Renaissance Technologies LLC

Item 5: Fees and Compensation

The Firm's fees are set forth in each Fund's offering materials. They are not negotiable. Generally, clients
are assessed (1) a management fee equal to a percentage of net asset value and, if applicable, (2)
performance-based compensation, which is calculated as a percentage of net profits or net capital
appreciation (realized and unrealized), which are allocated to the investors’ accounts. Management fees,
if applicable, are payable regardless of profitability and may be charged during periods of loss. All
performance-based allocations, if applicable, are charged in accordance with Rule 205-3 under the
Investment Advisers Act of 1940.

Fee schedules for each Fund Family are as follows:

Medallion Funds

  Management Fees           4.00% of value of capital account             Annual fee, payable monthly in
                                                                          advance
  Performance               36.00%-44.00% of net profits                  Payable in arrears semiannually
  Allocation                                                              or upon redemption

Management fees, calculated at an annual rate of 4% of the value of an investor's capital account, are paid
to the Firm monthly in advance based on the value of each capital account at the beginning of that month.
The management fee is calculated after taking account of any redemptions or distributions as of the end of
the prior month, as well as new subscriptions for the month in which the fee is being calculated and paid.
A performance allocation (if applicable), payable to the Firm as of June 30th and December 31st of each
year, is calculated as a percentage of net profits (both realized and unrealized) allocated to each interest
or share for the preceding six-month period. The percentage of the performance allocation may vary. A
performance allocation (if applicable) will also be made upon the redemption of all or part of an interest or
share if such redemption occurs on a date other than the close of a semiannual fiscal period. To the extent
that losses are allocated to an interest or share, all such losses (except losses related to redeemed interests
or portions thereof) must be recouped before the Firm is entitled to a performance allocation with respect
to that interest or share. Once made, a performance allocation is nonrefundable.

RIEF Funds

  Management Fees           0.20%-1.50% of net asset value                Annual fee, payable monthly in
                                                                          advance
  Performance               0.00%-10.00% of net capital                   Payable in arrears annually or
  Allocation                appreciation                                  upon redemption

Management fees are paid monthly in advance based on the net asset value of each interest at the
beginning of each calendar month. Management fees are calculated after taking account of any
redemptions or distributions as of the end of the prior month. Management fees attributable to a new capital
contribution are not charged for the calendar month in which the new contribution is accepted (excluding,
however, (1) transfers between RIEF Funds (other than RIEF RMP LLC (“RIEF RMP”), which trades for
employee and employee-related accounts separately from the other RIEF Funds) and (2) switches between
offered series within a RIEF Fund).

A performance allocation (if applicable) is generally calculated at the end of each calendar year as a
percentage of net capital appreciation (both realized and unrealized) in each interest. For the purpose of
profit and loss allocation, only 50% of a new capital contribution is deemed invested for the contributing
investor's account during the calendar month the contribution is accepted (excluding, however, (1) transfers
between RIEF Funds other than RIEF RMP and (2) switches between offered series within a RIEF Fund).
A performance allocation (if applicable) will also be made upon the redemption of all or part of an interest
before the end of a calendar year. Similar principles will apply to switches between series of a RIEF Fund
and transfers to certain other Renaissance Funds, as appropriate. To the extent that an interest has net
losses (except losses related to redeemed interests or portions thereof), all such losses must be recouped

before the Firm is entitled to a performance allocation for that interest. No performance allocation, once
made, will be refundable.

RIDA Funds

  Management Fees           0.85%-1.00% of net asset value               Annual fee, payable monthly in
                                                                         advance
  Performance               10.00% of net capital appreciation           Payable in arrears annually or
  Allocation                                                             upon redemption

Management fees are paid monthly in advance based on the net asset value of each interest at the
beginning of each calendar month. Management fees are calculated after taking account of any
redemptions or distributions as of the end of the prior month. Management fees attributable to a new capital
contribution are not charged for the calendar month in which the new contribution is accepted (excluding,
however, (1) transfers between RIDA Funds and (2) switches between offered series within a RIDA Fund).

A performance allocation is generally calculated at the end of each calendar year as a percentage of net
capital appreciation (both realized and unrealized) in each interest. For the purpose of profit and loss
allocation, only 50% of a new capital contribution is deemed invested for the contributing investor's account
during the calendar month the contribution is accepted (excluding, however, (1) transfers between RIDA
Funds and (2) switches between offered series within a RIDA Fund). A performance allocation will also be
...

Item 7: Types of Clients

As set forth above in Item 4, Advisory Business, Renaissance's clients include the Fund Families and the
Kaleidoscope Fund.

    Fund Family                     Minimum Initial Investment1                         Minimum Investment
                                                                                        Required to Maintain
                                                                                        Account2
    Medallion Fund Family           $25,000 or as determined by                         $10,000 or as otherwise
                                    Renaissance or the Fund's directors                 determined by Renaissance or
                                                                                        the Fund's directors
    RIEF Fund Family                $100,000, $5,000,000, or $50,000,000,               $100,000, $5,000,000,
                                    as applicable, or, in special                       $50,000,000, or $100,000,000,
                                    circumstances, such lesser amount as                as applicable, or such lesser
                                    Renaissance may permit in its discretion            amount as Renaissance may
                                                                                        determine
    RIDA Fund Family                $5,000,000 or $50,000,000, as                       $5,000,000 or $100,000,000, as
                                    applicable, or, in special circumstances,           applicable, or such lesser
                                    such lesser amount as Renaissance                   amount as Renaissance may
                                    may permit in its discretion                        determine
    Kaleidoscope Fund2              $10,000 or, in special circumstances,               $5,000 or such lesser amount
                                    such lesser amount as Renaissance                   as Renaissance may determine
                                    may permit in its discretion

  For the Medallion and RIEF Fund Families, the lowest minimum initial and maintenance investment thresholds set forth above apply
to employee and employee-related investors. For certain RIEF Funds and RIDA Funds, the highest minimum investment and
maintenance thresholds set forth above apply to investors in particular series who receive enhanced portfolio transparency.

    The Kaleidoscope Fund is restricted to employee and employee-related investors.