Ravenswood Partners LP

Item 5. Fees and Compensation
The fees and compensation for each Client are outlined in detail in their respective offering
documents or investment management agreements, which may be updated periodically. A
summary of these fees is provided below. Clients typically pay an asset-based management fee for
Ravenswood’s advisory services. Additionally, Clients may incur performance-based fees,
generally at the end of the year, calculated as a percentage of the increase in the value of their
investments over a specified benchmark, subject to specific caps and discounts. In some cases,
certain Clients may pay fees to Ravenswood for investments, while other Clients may pay reduced
or no fees for similar investments.

For the Fund, the Adviser and its affiliates will be entitled to receive a monthly “Management Fee”
paid in arrears as of the last calendar day of each calendar month at a maximum rate of 1% based
on the applicable limited partners AUM, and a maximum performance-based fee of 30% of the
Funds’ profits over a stated benchmark. The Management Fee for a calendar month in respect of
each limited partner’s capital account will equal 1/12 of the applicable annual management fee rate
multiplied by the end of month capital account balance, adjusting for capital activity and before
the calculation of any performance fees. Ravenswood may at any time in its discretion waive or
reduce all or a portion of the Management Fee payable in respect of any Limited Partner. For
example, Ravenswood may decide to negotiate its management fee due to the size or timing of a
subscription, or because of a relationship to the Adviser. It is anticipated that the investments made
by Ravenswood employee or affiliates will not be subject to any Management Fees or

Item 7. Types of Clients

Currently, Ravenswood provides investment advice to the Fund and the SMAs. The Fund is open
to qualified purchasers. Ravenswood provides its services to institutional clients, endowments,
foundations, pensions, family offices, fund-of-funds, sovereign wealth funds, and trusts. As
Ravenswood grows and expands its offerings, it is anticipated to add additional type of clients.

Pooled investment vehicles like the Fund typically meet the definition of an “investment company”
under the Investment Company Act of 1940 (the “Company Act”). A private investment fund that
does not qualify for an exclusion from the definition of an investment company may not offer or
sell a security in the U.S. without registering under Section 8 of the Company Act. In order to
avoid the extensive regulation of the Company Act, an Adviser can rely on certain exclusions from
the definition of investment company under the Company Act, including Section 3(c)(7), which
the Fund currently relies on. The minimum investment for the Fund is $5,000,000. Ravenswood
and its affiliates reserve the right to waive the minimum investment requirement for the Fund. This
is more common to allow Ravenswood employees and affiliates to invest into the Fund as well as
allow additional subscriptions during the early stages of the Fund.

The minimum investment for a SMA will be $50,000,000, subject to the Adviser’s discretion.