Raven Capital Management LLC

Item 5 – Fees and Compensation

A. Fees for Advisory Services
Asset-Based Compensation
For each Advisory Client, the Adviser is paid an asset-based investment management fee ranging from 0.75% to 2.0% per
annum of either the commitments or the lower of cost or fair market value of net assets/investments, applicable to each
Advisory Client.

These fees are not negotiable, but in the past have been, and may in the future be again reduced or waived by each Fund’s
general partner in its sole discretion.

Performance-Based Compensation
The Adviser has and may also be paid performance-based compensation, which is compensation that is based on a share of
gains on, or income earned by, each Advisory Client. The performance-based compensation is paid to the Adviser or an
affiliate of the Adviser, and ranges from 10% to 20%. Receipt of performance-based compensation is subject to a hurdle rate
between 6% and 12%. The Governing Documents for each Fund provide the definitive terms of such performance-based
compensation.

These fees are not negotiable, but in the past have been, and may in the future be again reduced or waived by each Fund’s
general partner at its sole discretion.

The Adviser, the general partner and their respective members, employees, affiliates and related persons may invest directly in
certain Funds when such Funds are open to new investor commitments. Investments made by such parties generally are not
subject to the asset-based or performance-based compensation otherwise applicable to third-party investors.

B. Fee Billing
Management fee terms may differ among the Funds. Detail regarding Fund-specific management fee terms are available in
such Fund’s Governing Documents. In the case of the Funds, investment management fees are charged quarterly in advance
based on the total commitments or the lower of cost or fair market value of the assets/investments in the Fund account on
the first day of the quarter. Investment management fees are deducted and paid to the Adviser from the assets of the relevant
Fund accounts. If applicable, performance-based compensation is deducted and paid to the Adviser, or an affiliate of the
Adviser, from the assets of the relevant Fund accounts.

C. Other Fees and Expenses
In addition to paying investment management fees and, if applicable, performance-based compensation, investors will bear
their pro rata share of the applicable Fund's operating and other expenses including, but not limited to: (i) sales expenses;
(ii) legal, internal and external accounting, audit and tax preparation expenses; (iii) filing and printing fees; (iv) travel
expenses and the production of marketing materials; and (v) other organizational expenses (collectively “Organizational
Expenses”).
Investors will also pay all other expenses attributable to the activities of the relevant Fund, including, but not limited to: (i)
expenses incurred in connection with the sourcing, evaluation, and potential acquisition, or disposition of portfolio
investments, including, but not limited to, appraisal fees, taxes, brokerage fees and discounts, and legal, auditing,
accounting, unaffiliated third-party investment banking, consulting, information services, and professional fees; (ii)
expenses incurred in connection with the carrying or management of portfolio investments, including custodial, trustee,
record keeping and other administration fees; (iii) insurance (including Fund-related insurance expenses and fees for a
portion of directors’ and officers’ liability insurance for the Funds and the Adviser, in an amount up to 80% of the aggregate
premium across Funds (for the avoidance of doubt, the Funds may bear more than 80% of such premiums during any
particular fiscal year and the Adviser will reimburse the Funds or otherwise pay a larger proportion during prior or
subsequent fiscal years), regulatory or litigation expenses (and damages); (iv) expenses incurred in connection with the
Funds’ financial statements, tax returns, and K-1s; (v) valuation, consultant, attorney, and accountant fees and
disbursements; (vi) taxes, fees and other governmental charges levied against the Fund; (vii) expenses incurred in
connection with the winding up or liquidation of the Fund; (viii) expenses relating to defaults by investors in the payment

of any capital contributions; (ix) expenses for transactions not consummated; (x) the costs and expenses associated with the
purchase (or attempted purchase), holding or sale, exchange or other disposition of securities, portfolio investments or other
Fund assets, including, but not limited to, placement and finder’s fees, asset specialist fees and advisory fees paid to third
parties unaffiliated with the general partner and/or the Adviser related to the acquisition or disposition of securities, portfolio
investments or other Fund assets; (xi) expenses incurred in connection with any restructuring or amendments to the
constituent documents of the Funds and related entities, including the general partner and the Adviser; (xii) expenses
incurred in connection with distributions to the investors; (xiii) costs and expenses of the LP Advisory Committee (“LPAC”),
including, upon the request of a majority of the members of the LPAC, expenses related to the LPAC employing any advisor
that it deems reasonably necessary to assist the LPAC in carrying out its functions; (xiv) interest and other expenses on any
borrowings; and (xv) costs and expenses in connection with any scheduled meetings of investors or meetings otherwise
called by the general partner. It should also be noted that certain Advisory Clients pay a portion of the salaries and benefits
of employees of an affiliated entity where the private fund utilizes the affiliate’s services.

D. Advanced Payment of Fees
The Adviser does not require the prepayment of fees.

E. Compensation for Sales of Securities
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Item 7 – Types of Clients

The Adviser’s Advisory Clients consist of private funds that are pooled investment vehicles, which is an institutional client.
Initial and additional subscription minimums for the Funds are disclosed in the applicable Governing Documents. The
minimum investment in the Funds is generally $5,000,000.