AOF Management LLC

ITEM 5: FEES AND COMPENSATION

AOF generally charges management fees of up to 0.75% of Client assets per annum. Management fees are
charged either monthly or quarterly, depending on the Client, and are generally paid in arrears by deducting
directly from Client accounts, but for some Clients, management fees are paid in advance. Investors are

generally not eligible for partial refunds in the case of early withdrawals or redemptions, but specific details
are set forth in the applicable Client’s Offering Documents.

For certain Funds, Investors may also be charged performance-based fees, as explained in further detail in
Item 6 below. To launch new funds and cover management expenses and fund expenses not covered by
the Firm’s existing Funds, AOF also receives consulting fees from one of its limited partners. The receipt
of consulting fees from a limited partner creates a conflict of interest because AOF has an incentive to
maintain and expand relationships with the paying investor and to structure, recommend, or prioritize fund
launches, fundraising activities, service provider arrangements, and other matters in a manner that could
benefit the paying investor and/or AOF, rather than solely based on the interests of a particular Fund or its
investors. AOF seeks to address this conflict through disclosure and by acting within the scope of its duties
to its Clients as described in this Brochure and the applicable Offering Documents.

In Funds that engage LEIFM as a sub-adviser, AOF generally compensates LEIFM (or an affiliate) for its
sub-advisory services out of the management fee paid to AOF, pursuant to the applicable sub-advisory
agreement. Accordingly, LEIFM’s compensation generally is not an additional fee charged to, or expense
borne by, the applicable Fund or its Investors, unless otherwise disclosed in the applicable Offering
Documents.

Neither AOF nor any supervised person accepts compensation for the sale of securities or other products.

Other Expenses

In addition to management fees and performance-based fees, investors will bear indirectly the costs and
expenses charged to the funds. Clients generally incur third-party costs related mainly to custody, audit,
administration, legal advice, tax advice and preparation, banking services, and research and consulting.
Clients will also bear any third-party costs related to fair value appraisal of account assets, as applicable.
In addition, Clients are billed to reimburse AOF for certain expenses, including: travel related to marketing
to and meeting with Investors; travel related to the investigation and monitoring of Client investments;
reasonable costs for meetings with Investors and investments, including meals; research related to the
investigation, evaluation and monitoring of Client investments, including data services; and consulting and
advisory services related to the investigation, evaluation and monitoring of Client investments, including
those related to AOF’s “operating partners”, some of whom may be members of the general partner to
certain private fund Clients and therefore affiliates of AOF.

In addition to AOF’s investment advisory services, AOF and/or its affiliates may provide non-advisory
administrative and back-office services to certain Funds (e.g., limited due diligence, accounting and
reporting functions, cash management functions, and compliance functions). To the extent such services
are provided, the applicable Fund will bear the cost of those services as Fund expenses (or will reimburse
the service provider) as disclosed in the applicable Offering Documents or other agreements, and such
amounts are in addition to AOF’s management fee.

AOF has adopted an expense allocation policy establishing guidelines for determining such reimbursements
from Clients, as well as for the allocation of costs and expenses among multiple Clients, when applicable.
A copy of AOF’s expense allocation policy is available by contacting the CCO at the number or address
listed on the cover of this Brochure.

Detailed information regarding all fees to be paid by each Client is contained in the relevant Client’s
Offering Documents. Investors should not consider an investment in a Fund without fully understanding
the Fund’s cost and expense structure.

ITEM 7: TYPES OF CLIENTS

As described in Item 4, AOF provides discretionary investment advisory services to its Funds, which are
generally organized as limited partnerships under the laws of the State of Delaware. The Funds limit their
respective investors to persons who are both “accredited investors” as defined in the Securities Act of 1933,
as amended (the “Securities Act”), and “qualified clients” and/or “qualified purchasers” as defined in the
Investment Company Act of 1940, as amended (the “Company Act”). Accordingly, Investors may include
high net worth individuals and a variety of institutional investors (e.g., trusts, employee benefit plans,
endowments, foundations, corporations, and other types of entities, including private funds of funds) meeting
the terms of the exceptions and exemptions under which the applicable Fund operates and wishing to invest
in accordance with the Fund’s investment objective. In addition, employees and other persons associated
with AOF and/or its affiliates are investors in the Funds. When accepting new investors, the Funds generally
require a minimum investment of $1 million but may accept lesser amounts at the discretion of AOF and/or
the general partner of the Funds. Once an Investor has invested, it generally may not pledge, assign, sell,
exchange, or transfer its interest (or any portion thereof) in a Fund, and no assignee, purchaser or transferee
may be admitted as a substitute investor, except with the consent of the general partner of such Fund, which
consent may be given or withheld in such general partner’s sole and absolute discretion.

AOF expects each Fund to qualify for exclusion from the definition of “investment company” under the
Company Act pursuant to Section 3(c)(1) thereunder, and to offer interests to Investors pursuant to
Regulation D or Regulation S under the Securities Act. This Brochure is designed solely to provide
information about AOF and should not be considered to be an offer of interests in any Fund. Any
such offer may be made only by delivery to the prospective investor of the applicable Offering
Documents. Investors considering an investment in the Funds should consult with their own
investment, tax and/or legal consultants prior to investing.

Co-Investment

When the general partner of a Fund deems it appropriate and consistent with the interests of such Fund, it
may, but shall not be obligated to, provide the Fund’s limited partners or third parties with co-investment
opportunities. Decisions regarding whether and to whom to offer such co-investment opportunities are made

at the sole discretion of the general partner. The general partner of such Funds may arrange for the
organization of a new limited partnership or other type of entity to serve as a co-investment entity. The terms
of any such co-investment are negotiated by the general partner and the potential co-investor on a case-by-
case basis in their respective sole and absolute discretion. A Fund’s general partner may make a nominal
investment in any vehicle formed for a co-investment opportunity. Co-investors typically would bear their
pro rata share of various fees, costs, and expenses related to their co-investments and in some instances are
required to pay their pro rata share of fees, costs and expenses related to their potential co-investments that
are not consummated, such as reverse breakup fees or broken deal costs. To the extent co-investors do not
agree to or do not otherwise bear fees, costs and expenses related to unconsummated co-investments, such
fees, costs, and expenses will typically be borne by the Funds that would have participated in such investment
had it been consummated, as determined by AOF, in each case, in excess of the Fund’s pro rata allocation
based on its expected participation in any such investment. Notwithstanding the foregoing, detailed
information regarding a Fund’s co-investment opportunities will be contained in the applicable Fund’s
Offering Documents.