Indago Capital LLC

Item 5 – Fees and Compensation

A.     Fee Schedule
       1.      Management Fee
With respect to Separate Accounts, Indago generally receives a quarterly asset-based
management fee that is subject to negotiation as to amount and timing.
With respect to certain Funds, Indago receives a quarterly asset-based management fee of up
to one and one-half percent (1.5%) per annum, payable in arrears as of the last business day
of each calendar quarter (the “Management Fee”). The Firm will prorate the Management Fee
for any period that is less than a full calendar quarter. In consideration for the monitoring
services the Firm renders, certain Funds pay the Firm a quarterly monitoring fee, payable in
arrears as of the last business day of each calendar quarter, calculated at a rate of 1.0% per
annum of invested capital (the “Monitoring Fee”). The Firm prorates the Monitoring Fee for
any period that is less than a full calendar quarter.
       2.      Performance-based Fees
Separate Accounts may or may not pay performance-based compensation, depending on the
terms of their agreement with Indago. Performance-based fees for Separate Accounts are
subject to negotiation as to amount and timing. Fees paid by certain Separate Accounts may
be different and/or more favorable than those paid by other Clients.
Performance-based compensation for the Funds is in the form of carried interest of up to
twenty percent (20%) per annum of all income, gains and losses derived from investments
after the return to investors of their capital contributions and a preferred return thereon.
B.     Payment of Fees
Indago is paid the management fees and expenses as instructed by the Client to the custodian
of the Client’s account. Management fees are paid quarterly in arrears.
Indago is authorized to deduct management fees and performance fees, if any, directly from
the Funds and, in effect, the investors’ capital accounts. Fees are collected at the frequency
described in 5.A.
C.     Third-Party Fees
With respect to a particular Separate Account, Indago shall pay for its third-party research
and data expenses and any other costs and expenses properly incurred by Indago in its
reasonable determination in performing its duties under their agreement, except the
ordinary overhead and administrative expenses of Indago (such as rent and employee

                                                                                Part 2A of ADV:
                                                                    Indago Capital LLC Brochure

salaries), and the Separate Account shall reimburse Indago for all such expenses based on a
customized agreed upon reimbursement methodology.
Please see Item 12 of this Brochure regarding brokerage.
Subject to its offering documents, each Fund generally bears its own expenses resulting from
or arising in connection with its organization, offering and operations. Such expenses may
include, but are not limited to, the following:
   •   legal
   •   accounting (including external accounting and valuation expenses),
   •   auditing and other professional expenses;
   •   loan servicing expenses;
   •   tax preparation and other tax related expenses (including preparation costs of tax
       returns and reports to partners);
   •   preparation costs of financial statements;
   •   administrator and other service provider fees and expenses;
   •   expenses incurred in connection with the activities of the Advisory Committee;
   •   insurance expenses (including directors’ and officers’ insurance, errors and
       omissions insurance, fidelity insurance and other similar policies);
   •   the Fund’s pro rata portion of organizational expenses (subject to the organizational
       expense cap);
   •   expenses associated with reporting to existing and prospective partners, fees, costs
       and expenses incurred in connection with any Fund information meetings, meetings
       of the limited partners and any other conference or meeting with any limited
       partners, in each case to the extent incurred by the Fund or the Firm;
   •   expenses of regulatory filings and reporting (including but not limited to Form PF,
       Section 13 and Section 16 filings) to the extent they are in connection with, relate to
       or derive from the Fund or its investment activities;
   •   all compliance costs and expenses associated with the Fund in complying with the
       rules related to private fund advisers under the Investment Advisers Act of 1940, as
       amended (the “Advisers Act”);
   •   fees and expenses related to negotiating agreements with Partners, including side
       letters;
   •   costs and expenses incurred in connection with any “MFN” election process;
   •   expenses incurred in connection with Fund investments and prospective Fund
       investments (and evaluating investments) whether or not consummated, including,
       without limitation,
            o research products and services,
            o Bloomberg data and general market research with respect to trading markets
                and industries,
            o travel and travel-related costs and expenses (including business class airfare,
                or when business class is not available, first class airfare), including, without
                limitation, travel-related costs and expenses related to
                     research,
                     due diligence,
                     meetings with existing and prospective investors,
                     conferences attended by personnel of the general partner group,
                     investor communications or other general updates,
            o retainers to third party consultants/advisors,

                                                                             Part 2A of ADV:
                                                                 Indago Capital LLC Brochure
...

Item 7 – Types of Clients

As previously discussed in Item 4, Indago provides discretionary investment management
services to the Funds and Separate Accounts, which consists of institutional investors and
accredited investors, including, but are not limited to, other registered investment advisers.
Indago does not have any minimum investment requirements with respect to opening or
maintaining a Separate Account . The minimum investment requirement for the Funds,
subject to waiver, is typically $5,000,000.

                                                                              Part 2A of ADV:
                                                                  Indago Capital LLC Brochure