Aquarian Holdings Management LLC

ITEM 5.         FEES AND COMPENSATION

Management Fees

The Adviser typically charges the Funds a management fee, equal to 1% to 2% of the capital raised, on the
date upon which the Adviser commences management of the Fund’s assets (the “Management Fee”).
Specific details regarding the Management Fee, including the method of calculation and payment
mechanics, are set forth in the relevant Fund’s Governing Documents.

Performance-Based Compensation

The Adviser generally charges each Fund a negotiated performance or incentive fee, in addition to the
Management Fees mentioned above, based on a percentage of the net capital appreciation subject to certain
conditions and limitations set forth in each Fund’s Governing Documents, as applicable (“Carried
Interest”). Please refer to Item 6 – Performance Fees and Side-by-Side Management for additional
information regarding performance fees.

Subject to the relevant Governing Documents, the Adviser reserves the right to waive all or any portion of
the Management Fee and/or Carried Interest with respect to any Fund or Fund investor, including, but not
limited to, the Adviser, its affiliates, and any of their respective current or former principals, members,
directors, officers, partners, employees, the family members of any of the foregoing and any trusts or other
vehicles for the benefit of such persons and any charitable trust, foundation or similar entity established by
any such persons.

Other Fees

The Adviser and its affiliates receive fees, commissions, remuneration, or profits made in certain
transactions involving affiliated entities (including structuring fees) in addition to any management and
performance fees. For more information on transactions involving affiliated entities, please see Item 11 –
Code of Ethics, Participation or Interest in Client Transactions and Personal Trading.

Fund Expenses

In addition to the fees described above, each Fund generally bears expenses and costs associated with its
respective operation, including fees and expenses related to investments.

As permitted by the applicable Governing Documents, Funds are subject to fees, costs and expenses relating
to or arising from the operation of their respective operation, including without limitation, all costs and
expenses incurred by the Fund, the General Partner or any affiliate of the foregoing in connection with the
organization of the Fund, the General Partner and the offering of fund interests, including legal and
accounting fees (but excluding ongoing regulatory compliance costs), printing and translation costs, and
travel-related expenses; directly attributable overhead expenses; all out-of-pocket costs, fees and expenses
relating to the administration of a Fund, including accounting, audit, translation, legal and ongoing
regulatory compliance, financial, advisory, consulting (including services from tax compliance, rating
agencies, and hedging consultants) and valuation expenses, fees and expenses incurred by a Fund’s legal
counsel, investment banking and appraisal costs, expenses related to other third-party service providers,
costs of holding any meetings of Fund investors (including travel-related expenses and other incidentals of
personnel of the Adviser or any of its affiliates attending such meetings, notwithstanding the fact that such
attendees could engage in activities other than attending such meetings in different locations), costs
associated with reporting and providing information to existing and prospective Fund investors or to satisfy

the General Partner’s reporting obligations in respect of a Fund under applicable law, a Fund’s allocable
portion (as determined by the General Partner in its sole discretion) of expenses relating to the use of third
party vendors and service providers for establishing, populating, developing, improving or maintaining
information technology, infrastructure or other such systems and databases, any travel-related expenses,
entertainment and industry conference costs, principal, interest, fees and other expenses associated with
any borrowing, guaranteeing or hedging by a Fund, and expenses associated with the maintenance of books
and records of a Fund and the preparation and dispatch to the Fund investors of distributions, financial
statements, reports (including reports related to fees and expenses required to be delivered to the Fund
investors in accordance with applicable law) and notices required pursuant to the Fund’s Governing
Documents; all expenses and fees incurred in connection with the registration, qualification or exemption
of a Fund, under, or compliance by a Fund with, any applicable laws or regulations, AIFMD and anti-
money laundering laws (including such expenses of the General Partner or the Adviser specifically relating
to a Fund or its investments); all unreimbursed expenses incurred in connection with the collection of
amounts due to a Fund from any person; all expenses incurred in connection with the preparation of
alterations and amendments to the Fund’s Governing Documents; to the fullest extent permitted under
applicable law, expenses incurred in connection with any litigation, arbitration or other dispute involving a
Fund or its investors (including the cost of any investigation and preparation) and the amount of any
judgment or settlement paid in connection therewith; to the fullest extent permitted by applicable law,
expenses or liabilities for, or related to, indemnity or contribution to any person related to a Fund’s activities
and whether payable in connection with any litigation, arbitration or other dispute involving such Fund or
otherwise; all expenses incurred in connection with administrative proceedings relating to the determination
of Fund items at a fund-level undertaken by a fund representative or any individual designated as the
“designated individual” of a fund representative, and any audit with respect to taxes; all expenses incurred
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ITEM 7.          TYPES OF CLIENTS

As disclosed in Item 4 – Advisory Business, the Adviser provides investment advisory services to certain
pooled investment vehicles that are private funds. Certain Funds are affiliates of the Adviser. Interests in
Funds managed by the Adviser are typically offered pursuant to applicable exemptions from registration
under the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of
1940, as amended (the “1940 Act”), and each such Fund typically requires that each third-party investor be
an “accredited investor” as defined in Regulation D under the Securities Act or a “knowledgeable
employee” of the Adviser as defined under the 1940 Act, a “qualified purchaser” as defined in the 1940
Act, and a “qualified client” within the meaning of Rule 205-3 under the Advisers Act.