Raven Credit 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 1.00% to 1.25% per
annum of the lower of cost or fair market value of the Advisory Client’s net assets/investments, as 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 8%. 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.

In the case of the Senior Loan Fund, RPPF, and the Managed Accounts, the Adviser has: (i) tailored the investment objectives
to the specific objectives/restrictions of such accounts; and (ii) individually negotiated the terms and fees for such accounts,
which are different from the terms and fees of the other Funds. The Adviser negotiates such arrangements on a case-by-
case basis.

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.

Other Compensation
In connection with certain investments, the Adviser or its affiliates may receive transaction-related fees (such as
arrangement, syndication, or similar fees). Where a transaction involves third-party lenders or co-investors in addition to
client funds, a portion of such fees may be attributable to services provided in connection with third-party capital rather
than to client investments. To the extent transaction-related fees are attributable to client investments, such amounts are
either (i) applied as offsets against management fees payable by the applicable Fund in accordance with the Governing
Documents or (ii) paid directly to the applicable Advisory Client. Transaction-related fees attributable to third-party capital
are retained by the Adviser or its affiliates and are not subject to such offsets or payments.

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 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. For
example, Evergreen Fund II pays an annualized management fee with respect to each tranche of the Fund equal to 1.25% of
(i) the lesser of (x) the original aggregate cost basis of Fund assets with respect to such tranche as of the last day of the
immediately preceding calendar quarter, and (y) the aggregate fair market value of Fund assets of the investments held by
such tranche as of the last day of the immediately preceding calendar quarter, and (ii) for each investment acquired by
Evergreen Fund II after the last day of the immediately preceding calendar quarter, an amount equal to the product of (x)
the management fee that would have been payable with respect to such investment if it had been held by the tranche on the
last day of such immediately preceding calendar quarter, and (y) a fraction, the numerator of which is the number of days
during such calendar quarter that the investment was actually held by the applicable tranche of the Fund and the
denominator of which is the total number of days in such calendar quarter. 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.

As is generally the case in private funds, the relevant Governing Documents provide that a Fund’s management fees will be
calculated and charged on a basis that generally is not tied to such Fund’s then-current values. This may vary among the

Funds. For example, in the case of Evergreen Fund II, the management fee is assessed on the aggregate cost of investments,
except as described above when the aggregate fair market value of a Fund’s (or tranche’s) investments declines below the
aggregate cost of such investments. As a result, the amount of management fees will not necessarily correspond with
fluctuations in the net asset value of individual investments or aggregate investment(s) of a Fund, and will not be reduced
in connection with any write downs (whether temporary or permanent), except as otherwise provided in the Governing
Documents (e.g., in the case of Evergreen Fund II, where a decline in value reduces the aggregate fair market value of a
tranche’s investments below the aggregate cost thereof).

Where applicable, the billing methodology and frequency for Managed Accounts are described in the applicable written
advisory agreement(s) entered into between the Adviser and the relevant Managed Account client.

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;
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Item 7 – Types of Clients

The Adviser’s Advisory Clients consist of private funds that are pooled investment vehicles (the Funds) and the Managed
Accounts for institutional clients. 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.

Managed Accounts are subject to individually negotiated terms that differ from those applicable to the Funds and are
generally subject to significant minimum account size requirements.