IDF, Rand PE Fund 1 and the Rand Series 1 Fund,
all being limited partnerships.