Aquilo Capital Management LLC

Item 5.       Fees and Compensation

 Compensation for Advisory Services – Core Fund and Offshore Fund.
 Performance Allocation and Management Fees

 Beginning February 1, 2020, the Core Fund currently offers only a limited number of Series A
 Interests to potential investors who meet the Qualified Purchasers definition under Section
 2(a)(51)(A) of the Investment Company Act of 1940. Series B and C Interests are only available to
 existing Series B and C investors that invested in the Core Fund before February 1, 2020
 (collectively, the Series A, B & C Interests are the Core Fund “Series of Interests”). Beginning
 February 1, 2020, the Offshore Fund currently only offers a limited number of Tranche A Shares
 (“Tranche Shares”) to potential investors who meet the Qualified Purchasers definition under
 Section 2(a)(51)(A) of the Investment Company Act of 1940. As investment adviser to the Core
 Fund and the Offshore Fund, Aquilo receives management fees in advance at an annual rate
 ranging from 1.5% to 1.75% (depending on the Series of Interests or Tranche Shares) of the value
 of the underlying investors' capital account balance of the Core Fund as of the first business day
 of each calendar quarter. This management fee is deducted from Core Fund assets and is prorated
 for any investment period that is less than a full calendar quarter.

 In addition to management fees, Aquilo is entitled to receive a performance allocation ranging
 from 15% to 20% (depending on the Series of Interests or Tranche Shares) of the net profits of the
 Core Fund attributable to the capital account balance of each underlying investor.

 Aquilo, at its discretion, can waive or reduce the management fee and/or the performance
 allocation for any of the investors.

 A more detailed description of the pricing structure associated with each Series of Interests and
 Tranche Shares and investor requirements is available within the Confidential Offering Circular
 for the Core Fund and the Private Offering Memorandum for the Offshore Fund.

 Compensation for Advisory Services – LO Fund and LO Offshore Fund
 Performance Allocation and Management Fees

 The LO Fund offers a limited number of offering interests (“Offering Interests”) to potential
 investors who meet the Qualified Purchasers definition under Section 2(a)(51)(A) of the
 Investment Company Act of 1940. Beginning May 1, 2020, the LO Offshore Fund offers a limited
 number of shares that are issued in different series (“Series of Shares”) to each new potential
 investor who meets the Qualified Purchasers definition under Section 2(a)(51)(A) of the
 Investment Company Act of 1940. As investment adviser to the LO Fund and the LO Offshore
 Fund, Aquilo receives in advance a quarterly management fee at an annual rate of 1.0% of the
 value of the underlying investors’ capital account balance of the LO Fund as of the first business
 day of each calendar quarter. This management fee is deducted from the LO Fund assets and is
 prorated for any investment period that is less than a full calendar quarter.

Aquilo Capital Management, LLC – ADV Part 2A                                              Page 5

 Fees Relating to Terminations and Withdrawals

 Relationships with Aquilo’s investment fund clients are terminable on the dissolution of the
 Funds or on Aquilo’s withdrawal as the general partner or adviser.

 With respect to terminating the advisory relationship, investors in the Funds generally can, on at
 least 60 days’ prior written notice, withdraw/redeem up to half of their capital account balance
 as of the end of any calendar quarter. If investors desire to withdraw/redeem their entire capital
 account balance, it will take at least 3 consecutive calendar quarters with the half limit being
 applied to the first two consecutive calendar quarters to fully withdraw/redeem that balance.
 However, if the remainder is not withdrawn/redeemed on the third consecutive calendar
 quarter, then the half withdrawal/redemption restriction again applies to the next time a
 withdrawal/redemption occurs.

 Investors in Series B and C of the Core Fund will be subject to withdrawal fees of either 3% or 5%
 for withdrawal of investments made within a specified period in accordance with each Fund’s
 documents. If an investor in any of the Funds is permitted by Aquilo to withdraw funds on a date
 other than a permitted withdrawal date, Aquilo can require the investor to pay an additional
 withdrawal fee of up to $5,000.

 The withdrawal fees described above will be deducted from the capital account balance
 otherwise payable to the withdrawing investor, will be included as income in the profits and
 losses of the other capital accounts, and can be reduced or waived by Aquilo. The withdrawal
 fees will not be charged, however, on any withdrawals relating to an amendment of the fund’s
 partnership agreement or any expulsion, or withdrawals relating to certain “key person” events.

 In all cases, investors and client accounts bear expenses, the pro rata portion of the management
 fee and the performance allocation or carried interest through the date of termination or
 withdrawal. An investment fund does not refund any management fee previously paid to an
 investor who withdraws from that fund on a date other than the last day of a quarter.

 Expenses

 Each client account is responsible for its own costs and expenses, including, but not limited to,
 trading costs and expenses (such as brokerage commissions, expenses related to short sales, and
 clearing and settlement charges), ongoing legal, accounting and bookkeeping fees and expenses,
 and the fees and expenses charged by any fund administrator for its accounting, bookkeeping,
 and other services. Aquilo generally bears its own operating, general, administrative, and
 overhead costs and expenses other than the expenses described above. Securities brokerage
...

Item 7.       Types of Clients

 Aquilo is organized and serves as the general partner and/or discretionary investment adviser to
 private investment funds. Aquilo may decide in the future to provide advice to separately
 managed accounts and to other private funds.

 Aquilo generally requires investors in the Core Fund and Offshore Fund to make a minimum initial
 investment of at least $1,000,000. Aquilo generally requires investors in the LO Fund and LO
 Offshore Fund to make a minimum initial investment of at least $5,000,000. Aquilo generally
 requires a minimum of $100,000,000 to open a separately managed account.

 The minimum contribution and investor requirements can be waived by Aquilo at its sole
 discretion.

 Investors generally must be “accredited investors” under Regulation D, who are also “Qualified
 Purchasers” under Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended.
 Aquilo generally requires investors to make representations concerning their financial
 sophistication and ability to bear the risk of loss of their entire investment in a fund.

Aquilo Capital Management, LLC – ADV Part 2A                                             Page 8