Astatine Asset Management LLC

ITEM 5. FEES AND COMPENSATION

The Management Agreements for each Astatine Managed Vehicle, along with specific governing
and organizational documents of an Astatine Managed Vehicle, set forth in detail the fee structure
relevant to such Astatine Managed Vehicle. The terms of the Management Agreements are
generally established at the time of the formation of the applicable Astatine Managed Vehicle. In
general, each Management Agreement is only terminable once the applicable Astatine Managed
Vehicle is dissolved, wound up or terminated.

Astatine and/or its affiliates typically receive compensation from fees based on a percentage of
assets under management, from carried interest allocations and from the reimbursement of
certain other fees or expenses. These fees and expenses will vary, but typically will include fees
associated with making or selling portfolio investments; legal, accounting and other service
provider fees; taxes; commissions and brokerage fees; registration expenses; fees to government
regulatory agencies and other expenses such as litigation or broken deal expenses. Investors
should review the specific private offering documents of an Astatine Managed Vehicle to fully
understand all fees charged by Astatine, its affiliates and others to an Astatine Managed Vehicle
and, indirectly, to the Investors in such Astatine Managed Vehicle.

Management Fees

Astatine receives an investment management fee (“Management Fee”) from each of the Astatine
Funds and any Separately Managed Accounts, payable quarterly in advance. The amount, manner
and calculation of the Management Fee for each Astatine Fund is established in such Astatine
Fund’s governing documents and is described in the relevant Private Placement Memorandum
(“PPM”). In the event that a Management Agreement with an Astatine Fund is terminated, the
applicable Astatine Adviser will typically refund the unused portion of the advisory fees to the
relevant Astatine Fund.

Astatine may receive a Management Fee in connection with a co-investment opportunity offered
by Astatine and its affiliates. Co-Investment Funds may or may not pay a Management Fee
depending on the governing documents of each such Co-Investment Fund.

The amount, manner and calculation of the Management Fee for each Separately Managed
Account is disclosed in such Separately Managed Account’s governing documents.

Astatine may, in its sole discretion, waive or defer, in whole or in part, the Management Fee with
respect to any Investor. Such waived fee amounts will be invested in the relevant Astatine
Managed Vehicle’s investments and will reduce the aggregate capital commitments of the
relevant General Partner and its affiliates. The relevant General Partner will receive a share of
profits, if available, in an amount equal to this notional investment and profit thereon.

Certain Investors in the Astatine Managed Vehicles that are employees, business associates or that
are otherwise affiliated with Astatine or its personnel (“Astatine Investors”) will typically not pay

Management Fee in connection with their investment in an Astatine Managed Vehicle. Such
Astatine Investors, however, pay either the pro rata share of certain expenses of such Astatine
Managed Vehicle or the pro rata portion of such Astatine Investors’ expenses will be allocated to
Astatine or the General Partner of such Astatine Managed Vehicle.

For a description of the specific management fees charged, please see the respective offering
documents for the relevant Astatine Managed Vehicle.

Organizational Expenses

Each Astatine Managed Vehicle will bear all reasonable legal and other organizational and offering
expenses (“Organizational Expenses”) incurred in the formation of such Astatine Managed Vehicle
and related entities. In some situations, organizational expenses in excess of amounts identified
in the relevant offering documents for the Astatine Managed Vehicle will reduce the Management
Fees otherwise payable by the Limited Partners by an identical amount. Placement fees paid to
placement agents engaged to solicit new Investors for an Astatine Fund are based on a point-in-
time negotiation. Except as otherwise set out in the governing documents of an Astatine Fund, all
fees and expenses paid to such placement agents will be paid by the relevant Astatine Managed
Vehicle to reduce the Management Fees otherwise payable by the Limited Partners by an identical
amount.

Overhead Expenses

Astatine will pay all of its normal operating overhead and the normal operating overhead of the
General Partners of the Astatine Managed Vehicles. Normal operating overhead includes salaries
of Astatine’s and its affiliates’ employees, rent and other expenses incurred in maintaining
Astatine’s places of business and out-of-pocket costs (not including costs of counsel or other third
persons) incurred in the preliminary investigation of investment opportunities that are not actively
pursued. Normal operating overhead would not include certain amounts (such as Organizational
Expenses) described in the respective governing documents of the relevant Fund or Separately
Managed Account.

Certain Astatine personnel may be seconded to one or more portfolio companies to provide
certain services with respect thereto, and the compensation for such personnel during the
secondment will be borne by such portfolio companies (in whole or in part). To the extent Astatine
receives any fee or expense reimbursement from such portfolio companies with respect to such
seconded personnel, such amounts will not result in any offset to the Management Fee.

Other Fees and Expenses

Detailed information regarding the fees charged to the Funds is provided in each Fund’s respective
governing documents. In addition to Management Fees and carried interest, Investors will bear
indirectly the costs, expenses and liabilities incurred by or arising out of the operation,
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ITEM 7. TYPES OF CLIENTS

Astatine provides discretionary investment advisory services to the Funds and non-discretionary
investment advisory services to the Separately Managed Accounts. The Funds are private funds
that qualify for exclusion from the definition of an investment company under Section 3(c)(1)
and/or Section 3(c)(7) of the Investment Company Act of 1940. Investment advice is provided
directly to the Funds and Separately Managed Accounts and not individually to the Limited
Partners. Investors in the Funds or Separately Managed Accounts 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 or charitable organizations and corporate or business entities.

Minimum Investment

The minimum commitment for a Limited Partner of an Astatine Fund is outlined in its governing
documents. Generally, the minimum commitment is set at $10,000,000 although the General
Partner of an Astatine Fund has the authority to accept less (and has in the past accepted less)
than the minimum commitment.

Investor Eligibility

Investors in the Funds and in Separately Managed Accounts generally will be required to meet
certain suitability qualifications, such as being an “accredited investor” within the meaning set
forth in Rule 501(a) of Regulation D under the Securities Act. Also, Investors will be required to
make certain representations when investing in a Fund or Separately Managed Account, including,
but not limited to, that (i) they are acquiring an interest for their own account, (ii) they received
or had access to all information they deem relevant to evaluate the merits and risks of the
prospective investment and (iii) they have the ability to bear the economic risk of an investment
in the Fund or Separately Managed Account. Details concerning applicable Investor suitability
criteria are set forth in the respective Fund’s or Separately Managed Account’s offering documents
and subscription materials, which are furnished to each Investor.

Co-Investment Funds

Where appropriate, Astatine intends, but is not obligated, to provide co‐investment opportunities
to certain Investors in the Astatine Funds. These co‐investment opportunities may be offered as
interests in a limited partnership or other similar entity formed for each investment. Astatine will

allocate the available investment among the Funds, the co‐investors and any third parties as it
may determine in accordance with the relevant Astatine Fund’s governing documents.

Parallel Funds

One or more parallel funds may be organized by Astatine for legal, regulatory or tax reasons. The
parallel funds will invest on a pro rata basis in all Astatine Fund transactions and are managed in
accordance with the provisions of the Astatine Fund for which the applicable parallel fund was
created.

Side Letters

The General Partner of a Fund may enter into additional written agreements (“Side Letters”) with
one or more Limited Partners. These Side Letters may entitle a Limited Partner to make an
investment in the Fund on terms other than those described in the Fund’s governing documents.
Any such terms, including, for example, with respect to (i) excuse or exclusion rights with respect
to particular investments, including, as a result of specific Investor policies or applicable laws, rules
and/or regulations, (ii) additional or different reporting obligations, (iii) special or priority rights
and/or terms with respect to an investment in the Fund and/or co-investment allocation,
participation and/or the terms thereof including, in each case, discounted or waived management
fees and/or carried interest arrangements with respect to one or more Limited Partners or groups
thereof, (iv) rights or terms due to legal, regulatory or policy characteristics applicable to a Limited
Partner (including with respect to limits on indemnification obligations), (v) additional obligations
and restrictions with respect to the structuring of any particular Investment in light of the legal,
tax and regulatory considerations of particular Limited Partners, (vi) matters relating to the
General Partner’s exercise of discretion on certain matters, or (vii) any other matters described
therein, may be more favorable than those offered to any other Limited Partners. In certain
instances, a Side Letter entered into with a Limited Partner may have an adverse effect on the
Fund; for example, if a General Partner or Fund enters into a Side Letter entitling a Limited Partner
to be excused from a particular investment, any election to be excused by such Limited Partner
may increase other Limited Partners’ pro rata interests in that particular investment. If a General
Partner enters into any Side Letter that establishes rights or benefits in favor of a Limited Partner
that are more favorable in any material respect than the rights and benefits established in favor
of the other Limited Partners, the General Partner will generally offer to each other Limited
Partner in the relevant Fund the opportunity to elect to receive such rights and benefits as
established by the provisions of such Side Letter, to the extent reasonably applicable and subject
to certain limitations described in the governing documents of the relevant Fund.