Australis Partners Advisers LLC

ITEM 5. FEES AND COMPENSATION

   A. The fees applicable to the Fund are set forth in detail in the Offering Documents. The Firm
      receives a management fee equivalent to 2% per annum of the capital invested by the Fund
      in unrealized Portfolio Investments (the “Management Fees”). The General Partner has the
      discretion to wave or reduce Management Fees.

      In addition, the General Partner receives a performance allocation equivalent to 20% of
      realized gains distributed to each investor of the Fund (the “Carried Interest”).

   B. Australis Partners (Advisers) deducts management fees from the Fund’s account quarterly
      in advance.

   C. Details of any other types of fees or expenses the Fund may pay are set forth in the Offering
      Documents. The Firm is entitled to be reimbursed for expenses incurred by the Firm in
      connection with:

          a. the organization and establishment of the Fund, the General Partner and the Firm
             and the offering of the interests in the Fund, including legal, accounting, filing,
             capital raising (including capital raising consulting services) and other
             organizational expenses; and

          b. the operation of the Fund, including, but not limited to: (i) all out-of-pocket fees,
             costs and expenses for tax advisors, attorneys, auditors, administrators, accountants
             and other professional advisers (including the audit and certification fees and with
             respect to all financial and tax reports and returns, the costs of printing and
             distributing reports to investors) and all routine out-of-pocket administrative
             expenses (including the fees and expenses of any third party fund administration
             service provider engaged for the Fund), (ii) out-of-pocket costs and expenses, if
             any, incurred in developing, negotiating, structuring, making, holding, monitoring
             and disposing of actual Portfolio Investments, (iii) broken deal expenses, including
             without limitation any financing, legal, auditing, accounting, advisory, consulting,
             other third-party and/or any travel accommodation expenses in connection
             therewith, deposits funded thereon, (iv) brokerage commissions, research and
             quotation service fees and expenses, custodial expenses and other related costs
             incurred in connection therewith, as determined in good faith by the General
             Partner, (v) interest on and fees and expenses arising out of all borrowings made by
             the Fund, including, but limited to, the arranging thereof, (vi) out-of-pocket costs
             of any litigation, directors and officers liability insurance and indemnification or
             extraordinary expense or liability relating to the affairs of the Fund (but not any
             expense or liability of the Portfolio Companies themselves, or, with respect to
             litigation costs, to the extent such litigation costs are required to be repaid), (vii)
             expenses of liquidating the Fund, (viii) registration expenses and taxes, fees or other
             governmental charges levied against the Fund and expenses incurred in connection
             with any tax audit, investigation, settlement or review of the Fund, (ix) expenses of
             the Fund’s advisory committees (including its counsel and advisory expenses), (x)
             any expenses and costs incurred in connection with obtaining an independent or

           third-party valuation of Portfolio Investments or other assets, (xi) postage and other
           expenses associated with meetings of the investors, including the costs of any
           resolution passed by the investors (excluding the costs of any time spent in relation
           to any such meeting), and (xii) the expenses of complying with any obligations
           imposed on the Fund or the Firm as a result of the Fund’s Portfolio Investments
           (including, without limitation, under federal securities and commodities laws and
           regulations thereunder), it being understood that where such costs relate to the
           investments of the Fund as well as any Clients, such costs shall be appropriately
           allocated among the Clients on a basis reasonably determined by the Firm (e.g., on
           the basis of capital under management), and (xiii) to the extent not paid by a blocker
           corporation or the partners of such blocker corporation, the expenses incurred by
           such corporation (which expenses shall be allocated solely to those partners with
           an interest in such corporation).

   The Funds will incur brokerage costs if applicable. However, due to the nature of the Firm’s
   business, broker-dealers are not generally used. See Item 12 – Brokerage Practices.

   Co-investors will be responsible for their pro rata share of the operational costs and
   expenses of any related co-invest vehicle. Co-investors will also allocate a certain share of
   the investment proceeds to the General Partner based upon an annual rate applied to the
   relevant co-investor’s capital contribution. In addition, co-investors generally will not
   share the costs of broken deal expenses for unconsummated transactions. Such broken deal
   expenses will generally be borne by the relevant Fund.

D. Details of the fees applicable to the Fund are set forth in detail in the Offering Documents.
   The Firm (i) deducts Management Fees from the Fund’s account quarterly in advance and
   (ii) refunds to the Fund the amount of the Management Fee charged to such Fund allocable
   to that period which is subsequent to the date of termination of the advisory contract. The
   Management Fee for any period of less than three (3) months shall be pro-rated for the
   number of days in such period.
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ITEM 7. TYPES OF CLIENTS

As further described in Item 4 of this brochure, Australis Partners (Advisers) provides investment
advisory services to private pooled investment vehicles which operate as exempt investment
companies under the Investment Company Act. The Clients are limited to individuals and entities
that meet the criteria of “qualified purchasers” or employees who are deemed to be
“knowledgeable employees” as defined by the Investment Company Act or must otherwise be
permitted to invest under applicable securities laws.

Prospective investors should refer to the Offering Documents of the Clients for complete
information on the minimum investment requirements for participation in the Clients. Typically,
Australis Partners (Advisers) requires a minimum investment of $5 million for the Fund, although
Australis Partners (Advisers) maintains discretion to individually waive, increase or reduce the
minimum investment required.

Australis Partners (Advisers) does not currently manage individual investment accounts.