Ardea Investment Management PTY Limited

Item 5. Fees and Compensation
Ardea is permitted to charge management fees and performance fees, as set out in each client investment management
agreement.

The management fees of the Offshore Funds are generally payable quarterly in arrears and are calculated based on the
market value of the underlying investor’s investment portfolio at the end of the billing period. Fees are deducted directly
from client accounts and pro-rated on a daily basis, as needed, for any monthly fee period.

Fees for SMA clients are negotiated on a case-by-case basis with each underlying client and set forth in the applicable
investment management agreement or other similar agreement.

Fees are negotiable and the Firm has discretion to waive or otherwise modify fees with respect to any investor. Some
clients may pay more or less than others depending on certain factors.
All clients bear their own operating costs and investors should consult offering documentation for a comprehensive
explanation of these fees. Expenses borne by clients, in addition to the fees paid to Ardea, include costs of their
investments and operation, including accounting, audit, fund administration, tax, legal and certain regulatory expenses,
technology and costs associated with reporting and providing information to existing and prospective investors.

Ardea Investment Management Pty Limited                                                                Form ADV Part 2A

Investment costs include brokerage commissions, transaction fees, custodial fees, transfer taxes, wire transfer fees and
electronic fund fees, and other fees and taxes charged to security transactions which are unrelated to the fees collected
by the Firm.

For more information on the Firm’s brokerage practices, please refer to Item 12 in this brochure.

Item 7. Types of Clients
As described in Item 4 above, the Firm offers investment advisory services to offshore pooled investment vehicles and
non-US separately managed accounts. Investors in the clients are primarily high net worth individuals, institutions, and
non-US pension funds.

Investment minimums for investors of the sub-advisory clients are determined by those clients’ investment adviser. In
order to provide services in a sub-advisory capacity, Ardea generally requires a minimum level of assets under
management in the sub-advised fund. The Firm determines these minimum levels on a case-by-case basis.
The initial minimum subscription of investors in the Offshore Funds is generally at least $10,000 and the Firm has
discretion to accept lower amounts.

Each SMA client will meet certain sophistication requirements and minimum initial investment requirements will vary
depending on the agreement with the client and are at the Firm’s discretion.

Shares in the Offshore Funds and SMAs are not offered to US investors.