Hudson Americas LP

Item 5: Fees and Compensation

Hudson generally receives fees, directly or indirectly, from Clients for services provided. Hudson
is also generally entitled to be reimbursed by Clients for expenses paid on their behalf. Common
Hudson fee and expense arrangements are discussed below. The specific fee and expense terms for
each Client are subject to negotiation with the Client and are detailed in the Client’s organizational
or offering documents and/or side letter agreements negotiated with its investors (collectively,
together with any amendments, agreements, supplements and/or restatements and relevant
Advisory Committee consents, the “Governing Documents”). Fees paid by Clients are indirectly
borne by their investors.

Hudson typically bills fees for its services on a monthly or quarterly basis in arrears and generally
does not bill in advance. In limited circumstances, Hudson Fees (as defined below) may be payable
in advance. If Hudson did not perform the applicable services for the entire quarter, Hudson would
return or rebate funds consistent with the terms of the applicable agreement. A Client may invest in
assets directly or indirectly through partnerships, limited liability companies, corporations, or other
entities that hold the assets (collectively, the “Fund Entities”). Hudson’s fees are billed to the
applicable Client and/or Fund Entity.

As further discussed below, each Client generally bears all expenses related to its investments.
These expenses include, without limitation, broker’s commissions, clearance charges, and due
diligence expenses (related to consummated or unconsummated investments). Clients are also
responsible for loan servicing fees, travel expenses, taxes, other expenses incident to the purchase,
maintenance and sale of investments by such Client, charges incurred in connection with the
custody of investments, outside legal, tax, consulting, and accounting fees, insurance and litigation
expenses, and any taxes, fees, or other governmental charges levied against the investment. Item

Item 7: Types of Clients

Hudson’s primary clients are the Lone Star Funds, the SFR Fund, and their respective affiliates.
Hudson may also provide services to financial institutions, corporate and public pension funds,
sovereign wealth funds, university endowments, foundations, other private funds, and operating
companies.

Interests in the Clients are offered pursuant to applicable exemptions from registration under the
U.S. Securities Act of 1933, as amended (the “Securities Act”). In addition, the Clients are not
registered as investment companies in reliance upon an applicable exemption under the U.S.
Investment Company Act of 1940, as amended (the “Investment Company Act”). Investors in the
Clients are generally “accredited investors” within the meaning of Regulation D promulgated under
the Securities Act and generally “qualified purchasers” as defined in the Investment Company Act,
and may include, among others, corporate and public pension funds, sovereign wealth funds,
university endowments, foundations, funds of funds, and high net worth individuals. Certain
Clients are registered under the Bermuda Investment Funds Act, as amended.

The Adviser does not have a minimum size for a Client, but minimum investment commitments
are established for investors in the Clients. The general partner of each Client may in its sole
discretion permit investments below the minimum amounts set forth in the Governing Documents
of such Client.

See Item 4 – “Advisory Business.”