Highbury Park LLC

Item 5.     Fees and Compensation

Highbury Park’s fees and compensation are described in each client’s Governing Documents.

For certain of the Funds, Highbury Park is paid management fees semi-annually in advance based on the
capital commitments of investors. Once paid, the management fees are non-refundable. Highbury Park
deducts such management fees from each Fund. Highbury Park may waive or modify the management
fee payable with respect to any investor.

Highbury Park GP is entitled to receive carried interest from the Funds, as further described in Item 6 –
Performance-Based Fees and Side-By-Side Management.

Expenses Generally

Expenses borne by the Funds are described in each of the Funds’ Governing Documents.

Each Fund bears all costs and expenses incurred in connection with the organization and offering of
interests in the Fund and the organization of the general partner generally up to a maximum of one
hundred thousand dollars ($100,000) per investment series, with any remainder being borne by Highbury
Park (provided that Highbury Park shall not bear any placement fees, finders’ fees or any other costs and
expenses of placement agents related to the offering of interests in the Fund).

For all Funds except Highbury Holdings XVI, LP (and, generally, newer vintage private funds organized by
Highbury Park after the organization of Highbury Holdings XVI, LP), each Fund shall also bear all cost and

Highbury Park LLC                                                                         Form ADV Part 2A

expenses incurred in the making of an investment in a portfolio company or the sale of any assets of a
portfolio company, taxes, if any, applicable to a portfolio company on account of its operations, the costs
and expenses of a portfolio company’s financial and tax accounting, the costs and expenses of its legal,
regulatory and compliance advisers, the costs incurred in connection with transfers of portfolio company
interests (to the extent not borne by the transferor or transferee), the costs of collecting amounts from
defaulting investors to the extent not borne by the defaulting investors, the costs of any appraisals, the
costs of preparing and communicating reports to investors, the expenses incurred by a portfolio company
in serving as tax matters partner or partnership representative, and premiums for contractual indemnity
insurance (but not for insurance intended to insure any person against liability with respect to which such
person would not be entitled to be indemnified pursuant to the offering documents). For purposes of the
foregoing, “costs and expenses incurred in the making of an investment in a portfolio company or the sale
of any assets of a portfolio company” shall include (but not by way of limitation) private placement fees,
finders fees, fees associated with specialized diligence, real property and personal property taxes on
investments, brokerage fees, securities registration fees and expenses, fees incurred in connection with
the maintenance of bank or custodian accounts, underwriting commissions and discounts, and
professional fees and expenses (such as legal, accounting, appraisal and consulting costs) and other fees
and expenses which are directly related to the investment in a portfolio company or other portfolio
company assets (and which are not paid or reimbursed by a portfolio company). Each Fund shall bear
expenses with respect to litigation (other than litigation or disputes primarily among investors or partners
of Highbury Park), all costs and expenses arising out of the Fund’s indemnification obligations pursuant to
the offering documents and all costs and expenses associated with any audit of the Fund’s tax returns.
Such expenses shall not exceed one hundred and fifty thousand dollars ($150,000) per calendar year in
the aggregate among all limited partners unless approved in writing in accordance with the Governing
Documents.

For Highbury Holdings XVI, LP (and, generally, newer vintage funds organized by Highbury Park after the
organization of Highbury Holdings XVI, LP), Fund expenses include costs, fees and expenses incurred in
the sourcing, investigation, evaluation, holding, purchase, management, monitoring, sale, disposition or
exchange of securities (whether or not ultimately consummated), including, but not by way of limitation,
including: all fees, costs, expenses, liabilities and obligations attributable to sourcing, structuring,
organizing, acquiring, managing, undergoing diligence, operating, holding (including expenses of tracking
software), hedging, taking public or private, valuing, winding up, liquidating, or dissolving and disposing
of the Fund’s investments (including interest and fees on money borrowed by the Fund, Highbury Park or
Highbury Park GP, registration expenses and brokerage, finders’, custodial, and other fees), whether
consummated or unconsummated and whether or not such activities are successful; indebtedness of, or
guarantees made by, the Fund, Highbury Park or Highbury Park GP on behalf of or in respect of the Fund
(including any margin loan, credit facility, loan commitment, letter of credit or similar credit support),
including any principal, interest or fees and expenses with respect thereto, or any fees and expenses
relating to evaluating, negotiating or seeking to put in place any such indebtedness or guarantee; legal,
accounting, asset and financial administration, custodian, bookkeeping, recordkeeping professional
services fees and expenses (including attorneys’ fees) relating to the Fund and its activities, and custody
expenses (including expenses related to proprietary systems); fees and expenses relating to outsourced
finance, reporting, administration, accounting and back-office services, depositary, auditing or insurance
(including directors and officers errors and omissions liability, cyber-insurance, and other insurance);
...

Item 7.     Types of Clients

As mentioned in Item 4 above, Highbury Park provides investment advisory services to the Funds.
Investors in the Funds are generally high net worth individuals and institutional investors that qualify as
“accredited investors” (as defined in Rule 501 under the Securities Act of 1933, as amended) and qualified
purchasers. The minimum initial investment in the Funds will be determined by Highbury Park and set
forth in the Funds’ Governing Documents. Highbury Park has waived such minimum and may, in its
discretion, do so in the future under certain circumstances.

Highbury Park LLC                                                                           Form ADV Part 2A