Peak Altitude Partners LP

Item 5 – Fees and Compensation

Description of Advisory Fees

Institutional Client Services

PeakAlts charges a services fee to Institutional Clients under Services Agreements (“Services
Fees”). Services Fees vary and are negotiated with each Institutional Client based on the scope of
services provided, as well as the complexity and scope of the anticipated services. Advisory fees
for sub-advisory services generally range up to 50 basis points (0.50%) of assets under management
of PeakAlts, payable quarterly, in advance. Advisory fees for the services can be fixed fee, payable
quarterly in advance, or variable based on volume, payable quarterly in arrears or upon completion.
Institutional Clients also pay PeakAlts fees for non-advisory services, such as business
development, transition support, and technology services.

PeakAlts bills Institutional Clients for Services Fees incurred. Services Fees generally are billed
each calendar month or quarter, as negotiated in each Services Agreement. Services Fees paid in
advance are not refundable, as negotiated in each Services Agreement.

Fund Management Services

As the investment adviser to the Funds, PeakAlts charges management fees (the “Management
Fee”) as described in the relevant Fund’s Governing Documents. The fees payable to PeakAlts
vary among the Funds and may be different from the fees and compensation payable in respect of
any prior or successor Fund, but generally range up to 100 basis points (1.0%) depending on the
capital invested and the structure of the Fund. All investors should review the Governing
Documents of the relevant Fund in conjunction with this Brochure for complete information on
the fees and compensation payable with respect to that particular Fund.

In accordance with the relevant Fund’s Governing Documents, the Management Fee is generally
payable by third-party investors quarterly in advance of each calendar quarter and deducted from
the Fund’s assets or paid directly from the investors, or in other such manner described in the
Offering Documents. Installments for any period less than a full billing period shall generally be
pro-rated on the basis of the actual number of days in the period. In the event the advisory contract
is terminated before the end of the billing period in accordance with a Fund’s Governing
Documents, the Management Fee will generally not be refunded. All investors should review the
Governing Documents of the relevant Fund in conjunction with this Brochure for complete
information on the fees and compensation payable with respect to that particular Fund.

Other Fees and Expenses

Institutional Client Services

Institutional Clients reimburse PeakAlts for certain out-of-pocket expenses incurred by PeakAlts
related to its services under Services Agreements, as negotiated in each Services

Agreement. In addition, Institutional Clients and End-Clients that invest in alternative investments
recommended by PeakAlts (including, but not limited to, the Funds) are responsible for all fees and
expenses associated with such investments. Such fees and expenses attributable to the Funds are
set forth in the following section.

Fund Management Services

In addition to the Management Fee described above, the Funds bear a broad range of fees, costs,
and expenses associated with organizing, operating, and investing, as further described below. As
a general matter, expenses incurred by or for the benefit of the Funds are allocated among the
Funds in a manner the Firm determines to be fair and equitable under the circumstances. In general,
expenses are allocated among the Funds pro rata based on the net asset value or net asset value
equivalent of the applicable fund and accounts. Expenses that are attributable solely to a specific
Fund are only borne by the Fund that incurred such expense. In addition, certain expenses that are
attributable to a specific security are allocated among the Funds pro rata based on the relative
holdings of such security among the Funds. Any such determinations related to the allocations of
expenses are inherently subjective and may give rise to conflicts of interest. There can be no
assurance that a different manner of calculation would not cause the Funds to bear fewer (or more)
expenses.

As between PeakAlts and its affiliates, on the one hand, and the Funds, on the other hand, PeakAlts
and its affiliates bear their own ordinary overhead and internal operating costs (for example, rent,
office equipment, salaries and benefits of their personnel, and their own regulatory expenses). Each
Fund generally bears all other costs and expenses relating to its formation, investment activities,
operations, administration, and wind-down, including, without limitation, the following categories:

   •   all expenses of organizing the Fund, including expenses incurred by the Fund, the Fund
       General Partner or the Firm or any of their affiliates in connection with the marketing and
       private placement of the interests in the Fund, including out-of-pocket expenses of any
       placement agent (collectively, “Organizational Expenses”) and all costs and expenses of
       any investment vehicle formed by the Fund General Partner or any affiliate thereof to
       facilitate investments in a Fund by certain investors;

   •   all costs and expenses attributable to the Underlying Fund or an Underlying Portfolio
       Investment, including, without limitation:

           o all unreimbursed costs and expenses incurred in connection with the evaluating,
             making, acquiring, holding, valuing, pledging, sale or other disposition, or
             proposed pledging, sale or other disposition of all or any portion of a Fund’s
             investments, whether or not consummated (including, without limitation, expenses
             incurred in connection with due diligence and monitoring and costs of attending
...

Item 7 – Types of Clients

Institutional Client Services

As set forth in Item 4, PeakAlts offers Institutional Client Services to Institutional Clients, which
consist of family offices, registered investment advisers, and non-profits. PeakAlts does not
maintain specific requirements for entering into or maintaining a Services Agreement with
PeakAlts. Details concerning applicable investor suitability criteria and minimum investment are set
forth in the respective Client Governing Documents. The General Partner or PeakAlts maintains
discretion to accept less than the minimum investment threshold specified in such documents.

Fund Management Services

PeakAlts may provide discretionary and non-discretionary investment advisory services to the
Funds, which are private funds exempt from registration under the Investment Company Act.
Investment advice is provided directly to the Funds and not individually to underlying investors in
the Funds. The Funds’ investors may include, but are not limited to, high net worth individuals,
family offices, endowments, foundations, trusts, charitable organizations, insurance companies,
pension plans, sovereign wealth funds and other U.S. and non-U.S. entities. Details concerning
applicable investor suitability criteria and minimum investment are set forth in the respective Fund
Governing Documents. The Fund General Partner of each Fund and/or PeakAlts maintains
discretion to accept less than the minimum investment threshold specified in such documents.

The Funds admit only investors that are “accredited investors” within the meaning set forth in
Regulation D under the Securities Act. Certain Funds are limited to investors that are both
“accredited investors” and “qualified purchasers,” as defined in Section 2(a)(51)(A) of the
Investment Company Act. As set forth in Item 6, each investor in a Fund that pays performance-
based compensation must represent that they satisfy certain suitability requirements under the
Advisers Act. Each investor is required to satisfy applicable eligibility and suitability standards,
and PeakAlts undertakes procedures to obtain information to form a reasonable basis to believe
each investor in a Fund that will pay performance-based compensation meets these suitability
requirements. Interests in the Funds are offered only to investors whom PeakAlts believes satisfy
the qualification criteria under applicable securities laws. An investment in a Fund should be made
after careful analysis of the prospective investor’s overall portfolio, investment objectives,
liquidity needs, risk tolerance and management, and diversification goals.