Arctos Partners LP

ITEM 5 – FEES AND COMPENSATION

        In general, the Firm receives a management fee and a carried interest in connection with
the provision of advisory services to certain of its clients. In certain cases, the Firm is entitled to
receive additional compensation in connection with management and other services performed for
portfolio investments of a Fund, and any such additional compensation will offset in whole or in part
the Management Fees (as defined below) otherwise payable to the Firm to the extent provided by
the relevant Governing Documents. The Firm generally has broad discretion in structuring such
compensation, and for certain types of investments, such compensation is expected to occasionally
be paid by portfolio investments. In accordance with each Fund’s Partnership Agreement, the Firm
also generally has broad discretion in waiving all or a portion of such payments. In addition, in

certain circumstances, the Firm expects to receive compensation for management and other services
performed in connection with co-investments made in portfolio investments of a Fund.

        Investors in the Funds also bear certain expenses as described in each Fund’s Governing
Documents. Investors should refer to the Governing Documents of the applicable Fund for a complete
understanding of how the Firm is compensated for its advisory services; the information contained
herein is a summary only and is qualified in its entirety by such documents.

Management Fees

        Each Fund generally pays the Adviser a management fee (the “Management Fee”) equal
to a fixed percentage on an annual basis of aggregate non-affiliated Fund investor capital
commitments (“Commitments”), which is payable quarterly in advance. The Management Fee of a
Fund will generally be reduced upon the expiration of the Fund’s investment period or when the
Firm first receives or begins to accrue Management Fees with respect to a subsequent Fund with
substantially similar principal objectives, strategy and investment criteria as the Fund and/or upon
a date specified in the Governing Documents (the “Stepdown Date”) and will generally thereafter
equal a fixed percentage of an amount including the aggregate investment contributions (including,
where applicable, a Fund borrowing component (including interest expenses) and the amount of
any capitalized Supplemental Fees (as defined below) or expenses) made by non-affiliated Fund
investors with respect to investments that have not been disposed of or permanently written down
(investments that have been disposed of or permanently written down, “Impaired Value
Investments”) and the Firm’s good faith estimate of future investment fundings (“Future Investment
Fundings”), as established in each Fund’s Governing Documents. Due to differences in the criteria
set forth in their respective Governing Documents, in the event where more than one Fund
participates in an investment, there is the possibility that an investment will become an Impaired
Value Investment for purposes of one Fund’s Governing Documents but not those of one or more
other Funds. Investors participating in a closing after the effective date of a Fund generally will
bear the Management Fee from the effective date of the respective Fund plus an additional amount.
As a general matter, the Management Fee will be payable during the life of each Fund, including
during term extensions, unless otherwise notified to investors.

         Under the Governing Documents, where the fair market value of an investment exceeds the
total amount of investment contributions relating to such investment, post-Stepdown Date
Management Fees will not be calculated based upon such appreciated value, and will instead
continue to be calculated based on the amount of applicable investment contributions and, if
applicable, any Future Investment Fundings. Conversely, the Governing Documents do not require
Management Fees to be reduced or refunded following the occurrence of a write down, decrease
(including a significant decrease) in fair value or other event not constituting a complete realization,
such as a partial sale or disposition, reorganization, recapitalization (including recapitalizations
involving dividends), roll-over investment in connection with a sale or dividend distribution, except
in the case of investments meeting the relevant Impaired Value Investment standard under the
Governing Documents. For the avoidance of doubt, following the Stepdown Date, if the fair market
value of an Impaired Value Investment is less than the total amount of investment contributions
relating to such Impaired Value Investment, then the amount of Management Fees otherwise
payable relating to such investment will be reduced solely based on the ratio of the fair market
value of each relevant remaining investment(s) as compared against the amount of total investment
contributions relating to such investment(s) as of the date of the relevant event.

        The amount of Management Fees paid by a Fund generally will not correspond with
fluctuations in the net asset value of individual investments or of the Fund, including following the
Stepdown Date, and will not be reduced in connection with any write downs, except in the case of
Impaired Value Investments. Except where the Governing Documents expressly provide to the
contrary, Management Fees will not be reduced (in whole or in part) in the case of partial sales or
dispositions, distributions or reorganizations, restructurings, roll-over investments, extraordinary
dividends or similar transactions, in each case in circumstances that do not result in the complete
disposition or permanent write-down of the relevant Fund’s interest therein, and even in cases where
the value of the Fund’s investment or the Fund’s ownership percentage in such investment has been
reduced (including substantially reduced) as a result of such transaction. The Governing Documents
...

ITEM 7 – TYPES OF CLIENTS

         The Adviser provides investment advice to Funds. The Funds include investment partnerships
and other investment entities formed under U.S. or non-U.S. laws and operated as exempt
investment pools under the Investment Company Act of 1940, as amended. The Funds limit their
respective investors to: (i) “accredited investors” as defined in the Securities Act of 1933, as
amended (the “Securities Act”), (ii) “qualified purchasers” or “knowledgeable employees,” each as
defined in the Investment Company Act of 1940, as amended, and (iii) if applicable, “qualified
clients,” as defined in the Advisers Act. Investors in the Funds must also meet certain other suitability
qualifications prior to making an investment in the Funds. The Funds are not registered or required
to be registered under the Investment Company Act of 1940, are not made available to the general
public, their securities are not registered or required to be registered under the Securities Act and
Fund interests are privately placed to qualified investors. Qualified investors include individuals or
entities to which Fund interests are allowed to be sold, which generally include (i) in the United
States, people or organizations who meet certain net worth, income and/or financial sophistication
requirements as described above or (ii) in non-U.S. countries, as permitted by the relevant securities

laws in such jurisdiction and in compliance with any foreign offering provisions applicable to the
Adviser and/or the Funds.

         The investors participating in the Funds generally include, among others, high net worth
individuals, banks or thrift institutions, other investment entities, fund of funds, university endowments,
sovereign wealth funds, family offices, pension and profit-sharing plans, trusts, estates or charitable
organizations or other corporations or business entities and often include, directly or indirectly,
principals or other personnel of the Adviser and its affiliates and members of their families,
Consultants or other service providers retained by the Adviser or a Fund, as well as executives or
affiliates of portfolio investments.

        The relevant General Partner is also permitted to establish Funds that are alternative
investment vehicles in order to permit one or more investors to participate in one or more particular
investment opportunities in a manner desirable for legal, tax, regulatory, administrative,
professional sports league, accounting or other reasons. Alternative investment vehicle sponsors
generally have limited discretion to invest the assets of these vehicles independent of limitations or
other procedures set forth in the organizational documents of such vehicles and the Governing
Documents of the related Fund.

        The Funds generally have a minimum investment amount of $5 million for third-party
investors, and Fund interests are typically offered and sold solely to qualified purchasers (or
qualified knowledgeable Firm personnel). In its discretion, such minimum investment amount has
been, and may in the future be, waived by the Adviser for certain investors. The Co-Investment
Funds generally have no minimum investment amounts.