Reservoir Operations LP

ITEM 5 FEES AND COMPENSATION

    The investors in Reservoir’s Funds are qualified purchasers as defined in section 2(a)(51)(A) of the

  Assets under management include unfunded capital commitments and are calculated assuming all illiquid
investments are valued at Reservoir’s estimated fair values as of December 31, 2025.

    Investment Company Act of 1940, as amended. A fee schedule is not included in this Brochure for investors
    in the Funds who are qualified purchasers, although a description of Reservoir’s fees and compensation is
    set forth below. In general, Reservoir does not negotiate fees or compensation with respect to its Funds.
    However, with respect to certain of Reservoir’s Funds, Reservoir has agreed in side letter arrangements to
    different fee structures for investors based on their amounts invested in such Fund or their amounts
    otherwise under management by Reservoir. In addition, Reservoir may in its discretion waive all or a
    portion of any such fees or compensation under the governing documents of the Funds.

    Reservoir receives compensation comprised of fees based on a percentage of assets under management
    and performance-based incentive allocations. Such amounts are deducted or allocated from an investor’s
    capital account(s) in the applicable Fund.

            Management Fees

    Management fees are payable quarterly in advance at a rate ranging up to 1.5% (per annum) of, depending
    on the Fund, either the balance of an investor’s capital account during a specified period plus unfunded
    commitments for such capital account or the net asset value of an investor’s capital account plus, during
    a specified investment period, unfunded commitments for such capital account (“Management Fees”) 2.
    In general, based on the withdrawal provisions contained in the governing documents of the Funds, an
    advisory contract will not be terminated prior to the end of a billing period.

            Details concerning Management Fee arrangements for each Fund are set forth in such Fund’s
    offering memorandum and/or governing documents.

            Incentive Allocations

            Reservoir also receives performance-based incentive allocations (commonly known as “carried
    interest”) of up to 20% of the aggregate net increase in an investor’s capital account, or net profit with
    respect to such capital account, for a fiscal year (“Incentive Allocations”). Such incentive allocations are
    subject to, depending on the Fund, a combination of a “high water mark,” a preferred return hurdle or
    clawback arrangement provisions, as well as provisions that reduce Incentive Allocations in certain
    circumstances where performance-based fees are paid to a manager in an underlying pooled investment
    vehicle. The offering memorandum and/or governing documents for each Fund sets forth how such
    Incentive Allocations are calculated and details the foregoing provisions as they apply to such Fund, which
    may vary between Funds.

            Other Expenses

             Investors bear certain operating and organizational expenses of the Funds. These costs and
    expenses vary, but typically include all costs and expenses incurred in connection with the evaluation,
    acquisition, carrying monitoring and disposition of portfolio investments, legal, accounting and other tax
    advising fees and disbursements, taxes and other governmental charges levied against the Funds and all
    expenses incurred in connection with any tax return preparation, tax audit, investigation, settlement or
    review of the Funds, commissions and brokerage fees, registration expenses, fees to government regulatory
    agencies, the cost of directors’ and officers’ liability insurance and other expenses, such as reporting
    expenses, litigation expenses, indemnification obligations or broken deal expenses. The offering

    The Funds do not currently have, nor do they expect to have in the future, any unfunded commitments.

 memorandum and/or governing documents for each Fund set forth the arrangements regarding operating
 and organizational expenses for such Fund. Investors should review all fees, costs and expenses to be paid
 by the Funds and, indirectly, the investors therein as disclosed in the offering memorandum and/or
 governing documents for each Fund invested in.

ITEM 7 TYPES OF CLIENTS

 Currently, Reservoir’s only Clients are the Funds. Reservoir’s investor base with respect to the Funds is
 primarily comprised of endowments, foundations, trusts, high-net worth individuals and family offices, and
 pension plans.

 Each Fund operates as a pooled investment vehicle. The minimum capital commitment for a limited partner
 of a Fund is outlined in such Fund’s offering memorandum and/or governing documents.

 Some of the component investment funds among the Funds are organized in “master-feeder” structures.
 Reservoir serves, directly or indirectly, as the manager or investment adviser and general partner for such
 “master fund” vehicles.