Aquiline Management Holdings LP

Item 5 — Fees and Compensation

General

Aquiline provides investment advisory services to each of the Funds pursuant to a separate investment
advisory agreement (each, an “Advisory Agreement”) in each case where Management Fees (as defined
below) are payable by a Fund. The Advisory Agreement of a Fund, along with the governing documents of
a Fund, set forth in detail the fee structure relevant to the Fund. The terms of each Advisory Agreement are
generally established at the time of the formation of the applicable Fund. In general, each Advisory
Agreement is only terminable once the applicable Fund is dissolved, wound up, and terminated.

Management Fees

Aquiline receives a management fee or administrative fee (each, a “Management Fee”) for rendering
investment advisory services to the Funds. The Management Fee is payable in advance, with the exception
of ACO II, which is payable in arrears, with timing depending on each Fund. In general, the Management
Fee paid by a closed-end Fund may be up to 2.5 percent per annum on capital commitments during the
investment period and up to 2 percent per annum on invested capital thereafter. However, with respect to
the Continuation Fund, the Management Fee rate is charged on the acquisition cost of portfolio investments
(including, for the avoidance of doubt, capitalized expenses) and therefore is not subject to a step-down.
With respect to ALCF, the Management Fee rate is charged on the greater of aggregate subscriptions to
ALCF and a fixed dollar amount. Each Fund’s investors have the ability to negotiate the Management Fee
payable in respect of their investment in such Fund, but the Management Fee is fixed at the time of final
close of such Fund (unless modified thereafter in accordance with the applicable Fund’s governing
documents). The Management Fee is generally paid by (i) a closed-end Fund out of capital contributions
called from investors, out of amounts withheld from distributions to investors or with the proceeds of
borrowings under such Fund’s subscription-based credit facility or other lines of credit (and such borrowings
may remain outstanding for up to three years) and (ii) ALCF out of the net assets of such Fund. The inclusion
of capitalized expenses in invested capital will generally have the effect of increasing the Management Fee
amounts payable following a step-down and will involve conflicts of interest related to Aquiline determining
(i) whether to have a Fund or a portfolio investment incur such expenses (including those paid to Aquiline,
its affiliates, or third parties), (ii) whether to capitalize such expenses, and (iii) the amount of such expenses
(if capitalized), and then earning additional Management Fees thereon after the step-down date. Further,
to the extent any such expenses are subject to any offset against the Management Fee otherwise to be
borne by Fund investors, the benefit of any such offset would be reduced because such expenses would
increase the base on which the post-step-down date Management Fee is calculated. The Management Fee
assessed for each Fund is described in further detail in each Fund’s offering and governing documents.
Generally, although not always, investors in Co-Investment Vehicles and employees and affiliates of Aquiline
do not pay Management Fees, and Firm Advisors (as defined below), current or former senior management
of portfolio companies and other persons whom Aquiline determines have strategic value to Aquiline and
its network pay reduced or no Management Fees.

The Management Fee for a closed-end Fund is reduced by the amounts paid by a Fund for placement fees
and the organizational costs in excess of a certain threshold paid by investors in such Fund, as well as by
other fees received by Aquiline as described in “Other Fees and Expenses” below.

The Management Fee for any Management Fee period of a Fund is generally prorated for the number of
days in such period, and in the case of the last Management Fee period, Aquiline will refund to each investor
the amount of the Management Fee paid by such investor allocable to that portion of such period which is
subsequent to the date of the final distribution.

Certain investors that participate in co-investment opportunities (“Co-Investors”) will be charged certain
fees, including Management Fees, maintenance or administrative fees and one-time funding fees. However,
not all Co-Investors will be charged the same fees, and some Co-Investors have in the past and are
expected in the future to be charged fees at more favorable rates than other Co-Investors and investors in

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the Funds.

Carried Interest and Incentive Fees
A portion of a closed-end Fund’s net investment returns is generally allocated to the capital account of its
General Partner as “carried interest.” The General Partners of the closed-end Funds are related persons of
Aquiline. The manner of calculation of such carried interest is described in the offering and governing
documents of each closed-end Fund (as applicable) and varies Fund by Fund. Generally, however, up to
20 percent of the net investment returns of each Fund is allocated as carried interest to such Fund’s General
Partner, subject to such Fund investors’ preferred return (except in the case of the Technology Growth
Funds’ investors, who are not entitled to receive a preferred return), the recoupment of allocated losses,
Management Fees, and expenses and other criteria set forth in the relevant Fund’s governing documents.
Generally, investors in Co-Investment Vehicles and employees and affiliates of Aquiline do not pay carried
interest, and Firm Advisors (as defined below), current or former senior management of portfolio companies
and other persons whom Aquiline determines have strategic value to Aquiline and its network pay reduced
...

Item 7 — Types of Clients

Aquiline provides investment advisory services to the Funds. Investment advice is provided directly to each
Fund, subject to the direction and control of the General Partner of such Fund and not individually to the
investors of the Funds. Investors in the Funds may include, but are not limited to, high net worth individuals,
pension plans (corporate, state, and foreign), sovereign wealth funds, endowments, foundations, banks,
pooled investment vehicles (e.g., funds of funds), trusts, estates, charitable organizations, insurance
companies, asset management firms, and corporate or business entities.

Details concerning applicable investor suitability criteria are set forth in each Fund’s offering documents
and subscription materials. Although Aquiline has the authority to accept subscriptions for lesser amounts
(and does so, particularly in the case of investors who are employees of or advisors to Aquiline), the stated
minimum capital commitment for investors in the closed-end Funds is typically $10 million, and the stated
minimum subscription in ALCF is $150,000. These minimum amounts may vary depending on the type of
Fund.

                         437 Madison Ave | 40th Floor | New York | NY | 10022 | United States
                               New York | London | Philadelphia | www.aquiline.com