Argosy-Lionbridge Management LLC

Item 5.   Fees and Compensation

The Firm generally receives management fees of up to 1.5%, calculated based on a percentage of the
value of the assets under management, for advisory services provided to Clients (the “Management Fee”).
Management Fees for the Clients generally are billed quarterly in arrears, in advance, as specified in the
relevant Fund’s Offering Documents. Also, see Item 6 below for further disclosures regarding
Management Fees.

In addition, the Firm, or one of its affiliates serving as a general partner of a Client, collects incentive
allocations/fees (the “Performance Fee”) based on the performance of the Client. Please refer to Item 6
below, for a more detailed description of incentive allocations/fees, and related conflicts of interest. The
Performance Fee is calculated based on a percentage of the capital appreciation as evaluated at the end
of each calendar year. The Performance Fee will be payable annually, in arrears.

The fees of each Client are stated in the Offering Documents of that Client. Fees and fee terms may vary
from Client to Client and are generally not negotiable.

Generally, the Funds bear all costs and expenses related to its investments and its operations, including,
without limitation, brokerage and other transaction costs, clearing and settlement charges, trade break
fees, consulting expenses, research expenses (including related travel expenses), legal fees and other
expenses in connection with conducting due diligence and negotiating the terms of certain investments,
custodial fees, initial and variation margin, interest and commitment fees on debit balances or
borrowings, stock borrowing fees and proxy solicitation expenses, legal expenses, audit and tax
preparation expenses, accounting fees, the Funds administration expenses (including, but not limited to,
fees and expenses of any administrator), the direct and related costs of portfolio accounting software,
fees and expenses for risk management services, insurance expenses including costs of any liability
insurance obtained on behalf of the Funds, indemnification expenses, the Management Fee, regulatory
and compliance costs and expenses (including, but not limited to, filing and license fees and form PF), any
issue or transfer taxes chargeable in connection with any securities transactions, any entity level taxes
and fees, costs of reporting and providing information to partners/investors, and costs of litigation or
investigation involving Funds activities, and any extraordinary expenses.

Generally, organizational costs of the Funds and the costs incurred in connection with the initial issuance
of interests, including legal and accounting fees, document production and printing costs, federal and
state filing fees, and other related expenses, have been paid for by the Funds. Such expenses are being
amortized by the Funds, for financial reporting purposes over a period of five years.

The allocation of expenses by the Firm between it and a Client represents a conflict of interest for the
Firm. The Firm has adopted an expense allocation policy that is designed to address this conflict. The Firm
allocates expenses to each Client in accordance with the Client’s Offering Documents. The Firm will seek
to allocate any shared expenses for products and services benefiting both the Adviser and a Client and
not covered in the Client’s Offering Documents, in a fair and reasonable manner.

Clients should review carefully Item 12, which discusses conflicts of interest related to brokerage
practices. Clients pay brokerage commissions and/or transaction ticket fees charged by the custodian.

If a contract with a Client is terminated before the end of a billing period, the Firm typically refunds any
overpayment of fees pro rata based on the number of days remaining in the billing period.

The Adviser and its supervised persons do not receive any compensation related to the sale of securities
or other investment products.

Item 7.   Types of Clients

The Clients consist of pooled investment vehicles and separately managed accounts suitable for
institutional and other sophisticated investors. Any initial and additional subscription minimums with
respect to investment in a Client are disclosed in the Offering Documents for each Client.