Shikhara Investment Management LP

Item 5: Fees and Compensation

Private Funds

Shikhara receives an asset-based management fee and performance-based compensation in connection with
the provision of its advisory services to the Funds. Details of the fees and expenses applicable to the Funds
are set forth in the Fund’s respective Governing Documents. A brief summary of those fees and expenses is
provided below.

Management Fee

Shikhara charges the Funds a fixed management fees in the range of 0.00% and 1.00% per annum, which
will generally be deducted from the assets of each Fund on a monthly basis, in each case as set forth in the
Governing Documents. In addition, Shikhara or an affiliate receives performance-based compensation from
each Fund of between 0% and 15% per annum, in each case above the applicable benchmark hurdle, as set
forth in the Governing Documents. Shikhara 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 at any time. The Funds
may from time to time enter into Side Letters providing for changes in management fees and performance
allocation.

Brokerage Fees

The Funds are 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

In addition, as further set forth in the Governing Documents, the Funds will be responsible, or will reimburse
Shikhara, for various ongoing operational expenses, including but not limited to, accounting, auditing, tax
preparation, legal, administration, research, and other investment-related costs. In addition, the Funds may
incur brokerage and other transaction costs.

Neither Shikhara, nor its Supervised Persons, will be compensated for the sale of securities or other
investment products.

Separately Managed Account Fees

In addition to the advisory fees described above, SMA clients are also responsible for any brokerage fees
charged. These can include mutual fund fees, commissions, transaction fees, account closure fees, wire
transfer fees, paper statement fees, etc. These fees are charged by the custodian and not Shikhara.

Research Fees received by Investment Manager

Shikhara generally does not provide research to its clients. However, Shikhara may participate in certain
programs by contributing potential trading opportunities, other non-discretionary and non-tailored research
services. Shikhara may receive research fees for its contributions which are separate and distinct from the
fees and compensation charged to its clients.

Shikhara Investment Management LP                                             Form ADV Part 2A (Brochure)

Item 7: Types of Clients

Shikhara provides investment advisory services to the Funds, which are privately offered pooled investment
vehicles intended for investment by certain qualified investors, including banks or thrift institutions, other
investment entities, university endowments, sovereign wealth funds, family offices, pension and profit-
sharing plans, trusts, estates, charitable organizations, other corporations or business entities, in addition to
certain partners, principals, and/or employees of Shikhara and its affiliates and members of their families.

Investors in the Funds must meet certain suitability and net worth qualifications prior to making an
investment in the Funds. Generally, investors must be (i) “accredited investors,” as defined under Regulation
D of the Securities Act of 1933, as amended (the “Securities Act”), and (ii) either “qualified purchasers” or
“knowledgeable employees,” in each case as defined under the Investment Company Act of 1940, as
amended.

The Funds generally have a minimum investment amount of USD $1,000,000, but Shikhara is permitted to
waive such minimum investment amount in its sole discretion.

Shikhara Investment Management LP                                            Form ADV Part 2A (Brochure)

Shikhara is also looking to provide investment advisory services to separately managed accounts.