Nephila Advisors LLC

Item 5 – Fees and Compensation
A. The Advisor’s Fees and Compensation. In return for its advisory, investor relations, risk
management and business development services that Advisor provides to Nephila Capital, the
Advisor charges Nephila Capital a “Service Fee” as provided in the services agreement (the

                                                                                   Nephila Advisors LLC
                                                                           SEC File Number: 801-72587
                                                                        Brochure Date: March 20, 2026

“Services Agreement”) by and between the Advisor and Nephila Capital (in general, an amount
equal to the Advisor’s costs incurred in connection with the provision of such services, plus 10%).
The Advisor does not charge the Funds any fees, and the Service Fee is not passed on by Nephila
Capital to the Funds. For more information regarding the fees charged by Nephila Capital for its
advisory services to the Funds and the operating expenses incurred by the Funds, please refer to
Nephila Capital’s Form ADV Part 2A.

B. Deductions. None. The Advisor invoices Nephila Capital for the Service Fee.

C. Expenses. None.

D. Advance Payment of Fees. Not applicable. The Service Fee is charged quarterly in arrears.

E. Sales Compensation. None. Neither the Advisor nor any of its supervised persons receive
compensation for the sale of Fund interests or shares to investors, or for the sale of securities or
other investment products.

Item 7 – Types of Clients
The Advisor only provides investment advice to its affiliate, Nephila Capital. In addition, although
not currently contemplated, the Advisor may provide advisory services to other entities or
accounts that are not managed by or affiliated with Nephila Capital. See Item 4.B. – Advisory
Services Offered, above. Any such entities or accounts will satisfy the investment sophistication
and net worth requirements required by the Advisor.