Ehrenkranz Partners LP

Item 5 – Fees and Compensation

A. Advisor Managed Fund Clients

The Advisor Managed Funds charge a fee of either 0.0%, 0.5% or 1.0% per annum (depending
on the applicable fee class) of either capital committed to the Advisor Managed Fund, capital
committed by the Advisor Managed Fund, net invested capital, or net asset value, depending
on the individual Advisor Managed Fund and its investment cycle stage (the “Management
Fee”). The Management Fee is negotiable in that it may be waived or reduced at the Advisor’s
discretion. Management Fees are generally waived for certain affiliated investors or for certain
classes of interests. The Management Fee is either calculated and paid quarterly in arrears or
calculated annually in advance and deducted monthly in arrears. The Advisor receives 99% of
these Management Fees through its interest in AFGP and E Capital Management L.P.

The Advisor Managed Funds invest in non-affiliated pooled investment vehicles which may
include limited partnerships, joint ventures, investment companies and other similar entities
managed by professional specialized fund managers (“Portfolio Funds”). Assets invested in
Portfolio Funds are separately subject to management and/or incentive fees which may be
imposed by those entities directly and which are in addition to the Management Fees. The
Advisor does not share in any such other fees.

B. Law Firm Advisory Clients

Certain Advisory Clients of the Advisor are also clients of the Advisor’s affiliated law firm,
Ehrenkranz & Ehrenkranz LLP (the “Law Firm, and such clients, “Law Firm Advisory Clients”).
Law Firm Advisory Clients pay a legal retainer to the Law Firm (the “Law Firm Fee”) which is
billed quarterly in advance. However, Law Firm Advisory Clients may elect in writing to have
their Law Firm Fee automatically deducted on a quarterly basis from a capital account
associated with their investment in certain funds managed by affiliates of the Advisor
(“Ehrenkranz Funds”). The amount of the Law Firm Fee is negotiated and will vary among Law
Firm Advisory Clients based on the anticipated amount of services provided to such Law Firm
Advisory Client.

On a monthly basis, the Advisor will receive 50% of the Law Firm Fee paid by each Law Firm
Advisory Client to the Law Firm for such month as an internal allocation pursuant to a Fee
Allocation Agreement between the Advisor and the Law Firm.

The Advisor and/or its affiliates may advise a Law Firm Advisory Client to invest in an Advisor
Managed Fund or one or more Ehrenkranz Funds, each of which charges a separate annual
Management Fee, as described in Item 5-A.

Law Firm Advisory Clients may be advised by the Advisor to invest directly in Portfolio Funds
or with other third-party managers. Assets invested in Portfolio Funds or with third party
managers are separately subject to management fees, incentive fees and/or other charges (e.g.,
brokerage fees, custody fees, administrative fees, etc.) which may be imposed by those entities
directly and which are in addition to the Law Firm Fee. The Advisor and the Law Firm do not
share in any such other fees.

The services of the Advisor may be terminated by the Law Firm Advisory Client or the Advisor
at any time. The Law Firm Advisory Client will receive a pro rata refund of any prepaid Law
Firm Fees calculated from the date of termination. In the case of a mid-quarter termination of
advisory services to Law Firm Advisory Clients that are billed quarterly in arrears, the Law
Firm Fee payable is prorated accordingly.

C. Direct Advisory Clients

Certain Advisory Clients of the Advisor (“Direct Advisory Clients”) pay a fee to the Advisor
based on specific assets advised upon by the Advisor (the “Advisory Fee”). The Advisory Fee
is a negotiated fee that generally varies based on the total size of the assets to be managed and
the complexity or specialized nature of the proposed investment program. The Advisory Fee
is calculated and charged in the manner set forth in such client’s Advisory Agreement or other
similar documentation. The Advisory Fee is either billed quarterly in advance or quarterly in
arrears as determined on a case-by-case basis. Direct Advisory Clients may elect in writing to
have their Advisory Fee automatically deducted on a quarterly basis from a capital account
associated with their investment in certain Ehrenkranz or Advisor Managed Funds.

The Advisor and/or its affiliates may advise a Direct Advisory Client to invest in an Advisor
Managed Fund or one or more Ehrenkranz Funds, each of which charges a separate annual
Management Fee, as described in Item 5-A. Assets invested in Advisor Managed Funds and
Ehrenkranz Funds are excluded from the asset base upon which the Advisory Fee is calculated
if such assets are subject to a Management Fee within the Fund. In cases where assets invested
in Advisor Managed Funds and Ehrenkranz Funds are included in the asset base upon which

the Advisory Fee is calculated, Management Fees charged within those funds are generally
deducted from the calculation of the Advisory Fee.

Direct Advisory Clients may be advised by the Advisor to invest in Portfolio Funds or with other
third-party managers. Assets invested in Portfolio Funds or with third party managers are
separately subject to management fees, incentive fees and/or other charges (e.g., brokerage
fees, custody fees, administrative fees, etc.) which may be imposed by those entities directly
and which are in addition to the Advisory Fee. The Advisor does not share in any such other
fees.

Direct Advisory Clients that also receive legal services from the Law Firm will have a portion
(as mutually agreed upon by such Direct Advisory Client and the Advisor) of their Advisory Fee
internally allocated to the Law Firm pursuant to a Fee Allocation Agreement between the
Advisor and the Law Firm.

The services of the Advisor may be terminated by the Direct Advisory Client or the Advisor at
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Item 7 – Types of Clients

The Advisor provides portfolio management services to high net worth individuals, individual
retirement accounts and self-directed retirement plans, charitable and other non-profit
institutions, foundations, private investment vehicles (including Advisor Managed Funds and
any future investment pools formed by the Advisor or its affiliates), family partnerships, family
and sole-member limited liability companies and trusts.

The partners of the Advisor discuss new client relationships prior to the commencement of any
services. The Advisor has a formal client on-boarding process that requires each new client to
receive appropriate documentation from the Advisor. Prior to establishing a new client
relationship, the Advisor also requires that new Advisory Clients sign an Investment Advisory
Agreement and provide documentary verification of identity and address.