Alpha One Asset Management LLC

Item 5: Fees and Compensation

Separately Managed Accounts

Clients generally pay an advisory fee based on a percentage of the market value of the assets managed
by Alpha One. Such fee is referred to as an asset-based fee.

To the extent permitted under the Advisers Act, Alpha One also charges performance-based
compensation with respect to certain strategies and products or as otherwise agreed with specific clients.
For an additional discussion of performance-based compensation, please refer to Item 6.

The Fee schedules are available upon request for other investment products and strategies. Fees for
products and strategies may be higher or lower than the standard fee schedules. In certain circumstances
fees may be negotiable. In certain circumstances in which Alpha One or its affiliates provide customized
investment advisory services or other services in addition to investment advisory services, a higher fee
schedule may apply.

In circumstances where an unaffiliated client serves as a seed investor, Alpha One may offer a discount
on its SMA fees as compensation and/or the Adviser or its affiliates may make payments to one or more
seed investors.

For certain strategies, the Adviser charges a minimum annual asset-based fee or requires a minimum
AUM for managing an account. Accordingly, higher fees may also apply if an account’s assets are below
the minimum investment level indicated in the standard fee schedule. Variations in fees charged to clients
can occur as a result of numerous factors including, negotiations and/or discussions that may include the
particular circumstances of the investor, account size, investment strategy, account servicing
requirements, the size and scope of the overall relationship with the Adviser and its affiliates or certain
consultants, or as may be otherwise agreed with specific clients on a case-by-case basis. For alternative
investment strategies, the Adviser typically charges asset-based fees. Additionally, certain clients, as part
of the Adviser’s pre-negotiated terms, may also be charged performance-based compensation, including
to separately managed accounts. Standard fee schedules are not available for such strategies.

Private Funds

With respect to private funds managed or advised by the Adviser, the applicable fees and expenses are
set forth in the relevant offering or governing documents, or in certain cases, in separate fee agreements
between the Adviser and the private funds' investors. The Adviser's fees vary significantly depending on
the type of vehicle and investment strategy and can be subject to negotiation. The private funds managed
or advised by the Adviser typically utilize an asset-based fee ranging from 0% to 2% annually.

For private funds that include performance-based compensation or carried interest, fees typically range
from 5% to 30% of the appreciation of the account’s, or fund’s assets or performance relative to a
specified benchmark. The nature of the asset-based fee varies. For example, it may be based on capital
committed or contributed to the fun or capital committed to or invested in underlying investments, or
such fee may be payable out of fund and/or may vary within a fund based on the fund’s investment stages.
The performance-based compensation or carried interest also varies across the private funds and may
vary within funds in relation to types of investments or certain clients. In addition, certain private funds
offer a preferred return threshold prior to which no carried interest is paid to the Adviser. The preferred
return threshold varies across funds and/or clients. In certain cases, the Adviser may waive, rebate, or
reduce the asset-based fee, performance-based compensation, or carried interest for certain investors,
including affiliates of the Adviser and/or employees of the Adviser or its affiliates. In certain cases,
investors pay fees outside the fund or vehicle. Such fees are based on a separate fee agreement between
Alpha One and/or its affiliates and the applicable investor. Investors should refer to the offering

documents of the relevant private fund or applicable fee agreement for further information. Additionally,
in certain cases, the Adviser manages separate accounts with an investment mandate similar to certain
private funds, in which case the fees charged to such an account (including performance-based fees) are
not necessarily identical to those of the similar private funds.

Timing and Payment of Advisory Fees

The timing of fee payments typically is set forth in the applicable investment management or relevant
governing documents and/or the offering documents, if applicable, or as mutually agreed upon with each
client. The below sets out the different timing of fee payments and methods of calculation.

Asset-based fees generally are paid monthly, quarterly or semi-annually, and are generally calculated on
the value of the account’s net or managed assets or, in the case of certain closed-end private funds,
committed capital, invested capital or the balance of the primary loan to the vehicle. In addition, in certain
situations involving due diligence support provided to investment management clients of the Adviser on
a non-discretionary basis, clients are charged flat fees depending on the scope of work.

Expenses Charged to Clients Organizational and Offering Expenses.

Subject to its governing documents, each client pays, or otherwise bears, all fees, costs, expenses and
other liabilities (for the avoidance of doubt, including any applicable value added tax) incurred in
connection with the formation, organization, marketing and sale of shares or other interests in such client
and its general partner or similar person and/or investment manager or investment vehicle in which such
client could invest (such as a feeder fund that invests in such client), including, but not limited to, costs
and all out-of-pocket legal, accounting, consulting, advisory, filing, capital raising, including due
...

Item 7: Types of Clients

The Adviser currently provides investment advice to private funds, and high net worth investors,
foundations, trusts, and other financial institutions, typically through SMAs. All investors in private funds
and SMAs are subject to applicable suitability requirements.

The Adviser requires that each investor in the private funds meet the definition of an “accredited investor”
within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the
“Securities Act”).

Investors participating in private funds are generally required to meet certain suitability and net worth
qualifications, such as an “accredited investor” within the meaning of Rule 501 of Regulation D under
the Securities Act, depending on the applicable eligibility requirements of the respective Client. The

minimum investment amount for clients will be stated in the applicable governing documents and will be
subject to waiver. Adviser personnel (including, but not limited to, the Adviser’s investment strategy
personnel responsible for the management of such private funds or other client accounts) who are
qualified purchasers, “knowledgeable employees” (as defined in Rule 3c-5 under the Investment
Company Act) or who meet the private fund’s eligibility criteria and other applicable regulatory
requirements, and certain other eligible personnel of the Adviser are permitted to invest in the private
funds.

An investment in a private fund does not, in and of itself, create an advisory relationship between the
investor and an Adviser. Therefore, investors must consider whether the private fund meets their
investment objectives and risk tolerance prior to investing in a private fund. Information about each
private fund, including its investment risks, can be found in its OM and/or other governing documents,
which will be available to current and prospective investors only through an affiliated broker-dealer or
another authorized party of the Adviser or directly from the Adviser. The Adviser, or an affiliate,
generally acts as general partner, managing member or investment manager or otherwise exercises
investment discretion with respect to these products in which investors invest. While this Brochure
includes information relevant to investors, this Brochure is designed solely to provide information about
the Adviser and should not be considered to be an offer of interests in any private fund.