Validus Capital LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into one or
more written advisory agreements with the Advisor.

A. Fees for Advisory Services
Wealth Management Services
Wealth management fees are paid quarterly, in advance of each calendar quarter, pursuant to the terms of the
wealth management agreement. Wealth management fees are based on the market value of assets under
management at the end of the prior calendar quarter. Wealth management fees generally range from 0.30% to
1.00% annually based on the following tiered schedule:

                         First $5,000,000                     1.00%
                         Next $5,000,000                      0.75%
                         Next $15,000,000                     0.50%
                         Next $25,000,000                     0.40%
                         Over $50,000,000                     0.30%

The wealth management fee in the first quarter of service is prorated from the inception date of the account[s] to the
end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. For certain Clients, the Advisor
may charge a fixed fee for its services instead of a tiered schedule. Wealth management services may include
financial planning and consulting services, pursuant to the terms of the wealth management agreement. The
Client’s fees will take into consideration the aggregate assets under management with the Advisor across all
accounts, unless otherwise agreed in writing. All securities held in accounts managed by Validus Capital will be
independently valued by the Custodian. Validus Capital will not have the authority or responsibility to value portfolio
securities.

Clients may make additions to and withdrawals from their account[s] at any time, subject to Validus Capital’s right to
terminate an account. Additions may be in cash or securities provided that Validus Capital reserves the right to
liquidate any transferred securities or decline to accept particular securities into a Client’s account[s]. Clients may
withdraw account assets on notice to Validus Capital, subject to the usual and customary securities settlement
procedures. However, Validus Capital designs its portfolios as long-term investments, and the withdrawal of assets
may impair the achievement of a Client’s investment objectives. Validus Capital may consult with its Clients about
the options and ramifications of transferring securities. However, Clients are advised that when transferred
securities are liquidated, they may be subject to transaction fees, fees assessed at the mutual fund level (i.e.
contingent deferred sales charge) and/or tax ramifications.

Use of Independent Managers
For Clients referred by the Advisor to an Independent Manager, the Client’s fee may be separately billed or
deducted from the Client’s account[s] by the Independent Manager.

Financial Planning Services
Validus Capital may include financial planning as part of an overall wealth management engagement. For
separate engagements, Validus Capital charges either on an hourly basis or a fixed engagement fee. Hourly fees
range up to $500 per hour. Fixed fee engagements are negotiated based on the expected number of hours to
complete the engagement at the Advisor’s hourly rate. An estimate for total hours and/or total costs will be provided
to the Client prior to engaging for these services.

Private Funds
Management Fees
Validus Capital receives a management fee from its Funds. The fee is based on the net asset value within each
limited partner’s capital account. This fee is generally collected on a quarterly basis, and directly debited from the
capital account.

                                                    Validus Capital LLC
                                     2221 Rosecrans Ave, Ste. 150, El Segundo, CA 90245
                                       Phone: (424) 499-1360 | https://validus-cap.com

The precise amount and calculation of the Management Fees for each Fund are set forth in such Fund’s Limited
Partnership Agreement, Advisory Agreement and/or the Organizational Documents received by each investor prior
to investment in such Fund. Management Fee structures can differ from one Fund to another.

If a client funds a Validus Private Fund capital call using liquid investment assets from a separately managed
Validus account, those funding amounts incur an additional advisory fee when the Validus Private Fund charges its
quarterly management fee. This can happen intra-quarter when a Validus Private Fund capital call funding takes
place after Validus has collected the quarterly advisory fee for its separately managed accounts, which typically
occurs at the start of each quarter. In this case, the client assets will have been subject to two sets of fees charged
by Validus within the same billing cycle.

Client assets may also be subject to two sets of fees where the client opts to invest in a Validus Private Fund in a
subsequent closing after the initial close. In these cases, the capital invested in the Validus Private Fund will be
subject to management fees dating back to the Validus Private Fund’s initial closing. If the capital being committed
to the Validus Private Fund in a subsequent closing was held in a separately managed Validus account at any point
after the Fund’s initial closing, then Validus charged fees on those assets twice for the period from the initial Fund
closing through the date of the client’s investment in the Fund.

The Validus Funds do not charge any incentive fees.

Expenses

Consistent with the Organizational Documents of the Funds, each Fund will bear all other expenses relating to it,
including, without limitation: (i) all fees, costs, expenses, liabilities and obligations attributable to the investment
...

Item 7 – Types of Clients

Validus Capital provides wealth management services, including investment management, financial planning,
legacy planning and family office services to high net worth individuals, families, trusts, estates, businesses,
attorneys, and foundations Validus Capital generally does not impose a minimum relationship size, but its
services are tailored to high net worth and ultra-high net worth individuals, families and entities.

Additionally, Validus Capital provides investment advisory services to the Validus Funds, which are pooled
investment vehicles. For the avoidance of doubt, Validus Capital provides investment advisory services to the
Funds (subject to the direction and control of the general partner of each such Fund) and not individually to
investors in such Fund.