Antarctica Investment Advisors LLC

Item 5 - Fees and Compensation
This Item 5 summarizes the fees paid by Clients. All investors and prospective Clients and investors in Funds
should, however, review the Governing Documents delivered in connection with an investment or prospective
investment in addition to this Brochure for more complete information on the fees, compensation and
expenses related to a specific SMA or Fund. The below descriptions of fees and expenses are subject in their
entirety to the information provided in such Governing Documents. In addition, and as previously described,
the Advisers may occasionally enter into a side letter arrangement with certain Fund investors, in which the
Advisers may grant such investors with preferential terms.

Management Fees

The Advisers generally charge Clients an annual management fee of up to 2% of Client assets under
management or a Fund’s capital commitments, invested capital or another agreed upon metric, payable on a
monthly or quarterly basis in advance or in arrears to the Advisers or an affiliate. However, from time to time
the Advisers will negotiate a different fee structure, such as a flat fee for management services (collectively,
the “Management Fee”). The Management Fee calculations and timing of payments are governed by the
Governing Documents, and, for SMAs, are generally subject to negotiation.

Pursuant to the terms of the applicable Governing Documents, any Management Fees paid in advance will be
refunded on a pro rata basis if the advisory relationship is terminated prior to the end of the relevant billing
period.

Other Expenses

In addition, certain Governing Documents provide for an incentive fee, carried interest or incentive allocation
(collectively, “Performance-Based Fees”) of up to 50% of all net income and gains derived from portfolio
investments. In some cases, Performance-Based Fees are subject to a hurdle rate of return equal to either a
fixed dollar amount, a percentage return, or a floating rate of interest. In addition to paying Management Fees
and Performance-Based Fees, Clients also pay other investment expenses, such as expenses incurred in
connection with the evaluation, discovery, investigation, development, acquisition, monitoring, management,
holding, enhancement, restructuring or disposition of portfolio investments, whether or not consummated,
and any other expenses reasonably related to the purchase, management, administration, custody, sale or
transmittal of assets, or obtaining necessary insurance coverage, including any out of pocket costs initially
paid by an Adviser. Out of pocket costs are reimbursed as specified in the relevant Governing Documents. To
the extent applicable, a Client will incur brokerage, pursuit, diligence and other transactions costs. Clients and
Fund investors should review the Governing Documents carefully for additional information related to conflicts
of interest that arise in connection with the Management Fees.

The Advisers or certain of their affiliates have the right to receive certain non-investment advisory fees in
connection with the Clients or portfolio companies held by Clients, as described in the respective Governing
Documents. For example, the Advisers or their affiliates could be entitled to receive (i) certain professional
services or related fees from a portfolio company in connection with certain transactions; (ii) certain
monitoring or consulting fees from a portfolio company for services provided to the portfolio company;
(iii) fees for serving on the board of directors of a portfolio company; and (iv) other administrative,
operational, transaction, advisor, executive, or related fees with respect to portfolio investments.

The information contained herein is a summary only and complete disclosures describing fees and expenses
are provided to Clients or investors in the respective Governing Documents.

Item 7 - Types of Clients
The Advisers provide portfolio management services to pooled investment vehicles and institutional clients. In
general, each Fund limits its investors to persons who are both: (i) “accredited investors” as defined in the
Securities Act of 1933, as amended (the “Securities Act”), and (ii) “qualified clients” as defined in the
Investment Advisers Act of 1940, as amended, and/or “qualified purchasers” as defined in the Investment
Company Act of 1940, as amended (the “1940 Act”). Investors in the Funds are generally institutional and
other sophisticated investors. Any initial subscription or commitment minimums for investors in Funds are
disclosed in the Fund’s Governing Documents, although the general partners/managing members of such
Funds have the ability to waive such minimum investment. While the Advisers have not established a specific
minimum investment amount for SMA Clients, given the investment strategies utilized by the Advisers,
accounts generally require a significant minimum investment, and are not appropriate for smaller or retail
clients.