Freestone Grove Partners LP

Item 5: Fees and Compensation
Freestone Grove does not charge a management fee or any other asset-based fee to the Funds;
but the Funds will bear expenses under a “Pass-Through Expense” model. Under this model, the
Fund (and thus, each Fund investor) bears its share of all Pass-Through Expenses that Freestone
Grove and/or its affiliates charge to the Fund and the Master Fund. The General Partner will be
entitled to performance-based compensation with respect to the Funds, as further discussed in

Item 7: Types of Clients
Freestone Grove provides investment advice to the Funds based on the particular investment
objectives and strategies described in the applicable Governing Documents. Investment advice
is provided directly to the Funds and not individually to the Fund investors. Investors in the
Funds and other client accounts may include, but are not limited to, charitable organizations,
corporate or business entities, endowments, family offices, foundations, fund of hedge funds,
high net worth individuals, pension plans, sovereign wealth funds, and trusts.
Details concerning applicable investor suitability criteria are set forth in the respective Governing
Documents and subscription materials. Certain of the Funds admit only investors that are
“accredited investors” within the meaning set forth in Regulation D under the Securities Act of
1933 and “qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act
of 1940, as amended. Certain other Funds require investors to meet certain suitability
qualifications, such as being both (A) “accredited investors” under SEC Regulation D of the
Securities Act of 1933 and (B) “qualified purchasers,” as defined in Section 2(a)(51)(A) of the
Investment Company Act of 1940, as amended.
The minimum investment amount for an investment in a Fund is set forth in the Fund’s Governing
Documents, although individual investments of lesser amounts may be accepted at the discretion
of the General Partner or Freestone Grove, as applicable.
Side Letters
Freestone Grove has and may in the future enter into side letters providing certain investors
different or more favorable terms than other investors without being required to offer such terms
to all investors. Except as required by applicable law or described herein, such side letters will
not provide for more favorable liquidity and position-level transparency rights that Freestone
Grove reasonably expects would have a material, negative effect on other investors in the Fund.
Except as required by applicable law, Freestone Grove will not be required to notify investors of
any such side letters or such other rights and/or terms, nor will Freestone Grove be required to
offer such other rights and/or terms to any other investors.