Hunter Point Capital LP

FEES AND COMPENSATION

        In general, HPC receives a management fee and a carried interest in connection with the
provision of advisory services to its Clients. HPC or its affiliates receive additional compensation
in connection with management and other services performed for portfolio companies of the Funds
and such additional compensation will offset in whole or in part the Management Fees (defined
below) otherwise payable to HPC to the extent provided by the Governing Documents. In addition,
in certain circumstances HPC receives compensation for management and other services
performed in connection with co-investments made in portfolio companies of the Clients. Investors
in a Client also bear certain expenses, including certain start-up costs as further described in the
Governing Documents.

Management Fees

       Clients that are Funds

         During the investment period, each Fund will pay its respective General Partner (or an
affiliate thereof) a management fee (the “Management Fee”) which is payable either quarterly in
advance or quarterly in arrears, depending on the Fund and as detailed in each Fund’s Governing
Documents, with respect to each limited partner that is not designated as an “affiliated partner” by
the General Partner. Such Management Fee will be equal to a certain percentage of either the capital
commitments of such limited partner (“Commitments”) or a limited partner’s invested capital,
depending on the Fund and as specified in the Governing Documents, subject to discounts and/or
reductions in certain circumstances as described in the Governing Documents. Following the
investment period (or upon the occurrence of certain other events as described in the Governing
Documents), certain of the Funds will pay the General Partner (or an affiliate thereof) a
Management Fee equal to a percentage of such limited partner’s invested capital (as further
described in the relevant Governing Documents). For certain of the Funds, the Management Fee
will be payable for the initial term of the Fund (except as otherwise set forth in the relevant
Governing Documents) and thereafter, such Fund will pay the General Partner (or an affiliate
thereof) an annual administration or servicing fee (as described in the relevant Governing
Documents). Certain of the other Funds pay the Management Fee until the final distribution of
such Fund’s assets (as described in the relevant Governing Documents). Where the Governing
Documents calculate Management Fees based on the amount of Commitments or the amount of
invested capital, the amount of Management Fees generally will not be reduced based on
reductions in investment value, except where specified by the relevant Governing Documents. As
a general matter, Management Fees will be payable during term extensions unless otherwise
agreed with investors. The Governing Documents set forth the full list of terms under which
Management Fees will be reduced, offset or otherwise be limited, and consequently investors
should expect to bear the full specified Management Fee rate in the Governing Documents until
they are reduced in the circumstances and on the date(s) specified therein.

        To the extent specified in a Fund’s Governing Documents, the Adviser or another HPC
entity and other professionals or personnel who may be engaged by HPC will be permitted to
receive certain supplemental fees and other amounts (“Supplemental Fees”) consisting of: (i)
management services or advisory consulting fees paid by any portfolio company; (ii) transaction
fees paid by any portfolio company; and (iii) other designated net fee payments received by the
Adviser or its partners or personnel from portfolio companies or prospective portfolio companies.
A Fund’s Governing Documents generally will provide that Supplemental Fees received by HPC
and attributable to the Fund’s investment in a portfolio company will be credited against
Management Fees otherwise owed to HPC in a specified percentage (e.g., 100%). The remaining
amount of such Supplemental Fees will be retained by HPC. In accordance with the Governing
Documents, Supplemental Fees do not include any amounts received by HPC or other persons
from or in respect of any portfolio entity or prospective portfolio entity (A) as reimbursement for
expenses directly related to such portfolio entity, prospective portfolio entity or related Underlying
Manager, (B) as payment relating to HPC’s procurement business (including fees payable to
personnel thereof and/or costs and expenses related to products and services acquired in relation
thereto), (C) following the disposition thereof by the relevant Fund, including fees or other
compensation received in connection with any continuation fund or retained interests, (D) subject

to the specific terms and conditions of the relevant Partnership Agreement, as payment relating to
HPC’s SVG Services (as defined herein), and/or (E) as otherwise provided in the relevant
Partnership Agreement.

         HPC reserves the right to receive Management Fees and Supplemental Fees from, on behalf
of or with respect to co-investors and other owners of an investment. HPC currently receives and is
authorized in the future to receive other fees relating to the structuring and administration of co-
investment arrangements. The receipt of such other fees and Supplemental Fees from co-investors
and other owners will not reduce the Management Fee payable by any Fund(s) that have also
invested in such investment, and, as a result, a Fund will, in most cases, only benefit with respect
to its allocable portion of any such fee. As a result, a Fund will not benefit from (and HPC is expected
to retain) the portion of any fee that relates to such co-investors or similar fee free investor
commitments, which could include co-investment vehicles managed by HPC, Service
Providers, third parties, current or former portfolio company management or personnel, sellers
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TYPES OF CLIENTS

         HPC provides investment advice solely to its Fund clients and certain SMA clients, and
references throughout this Brochure to “clients” and to HPC’s related duties to and practices on
behalf of its clients and/or investors should be construed accordingly. The Funds generally include
investment partnerships or other investment entities formed under domestic or foreign laws and
operated as exempt investment pools under the Investment Company Act of 1940, as amended.
The investors participating in the Funds and/or SMAs generally include individuals, banks or thrift
institutions, other investment entities, insurance companies, university endowments, sovereign
wealth funds, family offices, pension and profit-sharing plans, trusts, estates or charitable
organizations or other corporations or business entities and often include, directly or indirectly,
principals or other personnel of HPC and its affiliates and members of their families, or other Service
Providers retained by HPC or a Fund, as well as executives of portfolio companies.

        The relevant General Partner also generally is permitted, and has, established Funds that
are alternative investment vehicles in order to permit certain investors to participate in one or more
particular investment opportunities in a manner desirable for tax, regulatory or other reasons.
Alternative investment vehicle sponsors generally have limited discretion to invest the assets of
these vehicles independent of limitations or other procedures set forth in the organizational
documents of such vehicles and the Governing Documents of the related Fund.

       The Funds generally have a minimum investment amount of $5 million for third-party
investors, and the Funds’ interests are offered and sold solely to qualified purchasers (or qualified
knowledgeable HPC personnel). HPC generally is permitted to waive such minimum investment
amount.

     METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

General

        HPC is a private investment firm primarily focused on two distinct and complementary
investment strategies through a single integrated platform: (1) making permanent, non-controlling
equity investments in middle-market alternative asset managers and their related entities on a global
basis in a variety of industry sectors and asset classes, including, without limitation, private equity,
private credit, infrastructure and real estate, and (2) providing tailored, limited duration, secured
financing to alternative asset managers and the funds that they manage, including (a) making loans
to individual private funds managed by alternative asset managers secured or collateralized by the
net asset value of such fund’s portfolio investments and (b) through preferred securities or loans
at the alternative asset manager company level, collateralized by such asset manager’s assets
and/or cash flows, including contractual management fees. HPC targets opportunities where HPC
believes it can add value by providing capital, financing solutions, strategic advice, and other
value-added services to help firms grow their businesses. HPC’s investment advisory services
consist of identifying and evaluating investment opportunities, negotiating investments, managing
and monitoring investments and achieving dispositions for investments. Investments are
predominantly of non-public companies although investments in public companies are permitted.

        There can be no assurance that HPC will achieve the investment objectives of any Client
and a loss of investment is possible.

Investment and Operating Strategy

        HPC’s strategy is centered on a highly focused, systematic effort to identify top quality
middle-market alternative asset managers who possess a strong likelihood of success via
sustainable, defensible growth and long-term enterprise value creation potential. HPC specifically
focuses on opportunities where HPC believes that it can add value.

       HPC seeks to work with fund managers early on, providing services aimed at helping to
accelerate value creation through the knowledge and insights that HPC’s management team has
developed through their experience helping to build leading global asset management businesses.
The Clients are also authorized to invest in one or more of the funds, vehicles or other products
sponsored or managed by the Underlying Managers with profit and/or revenue share participation
granted in exchange for such investment (in addition to the economics associated with an
investment in such products).

Risks of Investment and Conflicts of Interest

        Each Client and its investors bear the risk of loss that HPC’s investment strategy entails.
The risks and conflicts of interest involved with HPC’s investment strategies and an investment in
a Client include, but are not limited to:

        Illiquidity; Lack of Current Distributions. An investment in a Fund should be viewed as an
illiquid investment. It is unlikely that there will be a public market for the securities held by a
Fund at the time of their acquisition. The interests in a Fund have not been registered U.S.
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, the

securities laws of any state or the securities laws of any other jurisdiction and, therefore, generally
cannot be resold unless they are subsequently registered under applicable securities laws, or unless
an exemption from such registration requirements will be available. Absent a liquidity event, it is
not contemplated that registration of the interests in a Fund would be available. It is uncertain as
to when profits, if any, will be realized. Losses on unsuccessful investments may be realized before
gains on successful investments are realized. The return of capital and the realization of gains, if
any, generally will occur only upon the partial or complete disposition of an investment. While an
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