Bedford Ridge Capital LP

ITEM 5. FEES AND COMPENSATION

Management and Performance Fees

BRC receives fees from the Funds as set forth in the each of the Fund’s Governing Documents
(“Management Fees”). Management Fees, generally calculated either quarterly or semiannually
and payable in advance, are either based on the net asset value of each Limited Partner’s capital
account at such time or on each Limited Partner’s investment contributions, as specified in each
Fund’s Governing Documents. The Management Fee Rate varies depending on the Fund and
specific Fund share class. Once paid, the Management Fee is non-refundable but BRC may reduce
future Management Fees to offset amount called in advance. BRC shall have the right to waive
receipt, in whole or in part, of any Management Fees with respect to any Limited Partners
(including, without limitation, affiliates of the Firm) in its sole discretion without notice to or the
consent of the other Limited Partners. Capital contributions may be called to fund Management
Fees in accordance with Fund Governing Documents.

Certain Investors within specific sub-classes of BRIC V, BRIC VI, BRIC VII, BRIC IX, BRIC X,
and BRIC XI pay a “Modified Management Fee” as defined in Fund Governing Documents and
will not pay a performance or incentive allocation to BRC. The Modified Management Fee is based
on a fixed amount or percentage of the total commitment of such Investor as set forth in the
Investor’s subscription agreement. The Modified Management Fee is payable in three quarterly
installments commencing on the closing date rather than ongoing quarterly Management Fees over
the life of the Fund. Once paid, the Modified Management Fee is non-refundable. For one BRIC
V share class, a portion of the Modified Management Fee is paid to certain identified co-managers
responsible for their role in identifying and conducting due diligence on a specific investment, as
further described in Item 10 below.

In addition to Management Fees, BRC GP is generally entitled to receive a performance or
incentive allocation as set forth in each Fund’s Governing Documents. Immediately preceding a
distribution to a Limited Partner of all or any portion of the capital in its capital account (whether
following a disposition, in connection with an involuntary withdrawal, or the dissolution of the
Partnership), the applicable performance fee or incentive allocation, calculated in accordance with
Fund Governing Documents, is reallocated to BRC GP’s capital account. If an in kind distribution
is made to a Limited Partner, such incentive allocation may similarly be taken in kind or capital
contributions may be called to cover the applicable fee in accordance with Fund Governing
Documents.

Each class of interests in the Funds represents a separate pool of assets. BRC GP may receive a
performance or incentive allocation with respect to capital accounts corresponding to certain
classes of interests irrespective of whether such Limited Partners also have capital accounts
corresponding to additional investment classes that are experiencing net losses. BRC GP, in its
sole discretion, may waive or reduce the performance or incentive allocation with respect to any
Limited Partner (including, without limitation, affiliates of the BRC) for any period of time, or
agree to apply a different performance or incentive allocation for any Limited Partner, in each
case, without notice to or the consent of the other Limited Partners.

Bedford Ridge Capital LP                                                                             8

As it relates to SPC 2, BRC GP has been issued separate classes of shares of each SPC 2 segregated
portfolio (the “Class P Shares”). The performance allocation may be charged against the
applicable shares and then reallocated by each SPC 2 segregated portfolio to the Class P Shares.
As the owner of the Class P Shares, BRC GP is entitled to receive the performance allocation.
After the Fund was restructured in October 2020, the Fund’s Prior Manager transferred all but one
(1) Class P Shares to BRC GP. The Prior Manager thereby retains the right to receive a portion of
the performance allocation via its retained Class P Share. Similarly, the Prior Manager also retains
the right to receive a portion of the performance allocation for PIC I.

In accordance with the respective agreements between each Advisory Client and BRC, the Firm is
entitled receive certain performance-based fees upon liquidation of the assets.

Fund Expenses

Each Fund will bear all expenses incidental to its organization, operations and business, including,
but not limited to, organizational expenses (including formation costs and costs of preparing the
Offering Memorandum and other Fund Governing Documents), fees and expenses associated with
Fund investments (including brokerage commissions and the costs associated with purchasing,
maintaining and disposing of investments), interest expenses and commitment fees on loans and
debit balances, income taxes, withholding taxes, transfer taxes and other governmental charges
and duties, legal expenses (including legal fees in connection with any litigation and regulatory
matters), accounting (including without limitation the costs of an outsourced accounting service to
provide financial accounting, tax and book keeping services) and audit fees and expenses,
Management Fees, administrative fees and expenses, and fees and expenses of other service
providers, including third party valuation agents, investor reporting costs, the expenses associated
with regulatory and statutory filings (such as filings for FATCA, CRS, Form D, Form PF and blue
sky), costs and expenses related to or incurred in connection with BRC’s compliance obligation
under applicable law or otherwise (including, without limitation, the fees and costs associated with
any third party compliance firms, and fees and expenses incurred in connection with any
...

ITEM 7. TYPES OF CLIENTS

The Firm provides investment advisory services to affiliated private funds exempt from
registration under the Investment Company Act as well as to two institutional investors.

The minimum initial capital contribution or subscription amount required for an investor in PIC I,
BRIC I, BRIC II, BRIC V, BRIC VI, BRIC VII, BRIC IX, BRIC X, and BRIC XI is $1,000,000
and $5,000,000 for SPC 2, although capital contributions or subscriptions of lesser amounts may
be accepted in the Firm’s discretion.

To invest in the Fund, each investor generally is required to certify that it is, among other things,
an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the
Securities Act) and, for applicable Funds, a “qualified purchaser” (as such term is defined in
Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended). Each prospective
investor generally is required to complete and return various subscription documents to the
applicable Fund, which are designed to provide the Fund, the administrator, the Firm and its
affiliates and agents with important information about the investor. Subscriptions may be accepted
or rejected, in whole or in part, in the Firm’s sole discretion.

Each Advisory Client is both an accredited investor and a qualified purchaser.

Bedford Ridge Capital LP                                                                          13