RVB Capital Management LLC

Item 5 Fees and Compensation

Compensation

Currently, in consideration for RVB Capital’s investment advisory services, RVB Capital is only entitled
to receive compensation in the form of a “Performance-Based Fee” (e.g., carried interest or incentive fees)
in connection with the management of the Funds. RVB Capital does not receive any “Management Fees”
in connection with the management of the Funds. RVB Capital’s compensation in the form of a
Performance-Based Fee is described in detail in the applicable Management Agreement and summarized
below in Item 6 of this Brochure.

Additionally, RVB Capital is entitled to “Advance Performance Fee Draws” to cover certain expenses set
forth in the Management Agreement, payable monthly in advance. Advance Performance Fee Draws will
be applied against and reduce the Performance-Based Fee (and any unearned or unapplied Advance
Performance Fee Draws paid during a twelve (12) month period shall be carried forward as a reduction to
future Performance-Based Fee until the full amount of the aggregate unearned Advance Performance Fee
Draws is earned, and subsequently applied against, and reduces, the Performance-Based Fee).

Such Performance-Based Fees and Advance Performance Fee Draws are paid directly to RVB Capital by
the Client and are not automatically deducted from the Client by RVB Capital.

Termination

The termination of a Client’s Management Agreement is set forth in each respective Client’s Management
Agreement.

Billing

Generally, Performance-Based Fees are payable annually in arrears within forty-five (45) days after the end
of each twelve (12) month period to which the Performance-Based Fee relates. Non-compensation-related
expenses set forth in the Management Agreement are payable on a periodic basis agreed by the Client and
RVB Capital.

Other Expenses

In addition to Performance-Based Fees, a Client generally will bear all costs and non-compensation-related
expenses relating to or associated with the Clients’ account’s investment activities, including, but not
limited to, all expenses incurred in connection with the making, holding, management, sale or proposed
sale of any Client investment, including commitment fees, interest expense, taxes, brokerage commissions
and other transactional charges, any expenses associated with proposed investments that are ultimately not
made by the Client, consultants’ and other experts’ fees, prime brokerage fees, research, legal and due
diligence expense (including travel and lodging expenses) and custody expense. In addition, the Client
may pay its direct operating expenses, such as offering expenses, legal, accounting, audit and tax
preparation expenses, premiums for liability insurance covering RVB Capital and interested affiliates and
the members, partners, directors, officers, employees and agents of any of them, printing and mailing costs,
fees of the administrator, market information systems and computer software expenses, data fees and
expenses, fees of pricing services and financial modeling services, filing fees, regulatory and compliance

costs, and any extraordinary expenses (including indemnification or litigation expenses) and certain other
fees and expenses that may be authorized under a Client’s governing documents or Management
Agreement.

Sales-Based Compensation

RVB Capital nor any of its supervised person accepts compensation for the sale of securities or other
investment products. This practice presents a conflict of interest and gives RVB Capital or its supervised
persons an incentive to recommend investment products based on the compensation received, rather than
on a particular Client’s needs.

Item 7 Types of Clients

As discussed in Item 4 – Advisory Business of this Brochure, RVB Capital currently provides discretionary
portfolio management and investment sub-advisory services to unaffiliated privately offered pooled
investment vehicles (i.e., the Funds), which is advised by Lighthouse Investment Partners, LLC, an
investment adviser registered with the SEC. RVB Capital provides its investment sub-advisory services to
the Funds pursuant to an investment management agreement between RVB Capital and each respective
Fund. Information about the Funds, and the particular investment objectives, strategies, restrictions,
guidelines and risks associated with an investment, is described in the Funds’ respective governing
documents, which are made available to investors only through Lighthouse Investment Partners, LLC or
another authorized party. In the future, RVB Capital may provide discretionary portfolio management and
investment advisory services (directly or indirectly through a sub-advisory arrangement with the client's
primary investment adviser) to separately managed accounts or privately offered pooled investment
vehicles.

The Funds sub-advised by RVB Capital may be organized as domestic or offshore (non-U.S.) companies,
limited partnerships, limited liability companies, corporate trusts, or other legal entities, as determined
appropriate by the Funds’ primary investment adviser.

Generally, investors participating in a Fund are required to meet certain suitability and net worth
qualifications, such as (i) an “accredited investor” within the meaning of Rule 501 of Regulation D under
the U.S. Securities Act of 1933, as amended (the “Securities Act”) or (ii) a “qualified purchaser” as defined
in Section 2(a)(51) of the Investment Company Act of 1940, as amended (the “1940 Act”). As such, the
Funds RVB Capital sub-advises is exempt from registration as an investment company through the
exemption provided by Sections 3(c)(7) of the 1940 Act. Typically, each investor in a Fund that is exempt
from the registration requirements under Section 3(c)(7) of the 1940 Act is required to qualify as a
“qualified purchaser” within the meaning of Section 2(a)(51) of the 1940 Act and is required to certify that
it is at least an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities
Act and non-U.S. investors are required to certify that they meet the requirements of the Regulation S safe
harbor under the Securities Act. Where RVB Capital does not charge Performance-Based Fees to a
particular Client, investors will only be required to qualify as an “accredited investor” within the meaning
of Rule 501 of Regulation D under the Securities Act. As noted above in Item 6 of this Brochure, if RVB
Capital collects performance related compensation, investors will be required to meet the requirements of
Rule 205-3 under the Advisers Act and certify that they are at least a “qualified client.” A potential investor
in a Fund should read and review all governing documents in their entirety for specific investor
qualifications and before making any investment decisions.

To help the U.S. Government fight the funding of terrorism and money laundering activities, RVB Capital
may seek to obtain, verify, and record information that identifies each investor who invests in a Client. In
this regard, when an investor seeks to open an account with RVB Capital or invest in a Fund managed by
RVB Capital (including a separately managed account), RVB Capital may ask for a completed Form W-
8/W-9, as applicable, which includes the name, address, Tax ID/Employer ID number (or any other
registration number issued in the jurisdiction of location or incorporation) and other reasonably required
information that will allow RVB Capital to identify the investor. RVB Capital may ask for information and
documentation regarding source of funds to be invested. RVB Capital also reserves the right to ask for

more information regarding the individuals who are beneficial owners of the investor and/or exercise
control over the investor. RVB Capital may ask for the names of such beneficial owners and may also ask
for address, date of birth, and other information that will allow RVB Capital to identify such beneficial
owners. RVB Capital may also request such other information as may be necessary to comply with
applicable law. Furthermore, RVB Capital may verify any of the aforementioned information using third-
party sources and may share that information as required by applicable law or in connection with the
execution of trades on behalf of that investor. For certain investors, RVB Capital may rely on the investor’s
broker-dealer, administrator, transfer agent, custodian or placement agent to obtain, verify and record the
required information.