REB Capital Management LLC

ITEM 5: FEES AND COMPENSATION
A. FEE DESCRIPTION AND SCHEDULE

  PRIVATE FUND
      For its services, REB is entitled to an annual management fee with respect to each Limited Partner of one and a half percent
      (1.5%) (0.375% per Fiscal Quarter) of the value of that Limited Partner’s Capital Account (the “Management Fee”). The
      Management Fee is payable quarterly in advance, based on the net asset value of each Limited Partner’s Capital Account on
      the first day of that Fiscal Quarter. The General Partner, in its exclusive discretion, may waive all or any portion of the
      Management Fee with respect to any Limited Partner in any Fiscal Quarter.

      REB is not entitled to performance-based compensation, however, the General Partner to the Partnership is eligible for a
      “Special Allocation” and that eligibility for a Special Allocation is generally determined at the end of each Fiscal Year. The
      General Partner shall be entitled to a Special Allocation equal to twenty percent (20%), or such other percentage as agreed
      between the General Partner and a Limited Partner, of all Outperformance. Outperformance is the extent to which the
      Partnership’s returns during the applicable Special Allocation Period are returns in excess of: Class A Interests - total return
      of the MSCI Emerging Markets Index, or Class B Interests - a 10% hurdle. When calculating Outperformance, both the
      Partnership’s performance and the returns of the MSCI Emerging Markets Index (for Class A Interests) and the 10% hurdle
      (for Class B Interests) each reset to zero at the beginning of each Fiscal Year.

      Investors should refer to the Partnership’s Offering Materials for more detailed information regarding how REB is
      compensated for its advisory services. The information contained herein is a summary only and is qualified in its entirety
      by such documents.

  SEPARATELY MANAGED ACCOUNTS
      Generally, for its services, REB will charge an annual management fee with respect to each separately managed account of
      up to one and a half percent (1.5%) (0.375% per calendar quarter) on the value of the separately managed account (the
      “Management Fee”). The Management Fee is payable quarterly, based on the NAV of the separately managed account at the
      beginning of the calendar quarter. For purposes of calculating the Management Fee, the NAV of the separately managed
      account shall be the fair value of the assets less any liabilities of the separately managed account, after reduction for all paid
      and accrued expenses (other than the accrued Management Fee and the accrued Performance Fee (if any)), all as calculated
      by the Custodian.

      If additional capital is contributed to the separately managed account, or the separately managed account is funded after the
      beginning of a quarter, the amount of the Management Fee attributable to such capital for that quarter shall be prorated on
      a time-weighted basis.

      REB will charge its separately managed account clients a performance-based fee; this is an incentive fee generally determined
      at the end of each fiscal year (“Performance Fee”). REB shall be entitled to a percentage of the defined Outperformance, as
      agreed between REB and the client. Generally, Outperformance will be defined as the extent to which the client’s separately
      managed account returns during the applicable calculation period are in excess of either the total return of the MSCI Emerging
      Markets Index, or a 10% hurdle. When calculating Outperformance, both the client’s separately managed account
      performance and the returns of the MSCI Emerging Markets Index and the 10% hurdle each reset to zero at the beginning of
      each fiscal year. The calculation, timing, reporting and other terms for all separately managed accounts are provided in the
      client’s investment management agreement.

      Management and Performance Fees are negotiable.

B. FEE DEDUCTION

  PRIVATE FUND
      The Management Fees are calculated and deducted quarterly. Additionally, the Partnership will provide each investor with
      audited financial statements after the end of each fiscal year.

      Each investor is responsible for verifying fee computations. If you have questions about a specific fee calculation, please
      contact us.

 REB CAPITAL MANAGEMENT, LLC | Form ADV 2A                                                                                    Page| 5

  SEPARATELY MANAGED ACCOUNTS
      Upon request, REB will bill the Management Fee quarterly by invoice sent to the client. Additionally, we offer clients the
      option to have the Management Fees deducted from the client’s assets under management quarterly and reported to the
      client on statements prepared and issued by the client’s custodian. Statements will be provided by the custodian on a
      quarterly basis, at least. Each client is responsible for verifying fee computations since custodians are not typically asked to
      perform this task. If you have questions about a specific fee calculation, please contact us.

C. THIRD PARTY FEES AND EXPENSES

  PRIVATE FUND
      The Partnership will bear its reasonable expenses, including organizational expenses, initial and ongoing offering expenses,
      operating expenses and other expenses. The Partnership also will be responsible for reimbursing the General Partner for all
      reasonable costs and expenses directly incurred by them in connection with the organization of the Partnership.

      The Partnership pays or reimburses the General Partner and the Investment Manager for all costs and expenses incurred by
      or on behalf of the Partnership or for their benefit, including, without limitation, all costs and expenses of organizing the
...

ITEM 7: TYPES OF CLIENTS
  PRIVATE FUND
       The Partnership is offering Interests for investment only to investors that are “accredited investors” as defined in Rule 501(a)
       under the 1933 Act and “qualified clients” as defined under Rule 205-3 promulgated under the Advisers Act. Each Limited
       Partner will be required to provide certain representations, warranties, and assurances in its Subscription Agreement.

       The minimum initial investment by a Limited Partner is five hundred thousand dollars ($500,000) with a minimum for
       additional investments of twenty-five thousand dollars ($25,000). The General Partner may raise or reduce the minimum
       subscription requirement in the future and/or may waive the minimum subscription requirement for any investor.

  SEPARATELY MANAGED ACCOUNTS
       REB expects most of our separately managed account clients to be institutions. However, we offer separate account
       management to high-net-worth individuals, family offices, corporations, institutions, and private investment vehicles. In
       general, REB only offers investment advisory services to persons who are at a minimum “accredited investors” and “qualified
       clients”. When REB charges a Performance Fee on a separately managed account, the client will be required to meet the
       definition of a “qualified client” pursuant to Rule 205-3.