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FEES AND COMPENSATION

Fortress’s Clients are generally qualified purchasers, as defined in section 2(a)(51)(A) of the
Investment Company Act. As such, a detailed Client fee schedule is not included in this
brochure. However, most of Fortress’s Clients pay some or all of the following fees to Fortress:

       (i) a management fee, to the extent applicable, that is generally equal to 0.40% to 2.0%
           of the total capital committed or invested, or the net asset value, under management
           for the relevant Client (a “Management Fee”); and

       (ii) a performance fee (or in the case of certain other Clients, an “incentive allocation”;
            the phrase “Promote” is used throughout this brochure to refer to both a
            performance fee or an incentive allocation), to the extent applicable, that is
            generally equal to 10% to 20% of the net capital appreciation of such Client’s
            account at the end of the relevant fiscal period, or upon realization, and in certain
            cases subject to, or only in excess of, specified performance thresholds.

Generally, fees are not negotiable; however, in certain cases, Fortress affiliates have waived or
reduced Management Fees and Promote for certain investors including, for example,
employees and certain affiliated entities or other types of investors by way of separate class,
Side Letter or otherwise. The fee terms of Managed Accounts may differ from the fee terms of
the Private Funds whose strategies they parallel.

Certain Clients may also pay to Fortress an “Administrative Fee” of up to 0.50% of committed
or invested capital for the relevant Client.

In limited circumstances, certain Clients may also pay acquisition fees, disposition fees,
withdrawal fees and underwriting fees, in each case in accordance with the applicable Client’s
Offering Documents. In certain limited circumstances, such as the secondary purchases of
Fortress-managed fund interests by other Fortress-managed funds, investors may be charged
fees, including management fees and promote, at both the fund level (the fund in which the
Client is invested) and at the level of the fund interest purchased in a secondary transaction.

With respect to the collateral management services that Fortress or, in limited circumstances,
Relying Advisers owned by Fortress Clients, provides to its Structured Products Clients,
collateral management fees are generally paid to Fortress monthly or quarterly in arrears based
on the total amount of collateral at the end of each calendar month or quarter.

Fortress generally deducts fees from Clients’ assets on a monthly, quarterly, semi-annual or
annual basis, depending on the Client involved and the nature of the fee.

More detailed information about specific fees and expenses that Clients may pay is provided
in the Offering Documents of each Client.

Underlying investors in Fortress’s open end Private Funds and Private REITs have the right to
redeem or request the repurchase of their interest in that investment vehicle in accordance with
the terms of the relevant Private Fund’s or Private REIT’s, as applicable, organizational
documents. Certain Clients pay Management Fees on a monthly, quarterly or semi-annual basis

in advance; in such cases, Clients may be entitled to a refund of Management Fees that are paid
in advance, depending on the facts and circumstances. If such a situation arises, however,
Fortress will determine in its sole discretion, on a case-by-case basis, whether to rebate such
fees and, in all cases, will do so in accordance with the relevant Client’s Offering Documents.

With respect to Promote that may be payable or otherwise borne by certain Clients in
connection with the distribution made by such Client of investment proceeds or other amounts
to investors, such fees are generally subject to a “clawback” (meaning that Promote distributed
to Fortress may be repayable to the Client in certain circumstances) depending on the final
overall performance of that Client; alternatively, if the Promote is based on increases in net
asset value, any loss incurred by the Client is carried forward so that no Promote is owed unless
and until losses incurred during a prior period or periods have been recouped, subject to certain
adjustments (also referred to as a “high water mark provision”).

In the case of PCVs, Fortress also typically receives, for services provided, a number of options
in the PCVs equal to up to 10% of the number of shares of common stock sold by any such
entity when raising equity capital. The options received by Fortress typically have a strike price
equal to the market price of the relevant stock on the day of issuance and a ten-year term. If the
value of the stock were to increase during the term of the option, the value received by Fortress
upon exercise would exceed the strike price paid by Fortress.

Additional information related to the timing of the fees Fortress charges its Clients is provided
in the relevant agreement between Fortress and the relevant Client (as well as in the Offering
Documents provided to investors in the Private Funds and Private REITs, as applicable).

Additional Fees and Expenses

In addition to those fees described above, Clients may pay additional fees and expenses such
as the following non-exhaustive list of items:

       •   brokerage commissions                            negotiating and entering into side
       •   due diligence expenses                           letters)
       •   market data expenses                         •   costs of winding-up a fund
       •   expenses relating to short sales             •   interest and other borrowing or
           (including hedging)                              leverage related expenses
       •   hedging expenses                             •   financing costs
       •   clearing and settlement charges              •   investment-related expenses
...

TYPES OF CLIENTS

As described in Item 4 above, Fortress currently offers investment advisory services to Private
Funds, Private REITs, Managed Accounts, Permanent Capital Vehicles and other publicly
traded vehicles, and Structured Products. The underlying investors in Private Funds, Private
REITs, Managed Accounts, and Structured Product Clients are typically institutional and high
net worth investors. As further described in Item 10, the BDC Adviser manages the assets of
the BDC.

Fortress’s Private Funds, Private REITs and Managed Accounts generally have $100 million
or more in capital under management or capital commitments. With exceptions where
permitted by applicable law, Fortress requires that the underlying investors in the Private Funds
and Managed Accounts be “qualified purchasers” as that term is defined in Section 2(a)(51) of
the Investment Company Act (with the exception of certain Fortress personnel who qualify as
“knowledgeable employees” under Rule 3(c)-5 of the Investment Company Act). Fortress also
generally requires, with exceptions granted at the discretion of Fortress, that the underlying
investors in the Private Funds and Managed Accounts invest no less than $1,000,000 and, in
some cases, as much as $20,000,000 in the applicable Client. The minimum investment amount
for underlying investors in the Private REITs is typically $25,000.