Alpine Grove Partners LLP

Item 5 – Fees and Compensation

The Firm, a General Partner and/or another affiliated entity generally receives management fees, carried
interest or other similar profits allocations from the Funds. The Funds may also indirectly incur or generate
other fees, such as directors’ fees, some of which are payable to affiliates of the Firm, depending on the
nature of the Fund’s activities. The specific governing documents for each Fund set forth the fee
arrangement for such Fund.

From time to time, the Funds may enter into side letters or other written understandings with individual
investors that have the effect of establishing rights under, or altering or supplementing, the terms of a
particular Fund’s Memorandum, LPA and/or IMA. The altered terms may include but are not limited to the
compensation received by a General Partner from a Fund such as management fees and/or carried interest
(See Item 6 – Performance Based Fees and Side by Side Management). Alpine Grove does not impose a
uniform schedule of management fees or performance-based compensation for all Funds (and their
respective investors).

AGP is not entitled to any fees (management fees, carried interest or other) in connection with the AGP
Fund.

Management Fees
Alpine Grove typically receives a management fee from each Fund as compensation for advisory services,
the terms of which are set forth in each Fund’s Memorandum, LPA or IMA. The annual management fee
paid by each Fund ranges between 1-1.5%. During a Fund’s commitment period (which is not relevant to
co-investment funds), the fee is calculated as a percentage of the aggregate commitments of the investors
in such Fund. Following termination or expiry of a Fund’s commitment period (and in the case of co-
investment funds, upon initial investment), the management fee is calculated based on the amount of such
Fund’s net contributed capital (plus any amounts drawn down under a Fund’s credit facility for investment
purposes). The Funds do not typically pay management fees or carried interest in respect of amounts
committed or contributed by Alpine Grove’s partners, employees or related persons that may be invested
in such Fund.

Management fees are generally paid quarterly in advance by a Fund and are paid by either (i) requiring
investors in the Fund to contribute capital to the Fund for payment of the fee or (ii) withholding the amount
of such fees from proceeds that would otherwise be distributable to investors of such Fund. In addition, the
General Partners can cause the Funds to borrow money for the payment of management fees. Management
fees are required to be returned to the investors in the applicable Fund if the advisory services are terminated
prior to the end of the period in respect of which such fees have been paid. Returned amounts are pro-rated
for the number of days left in the quarter during which the relationship was terminated.

Partners of the Firm and certain of its employees typically make a commitment to a Fund. For certain Funds,
in connection with such commitment, the Firm has the right to waive a portion of the management fee
charged to such Fund, and investors in the Fund will instead make capital contributions in the amount that
would otherwise be payable as the management fee. Such amounts are then applied to satisfy the
commitment of the Firm and/or its employees. This arrangement does not increase or decrease the amount
of overall capital that would otherwise be contributed to the Fund.

Where the Firm’s (excluding administrative affiliates) employee costs, or director fees, are charged to
affiliates of the Funds, above mentioned management fees are offset for the same amount.

The AGP Fund is not charged a management fee.

Other Fees
The offering materials for each Fund disclose that certain affiliates of the Firm may receive some fees (other
than the management fee) in connection with the affairs of a Fund’s investments such as directors’ fees,
transaction fees or monitoring fees. 100% of such fees received by such affiliates of the Firm (net of any
reimbursed out-of-pocket costs and expenses incurred by the Firm in connection with the transactions out
of which such fees arose) is offset against the management fee for the relevant Fund. Certain acquisition
and management fees are received by the Firm for activities performed in investment structures of which
minority interests are owned by the AGP Fund.

Any potential conflict of interest Alpine Grove would have (to the extent it can earn such additional fees),
would be mitigated by the management fee offset and the Firm’s significant equity commitment to the
Funds.

Common Types of Expenses
Each Fund typically bears and is charged with its own operating costs and expenses, and investors in the
Funds bear these indirectly as Fund expenses. These costs and expenses vary and are set out in more detail
in the Memorandum, LPA and/or IMA for each Fund. The following is a summary of the expenses a Fund
typically bears:

Organizational Expenses: The Funds bear all organizational and offering expenses (including but not
limited to legal expenses, accounting expenses, filing expenses and fees, and travel and marketing expenses
associated with the formation and organization of the Funds and the offering of interests therein), up to a
specified amount, as disclosed in the offering documents of each Fund. Any organizational expenses in
excess of the above cap are offset against the management fee for the particular Fund. Organizational
expenses may include the travel and expenses of a placement agent, but any placement agent fees borne by
the Fund are offset against management fees.

Operational Expenses: The Funds are responsible for expenses related to their operation, including but not
limited to: expenses for attorneys, including actual compensation of in-house attorneys (and, with respect
to certain Funds, in-house tax advisors) based upon actual hours engaged on matters related to investments
...

Item 7 – Types of Clients

The Firm primarily provides investment advice to the Funds, as described above. Private funds advised by
the Firm (including the Fund) may include partnerships or other pooled investment vehicles formed under
domestic or non-U.S. laws and operated as exempt investment pools under the Company Act. Investors
participating in private funds advised by the Firm may include high net-worth individuals, financial
institutions, corporations, sovereign wealth funds, endowment funds, charitable organizations, public and
private pension funds and other investment funds (which may include entities that are owned, directly or
indirectly, by partners or employees of Alpine Grove).

Interests in the Funds and interests in AGP Fund are offered on a private placement basis, and where
applicable, in reliance on Section 3(c)(7) of the Investment Company Act of 1940, as amended (the
“Company Act”), to persons who generally are “accredited investors” as defined under the Securities Act
of 1933, as amended (the “Securities Act”), and “qualified purchasers” as defined under the Company Act,
and who are subject to certain other conditions, which are fully set forth in the offering documents of such
Funds. Interests in, or shares of, the offshore feeder fund are generally offered to persons who are not “U.S.
Persons,” as defined under Regulation S of the Securities Act, or who are tax-exempt U.S. Persons (or
entities substantially comprised of tax-exempt U.S. Persons) on a private placement basis, and who are
subject to certain other conditions, which are fully set forth in the offering documents of such Funds. Alpine
Grove employees who qualify as “knowledgeable employees” under Rule 3c-5 of the 1940 Act are also
permitted to invest directly or indirectly in the Funds.

Minimum initial investment amounts vary among the Funds, as described in the applicable Fund’s
respective Memorandum. Such minimum investments, however, may be waived or modified by the
applicable General Partner of the Funds, in its sole discretion.

To invest in the Fund, an investor must be an accredited investor and, if subject to a performance fee, must
be a qualified client as defined by Section 205 of Advisers Act and Rule 205-3 thereunder.