Reef Road Capital LLC

Item 5: Fees and Compensation
Fees and Compensation Related to the Funds

General

Compensation received by Reef Road is generally comprised of fees based on a percentage of
assets under management and performance-based amounts. The fees charged by the Adviser or
related entities to the Funds are deducted directly from the Investor’s account.

The Funds issue several classes or series of interests or shares, of which each class or series is
subject to different lock-ups, investment management fee rates, and performance-based fee rates.
The Funds also offer reduced management and performance-based fees to early stage Investors.
The Governing Documents set forth in detail the fee structure relevant to each Fund. Investors
should review all fees charged by Reef Road and related entities to fully understand the total
amount of fees to be paid by a Fund and, indirectly, by Investors.

In the sole discretion of Reef Road, management fee and performance-based fee amounts may be
waived, reduced, or calculated differently with respect to certain Investors, including, without
limitation, Investors that are officers, directors, members, partners, or employees (collectively
the “Employees”) of Reef Road, members of the immediate families of such persons, and trusts
or other entities for their benefit.

Management Fees

Depending on the series or class and time of investment, management fees for the Funds range
from 1.25% to 2.00% and are paid quarterly in advance based on the net asset value of the Fund
as of the first business day of each calendar quarter.

Item 7: Types of Clients

Reef Road’s Clients are private funds that operate as pooled investment vehicles and a separately
managed account. The Adviser provides discretionary management and advisory services to the
Funds directly, subject to the direction and control of the General Partner or Board of Directors,
if applicable, but not individually to any Investors in the Funds; and to the Separate Account.
Investors in the Funds may include, but are not limited to, high net worth individuals, pension
plans (corporate, state, and foreign), sovereign wealth funds, endowments, foundations, banks,
pooled investment vehicles (e.g., funds-of-funds), trusts, estates or charitable organizations, and
corporate or business entities.

Reef Road has established a minimum dollar amount to invest in each of the Funds. The Funds’
initial and additional subscription minimums are disclosed in the applicable Governing
Documents. As described in each Fund’s Governing Documents, the minimum subscription
amounts may be waived or altered.

The Company has entered into an arrangement with an initial Investor (the "Initial Investor"),
whereby the Initial Investor or an affiliate will commit a significant capital contribution to
certain of the Funds. In consideration for such capital contribution, the Initial Investor is entitled
to receive a percentage of the management fees and performance-based fees incurred by the
relevant Fund.