Alcova Capital Management LP

Item 5. Fees and Compensation

The fees and expenses applicable to the Funds are set forth in detail in the Funds’ offering documents. A
brief summary of such fees and expenses is provided below.

Management Fee

The Adviser is entitled to receive an annual management fee of up to 1.50% per annum from each Fund,
paid quarterly in advance.

For the Alcova Capital Yield Premium Fund, L.P. (the “Yield Premium Fund”), the management fee is
calculated based on each investor’s Management Fee Base Funded Commitment (as defined in the
governing documents), which is derived from capital contributions and may be adjusted based on capital
deployment, investment realization or other factors as set forth in the governing documents.

For the Alcova Capital Opportunity Zone Fund, L.P. (the “Opportunity Zone Fund”), the management fee
is calculated based on the value of Fund assets under management or invested capital, as specified in the
governing documents.

At the discretion of the General Partner, management fees may be waived, reduced or otherwise modified
for certain investors, including through side letter arrangements or for employees and affiliates.

Item 7. Types of Clients

Alcova provides discretionary investment management services to the Funds. The Funds rely on certain
exclusions from the definition of “investment company” in the Investment Company Act of 1940, as
amended. Accordingly, the Funds are not registered as investment companies with the SEC. Alcova may
serve as investment manager to other client accounts in the future.

Investors will generally be required to make a minimum initial investment of $1,000,000 subject to the
discretion of the Adviser or the General Partner (if applicable) to accept lesser amounts or establish
different minimums in the future. Interests will be offered and sold exclusively to investors satisfying the
applicable eligibility and suitability requirements to comply with applicable federal securities laws and
regulations. Such investors are expected to include institutions, funds of funds, family offices, high net
worth individuals, trusts, estates, corporate and public pension and profit sharing plans, endowments,
charitable organizations, and other entities.