ASA Managed Account Managers LLC

Item 5          Fees and Compensation
ASA Managed Account Manager LLC (“MAM”)
MAM normally charges a management fee (“fee”) for its investment advisory services based on a
percentage of net assets, contributed capital, invested capital and/or notional value under
management, or, in some cases, a set dollar monthly or quarterly fee that could be construed as either a
management or consulting/idea generation fee. MAM’s fee schedule is negotiable in its sole discretion
and varies by type of strategy implemented and size of investment. The range of management fees is
from 2-20 basis points annually.

Management fees are normally calculated daily based on the net assets, contributed capital or invested
capital in the account and is charged quarterly in arrears. MAM will bill clients who choose not to
provide written authorization for MAM to deduct the fees directly. The fee is pro-rated for periods less
than one quarter.

All expenses incurred directly in connection with transactions effected or positions held in the account
on behalf of the client (including without limitation, trading losses, brokerage commissions, custodian
fees, accounting and auditing services – if any, withholding or transfer taxes – if any) shall be paid
directly from the account or billed to the client by MAM. In general, as the accounts are actually held
and maintained by the client, MAM is not involved in the settlement of these expenses. Please see Item
12 for further discussion of brokerage services utilized by MAM.

All fees paid to MAM for investment advisory services are separate and distinct from the fees and
expenses charged by open or closed-end mutual funds to their shareholders. These fees and expenses
are described in each fund’s prospectus.

TF Managers LLC (“TF”)
TF charges a management fee (“fee”) to Transitional Funding Partners L.P. (the Partnership). The fee is
charged monthly to each investor in the Partnership, equal to one-twelfth of 1.0%, based on each
investor’s capital balance as of as of the beginning of each calendar month. TF may waive or reduce the
management fee for certain investors at its discretion.

The Partnership is responsible for operating expenses it incurs in connection with its third-party service
providers. These expenses include professional fees (e.g., legal, audit, and tax) and corporate or
registration fees under applicable federal or state laws. The Partnership is also responsible for expenses
incurred related to its loan portfolio which may include upfront due diligence costs, transaction
processing fees, loan close-out costs or expenses related to working out non-performing loans. TF nor
any of its related parties are not paid a fee to administer the Partnership.

Item 7           Types of Clients
ASA clients include high net worth individuals, trusts, charitable organizations, private investment
partnerships, individual retirement plans, corporations, endowments, insurance companies and fund-of-
funds. The minimum balance to open an account ranges from $100,000 to $25,000,000 depending on
the investment vehicle, type of account, and investment strategy employed. ASA may allow a lower
account minimum at its discretion.