Cambrian Capital Management LLC

Item 5. Fees and Compensation

        Cambrian receives compensation for the investment advisory services it provides
to its clients in the form of fees, generally calculated as a percentage of AUM, drawn
capital, committed capital, or net invested capital (the “Management Fee”). The specific
nature, rate, method of calculation and manner of payment of the Management Fee for
Affiliated Fund investors is fully disclosed in the offering documents of each Affiliated
Fund (the “Offering Documents”). It is normally paid quarterly and in advance via being
reduced directly from the underlying investors capital balance or via invoices submitted
for each applicable Affiliated Fund and, as appropriate, to the underlying investors in such
Affiliated Fund. Matters concerning pro-ration for partial quarters (if any) is discussed in
applicable Offering Documents.

        Management Fees cover general services provided directly by Cambrian to the
Affiliated Funds including portfolio management, investment management and
administrative services and may be waived, rebated or reduced in certain instances.
Affiliated Funds will generally have at least two classes. See below for current fee
schedules.

March 31, 2026                                                                           Page 5

Cambrian Capital Management, L.L.C.                                                        Brochure

       Due to the seed nature of Affiliated Funds, an additional revenue share may be
earned pertaining to fees actually earned by Underlying Managers. This revenue share
amount, if applicable, will be negotiated with each Underlying Manager individually. If
Cambrian is entitled to some amount thereof, the terms will be set forth in applicable
Offering Documents.

Schedule of Affiliated Funds Management Fees

       The information contained herein is a summary only and is qualified in its entirety
by the Affiliated Fund’s Offering Documents. Fund investors should refer to these Offering
Documents for a complete understanding of how Cambrian is compensated for its
advisory services.

    1. Cambrian Anchor Capital Partners (Master) Fund I, L.P.

             •    Management Fee: With respect to each limited partner, the manager shall
                  be entitled to an annual management fee, payable quarterly in advance at
                  the beginning of each calendar quarter equal to: (i) during the period from
                  the Activation Date (as defined in the Offering Documents) until the fifth
                  anniversary of such date, 0.90% commitments; (ii) thereafter, such
                  Management Fee percentage rate shall be reduced by 10% for each
                  succeeding 12-month period until the twelfth anniversary of the Activation
                  Date; and (iii) thereafter, 0.10% commitments.

                  A Limited Partner that has been designated as a Manager Client or, with
                  respect to its Pre-Activation Commitment, a Founding Investor (each, as
                  defined below) will not be subject to a management fee for so long as such
                  Limited Partner retains such status.

                  The manager has reserved the right to waive, reduce or calculate differently
                  the Management Fee, in whole or in part, whether by reduction, rebate or
                  otherwise, with respect to any partner (including its affiliates, persons who
                  may be clients of a Pathstone or their respective affiliates and other parties).

             •    Revenue Share: Additionally, the fund also has the right to receive an
                  ongoing percentage share of all management fees and incentive-based
                  compensation calculated on a gross basis from all advisory services
                  provided by an underlying manager until the fund receives a numeric or
                  other multiple of the fund’s committed capital to or investment with such
                  underlying manager. Limited partners are entitled to receive a portion of
                  such revenue share as set forth in the fund’s offering documents.

March 31, 2026                                                                               Page 6

Cambrian Capital Management, L.L.C.                                                          Brochure

                  The General Partner has reserved the right to waive, reduce or calculate
                  differently the allocation of special investment proceeds, in whole or in part,
                  whether by reduction, rebate or otherwise, with respect to any partner
                  (including its affiliates, persons who may be clients of Pathstone or their
                  respective affiliates and other parties).

    2. Cambrian Anchor Capital Partners (Offshore) Fund I, L.P.

             •    Each limited partner in the Cambrian Anchor Capital Partners (Offshore)
                  Fund I, L.P. will be subject to the same management fee and revenue share
                  in the Cambrian Anchor Capital Partners (Master) Fund I, L.P. described
                  above. Generally, these fees will be accessed at the Cambrian Anchor
                  Capital Partners (Master) Fund I, L.P. level. If the Cambrian Anchor Capital
                  Partners (Offshore) Fund, L.P. makes any investments (directly or
                  indirectly) outside of the Cambrian Anchor Capital Partners (Master) Fund
                  I, L.P., the limited partners will be subject to a management fee, calculated
                  on substantially the same terms and conditions as those set forth in the
                  Cambrian Anchor Capital Partners (Master) Fund I, L.P Memorandum
                  (subject to any appropriate adjustments to reflect tax, legal, regulatory and
                  other considerations),with respect to such investments.
...

Item 7. Types of Clients

       As of the date of this Brochure, Cambrian’s clients are the Affiliated Funds. As
noted above, it is expected that many of the investors in such Affiliated Funds may also
be clients of Pathstone, along with employees of Pathstone and/or their affiliates.