The Newcastle Network LP

Item 5. Fees and Compensation
Newcastle charges management fees and performance-based fees as set out in each Fund’s offering documents. Fees
are negotiable and the Firm has discretion to waive or otherwise modify fees with respect to any investor, including
affiliates of the Firm. During the investment period, the management fee is generally calculated at an annual rate of 2%
of investor commitments (excluding certain affiliated investor commitments). Following the investment period, the
management fee of 2% is charged on invested capital that remains invested and has not been realized or permanently
written down.
Management fees are generally payable quarterly in advance.
The Firm and its affiliates may receive certain fees from portfolio companies or prospective investments, including,
without limitation, transaction fees (e.g., closing and origination fees), monitoring fees, consulting fees, and director
fees.
The Funds’ governing documents also provide for certain fee reductions and offsets, including offsets associated with
transaction fees, placement fee reimbursements, excess organizational expense reimbursements and other specified
credits.
The Funds bear their own operating and transactional expenses, as described in their respective offering documents.
These expenses generally include:
    •    Expenses associated with sourcing, evaluating, structuring, negotiating, acquiring, financing, monitoring,
         managing, valuing and disposing of investments;
    •    Due diligence costs and expenses, whether or not a proposed transaction is consummated;
    •    Legal, accounting, audit, tax, valuation, consulting, appraisal and other professional fees;
    •    Administration, reporting, investor communications and recordkeeping expenses;
    •    Insurance expenses, including directors and officers liability, errors and omissions, cybersecurity and similar
         coverage;
    •    Financing costs, including interest expense, credit facility costs, commitment fees and related expenses;
    •    Brokerage, placement agent, investment banking, custodial and depository expenses;
    •    Expenses associated with advisory board meetings and investor meetings;

The Newcastle Network LP                                                                               Form ADV Part 2A

    •    Litigation, arbitration, investigation, indemnification and dispute-related expenses to the extent permitted
         under the Fund's governing documents;
    •    Technology, software, data, research, cybersecurity and information management expenses;
    •    Tax preparation, tax reporting and tax audit expenses;
    •    Expenses relating to alternative investment vehicles, feeder vehicles, co-investment structures and other
         affiliated investment structures;
    •    Organizational expenses;
    •    Broken-deal expenses and other transaction expenses relating to prospective investments that are not
         completed; and
    •    Expenses associated with the dissolution, liquidation and winding up of the Fund.
For more information on the Firm’s brokerage practices, please refer to Item 12 in this brochure.

Item 7. Types of Clients
As described in Item 4 above, the Firm will offer investment advisory services to privately pooled investment vehicles.
The Funds are offered only to investors that satisfy applicable eligibility requirements, including accredited investor,
qualified purchaser and qualified client standards. The Funds’ General Partner determines whether to accept
subscriptions and the amount of any accepted commitment in its discretion.