Infrared Capital Partners Limited

Item 5. Fees and Compensation
The Firm is remunerated for its services via a management fee which is payable quarterly, in advance or in arrears, as
determined within the relevant Offering Documentation. The management fee will typically range from c. 0.5% to 1.5%
per annum, depending on the Client and the size of the mandate.

The Firm may agree to a lower management fee for certain investors. Employees and other investors affiliated with the
Firm may pay a discounted management fee in line with firms of similar size and nature.

The Firm may charge its separately managed accounts a management fee that is subject to negotiation and is fully
described and agreed to in the respective Offering Documentation with the Firm.

Expenses and other costs
Clients will bear all fees, costs and expenses incurred in connection with the establishment of the investment vehicle as
well as the ongoing operation, administration, management, maintenance, termination and/or liquidation of the vehicle
and intermediate holding (or similar) entities, including the general partner or carried interest partner. All fees, costs
and expenses, plus any applicable taxes, related to the sourcing, making, holding and divesting of investments and the
ongoing operations, including associated financing arrangements and sources, third-party due diligence providers, data
and research providers and similar service providers, expert networks, legal, audit and tax expenses, are borne by the
relevant Client. Investments typically require extensive due diligence, legal, and other costs prior to their consummation
and may be subject to broken deal expenses if they are not consummated. A Client will pay any fees, costs, and expenses
incurred in developing, investigating, negotiating, or structuring any investment opportunities it pursues, whether or
not such investments are ultimately consummated, including investments pursued by IRCPL or an affiliate. As applicable,
Clients will bear the cost of brokerage, sale, custodial, depository services as well as costs relating to the convening of
investors or the relevant Advisory Committee. In addition, Clients will bear the cost for including marketing activities
and distribution of interests, including but not limited to costs of appointing a local intermediary or paying agent, fees,
costs and expenses incurred in respect of registrations and filings to regulatory authorities and governmental bodies
related to the offering and sale of interests in that country, state or province. Clients can also be expensed the costs for
compliance reporting and filings as well as tax reporting.
The general partner of a Client structured as a fund, IRCPL and its respective affiliates will, save as provided in the
relevant Offering Documentation, be responsible for their own office costs and the remuneration costs of their
respective personnel, and all costs relating to obtaining any licenses, authorisations, registrations, qualifications or
exemptions which are necessary for the performance of investment management and/or advisory services by IRCPL
persons in connection with the Client. Similarly, Clients will not be required to compensate placement agents utilised by
the Firm.

IRCPL is permitted to charge back certain costs and/or charge additional fees to the Clients in certain circumstances
which are disclosed to the investors prior to investment.

Clients should refer to their respective Offering Documentation for a complete understanding of fees and expenses.

InfraRed Capital Partners Limited                                                                      Form ADV Part 2A