Aurelius Capital Management LP

Fees and Compensation

Management Fees

ACM receives management fees from each of ACP, ACP II, ACI and ACI II equal to 1.25% per
annum (0.3125% per quarter) of the value of each investor’s interest. The management fees are
calculated and paid quarterly in advance. A proportionate management fee is paid to ACM out of
any investments made in an Evergreen Fund on any date that does not fall on the first day of a
quarter, based on the actual number of days remaining in such partial quarter. The Evergreen
Funds are in wind-down. As such, distributions will be made to investors in an orderly fashion in
accordance with the terms of the fund documents.

ACM receives management fees from each of ALTOF U.S., ALTOF International, and AOFII
U.S. equal to 1.25% per annum (0.3125% per quarter) of the value of each investor’s interest. The
management fees are calculated and paid quarterly in advance. A proportionate management fee
is paid to ACM out of any investments made in a Drawdown Fund on any date that does not fall
on the first day of a quarter, based on the actual number of days remaining in such partial quarter.
ACM has the right to charge AOFII U.S. a management fee on capital committed yet uncalled.
ACM has waived that right for 2025.

Performance-Based Compensation

ACP and ACP II. Aurelius Capital GP, LLC, the general partner of ACP and ACP II, is entitled
to an incentive allocation equal to 20% of the net capital appreciation allocated to each investor’s
capital account (taking into account any gains or losses from realized or deemed realized Special
Investments (see Item 8 – Risk Factors – Risks of Investing in Special Investments) and any
dividend, interest or other income related thereto) for each fiscal year, subject to a high water mark
provision.

ACI and ACI II. Aurelius Capital GP, LLC is entitled to an incentive allocation equal to 20% of
the net realized and unrealized appreciation in the net asset value of each investor’s series of shares
(taking into account any gains or losses from realized or deemed realized Special Investments and
any dividend, interest or other income related thereto) for each fiscal year, subject to a high water
mark provision.

ALTOF U.S. and ALTOF International. Aurelius Long-Term Opportunities GP, LLC is entitled
to an incentive allocation equal to 20% of distributions in accordance with the terms of a waterfall
distribution.

AOFII U.S.. Aurelius Opportunities GP II, LLC is entitled to an incentive allocation equal to 20%
of distributions in accordance with the terms of a waterfall distribution.

ACM’s management fees and incentive allocations are not negotiable. However, ACM may elect
to waive, reduce or calculate differently the management fee and/or incentive allocation with
respect to any investor in any fiscal period. Management fees and incentive allocations are
deducted directly from the Funds. Certain members and/or employees of ACM (and certain
persons and entities related to them) do not pay a management fee or an incentive allocation.

Additional Fees and Expenses

Each Fund bears its own operating and other expenses including, but not limited to, investment-
related expenses (e.g., brokerage commissions, clearing and settlement charges, custodial fees,
interest expense, consulting, legal and other professional fees relating to particular investment
opportunities, investment-related travel and lodging expenses, investment- and trading-related
computer hardware and software, including, without limitation, trade order management software
and risk management software and services), legal expenses, accounting, audit and tax preparation
expenses, organizational expenses, expenses relating to the offer and sale of the interests in such
Fund, expenses relating to obtaining insurance for members of ACM and its affiliates, management
fees, taxes assessed against such Fund, remuneration to the members of the Boards of
Directors/Managers, expenses related to such Fund’s registered office, fees and expenses of the
administrator, extraordinary expenses and other similar expenses related to such Fund.

Types of Clients

ACM provides advisory services to the Funds, which are pooled investment vehicles. The current
investment minimum for initial subscriptions in ALTOF Master is generally $10 million and in
AOFII Master $5 million; however, ACM maintains discretion to accept less than the minimum
investment threshold.