Bienville Capital Management LLC

ITEM 5 – FEES AND COMPENSATION

Fees for Managed Accounts – Advisory and Consulting Clients

Bienville’s fees are described generally below and are detailed in each of our Advisory Client and
Consulting Client agreements. Different fee schedules may apply to different types of Clients and
advisory arrangements. Bienville, in its sole discretion, may negotiate or waive advisory or management
fees on a Client-by-Client basis. The Firm typically values each Client’s portfolio for purposes of fee
billing in accordance with Bienville’s valuation policies and procedures and, as applicable, Clients’
governing documents (i.e., investment management agreement), as further described below. Please
see Item 8 for valuation risk disclosure.

The fee for Advisory Client services is typically charged and deducted quarterly, in advance, based upon
a percentage of the market value of the assets being managed by Bienville on the last day of the previous
quarter. Thus, the fee will vary depending on the market value of the assets under management.
Bienville’s advisory fee schedule is generally as follows:

 PORTFOLIO VALUE                            ANNUAL BASE FEE
 Up to $50,000,000                          1.00%
 Above $50,000,000 - $150,000,000           0.75%
 Above $150,000,000                         0.50%

Bienville generally charges a negotiated fixed flat fee for its Consulting Client services.

Advisory Clients and Consulting Clients may elect to have fees billed rather than deducted.

In the event an Advisory Client or Consulting Client agreement is terminated prior to the conclusion of a
billing period, Bienville will refund a pro-rata portion of any pre-paid fees or bill a pro-rata portion based
on date of termination. Fees will generally not be adjusted or prorated based on the number of days
remaining in the quarter with respect to assets that are deposited into or withdrawn from an account
after the inception of a quarter. Certain Advisory Client agreements provide for prorated billing in the
event Advisory Client account assets change by more than 5% intra quarter based on account additions
or withdrawals.

Advisory and Consulting Clients have access to Addepar, our online performance reporting software,
which allows them to view their portfolios. The Addepar portal allows Advisory and Consulting Clients to
view portfolio performance, asset allocation, security level exposure, additions and withdrawals from
the account(s), all transactions for a specified period, fees paid, realized and unrealized gains and
liquidity analysis on a daily basis. Advisory and Consulting Clients also receive performance reporting
directly from their custodians.

Bienville reports the value of Advisory Clients’ investment portfolios to the Client on a periodic basis,
generally quarterly. Bienville provides such reporting according to the terms described in an Advisory
Client’s investment management agreement and Bienville’s valuation policies and procedures. The value
of the portfolio of an Advisory Client is often the basis of management fees paid to Bienville. Bienville

generally will not value the securities in an Advisory Client’s account. Rather, Bienville generally relies
upon values provided by the Advisory Client’s custodian, unaffiliated third-party fund managers,
separate accounts and/or direct private investments, as applicable. Publicly-traded securities in Client
portfolios will generally be valued at the price of such securities as reported by exchanges, the Client’s
custodian or an independent pricing service. For Client assets that are invested in unaffiliated third-party
manager funds, separate accounts and/or direct private investments, Bienville will use the price
provided by any such third-party fund manager, separate account or direct private investment to value
the assets. In the event that Bienville must internally “fair value” an investment, Bienville will use its best
efforts and all appropriate means to obtain all relevant information in order to determine a fair value. If
it is deemed necessary or prudent, Bienville may hire an independent third party to provide an appraisal
of the investment.

Fees for Private Funds

Below is a brief summary of certain fees and expenses paid by the Private Funds. Investors and
prospective investors are advised to review the relevant Private Fund’s governing documents for a more
comprehensive discussion of fees and expenses.

Concentrated Opportunity Funds

For management of the Opportunity Funds, Bienville deducts a management fee ranging from 0% to 2%
of each of the Opportunity Fund’s assets per annum. Bienville Private Holdings II holds a single private
investment and does not charge a management fee. Bienville Private Holdings III holds a single
investment in each of its classes, does not charge a management fee and, depending on the class, may
generally be entitled to receive a percentage of profits from the fund as described in the governing
documents of the fund. For Bienville Private Holdings II, Bienville is generally entitled to receive 20% of
the profits from the fund after satisfaction of the preferred return pursuant to a distribution waterfall
described in the governing documents of the fund. For Bienville Fractal Seed Fund, Bienville Fractal
Early-Stage Fund and Bienville Fractal Seed Fund II, Bienville is generally entitled to receive 20% of the
profits from the fund.

Informatic Funds

For management of the onshore and offshore Informatic Funds, including the co-investment share class,
Bienville deducts a management fee ranging from 0% to 1.5% per annum. The Informatic Funds calculate
and pay the Management Fee quarterly in advance based on net asset value and amortize the
management fee monthly over the fiscal quarter for which such management fee is paid. In addition,
Bienville is generally entitled to receive an incentive allocation of 10% to 20% of the realized and
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ITEM 7 – TYPES OF CLIENTS
Bienville provides investment advice to individuals, family offices, endowments, foundations, charitable
organizations, pension funds, sovereign wealth funds, corporations, business entities and the Private
Funds.

For a new Advisory Client or Consulting Client relationship, Bienville generally requires a minimum initial
investment amount of $50,000,000. At its discretion, Bienville may waive this requirement.

Minimum initial investment and eligibility criteria for each of the Private Funds is described in the
applicable Private Fund’s offering documents and subscription application materials. The Private Funds
generally require a minimum initial investment of $1,000,000, subject to the sole discretion of each
Private Fund’s general partner or Bienville, as applicable, to accept lesser amounts. Minimum initial
investment for institutional separately managed accounts is determined by Bienville on a case-by-case
basis. Further, each Private Fund investor, including each institutional separately managed account
client, is required to meet certain suitability and eligibility criteria of the relevant Private Fund, such as
being a “accredited investor” as defined in the Investment Company Act of 1940.