Glacier Peak Capital LLC

Item 5 - Fees and Compensation
Glacier Peak is compensated in two ways from the Fund to which we act as an Investment Adviser
and General Partner. Fees are non-negotiable, though the firm may elect to waive fees in in its sole
discretion, such as for friends and family members.

Compensation to Glacier Peak as general partner and investment adviser to the Fund are as follows:

      Base Fee: The General Partner is paid an annual management fee of 1.0% of the Fund’s net
       market value which is billed quarterly in advance at a rate of 0.25%; and

      Performance Fee: The General Partner may receive a 10% incentive allocation calculated on
       net profits to the Fund, however, this fee is waived by the General Partner until further notice.
       This performance is specific to each Limited Partner and is only collected if the Fund returns
       net new profits, (i.e., profits which cumulatively exceed any and all prior net losses allocated
       for any previous year or years or “high water mark”).

Valuation: As the GP to the Fund, we have the authority to value the assets for the Fund. However,
holdings are typically valued by the Fund’s third-party administrator using pricing obtained from the
custodian broker-dealer (for liquid assets). The Fund is also audited annually and a copy of the audited
financial statements are delivered to each LP investor in the Fund within 120 days of December 31 each
year. The NAV is initially identified by our third-party administrator, based primarily on the publicly-
reported values of liquid securities at the end of the period. For illiquid or unpriced securities, the
firm’s pricing committee determines value quarterly using a variety of inputs. To the extent that the
General Partner, in its sole discretion, deems it necessary or advisable to determine the value of the
Partnership’s assets itself a conflict arises. As the GP and Adviser to the Fund, the potential conflict of
interest with valuations is that the security owned by the Fund may not be readily convertible into cash
at the carrying value of the direct investment (or so called “illiquid investments”). Therefore, mispricing
(higher or lower that a true value, if one can be determined) may have an adverse effect on the Net
Asset Value of the Fund and affect Glacier’s receipt of base and incentive fee compensation. As of
December 31, 2017, these illiquid investments represented slightly more than 1% of the Fund.

The Net Asset Value of the Fund and each LP Investor’s capital account is reported monthly by the
fund’s independent third - party administrator.

Termination of Limited Partnership Interests:
Please see the Fund’s Subscription Document for a summary of:

Termination provisions;

Capital contribution and withdrawal limitations or restrictions among other relevant items.

General Information on Advisory Services and Fees

      Fees due to Glacier Peak for GP or Adviser services are deducted from each Limited Partner’s
       capital account by the third - party administrator of the Fund upon a debit request delivered to
       the custodian of the Fund’s assets. This debit charge is reflected in the LP investor’s capital
       account report sent by the Administrator.
      Employees and Family members
           o Employees of Glacier Peak and some of their family members (who are qualified
               investors) may be Limited Partner investors in the Fund but may not be charged the base
               and performance fees that are charged to other LP investors.

Fees payable to Glacier Peak for our GP and Advisory services by the Fund and the LP investors do not
include the following. These fees or charges are borne by the Fund’s LP investors. We do not participate,
directly or indirectly in these fees as listed:

      Brokerage commissions, mark-up or mark-downs (on principal transactions as executed by
       third party and independent broker dealers)
      Transaction fees, including exchange and SEC transaction fees
      Other related costs and expenses that may be imposed by custodians, brokers or third
       parties
      Charges imposed by custodians, brokers and third parties, including but not limited to:
           o Advisory fees and administrative fees charged by mutual Fund or exchange traded
               Fund held by the Fund
           o Advisory fees charged by third parties if the Fund make an investment with or
               engages a sub-adviser
           o Custodial fees
           o Sub-agent transfer fees, if any
           o Deferred sales charges on mutual Fund, if any
           o Odd-Lot differentials, if any
           o Transfer taxes
           o Wire transfer and electronic fund processing fees
           o Among others that may be incurred

Please see Item 12, below, for additional information regarding other costs that may be incurred as an
investor in the Fund.

Item 7 - Types of Clients
We provide investment advice to one Private Fund. See Item 4, above.