SPIDER MANAGEMENT COMPANY, LLC

Investment Advisory Services and Fees

Spider Management has been a registered investment adviser since January 2010 and has been in business since November 2007. Spider Management is a single-member Virginia limited liability company of which the University of Richmond (the University) serves as the sole member. As the sole member, the University controls Spider Management. Spider Management is managed by a Board of Managers and officers who are elected and appointed by the University's Board of Trustees.

Spider Management provides investment advisory services in the form of portfolio management to pooled vehicles and charitable organizations. Specifically, Spider Management currently serves as the investment adviser to the University of Richmond's endowment (the Endowment), The Richmond Fund, LP (The Richmond Fund), and to a charitable organization (Foundation SMA). Additionally, the Endowment and The Richmond Fund are controlling partners of a special purpose vehicle, Spider Buyout Holdings, LP, a Delaware limited partnership (Spider Buyout Holdings and together with the Endowment, The Richmond Fund, and the Foundation SMA, Clients) in which Spider Management also serves as the investment adviser.

Spider Management invests the Endowment, The Richmond Fund, and Spider Buyout Holdings assets in private investment funds (Underlying Funds) or separate account vehicles (together with the Underlying Funds, the Investment Vehicles) managed by third party investment managers (each, a Third-Party Investment Manager).

The Richmond Fund, which is a collective investment vehicle sponsored and advised by Spider Management, is not registered under the Securities Act of 1933, as amended (the Securities Act), or the Investment Company Act of 1940, as amended (the Investment Company Act). Accordingly, interests in The Richmond Fund are offered and sold exclusively through the means of a confidential offering memorandum to investors satisfying the applicable eligibility and suitability requirements either in private transactions within the United States or in offshore transactions.

Spider Buyout Holdings is a special purpose vehicle intended to hold certain illiquid Underlying Funds and provide advanced liquidity opportunities with respect to the portfolio of such Underlying Funds. Spider Management does not charge additional fees for assets under management held in Spider Buyout Holdings.

Foundation SMA is a separately managed account intended to provide certain discretionary investment management and advisory services to a charitable organization with respect to cash and short-term treasuries.

The investment advice provided by Spider Management is tailored to meet the requirements of the Endowments investment policy statement. Currently, the Endowment, Spider Buyout Holdings, The Richmond Fund and investors in The Richmond Fund adopt the Endowments investment policy statement which sets out the specific requirements and any restrictions. Such restrictions may include limitations on the types of securities to be held, or the amount of exposure to any particular asset class.

An agreement is in place between the Endowment and The Richmond Fund (the Rate of Return Agreement) which requires those two Clients to make payments to one another in order to ensure that the rate of return achieved by each of the two Clients is equal to a blended rate of return as set forth in the Rate of Return Agreement (the Blended Return). These payments will be made from the Client with the higher rate of return to the Client with the lower rate of return so that the Endowment and The Richmond Funds rate of return equals the Blended Return. Additional details concerning the Blended Return are set forth in The Richmond Funds offering memorandum and offering materials.

Assets Under Management

As of June 30, 2024, Spider Management had approximately $6,056,052,181 in discretionary regulatory assets under management and $0 in non-discretionary regulatory assets under management.