Ampersand Management LLC

Item 5 – Fees and Compensation

Management Fee

Ampersand provides investment advice, portfolio management services and various
administrative services to the Funds pursuant to investment management agreements
and other agreements subject to the direction and control of each Fund’s general partner.
Generally, Ampersand receives a management fee equal to 2.0% per year of the total

Ampersand Management LLC – Firm Brochure

subscribed capital of the Fund, net of any capital distributions so designated by its general
partner and of any investments written off by the Fund as worthless or substantially
worthless for tax purposes, both at cost (the “Management Fee”). A lower Management
Fee is received based on invested capital for Ampersand CF Limited Partnership.
Ampersand deducts the Management Fee monthly in arrears directly from each Fund’s
account upon notice to the bank.

Item 7 – Types of Clients

Ampersand manages the Funds’ assets and does not provide investment advice to the
individual Limited Partners of any Fund. Accordingly, the Funds are considered
Ampersand’s “clients” for purposes of the Investment Advisers Act of 1940, as amended
(the “Advisers Act”). Interests in the Funds are offered pursuant to applicable exemptions
from registration under the Securities Act of 1933, as amended, and the Investment
Company Act of 1940, as amended. Limited Partners of the Funds include pension and
profit-sharing plans, pooled-investment vehicles, charitable organizations, state and
municipal government entities, university endowments, corporations, limited
partnerships, limited liability companies, other business entities and high net worth
individuals. Each Fund generally requires a minimum investment of $5 million, which the
general partner may waive in its sole discretion.