DWM Asset Management LLC

Item 5 – Fees and Compensation
DWM charges Clients investment advisory fees on a quarterly or monthly basis, in advance or
arrears, based generally on a percentage of the value of the Client’s committed capital or assets
under management. Additionally, DWM may charge performance fees to Funds as set forth in the
Funds’ offering documents.

All fees are negotiated with the Clients on a case-by-case basis. The level of the negotiated fee may
be based upon a number of factors including, but not limited to, the type and size of the account;
the extent of services desired; the complexity of originating and executing on desired assets;
competitive factors; as well as the Client’s investment objectives, overall financial condition, goals,
risk tolerance, and other factors unique to a Client’s particular circumstances. Client contracts are
generally terminable by either party in writing after a period of prior notice.

DWM earns most of its revenue from the receipt of management and performance fees.

DWM Finance LLC (“DWM Finance”) is the structuring and placement agent for certain
Investment Vehicles. It received a structuring and placement fee from each of the DWM Funds,
which was paid from the respective Investment Vehicle’s organizational expenses. DWM Finance
may receive a structuring and placement fee from other Investment Vehicles managed in the future.

DWM may also allocate Clients’ brokerage business to DWM Finance. In particular, DWM Finance
may structure private-placement or other offerings that DWM may recommend to its Clients. DWM
may choose, in its sole discretion, to reduce its advisory fees to offset the commissions or markups
paid by Clients for certain investments placed through DWM Finance. See Item 10 – Other
Financial Industry Activities and Affiliations and Item 12 – Brokerage Practices for a description
of the applicable brokerage fees and services.

DWM Funds S.à r.l. (“DWM Lux”), a DWM affiliate and a relying adviser, is the general partner
of the DWM Funds, which are domiciled in Luxembourg. DWM Lux receives an annual fixed fee
from each DWM Fund for administrative services.

DWM also receives a fee from the Monega Funds for arranging the purchase of loans by the Monega
Funds.

Additionally, DWM receives due diligence fees from investee companies of certain Investment
Vehicles.

DWM has entered into relationships with affiliated and unaffiliated solicitors to refer investors to
the DWM Funds domiciled in Luxembourg and future investment vehicles that DWM may develop
in offshore jurisdictions under various compensation arrangements.

For a more complete description of specific Client fees and expenses, please refer to the
relevant Fund offering documents or investment management or other services agreement.

SIDE LETTERS

A prospective investor in an Investment Vehicle may request a side letter arrangement regarding
the investment. Such side letters may provide for various terms that differ from those described in
the Fund’s private placement memorandum. Terms addressed in side letters may include, but are
not limited to:

   •   Most favored nation status;
   •   Immediate notification of certain material events;
   •   Reduced fees;
   •   Better liquidity terms;
   •   Better transparency regarding trades and holdings; and
   •   More frequent or detailed reporting.

All side letter agreements must be approved in writing by the Chief Compliance Officer of DWM.

DWM will not enter into side letters that are prohibited under an Investment Vehicle’s constitutional
documents and only as disclosed in the relevant Investment Vehicle’s offering documents or this
Part 2 of DWM’s Form ADV filing. DWM may consult with outside counsel to determine whether
a side letter is permissible, requires additional disclosure or the terms should be offered to other
investors.

Item 7 – Types of Clients
DWM provides discretionary and non-discretionary investment advisory services to pooled
investment vehicles. Investors in the Investment Vehicles may include high net worth individuals,
banking or thrift institutions, investment companies (including mutual funds), pension and profit-
sharing plans, other pooled investment vehicles (e.g., hedge funds), charitable organizations, trusts
and estates, corporations and other business entities, development finance institutions and federal,
as well as state or municipal government entities. Subject to certain conditions and at its own
discretion, DWM may provide investment advisory services to separately managed accounts.