Warana Capital LLC

Item 5 – Fees and Compensation

Warana Capital Private Funds
Investors in the Funds generally pay a management fee at an annual rate of 2.00% on the drawn portion of their capital
commitment, payable in advance of each calendar quarter, pursuant to each Fund’s Confidential Private Placement
Memorandum. Warana Capital, as the Managing Member, deducts a management fee based on the aggregate value of capital
contributions in the Funds. Each investor will be charged a pro-rata fee based on their capital commitment. Investors are
typically charged a management fee during the Call Period and for a period of up to forty-eight (48) months following the end
of the Call Period. For investor subscriptions made during the calendar quarter, Warana Capital deducts a pro-rata portion of
the quarterly management fee based on the number of days remaining in the quarter.

Warana Capital also manages an open-ended private Fund. Investors in that fund generally pay a management fee at an annual
rate of 1.50% on the net asset value of their capital account, payable in advance of each calendar quarter, pursuant to that
Fund’s Confidential Private Placement Memorandum.

Warana Capital reserves the right, in its sole discretion, to waive, reduce or rebate all or part of the management fee applicable
to interests owned by any investor without notice to, or the consent of, the other investors of the respective Fund. Further,
Warana Capital and its affiliates will not be charged a management fee with respect to their investments in the Fund.

In addition to the management fee, the General Partner of each Fund is entitled to a Performance Allocation as described in
Item 6 below.
                                                           Warana Capital, LLC
                                            55 Fifth Avenue, Suite 1808, New York, NY 10003
                                                          Phone: (201) 803-2699
                                                       http://www.waranacap.com

Investors also incur a pro-rata share of certain fees or charges imposed by third parties in connection with the investment and
operation of the Funds including, but not limited to, legal, accounting, auditing, administration, custodial, transaction costs and
securities execution fees. The fees charged by underlying fund investments are also indirectly included in the value of an
investor’s account.

Additional details regarding management fees and performance allocations are included the respective Fund’s Operating
Agreement and Confidential Private Placement Memorandum.

Item 7 – Types of Clients

As noted in Item 4, Warana Capital provides investment management and related services to private funds and offshore
vehicles.

The minimum initial investment is set forth in each Fund’s Subscription Documents. Fund investors are generally required
to initially commit $250,000 or $2,000,000, depending on the Fund. The Firm may, in its sole and absolute discretion, accept
a lesser amount.