Columbia Pacific Advisors LLC

Item 5 – Fees and Compensation

Private Funds

The Limited Partners or Members in the Private Funds (referred to herein as “Investors”) typically pay Columbia
management fees calculated at an annual rate of between 0.5% and 2% of the net asset value of the account or the
capital commitments of each Investor. Management fees are generally payable in advance and on a quarterly basis,

   The method used for calculating “client assets under management” is different from the method for computing
“regulatory assets under management” under Item 5.F.(2) in Part 1A of Form ADV. Client assets under
management is calculated based on (i) quarter end net asset value for open end funds, closed end funds and
separately managed accounts, plus (ii) unfunded capital commitments for funds that intend to call additional capital.

   The amount representing our assets under management has been rounded down to the nearest $100,000.

directly from each Investor’s capital account in the Private Fund, on the first day of the quarter. Columbia may, in
its sole discretion, waive or reduce the management fees with respect to any Investor of the Private Funds.

Apart from the management fees described above, each of the Private Funds are also subject to certain performance-
based incentive fees and/or certain carried interest distributions described under Item 6 hereof.

Separately Managed Accounts

Separately managed account clients are not charged a management fee, but pay their pro-rata share of expenses
associated with the management of their accounts.

General information

Columbia’s fees are in addition to, and are exclusive of, brokerage commissions, transaction fees, and other related
costs and expenses. Clients may also incur certain charges imposed by custodians, brokers, and other third parties
such as, but not limited to, fees charged by third party managers, custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts
and securities transactions. Investors in the Private Funds are also responsible for their proportionate share of the
Private Fund’s operating expenses, including, but not limited to, legal, auditing, consulting and financing fees, fees,
costs and expenses related to the purchase, restructuring, recapitalization and sale of investments, expenses incurred
in the operations and development of investments such as asset management fees and development fees, travel and
entertainments expenses incurred by any person responsible for matters relating to the Private Fund, expenses
associated with the preparation of its financial statements, reports to limited partners and tax returns, as well as
other administrative expenses of the Private Fund. Exchange traded funds also charge broker fees and internal
management fees, which are disclosed in more detail in each exchange traded fund’s prospectus. Such charges,
fees and commissions charged by exchange traded funds are exclusive of, and are in addition to, the fees charged
by Columbia, and Columbia does not receive any portion of these commissions, fees and costs. Please see Item 12
for a more detailed discussion regarding the factors that Columbia considers in selecting or recommending broker-
dealers for client transactions and determining the reasonableness of their compensation (e.g., commissions).

The discussion above and under Item 6 relative to the management fees, incentive allocations or carried interest
distributions, and other costs and expenses related to an investment in the Private Funds is qualified in its entirety
by the discussion contained in the respective Private Funds’ Offering Documents.

Item 7 – Types of Clients

Columbia provides investment advisory services to the Private Funds and the separately managed account clients.

Columbia does not impose any minimum requirements on our Private Fund clients. The Private Funds, however,
generally impose minimum investment requirements from Investors (unless such minimums are waived by
Columbia) and require them to satisfy certain suitability standards.

Columbia does not impose any minimum investment requirements on the separately managed account clients to
whom it provides investment advisory services.