Antipodean Advisors LLC

ITEM 5 FEES AND COMPENSATION

Antipodean charges a 1.5% annual management fee and earns an annual 17% performance-based fee.
Antipodean deducts the management fee and the performance fee from the capital accounts of
investors in the Fund.

Antipodean charges a quarterly management fee in advance in an amount equal to 0.375% (i.e., 1.5% per
annum) of the net assets in the Fund it manages. The management fee is paid promptly after the first
day of each calendar quarter before any accrual for any performance fee (See Item 6, Performance-
based Fees and Side-By-Side Management). In the event Antipodean only advises the Fund for a portion
of any quarter, the management fee for any such quarter shall be prorated. Antipodean has and may in
the future, in its sole discretion, waive or reduce the management fee to be paid from investors that are
members, principals, former employees, current employees of Antipodean or relatives of such persons
and for certain large or strategic investors.

Antipodean earns a performance-based fee in an amount equal to 17% of the net profits, including
unrealized gains, at the end of each fiscal year. If an investor withdraws (in whole or in part) or is
required to withdraw (in whole or in part) at any time other than at the end of a fiscal year, a
performance-based fee will be charged, if earned, with respect to such withdrawal.

Antipodean will not earn a performance-based fee for any fiscal year until any previous net loss (“Loss
Carry forward”) has been offset by subsequent net profits.

The Fund’s fiscal year end is December 31.

The Fund is responsible for various expenses including legal, accounting, auditing and other professional
expenses, administration fees and expenses, research expenses (including research-related travel),
investment expenses (such as commissions, interest on margin accounts and other indebtedness),
custodial fees, bank service fees, and other reasonable expenses related to the purchase or sale of Fund
assets.

See Item 12, Brokerage Practices for a detailed discussion of Antipodean’s brokerage practices.

ITEM 7 TYPES OF CLIENTS

As mentioned in Item 4, Antipodean’s only client is the Fund. The underlying investors in the Fund, while
not considered clients of Antipodean under the Advisers Act, are persons that are both "accredited
investors" within the meaning of Regulation D of the Securities Act, and “qualified purchasers” as
defined in Section 2(a)(51)(A) of the Investment Company Act.

The minimum investment by an underlying investor is $1,000,000, subject to waiver or reduction at the
discretion of the affiliated General Partner of Antipodean.

Each underlying investor into the private fund is required to complete subscription agreements and
other offering documents which set forth the specific provisions relating to the operations of the Fund.