Rioblanco Capital LLC

Item 5 Fees and Compensation

In consideration of RioBlanco Capital’s investment advisory and related services, the Firm and/or its
affiliates generally receive both management fees and, where applicable, performance-based compensation
from the Funds. While each Fund’s fees are outlined in detail in its governing documents, side letters,
and/or fee agreements, a high-level overview is provided below. Prospective investors should carefully
review each Fund’s Private Placement Memorandum (PPM), Partnership Agreement, and any applicable
side letters before making an investment decision.

Management Fees: RioBlanco Capital typically receives a management fee based on the Fund’s aggregate
capital commitments or invested capital. The standard management fee is 2% per annum; however, this
rate may vary by Fund, or Fund Series, and may be reduced via negotiated side letters, with certain
investors receiving reduced fees as low as 0%, subject to terms agreed upon individually. Management fees
are generally calculated and payable in accordance with the Fund’s governing documents and may be
charged during both the investment and post-investment periods. The Firm may elect to waive or reduce
management fees at its sole discretion. Fees are typically paid directly from the Fund or billed separately,
and custodians may be authorized to deduct management fees from client accounts and remit them to the
Firm.

Performance-Based Fees (Carried Interest): In addition to management fees, RioBlanco Capital may receive a
performance-based fee, often referred to as carried interest, which is based on the net profits of the Fund.
In general, carried interest is 20% of the net gains (if any) earned by the Fund, subject to the full return of
contributed capital and any preferred return requirements, as defined in the governing agreements. The
Firm does not receive any performance-based compensation unless these hurdles are met. Certain Funds
may provide for lower carry rates (e.g., 10%) or other modified terms for specific investors, as negotiated
and disclosed in individual side letters. Full details regarding carried interest, preferred return, and
distribution waterfalls are described in the applicable Partnership Agreement and PPM for each Fund.

Consulting Fees: In addition to its investment advisory services to pooled investment vehicles, which are
structured as special purpose vehicles (SPVs), qualified opportunity zone (QOZ) funds, real estate
development vehicles, and private credit and equity investment funds, RioBlanco Capital receives flat
consulting fees for separate business engagements that do not involve providing investment advice. These
consulting services include participation on boards, input on real estate deal structuring, and business
consulting related to development projects, or affiliated operating companies. Consulting fees are typically
retainer-based or fixed per engagement and are negotiated on a per-client or per-project basis. These fees
are not tied to assets under management and do not involve performance-based compensation.

Operating Expenses: The Firm is responsible for its general operating expenses, which are typically capped
at 2% of total capital contributions, excluding the management fee. In addition, the Manager or General
Partner is entitled to reimbursement for reasonable out-of-pocket expenses incurred in the performance of
its duties, including legal, accounting, and compliance costs, in accordance with the Fund’s governing
documents. All fees, expenses, and compensation arrangements are disclosed in the governing agreements
and PPM for each respective Fund. The Firm retains discretion to allocate and pass through expenses to
the Funds and their investors, as permitted under each Fund’s governing documents and at the discretion
of the applicable Manager or Managing Member.

Other Fees and Expenses

Organizational Expenses: In general, each Client, subject to its governing documents, will typically pay or
otherwise bear its organizational expenses, subject to a specified expense cap which may vary from Client
to Client. Any organizational expenses in excess of the specified expense cap will be borne by the applicable
General Partner (or its equivalent) or offset against Management Fees. Such organizational expenses
generally may include legal, accounting, filing, capital raising, placement agent fees, travel,
accommodation, meal and other similar fees, costs and other expenses (collectively, the “Organizational
Expenses”).

Operating Expenses: In general, each Client, in accordance with its governing documents and/or side letters,
is responsible for all fees, costs, and expenses associated with its operations (“Operating Expenses”). These
may include, but are not limited to:

    •   Investment-related expenses (e.g., due diligence, brokerage,                custodial,   interest,   and
        unconsummated deal costs)
    •   Legal, accounting, tax, audit, and professional service fees
    •   Insurance, indemnification, and administrative expenses
    •   Investor communications, meetings, and advisory board costs
    •   Costs related to fund dissolution, regulatory matters, and tax audits

Operating Expenses may be paid to third parties or affiliates (including RioBlanco Capital or its related
entities) where applicable. The specific terms governing such expenses are detailed in each Fund’s
Partnership Agreement, Operating Agreement, and/or Private Placement Memorandum.

Allocation of Expenses: RioBlanco Capital and its affiliates from time to time incur fees, costs and expenses
on behalf of more than one Client or multiple Clients. To the extent such fees, costs and expenses are
incurred for the Client or benefit of more than one Client, each Client will typically bear an allocable portion
of any such fees, costs, and expenses generally in proportion to the size of its investment in the activity or
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Item 7 Types of Clients

As discussed in Item 4 – Advisory Business of this Brochure, RioBlanco Capital currently provides investment
management services to pooled investment vehicles, including private funds and special purpose vehicles.
We do not impose minimum requirements on our private investment fund clients. Our private fund clients,
however, generally impose minimum investment commitments and investor suitability standards through
their governing and offering documents, unless otherwise waived. Lastly, the Firm may seek to obtain,
verify, and record information that identifies each Client and, where applicable, investors in the Funds, in
order to help the U.S. Government fight the funding of terrorism and money laundering activities.