ABF Investment Management LLC

Item 5. Fees and Compensation
Management Fee and Carried Interest

ABF typically receives an asset-based management fee from each Fund that is generally equal to a
fixed percentage of the Fund’s total committed capital while the Fund is actively making new
investments and to a fixed percentage of the Fund’s actively invested capital thereafter. The
management fee is payable quarterly in advance. If ABF’s advisory agreement with a Fund is
terminated, management fees will be charged on a pro rata basis through to the date of termination,
and any fees paid in advance but not earned will be refunded. The General Partner of a Fund
generally makes capital calls on the Fund’s investors for the amount of ABF’s management fees
and pays the amounts received to the Manager.

In addition to the management fees described above, ABF is also entitled to receive a carried interest
allocation from the Funds after certain performance hurdles have been met, as further described in
the applicable Fund’s Governing Documents. Such carried interest represents a portion of a Fund’s
net investment profits. See “Item 6 – Performance-Based Fees and Side-by-Side Management”
below for further details.

The management fees and carried interest are generally subject to waiver or reduction by the
applicable General Partner with respect to some or all of a Fund’s investors in the applicable General
Partner’s sole discretion, as further described in the applicable Fund’s Governing Documents.

ABF anticipates that, where negotiated, it may or may not receive similar asset-based management
fees and carried interests from the Co-Investment Vehicles that it organizes in the future.

Investors in a Fund should review the applicable Fund’s Governing Documents carefully for a full
description of the fee revenues and other compensation that ABF will receive from such Fund.

Fees and Expenses

In general, each Fund bears all costs and expenses directly or indirectly incurred in connection with
the formation and organization of the Fund, its General Partner, and other entities necessary to
organize the Fund, including third party legal, administrative and accounting fees, printing costs,

travel as determined in good faith by the Manager in its discretion and out-of-pocket expenses, and
all costs and expenses incurred in connection with the offering of interests in the Fund (but
excluding any placement fees) (“Organizational Expenses”), up to a maximum amount specified in
the applicable Fund’s Governing Documents. Organizational Expenses in excess of this amount,
and any placement fees, will be paid by the Fund but borne by ABF through a 100% offset against
the Fund’s management fee.

In addition, each Fund is generally responsible for all expenses relating to its own operations and
activities (“Fund Expenses”), including, without limitation but subject to the terms specified in the
applicable Fund’s Governing Documents: (a) any management fees; (b) fees, costs and expenses
related to the identifying, structuring, negotiating, monitoring, financing or disposing of
investments, including legal, accounting, audit, consulting, appraisal, market research, travel,
accommodation, entertainment and other expenses (to the extent not reimbursed); expenses incurred
in connection with consummated and unconsummated transactions, including the evaluation,
acquisition, holding and disposition thereof (to the extent not reimbursed by a portfolio company or
other third party); interest on fees and expenses related to or arising from any borrowing; other
unreimbursed portfolio company expenses; fees and expenses of custodians, outside counsel and
independent accountants; costs of reporting to investors; expenses of the Advisory Committee; any
insurance or litigation expense; any taxes, fees or other governmental charges levied against the
Fund; any out-of-pocket expenses incurred in connection with the Fund’s legal and regulatory
compliance with U.S. federal, state, local, non-U.S. or other law and regulation (including legal,
custodial, administration, auditing, accounting and regulatory and compliances expenses, ongoing
registration fees charged by regulators and jurisdictions in which the Fund makes investments, and
any fees, costs and expenses incurred in complying with any disclosure, reporting and other similar
obligations (e.g., Form PF) under applicable laws and any other secondary legislations, rules and/or
guidance); and expenses and fees charged or specifically attributed or allocated by the Manager or
its affiliates to provide in-house administrative, tax, accounting, legal, IT systems support and other
similar services to the Fund and/or portfolio companies, including, without limitation, compensation
and other overhead allocable to such services (such allocation being made based on a variety of
factors, which may change over time (e.g., based on time and/or assets under management of the
Fund as compared to aggregate assets under management of the Manager or its affiliates with
respect to which such professionals have responsibilities)) and methods that ABF determines in
good faith are fair and reasonable.

ABF and its affiliates may charge portfolio companies directors’ fees, transaction fees, monitoring
fees, advisory fees, break-up fees and other similar fees. An amount equal to 100% of the investors’
share of all such fees paid by portfolio companies that are received by the Manager, net of any
unreimbursed expenses incurred by the Manager or its affiliates in connection with unconsummated
transactions, will be applied to reduce the Management Fee otherwise payable. All such fees will
be allocated among the Fund and any related co-investing entities on the basis of capital committed
by each to the relevant investment. Management Fee reductions will be carried forward if necessary.

Travel Expenses

Travel, entertainment and related expenses that are borne by the Fund or the portfolio companies
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Item 7. Types of Clients
As noted in Item 4, ABF’s clients are the Funds. Investors in the Funds will generally include
endowments, foundations, public and private pension funds, funds-of-funds, corporations, U.S. and
non-U.S. institutional investors, family offices, and high net worth individual investors.