Cartesian Capital Group LLC

FEES AND COMPENSATION

         In general, as described more fully below (and in the Offering Documents), the manager of
 each Fund receives a management fee (the “Management Fee”) and the general partner of each
 Fund receives a carried interest allocation (a “Carried Interest”) in connection with advisory
 services. From time to time, Cartesian has received additional compensation in connection with
 management and other services performed with respect to actual and potential portfolio companies
 (e.g., monitoring and other fees, such as director fees) of the Funds. Generally, and as provided
 in the Offering Documents, any such additional compensation will be offset in whole against the
 Management Fee; however, certain amounts related to Cartesian employees being seconded to,
 and performing services for, or on behalf of, a portfolio company are not offset against the
 Management Fees otherwise applicable to the Adviser. Investors in the Funds also bear certain
 Fund expenses.
Management Fees and Expenses

        Pangaea Two Fund; Pangaea Three Fund

         The Pangaea Two Fund and Pangaea Three Fund (collectively, the “Pangaea Funds”)
 generally pay the Pangaea Two Manager and the Pangaea Three Manager (collectively, the
 “Pangaea Managers”) respectively, a Management Fee for providing portfolio management
 services. During the period that the Pangaea Funds are investing, the Management Fee is based on
 capital commitments of the applicable investors. Once the investment period has concluded, the
 Management Fee is based on capital invested in portfolio companies. The Management Fee ranges
 from 1.05% - 2.00% per annum (based on committed or invested capital, depending on period).
 Management Fees are subject to individualized negotiation with certain investors. In connection
 with the recent extension of the term of the Pangaea Two Fund (See “Conflicts of Interest – Pangaea
 Funds”) the Management Fee of the Pangaea Two Fund was reduced by 20% from April 2024 to
 April 2025, and then by 40% thereafter through December 31, 2025. Commencing January 1,
 2026, 100% of Pangaea Two Management Fees will be waived.

         The Pangaea Managers have the right to contract for and receive fees, including transaction
 fees, break-up fees and monitoring fees (collectively, “Transaction Fees”) from any person
 (including investee companies) in connection with their activities; however, 100% of Transaction
 Fees are applied, net of applicable expenses (including those of parallel funds, without
 duplication), to reduce any unpaid future Management Fee payable by the Pangaea Funds to the
 Pangaea Managers, respectively and as applicable.

           In addition to the Management Fee, the Pangaea Funds are responsible for payment of
  organizational expenses (as more fully described in the Offering Documents), the costs and
  liabilities incurred in connection with the operation of the Pangaea Funds, and their respective
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  portfolio investments, including but not limited to the organization of any alternative investment

    vehicle or holding vehicle, legal, accounting, audit and other expenses (to the extent not subject
    to reimbursement), costs and liabilities incurred in connection with litigation or other
    extraordinary events, directors & officers liability and other insurance and indemnity expenses,
    communications expenses, expenses associated with meeting of the limited partners, expenses of
    the advisory committee, brokerage commissions, custodial expenses, appraisal fees and other
    investment costs, expenses of liquidating the Pangaea Funds and their respective subsidiaries,
    broken deal expenses to the extent not reimbursed by a third party and not including any portion
    thereof that is allocable to a parallel investment vehicle, additional Fund or co-investment vehicle.

           The Pangaea GPs pay all ordinary administrative and overhead expenses incurred in
    connection with managing, originating and monitoring investments, including compensation for
    employees’ salaries, office rent, utilities, etc.
Other Information

            Cartesian has in the past, and may again in the future, exempt certain investors in the Funds
    from the payment of all or a portion of Management Fees and/or Carried Interest, including
    Cartesian and any other persons designated by Cartesian. Any such exemption from fees and/or
    Carried Interest may be made by a direct exemption, a rebate by the Cartesian Capital Group and/or
    its Advisory Affiliates, or through other private investment funds that co-invest with the Funds.

            Investment advisory and other fees are expected to be paid, except as otherwise described
    in the applicable Offering Documents, over the term of the Fund (and, in the case of the Funds,
    investors generally are not permitted to withdraw or redeem interests in such Funds).

             The Management Fee is paid by the Funds to the Pangaea Managers. Principals and certain
    employees of Cartesian are entitled to Carried Interest when earned from the Pangaea GPs or their
    affiliates.

                     PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT

             Cartesian Capital Group does not directly receive Carried Interest for its advisory services
    to the Funds. Rather, as more fully described below, the general partners of the Funds receive
    Carried Interest. The Funds follow the “European Model” for the accrual and payment of Carried
    Interest, which means that the general partners of the Funds will not receive Carried Interest until the
    limited partners have first received 100% of their capital commitments and an 8%, annually compounded
    preferred return.

            Carried Interest is based directly on the Funds’ net asset values. Cartesian may have a
    conflict of interest in valuing the assets held in Fund accounts if such valuations would result in
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TYPES OF CLIENTS

           Cartesian Capital Group provides investment advice to the Funds. Providing investment
    advice to private funds is the exclusive business in which Cartesian is engaged and it does not
    provide investment advice to other entities or clients.

           The Pangaea Funds’ interests were offered and sold solely to accredited investors (as
    defined in Rule 501 under the Securities Act of 1933, as amended) who are also qualified
    purchasers or knowledgeable Cartesian personnel (as defined under the Investment Company Act
    of 1940). Minimum investment amounts may be waived by Cartesian, but generally will not be less
    than $500,000 (or, in the case of those Funds formed under the laws of the Cayman Islands, such
    other amounts as specified by Cayman Islands law).

                 METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS
Investment and Operating Strategy – Pangaea Funds

           The following describes the general investment and operating strategy of the Pangaea
    Funds. There can be no assurance that Cartesian will achieve the investment objectives of the
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    Pangaea Funds, and a loss of all or part of an investment is possible.

             The Pangaea Funds seek to invest primarily, but not exclusively, in privately-negotiated
    transactions in equity and equity-related securities on a disciplined, global, and opportunistic basis
    with an emphasis on the world’s emerging markets. Cartesian’s objective for the Pangaea Funds
    is to generate long-term capital appreciation through the acquisition, active management, and
    disposition of a portfolio of direct investments.

          Investment Philosophy. Cartesian believes that the world economy is increasingly
    integrated and that successful portfolio companies must cultivate a global perspective and be
    internationally competitive. Accordingly, Cartesian employs a global and opportunistic
    investment approach that is not constrained by pre-determined allocations to specific sectors or
    markets. Further, Cartesian focuses on building companies well-positioned to compete in the
    global economy. Evaluation of each opportunity includes an assessment of a target company’s
    long-term global competitiveness and its potential for international expansion.

            Cartesian’s strategy focuses on the identification of long-term continuities and short-term
    dislocations. Cartesian defines “continuities” as large-scale forces driving global economic change
    over a decade or longer. Simultaneously, Cartesian seeks to identify market or other disruptions
    that result in a temporary divergence between value and price. By identifying continuities and
    dislocations, Cartesian believes it can target investments in companies whose fundamentals
    offer lasting value.
Risks of Investment - The Pangaea Funds

        Business Risks. The Pangaea Funds’ investment portfolios consist primarily of securities
issued by privately held companies, and operating results in a specified period will be difficult to
predict. Such investments involve a high degree of business and financial risk that can result in
substantial losses.

        Future and Past Performance. The performance of the Principals’ or Pangaea Funds’ prior
investments is not necessarily indicative of a Pangaea Fund’s future results. While the Pangaea GPs
intend for the Pangaea Funds to make investments that have estimated returns commensurate
with the risks undertaken, there can be no assurances that the targeted internal rate of return will be
achieved. On any given investment, loss of principal is possible.

       Investment in Junior Securities. The securities in which the Pangaea Funds invest may be
among the most junior in a portfolio company’s capital structure (such as common shares) and, thus,
subject to the greatest risk of loss relative to other securities issued by such portfolio company.
Generally, there will be no collateral to protect an investment in a junior security once made.

        Concentration of Investments. The Pangaea Funds will participate in a limited number of
investments and may seek to make several investments in one geography, one industry or one
industry segment. As a result, a Pangaea Fund’s investment portfolio could become highly
concentrated, and the performance of such industry, a limited number of holdings or investment
jurisdictions may substantially affect its aggregate return. However, no single investment will
generally exceed 10% of the relevant Pangaea Fund’s aggregate capital commitments. Furthermore,
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to the extent that the capital raised is less than the targeted amount, the Pangaea Funds may invest
in fewer portfolio companies and thus be less diversified.

        Lack of Sufficient Investment Opportunities. It is possible that less than all of the
commitments to the Pangaea Funds will be invested. The business of identifying and structuring
private equity transactions is highly competitive and involves a high degree of uncertainty.

        Illiquidity; Lack of Current Distributions. An investment in the Pangaea Funds should be
viewed as illiquid. It is uncertain when profits, if any, will be realized. Losses on unsuccessful
investments may be realized before gains on successful investments are realized. The return of
capital and the realization of gains, if any, generally will occur only upon the partial or complete
disposition of an investment. While an investment may be sold at any time, it is not generally
expected that this will occur for a number of years after the initial investment. Before such time,
there may be no current return on the investment. Furthermore, the expenses of operating the
Pangaea Funds (including the Management Fee) will likely exceed the income or returns generated
from investments during certain periods, thereby requiring that the difference be paid from the
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