Clear Haven Capital Management LLC

Item 5 – Fees and Compensation

Management Fees

Clear Haven’s compensation is described in its clients’ Governing Documents. The management
fees and certain other fees payable by clients are set forth below. In addition, Clear Haven or its
affiliates are entitled to receive performance-based fees, performance-based allocations or carried
interest from certain clients, as further described in Item 6 – Performance-Based Fees and Side-
By-Side Management.

Clear Haven Capital Management, LLC                                      Form ADV 2A: Brochure

Fund Fees and Compensation

Clear Haven or an affiliate thereof is paid periodic management (generally quarterly or monthly,
in arrears) fees by its Fund clients, as further described in the Governing Documents for each Fund.
Depending upon the particular Fund, management fees are generally calculated based on:
(i) capital contributions by investors that have been used to fund portfolio investments (including
the costs and expenses incurred in direct connection with the acquisition or disposition of
investments) or (ii) the net asset value of the Fund and/or its underlying investments. With respect
to certain Funds, Clear Haven or an affiliate thereof will be paid an administrative agent fee on a
periodic basis. The amount of such fee typically is tiered based on the fair value of the applicable
Funds’ portfolio investments.

The majority of Clear Haven’s Funds that charge management fees are limited to investors that are
“qualified purchasers” or “knowledgeable employees” (each as defined under the Investment
Company Act of 1940, as amended, or the rules thereunder). Accordingly, more details regarding
such Funds, including their management fees, administrative agent fees and servicing fees, as
applicable, can be found in their Governing Documents. With respect to Funds that do not limit
investors to those meeting the qualified purchaser or knowledgeable employee standard noted
above, Clear Haven is typically paid management fees, which generally are less than or equal to
1.5% on an annualized basis.

Subject to the terms of the applicable Fund Documents, management fees and, as applicable,
administrative agent fees, may be paid by drawdowns of capital commitments and/or deducted
from available cash.

With respect to certain Funds, Clear Haven has waived (with respect to management fees), and
may in the future, waive all or a portion of the management fee or administrative agent fees for
one or more investors in a Fund (including affiliates and persons designated as “insiders” of Clear
Haven and/or its affiliates, as determined by Clear Haven in its discretion).

In addition to the management fees and administrative agent fees described above (as applicable),
Clear Haven and/or its affiliates are in some cases entitled to retain any fees (including director
fees (including the value of any options, warrants and other non-cash compensation), break-up fees
and fees for advisory, consulting, monitoring or other similar services) paid by third parties to
Clear Haven or one of its affiliates (which includes for this purpose any such fees paid to the
members and employees of Clear Haven or its affiliates) arising from portfolio investments or
potential portfolio investments of certain Funds. Subject to the Governing Documents of the
applicable Funds, such fees and other compensation generally will not offset the management fees,
servicing fees or agent fees, as applicable, or any other fees or distributions that Clear Haven (or
its affiliates) are due from such Funds.

Managed Account Fees and Compensation
Managed Accounts will be generally charged a management fee ranging from approximately
0.45% to 1% per annum of their assets under management. In addition, certain Managed Accounts
are subject to performance-based fees (as described below). At the discretion of Clear Haven, the
Managed Accounts’ management fees may be negotiated.
Management fees for each Managed Account will generally begin to accrue on the date on which
the Managed Account is funded. The Managed Accounts’ management fees will generally be paid

Clear Haven Capital Management, LLC                                        Form ADV 2A: Brochure

in arrears and are payable on the end of business on the last day of a calendar month or quarter.
Such fees are invoiced to, and paid by, the relevant Managed Account holders. In addition to
management fees, certain Managed Accounts are charged non-refundable setup fees. The amount
of such setup fees, if any, generally varies based on the nature of the services provided and are
negotiated between Clear Haven and the Managed Account holder, as set forth in the relevant
Governing Documents. Setup fees are intended to compensate Clear Haven for, among other
things: (i) work and out-of-pocket expenses involved in establishing a portfolio management
framework; (ii) hiring of additional front-office headcount to assist with clients’ trading activities;
and (iii) procurement and initial setup of information technology and related third-party services
required to service clients’ portfolios.
Other Affiliate Fees and Compensation

Certain Clear Haven affiliates are expected to receive fees and/or compensation for services
performed on behalf of certain Clear Haven clients, which may include, structuring fees,
commitment fees, origination fees, agent fees, verification fees, insurance management fees,
operations fees, and other fees and compensation associated with loan origination and servicing
activities. The receipt of such fees and/or compensation creates a potential conflict of interest
between Clear Haven and its clients, which is discussed further in Item 10 – Other Financial
Industry Activities and Affiliations.

Expenses

The Funds

The Funds generally bear their own expenses. Examples of relevant expenses include, but are not
limited to, the following: (i) expenses related to the research, execution and monitoring of actual
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Item 7 – Types of Clients

The Funds

Investors in the Funds are generally institutional investors and high net worth individuals that
qualify: (i) as “accredited investors” (as defined in Rule 501 under Regulation D under the
Securities Act of 1933, as amended (the “Securities Act”)), and (ii) in the case of certain Funds,
qualified purchasers. The minimum initial investment/commitment for the Funds is generally

Clear Haven Capital Management, LLC                                      Form ADV 2A: Brochure

between $250,000 and $5,000,000. Such minimums have been waived, and may in the future be
waived, by Clear Haven or its affiliates, in their discretion.

Managed Accounts

At the present time, Clear Haven is only providing investment advice through Managed Accounts
to institutional investors and high net worth individuals who qualify as “qualified clients” (as
defined under the Investment Advisers Act of 1940, as amended (the “Advisers Act”)). Generally,
there is no minimum Managed Account size.