Argos Global Advisors LLC

Item 5 – Fees and Compensation

 A.      Fee Schedule
 Argos utilizes the following fee schedule. Investors in the Funds should refer to the respective
 Fund’s Constituent Documents for a full disclosure of costs and expenses that may be borne
 by the Fund.

                                                                               Part 2A of ADV:
                                                                               Argos Brochure
       1.      Management Fee

Argos typically receives a monthly asset-based management fee calculated as a percentage of
the Client’s account assets, payable monthly in advance. The management fee applicable to
Investors in the Fund is generally between 1/12th of 1% (a 1% annual rate) or 1/12th of 2%
(a 2% annual rate), depending on the Funds or the class of investors in a particular Fund.
Argos may, in its sole discretion, reduce, waive or calculate differently the management fee
with respect to any Investor in the Fund.
With respect to certain Fund(s) the capital account(s) of Investors that do not qualify as
“qualified clients” (“Qualified Clients”) as such term is defined under the Investment Advisers
Act of 1940, as amended (“Advisers Act”) may be charged a higher management fee (not to
exceed 3% on an annual basis) in lieu of performance-based fees (described below) pursuant
to a side letter agreement between Argos and such non-Qualified Client Investor. Such non-
Qualified Client Investor may be able to receive lower fees for comparable services from
sources other than Argos.
       2.      Performance Allocation
With respect to the Funds, Argos generally receives a performance allocation (the
“Performance Allocation”) equal to a percentage of the net income allocated to each Investor
for the year, but only to the extent net income allocated to that Investor exceeds any
cumulative losses that were allocated to that Investor for earlier periods and that have not
been recovered (a “high water mark”). The Performance Allocation is generally 15- 20% and
is typically made at the end of each calendar year.
Performance-Based Compensation will only be charged to accounts of those Investors who
are “Qualified Clients” as defined in Rule 205-3 of the Advisers Act, in accordance with the
provisions of the Advisers Act. With respect to certain Fund(s), Investors who are not
Qualified Clients may be charged a higher management fee (not to exceed 3%) in lieu of
Performance-Based Compensation pursuant to a side letter agreement between Argos and
such non-qualified Investor. Lower fees for comparable services may be available from other
investment advisers.
       3.      Fee Comparison
The expenses of the Client, including the management fee and Performance-Based
Compensation, may constitute a higher percentage of average net assets than would be found
in other investment vehicles or with other investment advisers.
B.     Payment of Fees
Management fees, Performance-Based Compensation, and third-party fees (discussed below)
are deducted from the Client’s assets.
Management fees for the Funds, which are paid in advance, are withdrawn at the beginning of
the month. The Performance Allocation is allocated as of the last business day of the calendar
year and as of any date on which an Investor in a Fund makes a withdrawal or receives a
distribution from its account(s).

                                                                                 Part 2A of ADV:
                                                                                 Argos Brochure
C.      Third-Party Fees
The Clients shall pay such costs and expenses as Argos shall reasonably determine to be
necessary, appropriate, advisable or convenient to carry on its business and realize its
objective, including but not limited to: (i) management fees; (ii) all general investment
expenses (i.e., expenses which Argos reasonably determines to be directly related to the
investment of the Client’s assets); (iii) all administrative, legal, accounting, auditing, record-
keeping, tax form preparation, compliance and consulting costs and expenses; (iv) fees, costs
and expenses of third-party service providers that provide such services; (v) any
extraordinary expenses; and (vi) such other expenses as may be set forth in the Constituent
Documents, among other expenses.
Argos’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which shall be incurred by the Clients. Such charges, fees and commissions are
exclusive of and in addition to Argos’s management fee, and Argos shall not receive any
portion of these commissions, fees, and costs.
Please see Item 12 of this Brochure regarding brokerage practices.
D.      Prepayment of Fees
Management fees are paid in advance at the beginning of the month. Argos will prorate the
management fee for periods of less than a full month. Prepaid but unearned fees are refunded
to Investors, as the case may be.
E.      Outside Compensation for the Sale of Securities
Neither Argos nor its supervised persons accept compensation for the sale of securities or
other investment products outside of its association with Argos.

Item 7 – Types of Clients

Argos provides investment advice and management to the Clients and may in the future
provide the same or similar services to other privately placed investment funds.
Argos intends to restrict the number of Investors in the Funds and will offer Interests only
through non-public transactions in order to maintain the Client’s exclusion from “investment
company” status under the Investment Company Act of 1940, as amended (the “Investment
Company Act”).
Prospective Investors must meet eligibility criteria and are subject to certain withdrawal
requirements and limitations as provided in the Constituent Documents. Generally, similar
terms will apply to similar Investors, though certain Investors may have terms that differ or
are more favorable than those for other Investors. In addition, prospective Investors will be
required to make representations concerning their sophistication as Investors and ability to
bear risk of loss of their entire investment. Prospective Investors are encouraged to
thoroughly review the Funds’ Constituent Documents which sets forth all of the terms in
detail.
Each Investor generally must be an “accredited investor” (as defined in Regulation D under
the Securities Act of 1933) and be eligible to enter into a performance fee arrangement under
state and/or federal law, as applicable, and must meet other criteria as specified in the
Constituent Documents. Argos may waive any admission standard within its sole discretion.
The minimum initial investment by an Investor in the Funds is between $100,000 and
$1,000,000 depending on the Fund and further may depend on the class an Investor is
subscribing to. For certain Fund(s), the minimum additional investment in the Fund is
$50,000. Minimum and additional investment amounts are subject to waiver at the discretion
of Argos.