Crestline Management LP

Item 5 - Fees and Compensation

Each fund client sets forth its specific fee structure (including how it charges fees) in a confidential
explanatory memorandum, similar disclosure document or account agreement provided to (in the case of
an account agreement, executed by) prospective investors in the relevant fund client.

Crestline deducts fees from its fund clients either monthly or quarterly, and either in advance (but not more
than three months in advance) or arrears depending on the individual fund client. Crestline deducts the fees
directly from its fund clients. Crestline generally charges one of, or a combination of, the following:

    1. management fees, which are computed on a percentage of assets under management (based on the
       net, total asset value before performance-based compensation, capital commitments or capital
       contributions depending on the client, as disclosed in the relevant governing documents), that,
       depending upon the terms in the governing documents or terms of side letter agreements with
       certain investors: (A) are on a sliding scale; (B) are subject to a minimum floor (expressed in dollars
       or as a percentage of assets under management); and (C) currently range from 0.10% per annum to
       1.75% per annum depending on the fund client (certain fund clients have taken certain actions to
       facilitate the sale or liquidation of certain positions in connection with their winding down; such
       fund clients do not pay a management fee.); and

    2. performance-based allocations, performance-based fees and carried interest compensation, or
       performance-based compensation, which are computed on the percentage of capital appreciation
       the relevant fund client experiences, which range from 8.75% per annum to 20% per annum and
       which, depending upon the terms in the governing documents or terms of side letter agreements
       with certain investors, subject to a “hurdle,” “preferred return” and/or a “high watermark.”
       “Carried interest compensation” is a term that generally refers to performance-based compensation
       to the relevant fund’s general partner or investment manager after repayment of any capital
       contributions and an agreed upon preferred return to the investor when investments are realized.
       Crestline makes direct investments in securities for certain fund clients (as opposed to investments
       in underlying private funds) via special purpose vehicles, for which Crestline may receive
       additional performance-based compensation.

In computing net asset values on which to charge fees/allocations, Crestline applies the guidelines in its
written valuation policy. All assets managed by Crestline are valued according to the valuation
methodologies contained in its valuation policies and in accordance with U.S. Generally Accepted
Accounting Principles (GAAP) – Accounting Standards Codification Topic 820, Fair Value Measurement.

Crestline generally does not negotiate its allocations and fees. Under special circumstances, however,
Crestline enters into agreements with certain investors in its fund clients that provide different terms to
those investors. Crestline has the discretion to waive or reduce its management fee and performance-based
compensation for certain of its related persons or service providers invested in its fund clients.

Crestline Management, L.P.
Form ADV Part 2A – Disclosure Brochure
March 30, 2026

Management agreements to which Crestline is a party are terminable based on the provisions outlined in
each of the fund client’s governing documents and in each relevant management agreement. In the event
of termination of an investment advisory contract or management agreement, Crestline will prorate all
unearned, prepaid fees and refund those unearned fees to the fund clients. Investors in those fund clients
are, however, typically not able to withdraw their capital until the end of a quarter and, therefore, do not
receive pro rata refunds. Certain of Crestline’s illiquid fund clients are also subject to termination fees if
terminated without cause as disclosed in the relevant governing documents.

In addition to the fees paid by the fund clients to Crestline Management, L.P. and to Crestline Associates
Holdings, L.P. (via the entities it owns), to the extent the particular strategy involves investing in underlying
private funds or sub-advisors, the underlying funds and sub-advisors will generally also charge expenses,
such as those set forth in the following paragraph, and an asset-based management fee and performance-
based allocation or fee to the fund clients and that is paid by the fund clients, thereby resulting in two layers
of expenses, fees and allocations. Also, non-Crestline fund client investors that directly invest in a separate
managed account investment will also pay fees to the external managers in addition to the fees paid to
Crestline. However, Crestline fund clients that invest in the separate managed account investment program
will not pay two layers of fees to Crestline.

Fund clients will also pay other expenses in addition to the fees paid to Crestline. For example, depending
upon the terms in the governing documents, fund clients pay portfolio transaction costs, brokerage
commissions, transaction fees, custodial and administration fees, audit and legal fees, registration,
licensing, governmental filing fees, costs of background checks of portfolio managers and management of
target investments, lender expenses, transfer taxes, wire transfer fees and other related fees and taxes. For
information regarding expenses for brokerage expenses, see “Brokerage Practices.” In addition, Crestline
has the discretion to use the services of a third party as part of its diligence process (i.e. background checks
and verifications); such diligence services are in addition to the due diligence conducted by Crestline and
...

Item 7 - Types of Clients

Crestline serves as the investment manager to private domestic fund clients that were formed for the benefit
of U.S. investors, and private offshore fund clients that were formed for the benefit of non-US investors
and U.S. tax-exempt investors. Fund clients include “pooled” investment funds as well as funds for single
investors (including groups of affiliated single investors). Crestline also has a “beta” solutions business
that customizes portfolio overlay and hedging solutions for institutional investors according to the
governing documents of the relevant fund client or investor.

Investors in its fund clients including funds of one (“SMAs”) include:
        • governmental plans, state pension and permanent funds, sovereign wealth funds;
        • private retirement plans, corporate pensions, multi-employer pensions;
        • financial institutions, insurance companies and other institutional clients;
        • foundations, endowments and other charitable organizations; and
        • family offices and high net worth individuals.

Certain investors invest with Crestline via a managed account held at the investor’s designated custodian
which is then managed by Crestline pursuant to an investment management agreement between Crestline
and the investor.

Crestline provides investment advisory services to one or more clients that are insurance companies.
Additionally, Crestline’s affiliate, CL Re SPC, is a reinsurance company, and another Crestline affiliate,
CLIC, acts as the primary cedant to CL Re SPC.

Crestline also provides investment advisory services to an entity that has elected be regulated as a business
development company under the Investment Company Act of 1940, as amended (the “Investment Company
Act”).

In determining whether to launch a fund client, Crestline will look to whether it will have sufficient capital
to meet its fund client’s investment objectives and return goal. Crestline generally requires investors in its
fund clients to be qualified purchasers, as defined in the Investment Company Act and generally requires a
minimum investment of $1,000,000, although Crestline may accept and has accepted lesser amounts.

Crestline Management, L.P.
Form ADV Part 2A – Disclosure Brochure
March 30, 2026