King River Capital Management PTY Ltd

Item 5: Fees and Compensation

General

The Governing Documents of each Vehicle set forth the fee structure relevant to such
Vehicle. KRC typically receives compensation from fees based on a percentage of assets
under management, capital commitments, and payment of certain other fees or expenses as
disclosed in the Governing Documents. A description of the performance fee is included in
Item 6 below. As the fees and expenses incurred by each Vehicle vary, prospective and
current Investors should review the fees and expenses listed below, as well as refer to the
applicable Governing Documents for a description of all relevant fees and expenses to be
paid by a Vehicle.

Management Fee

KRC charges each Vehicle a fee for its investment management services based on assets
under management or capital commitments (the “Management Fee”), which is set forth in
the Governing Documents. With respect to individual share classes of each separate Vehicle,
the Firm receives an annual Management Fee ranging up to 2.5% per annum in respect of the
assets under management or capital commitments. The Management Fee is payable semi-
annually in advance.

Brokerage Fees

Each Vehicle is responsible for paying any and all brokerage fees including, without limitation,
commissions, annual fees, brokerage charges, bank charges, registration fees, clearing and
settlement charges, taxes and/or duties.

Other Fees and Expenses

Each Vehicle may pay various ongoing operational expenses, including but not limited to,
accounting, auditing, tax preparation, compliance and risk, legal, administration, research, and
trading costs. Each Vehicle may incur brokerage and other transaction related costs.

Fees and compensation are generally deducted from the assets of each Vehicle on a semi-
annual basis.

The Firm may, in its sole discretion, waive, rebate or decrease the Management Fee that is
payable in whole or in part, in respect of each share class of each Vehicle at any time.

Each Vehicle may from time to time enter into Side Letters providing for changes in the
Management Fee and performance fee.

King River Capital Management Pty Ltd                                      Form ADV Part 2A

Item 6: Profit Allocation Percentage / Performance-based Fee

The Firm will generally receive a performance-based fee (“Performance Fee”) from each
Vehicle that it provides investment advisory or investment management services. The
calculation of the Performance Fee is described in each Vehicle’s Governing Documents.

In general, the Performance Fee is equal to an amount of up to 20% of the realised
appreciation in the net asset value per share of the relevant series of shares issued by the
relevant Vehicle.

KRC may, in its sole discretion, waive, rebate, or otherwise vary (but not increase) the
Performance Fee payable in whole or in part, in respect of any Vehicle, or may rebate or
waive the Performance Fee payable in whole or in part for certain investors, including in
particular during any wind down of the relevant Vehicle’s business.

King River Capital Management Pty Ltd                                       Form ADV Part 2A

Item 7: Types of Clients/ Eligible Investors

KRC provides investment advisory and investment management services to the Vehicles.
Investors in the Vehicles primarily consist of professional, wholesale, accredited, qualified or
other institutional investors and will be required to meet certain eligibility and suitability
qualifications and make certain representations prior to investing in a Vehicle. Details
concerning applicable investor suitability criteria and minimum investment commitments are
set forth in the respective Governing Documents. KRC maintains the discretion to accept
less than the minimum investment commitment.

King River Capital Management Pty Ltd                                       Form ADV Part 2A