Ancient Management LP

Item 5: Fees and Compensation

Ancient provides investment advisory services to each Client pursuant to the applicable Governing
Documents. The applicable Governing Documents set forth in detail the fees and, as applicable, carried
interest structure, relevant to each Client. The terms of the Governing Documents are generally
established at or around the time of the commencement of the advisory relationship with a Client,
subject to amendment in accordance with the terms of the applicable Governing Documents. All
prospective Investors should review the Governing Documents in conjunction with this Brochure for
complete information on the fees and compensation payable with respect to the advisory relationship
with Ancient.

Ancient Management LP                                                        Form ADV Part 2A
Ancient may reduce, waive, or modify any fees for any Client in the Firm’s sole discretion. Any such
modification in respect of a certain Client or Investor will not entitle any other Client or Investor to
the same or similar treatment.

Management Fees

Except as otherwise set forth in the applicable Governing Documents, Ancient expects to receive a
management fee (the “Management Fee”) from each Client as set forth in the applicable Governing
Documents. The Management Fee will typically be based on a percentage of committed capital or
actively invested capital, charged quarterly in advance (and pro-rated for any period that is less than a
full calendar quarter) and paid directly from the applicable Client’s assets, current income and
disposition proceeds received by the Client and, to the extent necessary, from drawdowns from
Investors. Ancient’s services may be terminated by a Client as set forth in the applicable Governing
Documents. Upon termination, depending on the facts and circumstances and the terms of the
applicable Governing Documents, any prepaid, unearned Management Fees could be refunded or
otherwise not become payable, and any earned, unpaid Management Fees could become due and
payable.

Administrative Fees

Clients may be subject to an administrative fee (the “Administrative Fee”) on capital committed as
set forth in the applicable Governing Documents. Administrative Fees are intended to support
Ancient’s infrastructure and operational costs that are ancillary to its management of Client assets.
Except as otherwise set forth in the applicable Governing Documents, Ancient will generally pay,
without reimbursement by the applicable Client(s), all of Ancient’s ordinary administrative and
overhead expenses that are not included in the Administrative Fee.

Item 7: Types of Clients

Ancient provides or expects to provide investment advisory services as an investment adviser or sub-
adviser to Private Vehicles and not to Investors. Each Investor in a Private Vehicle must make its own
investment analysis and decision as to whether it makes a Commitment. Each Investor that makes a
Commitment must meet the eligibility requirements outlined in the Private Vehicle’s offering
documents, which generally include that the Investor must be both an accredited investor and a
qualified purchaser.

To the extent that there are prescribed minimum investment amounts for any Investor in a Private
Vehicle or Client, such amounts are set forth in the Governing Documents for each Client.