Infrared Capital Partners US LLC

Item 5: Fees and Compensation
InfraRed US is paid management fees and investment fees by InfraRed UK. The management fees are billed
quarterly in advance. In addition, InfraRed US receives a one-time investment fee for each investment
recommendation that is approved by InfraRed UK.

Management Fee

For the services provided under a sub-advisory agreement, InfraRed UK pays a management fee to InfraRed US
equal to all of its costs related to the services being performed plus, a mark-up based on a specified percentage
as described in the sub-advisory agreement between InfraRed UK and InfraRed US.

InfraRed US only receives fees from InfraRed UK and does not receive any other fees from any third parties or
affiliates (including any clients).

Investment Fee

In addition, InfraRed UK also pays InfraRed US a one-time investment fee equal to specified basis points for
each investment recommended by InfraRed US to Infrared UK. The investment fee shall be computed on the
basis of the funds invested.

Management fees are invoiced and paid quarterly in advance. Any investment fee that becomes payable is paid
in arrears. The fees and reimbursement provisions set forth herein may from time to time be adjusted
by mutual agreement between InfraRed UK and InfraRed US if the circumstances of the parties change
so as to justify such adjustment.

Other - Funds

InfraRed US’s affiliate, InfraRed UK, advises a number of Funds as described in Item 4 of this brochure and have
engaged InfraRed US for non-discretionary advisory services relating to the Funds. Fees charged to these Funds
are based on the terms of the Fund’s governing documents and management agreements. These fees consist of
management fees and/ or carried interest as applicable to the Funds.

Item 7: Types of Clients
InfraRed UK has engaged InfraRed US to provide non-discretionary investment advisory services in accordance
with a sub-advisory agreement and the objectives and limitations outlined in the Fund’s offering documents.
The clients where InfraRed US provides sub-advisory services are pooled investment vehicles excepted from the
definition of an “investment company” under Section 3(c) (1) or 3(c)(7) of the 1940 Act and other pooled
investment vehicles that are not issuers with reliance on the 1940 Act. Also reference Item 4. Advisory Services
of this brochure.