Prytania Investment Advisors LLP

Item 5: Fees and Compensation

The Firm is entitled to receive an annual investment management fee in relation to Galene
and Athena, as detailed below.

        Galene: PIA will be entitled to an investment management fee equal to 0.50% per
        annum of the average NAV of the Fund, as calculated between consecutive Valuation
        Points and apportioned pro rata between each class, accrued daily and paid monthly
        in arrears out of the Fund’s assets.

        Athena: Athena has a base management fee of 1.5% per annum of the average NAV
        of the Fund.

The Firm is also entitled to receive performance-based fees in relation to Athena as detailed
in Item 6 of this Brochure.

Governing Documents confirm that fees are subject to annual review and cannot be
increased without investor consent.

Neither the Firm nor any of the Firm’s supervised persons accept compensation (e.g., asset-
based sales charges or services fees) for the sale of securities or other investment products.

Other fees

Other fees that may be charged to Fund clients are set out below:

Administration fees
Eudora Investment Funds ICAV will pay the Administrator, Societe Generale Securities
Services Ireland Ltd, an administration fee, as detailed below:

        Galene: Fees are payable to the Administrator and payable out of Galene’s assets
        accruing and payable monthly in arrears at an annual rate of 0.04% of Galene’s NAV
        on the first €225 million, 0.03% on the next €225million and 0.02% thereafter,
        subject to a minimum monthly fee of €4,000.

Pantheon Master Fund Plc will pay the Administrator, Bank of New York Mellon, an
administration fee, as detailed below:

        Athena: An annual fee of €25,000 is payable to the Administrator out of Athena’s
        assets and is payable quarterly in arrears.

Custodian and Depositary fees
Eudora Investment Funds ICAV will pay the Custodian and Depositary, Societe Generale
S.A. Dublin Branch, fees, as detailed below:

        Galene: Depositary fees of 0.015%, subject to a minimum monthly fee of €1,500 per
        calendar month. Custodian fees payable on a transaction basis by market type.

Pantheon Master Fund Plc will pay the Custodian, Bank of New York Mellon, a custodian
fee, as detailed below:

Prytania Investment Advisors LLP                                          Form ADV Part 2A

        Athena: Custody fee of 0.04% of Athena’s NAV accruing and payable quarterly in
        arrears.

Redemption fees

Athena: an exit ratio to NAV of 96% applies to redemption orders processed before the
expiry of the first anniversary of the Commitment Date.

Other fees and expenses
Other fees and expenses charged to the Funds may include the following:

        (a) Dealing Charge for Galene;
        (b) establishment and operating expenses as disclosed in the Prospectus for Eudora
        Investment Funds ICAV;
        (c) Financial Statements and reporting;
        (d) Transfer Agency and Registrar services;
        (e) charges and expenses of legal advisers, accountants and independent auditors;
        (f) brokers’ commissions, broker funding costs;
        (g) all taxes or stamp duties and corporate fees payable to governments or agencies;
        (h) Fund Directors’ fees (if any) and expenses;
        (i) interest on borrowings if applicable;
        (j) communication expenses with respect to investor services and all expenses of
        meetings of investors and of preparing, printing and distributing financial and other
        reports, proxy forms, prospectuses and similar documents;
        (k) the cost of insurance for the benefit of the Fund Directors;
        (l) litigation and indemnification expenses and extraordinary expenses not incurred
        in the ordinary course of business;
        (m) the cost of obtaining and maintaining the listing of shares on a stock exchange (if
        applicable); and
        (n) other organisational and operating expenses.

Please refer to the relevant Fund Governing Documents for a complete understanding of
each Fund’s fees and expenses. The information contained herein is a summary only and is
qualified in its entirety by the relevant Fund Governing Documents.

Please see ”Item 12: Brokerage Practices” for a description of other brokerage charges.

For Funds-of-One, administration, custodian, depositary and other fees and expenses are
charged as per the Fund’s Governing Documents.

 For separately Managed Accounts, only additional custody fees are applicable which are paid
directly to the applicable custodian under the contract signed directly between the investor
and the custodian.

Prytania Investment Advisors LLP                                          Form ADV Part 2A

Item 7: Types of Clients

The Funds managed by PIA are described above under “Advisory Business”.

The Firm provides investment advice to the Funds, which are private fund investment
vehicles that are exempt from registration under the Investment Company Act. In general,
each investor in the Funds must be:

-   For Galene, an “Accredited Investor” as defined in Regulation D under the Securities
    Act of 1933, as amended, and as “Qualified Clients” under the Advisors Act.
-   For Athena, an “Accredited Investor”, as defined in Regulation D under the Securities
    Act of 1933, as amended and a “Qualified Purchaser” as defined in Section 2(a)(51) of
    the Investment Company Act of 1940, as amended.

Prospective investors to the Funds should refer to the Governing Documents of Galene and
Athena, respectively, for information on minimum investment requirements or other such
requirements for opening or maintaining an account.

The Governing Documents for Galene specify minimum subscription limits:

With the exception of Knowledgeable Investors, the minimum initial subscription amount for
the Class A Shares is EUR€1,000,000 (or its foreign currency equivalent), for the Class B
Shares is US$1,000,000 and for the Class C Shares GBP£1,000,000, or such lesser amount as
the Directors or their delegate may determine from time to time, provided that it shall not
be less than €100,000 (or its foreign currency equivalent). The minimum initial subscription
amount for each Qualifying Investor (with the exception of Knowledgeable Investors) is
€100,000 (or its foreign currency equivalent).

The minimum subscription for the Athena fund is $/€/£200,000, and integral multiples of
$/€/£ thereof.

Prytania Investment Advisors LLP                                           Form ADV Part 2A