Ortelius Capital Partners LLC

Item 5 – Fees and Compensation

Ortelius charges a management fee, typically collected quarterly in advance, to Private
Fund investors. Ortelius may also receive a performance fee as detailed in Item 6. Each

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SMA is invoiced and pays a management fee and performance compensation to Ortelius,
subject to waiver or reduction by Ortelius. Ortelius also has the discretion to negotiate a
different fee, or waive all or part of the management fee and/or performance fee for any
shareholder.

With respect to an SMA, the Investment Management Agreement may be terminated by
either party thereto upon ninety days’ prior written notice to the other party, or
immediately by the controlling party of the SMA following the occurrence of certain
events.

Ortelius does not typically invest Private Fund assets in mutual funds nor does it typically
recommend mutual funds to its other Advisory Clients; however it may utilize mutual funds
as a result of “cash sweeps” in any of the Private Funds. All fees paid to Ortelius for
investment advisory services are separate and distinct from the fees and expenses charged
by mutual funds to their shareholders. These fees may include management fees, fund
expenses, or distribution fees. Ortelius is not affiliated with any sponsor of such mutual
funds. Similarly, all fees paid to Ortelius for investment advisory services are separate and
distinct from the fees and expenses charged by each of the managers of the Investment
Vehicles (defined below) to which Ortelius allocates assets on behalf of an SMA. Each of
these managers charges management and/or performance-based fees, which are disclosed
in the applicable Private Fund documents for such Investment Vehicles, or in the case of an
SMA, the controlling party of the SMA is provided the underlying documentation and
disclosures and is responsible for effecting any investments directly. Ortelius is not
affiliated with any sponsor of such third party Investment Vehicles.

Each Advisory Client will reimburse Ortelius for certain out-of-pocket expenses incurred
by Ortelius in connection with the performance of its obligations under the respective
Investment Management Agreement with each Advisory Client, subject to the specific
terms of each such relationship.

In the sole discretion of Ortelius, Ortelius reserves the right to enter into side letter
arrangements with certain investors in the Private Funds, which may modify, waive or
otherwise alter the terms and conditions applicable to an investment in a Private Fund for
the investor that is party to such a side letter. Such arrangements would not need to be
disclosed to any other investor in a Private Fund.

Item 7 – Types of Clients

As indicated in Item 4, Ortelius currently provides investment advice to Pangaea Ventures,
L.P., and Pangaea Ventures (Cayman), L.P. (as defined above, the “Private Funds”).
Prospective investors should refer to the offering documents of the respective Private
Fund for information on minimum investment requirements. Typically, Ortelius requires
a minimum investment of $5,000,000 (depending on the Private Fund), although this is
negotiable at Ortelius’ discretion.

Private Funds rely on certain exclusions from the definition of an “investment company” in
the U.S. Investment Company Act of 1940. Accordingly, none of the Private Funds are
registered as investment companies with the SEC.

This Brochure is not an offer to invest in our Private Funds.

In addition to Private Funds, Ortelius advises one or more SMAs on a non-discretionary
basis. Ortelius may accept new SMAs in its sole discretion. Ortelius does not intend to
advise SMAs of retail investors, and its sole SMA had an initial minimum asset level of
$50,000,000.