Raven Music Partners LLC

Item 5 – Fees and Compensation

A. Fees for Advisory Services
Asset-Based Compensation
For each Fund, the Adviser is paid an asset-based investment management fee ranging from 1.25% to 1.75% per annum of
the lower of cost or fair market value of net assets/investments, respective to each Fund.

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 Fund. The performance-based compensation is paid to the Adviser or an affiliate of the
Adviser, and ranges from 15% to 20%. Receipt of performance-based compensation is subject to a hurdle rate equal to 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 in its sole discretion.

The Adviser, the general partner and their respective members, employees, affiliates and related persons also 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
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. 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, including,
upon the request of a majority of the members of the LP Advisory Committee, expenses related to the LP Advisory
Committee employing any advisor that it deems reasonably necessary to assist the LP Advisory Committee 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
Funds 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
Neither the Adviser nor its supervised persons accept compensation for the sale of securities or other investment products,
including asset-based sales charges or service fees.
The Adviser and its affiliates have entered into agreements, or "side letters," with certain investors whereby such investors
...

Item 7 – Types of Clients

 The Adviser’s clients consist of private funds that are pooled investment vehicles (the Funds). Initial and additional
 subscription minimums for the Funds are disclosed in the applicable Governing Documents. The minimum investment in
 the Funds is generally $10,000,000.

The Adviser may in the future provide advisory services to other types of clients.