Intertide Partners LLC

Item 5 – Fees and Compensation

Intertide’s Fees for Separate Accounts

Intertide typically charges fees to its separate account clients based on a percentage of the market value
of assets under management. Fees are individually negotiated and based on each client’s assets under
management and the scope of the client engagement. For separate account relationships, the billable
value will reset either annually, or quarterly based on prior year-end or quarter-end values and then
billed on a monthly or quarterly basis thereafter. In its agreements with clients, Intertide reserves the
right to modify its billing practices. With respect to payments of fees that are billed for any partial

period, the fee will be pro-rated based on the number of days the client account was open during that
period.

Intertide receives its investment management fees through client directed wire transfers. These wire
transfers are effected by clients on either a monthly or quarterly basis.

Intertide’s fees are exclusive of transaction fees, brokerage commissions, or other related costs and
expenses payable to third parties, which shall be incurred by the client. Clients are responsible for
reasonable third-party expenses associated with the services to be provided, including, without
limitation, the costs of products and services relating to research, market data, valuation and related
items, and courier services. Fees and expenses from third parties (including, but not limited to
custodians, brokers, third-party investment advisers, and other third parties) relating to the making,
holding, and disposition of investments with respect to each account are paid by the client, including,
without limitation, administration fees, wire transfer and electronic fund fees, due diligence fees and
expenses, brokerage commissions, the costs of products and services relating to transaction execution
and related items, clearing and settlement charges, custodial fees, hedging expenses, bank service fees,
interest expenses, expenses related to proposed investments that have not been consummated, and
income, withholding, or transfer taxes. Mutual funds or other investment vehicles in which a client’s
assets may be invested charge additional advisory fees and other fees and expenses as described in the
applicable fund’s prospectus.

Item 12 further describes the factors that Intertide considers in selecting or recommending broker-
dealers for client transactions and in determining the reasonableness of their compensation (e.g.,
commissions).

Intertide Partners Opportunity Funds Fees

Intertide also charges each of its private equity funds of funds a management fee on an ongoing basis
quarterly in arrears. The management fee for each calendar quarter is calculated at a rate of (i) 0.125%
(i.e., 0.5% per annum) of the Member’s Invested Capital during the Investment Period, and (ii)
following the expiration of the Investment Period, 0.125% (i.e., 0.5% per annum) of the net asset
value of the Interests held by each Member, in each case, as of the last day of the applicable calendar
quarter; provided, however, in the event the amount calculable under clause (ii) exceeds the amount
that would have been calculable under clause (i), such excess shall accrue, but not be payable, until the
Company makes a distribution. Additionally, there is a performance-based fee compensation
arrangement for the Funds as further described in Item 6 – Performance-Based Fees and Side-by-Side
Management.

Underlying Manager Fees & Expenses

When Intertide allocates a portion (or all) of a client’s portfolio to third parties, such managers
generally charge a management fee ranging from 0.05% to 2% annually of assets under management
and a subset of managers also charge annual performance-based fees ranging generally from 15% to
25% of net investment profits. However, the exact timing and amount of such fees may vary among

the various underlying managers and are charged at the rates described in the relevant offering and
governing document(s). Performance fees applicable to a particular underlying fund manager are based
on only that fund’s performance. Clients that invest in multiple underlying funds may be subject to
fund-level performance-based fees during periods when their aggregate portfolios have experienced
losses.

Clients are also responsible for any additional fees and expenses charged by the third-party funds or
separate accounts in which they are invested.

Negotiation of Fees; Waivers

Intertide may waive or reduce the management fees it charges the capital account of its principals,
employees, or affiliates. The manner in which specific fees are calculated and charged are described in
each client’s investment management agreement with Intertide.

Termination of Advisory Agreement

Intertide’s standard investment management agreement provides for termination of the investment
management relationship between Intertide and the client upon 90 days’ written notice. It is possible
Intertide will negotiate different termination rights for different clients. In the event a client terminates
its account or otherwise withdraws assets prior to the end of a billing period, the fee for such billing
period will be pro-rated.

Item 7 – Types of Clients and Minimum Requirements

Intertide generally offers investment advice to high-net-worth individuals, family offices, trusts,
estates, corporations, foundations, endowments, private investment funds, and other business entities.

The Firm typically requires a minimum initial account size of $50,000,000 but reserves the right to
accept client accounts that do not meet these minimum conditions.

Item 8 – Method of Analysis, Investment Strategies and Risk of Loss