Spider Management Company LLC

Item 5- Fees and Compensation
                                                                               General
                                 Spider Management charges investors in The Richmond Fund (each, a “Limited Partner”) an
                                 investment management fee based on assets under management, as set forth below. Such fees
                                 do not include any fees payable to Third Party Investment Managers or that are payable as a result
                                 of any investment in any Investment Vehicle. These fees may include fees, charges and expenses
                                 levied by the Underlying Funds, costs associated with the purchase and sale of such Underlying
                                 Funds or other securities held in a Client’s account, clearing or custody costs, fees or commissions
                                 for securities transactions, costs associated with the temporary investment of funds in a cash
                                 management account, other charges charged by the Underlying Funds, and/or performance-
                                 based fees charged by the Third Party Investment Managers.
                                 Spider Management may invest in securities that are difficult to value and have no active trading
                                 market. Spider Management attempts to determine a fair valuation using procedures designed
                                 to value such securities; however, the value derived from any such determination may differ
                                 substantially from the ultimate price a Client may realize in a transaction. The fees assessed on a
                                 Client’s account may be based, at least in part, on such valuations.
                                 Limited Partners should refer to The Richmond Fund’s offering documents for
                                 additional/supplementary information regarding the various fees and charges associated with
                                 investments in The Richmond Fund.

                                                                      Investment Advisory Fees
SPIDER MANAGEMENT COMPANY, LLC

                                 The fees payable to Spider Management are charged quarterly, in arrears, and are equal to 0.60%
                                 per annum of the first $100,000,000 of the net asset value of each Limited Partner’s capital
                                 account, 0.50% of the next $200,000,000 of the net asset value of each Limited Partner’s capital
                                 account, 0.35% of over the next $200,000,000 of the net asset value of each Limited Partner’s
                                 capital account, 0.25% of the next $200,000,000 of the net asset value of each Limited Partner’s
                                 capital account, and 0.20% of any amount in excess of $700,000,000 of the net asset value of each
                                 Limited Partner’s capital account. Spider Management automatically deducts the fees from the
                                 Limited Partners’ accounts on the last day of each fiscal quarter. Spider Management may
                                 negotiate fees on a case-by-case basis with its Clients or Limited Partners and will be set forth in a
                                 written investment management agreement or side letter with each such Client or Limited
                                 Partner, respectively. In addition, Spider Management may waive its fees, in Spider

                                 Management’s sole discretion depending on the characteristics, complexities and needs of a Client
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                                 or Limited Partner and its account. Spider Management has agreed to waive the fees payable by

                                 the Endowment and the University has agreed to pay certain operational and administrative costs
                                 of Spider Management.

Item 7- Types of Clients
                                 Spider Management provides its services to pooled investment vehicles and charitable
                                 organizations. Spider Management currently serves as the investment adviser to the Endowment
                                 and The Richmond Fund. Interests in The Richmond Fund will be sold only to entities that
                                 represent and warrant that they are exempt from federal income tax because they are
SPIDER MANAGEMENT COMPANY, LLC

                                 organizations described in Internal Revenue Code (“IRC”) Section 501(c) to which contributions
                                 may be made that are deductible under IRC Section 170, “accredited investors” within the
                                 meaning set forth in Rule 501(a) of Regulation D under the Securities Act, and “qualified clients”
                                 within the meaning of Rule 205-3 under the Investment Advisers Act of 1940.
                                 While Spider Management has no minimum requirements to open or maintain a Client account,
                                 The Richmond Fund has minimums related to the required capital commitments of potential (and
                                 existing) Limited Partners, subject to the right of the General Partner to waive such minimums.
                                 Such information is set forth in the offering memorandum for The Richmond Fund.