Argentiere Capital AG

Item 5: Fees and Compensation

The fees applicable to each of the Funds are set forth in detail in each Fund’s PPM. A brief
summary of the headline fees is provided below. Should a Fund advised by the Firm invest in
another Fund advised by the Firm, fees will not be charged on the underlying investment ensuring
that investors are not charged twice.

Each Fund may contain a number of different share classes, which may differ as to matters such
as reporting currency, minimum investment, redemption terms, treatment of income and fees
charged.

Management Fees

The Master Funds will pay a management fee (the “Management Fee”) monthly as of the last day
of each month, equal to the applicable fee percentage set forth in the table below, of the net asset
value of the relevant class of interests of each Feeder Fund as of the end of such month.

The Management Fee will be calculated on a share-by-share basis and the aggregate amount of
such Management Fee shall be paid in arrears from the capital of the respective Feeder Fund
invested in the Master Funds. Each designation of interests will bear the amount of Management
Fee paid with respect to such designation at the Master Fund.

The Management Fee varies between Funds and share classes within those Funds, the fee range is
summarised below:

 Fund                                                            Management Fee Range

 Argentiere Fund                                                  Not applicable – fund closing

 Argentiere Relative Value Opportunities Fund                    Not applicable – fund closing

Incentive Allocation
The Master Funds will make an incentive allocation, generally allocable on an annual basis following
the end of each fiscal year (the “Incentive Allocation”).
Argentiere Fund Ltd, Argentiere Enhanced Fund Ltd and Argentiere Relative Value Opportunities Fund Ltd
(the “Corporate Funds”)
With respect to the Corporate Funds, the Incentive Allocation is equal to the relevant Incentive

                                                                               Form ADV Part 2A

Allocation percentage set forth in the table below, in each case of the increase in the net asset value
per share of the relevant designation of the relevant Feeder Fund (before deduction of any accrued
Incentive Allocation and without reduction for any Investor Related Taxes (as such term is defined
in the relevant PPM) during the fiscal year above the Reference Net Asset Value (as such term in
defined in the relevant PPM) of that share.
Argentiere Fund LP, Argentiere Enhanced Fund LP and Argentiere Relative Value Opportunities Fund Ltd
and Argentiere Relative Value Opportunities Fund LP (the “Partnership Funds”)
With respect to the Partnership Funds, the Incentive Allocation is equal to the relevant Incentive
Allocation percentage set forth in the table below, in each case of the net capital appreciation
allocated to each capital account of such Partnership Fund for such fiscal year, after deducting the
Management Fee debited to such capital account for such fiscal year, subject to a loss carry forward
mechanism.

The Incentive Allocation Fee varies between Funds and asset classes within those Funds, the fees
range is summarised below:

 Fund                                                    Incentive Allocation Fee Range

 Argentiere Fund                                         Not applicable – fund closing

 Argentiere Relative Value Opportunities Fund            Not applicable – fund closing

Each Feeder Fund will bear its own expenses and its pro rata share of the Master Fund’s expenses,
including the Management Fee; investment expenses (e.g., expenses that, in the Firm’s discretion,
are related to the investment of the Master Fund’s assets, whether or not such investments are
consummated, such as brokerage commissions, expenses relating to short sales, clearing and
settlement charges, custodial fees, bank service fees and interest expenses); professional fees
(including expenses of consultants, investment bankers, attorneys, accountants and other experts)
relating to investments; research; administrative expenses (including fees and expenses of the
administrator of such Fund); legal expenses; external accounting and valuation expenses; audit and
tax preparation expenses; fees, expenses and insurance of the directors of such Fund; costs of
printing and mailing reports and notices; entity-level taxes; corporate licensing; regulatory reporting
and registration expenses (including filing fees and the cost of preparation); organisational
expenses; expenses incurred in connection with the offering and sale of the interests and other
similar expenses related to such Fund; litigation and indemnification expenses; and extraordinary
expenses.
Notwithstanding the foregoing, expenses relating to the investment activities of the Master Funds
will be borne by the Enhanced Feeders at a rate of approximately 1.5 times that of the Flagship
Feeders. Where not allocated directly to the Feeder Funds, all other expenses will be borne on a
pro rata basis. For the avoidance of doubt, upon the occurrence of a NAV Trigger (as such term
is defined in the relevant PPM), all expenses will be borne on a pro rata basis.
Neither the Firm nor any of its supervised persons accepts compensation (e.g., brokerage
commissions) for the sale of securities or other investment products.
Please see Item 12 relating to Brokerage practices for details of other brokerage charges.

Item 7: Types of Clients

The Firm’s clients are the Funds and Accounts. Each Fund where the Firm acts as an investment
adviser specifies minimum subscription limits and subscription and redemption terms, these are
detailed in full in the respective PPMs. The Funds where the Firm acts as an investment adviser
are summarised below:

Argentiere Master Fund Ltd (fund closing)
The Argentiere Master Fund Ltd is an exempted company incorporated under the laws of the
Cayman Islands on 9 November 2012 to operate as a private investment fund.

Argentiere Fund Ltd (fund closing)
Argentiere Fund Ltd is an exempted company incorporated under the laws of the Cayman Islands
on 9 November 2012 to operate as a private investment fund primarily for the benefit of non-US
Persons and Permitted US Persons. The Fund will invest all of its investable assets through a
"master-feeder" fund structure in Argentiere Master Fund Ltd.

Argentiere Enhanced Fund Ltd (fund closing)
Argentiere Enhanced Fund Ltd is an exempted company incorporated under the laws of the
Cayman Islands on 16 March 2015 to operate as a private investment fund primarily for the benefit
of non-US Persons and Permitted US Persons. The Fund will invest all of its investable assets
through a "master-feeder" fund structure in Argentiere Master Fund Ltd.

Argentiere Fund LP (fund closing)
Argentiere Fund LP is a Delaware limited partnership organized on December 6, 2012 to operate
as a private investment partnership primarily for the benefit of taxable U.S. investors. The
Partnership will invest all of its investable assets through a "master-feeder" fund structure in
Argentiere Master Fund Ltd.

Argentiere Enhanced Fund LP (fund closing)
Argentiere Enhanced Fund LP is a Delaware limited partnership organized on March 12, 2015 to
operate as a private investment partnership primarily for the benefit of taxable U.S. investors. The
Partnership will invest all of its investable assets through a "master-feeder" fund structure in
Argentiere Master Fund Ltd.

Argentiere Relative Value Opportunities Master Fund Ltd (fund closing)
The Argentiere Relative Value Opportunities Master Fund Ltd is an exempted company
incorporated under the laws of the Cayman Islands on 4 January 2016 to operate as a private
investment fund.

Argentiere Relative Value Opportunities Fund Ltd (fund closing)
The Argentiere Relative Value Opportunities Fund Ltd is an exempted company incorporated
under the laws of the Cayman Islands on 4 January 2016 to operate as a private investment fund
primarily for the benefit of non-US Persons and Permitted US Persons. The Fund will invest all of
its investable assets through a "master-feeder" fund structure in Argentiere Relative Value
Opportunities Master Fund Ltd.

Argentiere Relative Value Opportunities Fund LP (fund closing)
The Argentiere Relative Value Opportunities Fund LP is an exempted company incorporated
under the laws of the Cayman Islands on 4 January 2016 to operate as a private investment fund
primarily for the benefit of non-US Persons and Permitted US Persons. The Fund will invest all of
its investable assets through a "master-feeder" fund structure in Argentiere Relative Value

                                                                               Form ADV Part 2A

Opportunities Master Fund Ltd.

For all Funds redemptions must be made in accordance with the terms set out in the respective
PPMs. The amount redeemed will be generally be paid within 30 days of the Redemption Date,
redemptions are not subject to a withdrawal charge.