AFF Fund Manager LLC

ITEM 5. Fees and Compensation

AFF receives compensation from Clients equal to a fixed percentage per annum of the aggregate amount
of invested capital allocable to assets owned by the Funds (the “Management Fee”). Invested capital means
the aggregate amount of the Funds’ capital contributions allocated to investments as increased from time
to time to reflect capital contributions allocated to new investments and decreased from time to time
(computed on an investment by investment basis) to reflect returns of capital relating to investments that
have been disposed of or retired by complete repayment and write-offs of capital relating to investments
that have been permanently written off. The Firm may, in its sole and absolute discretion, waive, reduce
or delay payment of Management Fees related to any fiscal quarter. The general partners of the Funds,
their members, and their respective affiliates will not bear any Management Fees. The Management Fee is
generally deducted from the assets of the appropriate Fund, deducted from an investor’s share of
distributable proceeds, or capital is called from investors in respect of the Management Fee.

Any net origination or acquisition fees payable by a third party that are directly related to a consummated
or proposed investment that are received by the Funds’ general partners or AFF or any of their affiliates
will be offset against and reduce future Management Fees (but not underwriting and servicing fees or co-
investment fees and carried interest from co-investments received by the general partner or AFF). In the
event that any such transaction fees received in any fiscal quarter by the general partner or AFF exceed
the Management Fees payable with respect to the next succeeding quarter, the remainder of such
transaction fees will be used to offset future Management Fees for future quarters. In addition, any profits
earned by the general partner or its affiliates from services provided with respect to the Funds’ investments
will be offset against and reduce future Management Fees.

The Firm also receives an Incentive Allocation (the “Incentive Allocation”) as discussed further in Item 6.

In addition to the Management Fee and Incentive Allocations, each Client will bear all of their organizational
and offering expenses, including, but not limited to, printing, legal, accounting, and marketing expenses
(including any expenses for which any placement agent is reimbursed but excluding Placement Costs), up
to a maximum amount (“Organizational Expenses”) as detailed in each Funds’ governing documents.
Organizational Expenses in excess of this amount, if any, will be borne by the Funds’ general partners. The
Funds will also pay fees or expenses due or paid to any placement agent or financial advisors related to
the formation of the Fund (“Placement Costs”); provided, however, that the Management Fee will not be
payable to the AFF or earned by AFF in an amount equal to the amount of any Placement Costs paid by
the Funds.

The Funds will bear all expenses related to their operations, including travel costs, fees and other out-of-

Form ADV Part 2A: Firm Brochure                      5                                         March 27, 2026

                                         AFF Fund Manager, LLC

pocket expenses directly related to the investigation of investment opportunities (whether or not
consummated), the acquisition, ownership, financing, hedging or sale of its investments, taxes, fees of
auditors and counsel, expenses of any advisory committee or investment committee, insurance, litigation
expenses, expenses associated with the accounting, preparation and distribution of reports to investors
and any extraordinary expenses.

The Funds may, in the sole discretion of their general partners, retain third parties or its affiliates for
necessary services relating to the assets held by the Funds. If TAC or any of its affiliates provides some
or all of such services upon the approval of the advisory committee (the “Advisory Committee”) comprised
of representatives of each limited partner who has made an aggregate capital commitment of $5 million or
more and who have agreed to appoint a representative to the Advisory Committee and of other limited
partners who have been designated by the general partners in their sole and absolute discretion, they will
receive compensation at competitive market rates for first class providers of such services in the geographic
markets in which the investments are located.

Neither AFF nor any of its supervised persons accept compensation for the sale of securities or other
investment products.

Please refer to the relevant offering memoranda for a complete understanding of fees and expenses. The
information contained herein is a summary only and is qualified in its entirety by the offering memoranda.

ITEM 7. Types of Clients

Generally, AFF provides investment advisory services to the Funds, which are privately offered pooled
investment vehicles that are exempt from registration under the Investment Company Act of 1940, as
amended. Fund investors are primarily high-net-worth individuals, institutional investors and family offices.
Each investor is required to meet certain suitability requirements.

Typically, an initial commitment to the Funds range between $100,000 to $500,000, as set forth in the
Funds’ governing documents; however, AFF has the sole discretion to accept investments of a lesser
amount and has done so from time to time.