FrontRange Capital Advisers LLC

Item 5: Fees and Compensation

A. Description of Compensation for Advisory Services

   All fees are governed by each FrontRange Fund’s management agreement with FrontRange and the
   applicable limited partnership agreement for each FrontRange Fund. Factors FrontRange may consider in
   negotiating fees with any FrontRange Fund may include, without limitation, the amount and complexity
   of services required, the type and amount of assets under management, whether FrontRange is acting in a
   discretionary or non-discretionary format (currently, FrontRange acts only in a discretionary format), and
   the extent of reporting or other administrative services required.

   Generally, investors of certain FrontRange Funds pay FrontRange or its affiliated entities an annual
   management or advisory fee that is payable quarterly in arrears based on 1.0%-2.0% of committed capital
   during the applicable investment period and 1.0%-2.0% of invested capital after the expiration of the
   applicable investment period. However, certain FrontRange Funds may pay management fees based
   instead on invested capital during the applicable investment period.

   In addition to the management fees described above, FrontRange or affiliated general partners will
   generally also be entitled to receive an incentive allocation from the FrontRange Funds, typically between
   10%-20% of realized profits, after a preferred return, as further described in the applicable FrontRange
   Fund governing documents. Such incentive distribution represents a portion of a FrontRange Fund’s net
   investment profits.

   FrontRange, in its sole discretion, may reduce, waive, or modify fee terms for any investor in a FrontRange
   Fund. The specific terms and conditions of FrontRange Fund fee arrangements will be detailed in the
   governing documents and side letters (if any) of each FrontRange Fund or account.

B. Description of any Deduction of Fees

   Management or advisory fees are calculated and charged by FrontRange to the FrontRange Funds. The
   FrontRange Funds then charge investors for those management or advisory fees, quarterly in arrears, with
   the exception of the advisory fee due for the first quarter subsequent to the investor’s initial capital
   contribution, which are to be paid in advance. Such fees are billed directly to each investor by the
   applicable FrontRange Fund.

C. Description of Other Fees and Expenses

   Unless otherwise restricted in the governing document of a FrontRange Fund, each FrontRange Fund and
   its investors will bear all the expenses of the applicable FrontRange Fund, including, but not limited to, all
   costs and expenses (including those incurred by the general partner or any investment adviser) arising out
   of the FrontRange Funds’ activities and operations which the general partner determines in its good faith
   judgment to be reasonable, including: (i) all costs and expenses, if any, incurred in evaluating, developing,
   diligencing, negotiating, structuring, acquiring, owning, financing, hedging, disposing of or otherwise
   dealing with investments, whether or not the FrontRange Fund actually invests therein, including any travel
   (including the cost of chartering private aircraft or other private air travel at a cost not to exceed the cost
   of equivalent first-class commercial airfare), entertainment, legal, compliance, reporting (including
   preparation and distribution of all (1) reports for the general and limited partners of each Fund, (2) closing
   notices for each Fund, (3) capital demand notices for each Fund, (4) notices for distributions by each Fund,
   (5) reports and other materials in connection with Fund limited partner requests and inquiries, (6) notices
   in connection with admissions of additional limited partners to each Fund, and (7) other notices or materials
   to the general and limited partners of each Fund), and related overhead expenses (including salaries,
   benefits, and other personnel costs, rent, computer hardware and software, data service and research

subscriptions, internet, telephone, and other overhead expenses), and other fees and costs related thereto;
(ii) taxes of the FrontRange Funds, fees of auditors, counsel and other advisors of the FrontRange Funds,
insurance costs of the FrontRange Fund (including insuring covered persons), litigation costs of the
FrontRange Funds, and travel expenses related to the foregoing; (iii) brokerage commissions and other
investment costs incurred by or on behalf of the FrontRange Fund; (iv) the expenses associated with the
meetings of the investors (including meeting materials, room rentals, entertainment, and speaker
honorariums or gifts); (v) interest under any borrowing of the FrontRange Fund; (vi) costs of winding-up
and liquidating the FrontRange Fund; (vii) indemnification expenses; (viii) legal, compliance, custodial,
accounting, reporting, auditing, transfer agent, banking, professional, consulting, appraisal, and other duly
engaged agent or independent contractor expenses of the FrontRange Fund including expenses associated
with the preparation of the FrontRange Fund’s reports (including, by way of illustration, regulatory filings,
such as Form D and Form PF), financial statements, tax returns and Schedule K-1s; (ix) overhead and other
expenses for accounting, underwriting, reporting, legal, compliance (including, by way of illustration,
responding to state or federal securities examinations and investigations), investment management,
information technology, and similar departments, together with any related overhead expenses (including
salaries, benefits, and other personnel costs, rent, computer hardware and software, data service and
research subscriptions, internet, telephone, and other overhead expenses) connected with the FrontRange
Fund’s investments and operations, in each case to the extent such overhead expenses are incurred in
...

Item 7: Types of Clients

Description of Typical Clients and Investors.

With the exception of the separately managed ‘funds-of-one’ clients, the clients of FrontRange are the
FrontRange Funds, which are privately offered pooled investment vehicles that are exempt from registration
generally under the Investment Company Act of 1940, as amended.

The minimum size of an investment in a FrontRange Fund is dependent upon, among other things, the
overall size of the FrontRange Fund. Minimum investment amounts in FrontRange Funds, if established, are
subject to waiver at the discretion of the relevant FrontRange Fund’s general partner or investment adviser.

Typical investors in the FrontRange Funds include, without limitation, high net worth individuals, family
trusts, wealth managers, and United States institutional investors.