Liberty Park Capital Management LLC

Item 5. Fees and Compensation

Our Firm, or an affiliate of our Firm, typically receives compensation from Funds based on both
the percentage of assets under management and on performance achieved for the client’s account.
We structure our performance-based compensation as profit-sharing allocations through a general
partner interest that our affiliate holds in the fund.

Our PWM Clients generally pay management fees based on a percentage of assets under
management.

Fund Clients

Management Fee. Liberty Park generally charges each of the Fund Clients an asset-based
management fee, payable monthly in advance. The management fee varies for each Fund Client
but typically ranges from 1% to 1.5% per annum of the net asset value of the capital account of
each investor in such Fund Client (including net unrealized appreciation or depreciation of
investments and cash, cash equivalents and accrued interest) as of the beginning of such calendar
month (the “Management Fee”). The Management Fee is calculated and paid in advance. Because
the investors in the Fund Client can only withdraw money from the fund quarterly, investors will
not pay a Management Fee in excess of what they owe. The Management Fee is deducted directly
from the capital account of each investor in the Fund Clients

Performance Allocation. Subject to certain terms, limitations and conditions set forth in the
applicable Offering Documents, at the end of each fiscal year (and such other times set forth in the
Offering Documents of each Fund Client), Liberty Park or its affiliate generally is entitled to
receive a performance-based allocation (“Performance Allocation”) that is equal to a percentage
of the net profits allocated to the capital account of each investor in a Fund Client during the
applicable period (subject to certain adjustments, the “high water mark” described below and
hurdle rates). The performance allocation percentage varies by a Fund Client; however, it is
generally no more than 20% with respect to the capital account of each investor in the Fund Clients.

The Performance Allocation is subject to a “high water mark” limitation (or cumulative loss
provision). As a result, after the first fiscal year in which a Performance Allocation is earned, the
Performance Allocation for subsequent years applies only to the extent that an investor’s pro rata
share of net profits measured on a cumulative basis, net of any losses, for all years since admission
exceeds the highest level of such cumulative net profits achieved through the close of any prior
year since admission. If an investor in a Fund Client makes a withdrawal at a time when its capital
account balance is below its historic “high water mark”, the level of the high water mark will be
ratably reduced to reflect such withdrawal. The Performance Allocation is calculated and charged
to each investor in a Fund Client at the end of each fiscal year and such other dates set forth in the
applicable Offering Documents. The Performance Allocation is re-allocated from each capital
account of an investor to the capital account of Liberty Park.

Fees with respect to an investor in a Fund Client generally and not negotiable. However, Liberty
Park has entered into and may enter into side letters or other similar arrangements with certain
investors in the Fund Clients that waive, reduce, or calculate differently the Management Fee
and/or the Performance Allocation with respect to such investors.

Other Fees and Expenses. In addition to the Management Fee and the Performance Allocation,
each Fund Client generally is required to bear (and reimburse Liberty Park and its affiliates for)
all costs and expenses relating to its activities. A summary of certain costs and expenses that
generally are required to be borne by the Fund Clients is set forth below:

      all costs, expenses, or charges incurred by the Fund Clients, directly or indirectly, in
       connection with the investment and trading activities of the Fund Clients, including without
       limitation, brokerage commissions, mark-ups, margin interest, expenses related to short

    sales, custodial fees, clearing and settlement charges, and other transaction costs to brokers
    and/or all expenses incurred in developing, evaluating, negotiating, consummating,
    monitoring, structuring, trading, effecting, settling, holding and/or disposing of
    investments, including expenses which the general partner reasonably determines to be
    related to the activities of the Fund Clients or the investment of the Fund Clients’ assets;

   all costs and expenses associated with the organization of the Fund Clients and the offering
    of interests in the Fund Clients, including legal and accounting fees, printing costs, travel
    and out-of-pocket expenses and compliance with any applicable federal and state laws;

   all operating expenses such as tax preparation fees (including, without limitation, any such
    fees related to the preparation of tax returns and Schedule K-1s), governmental fees and
    taxes (or any other governmental charges levied against a Fund), administrator, custodial
    and prime brokerage fees and expenses, communications with investors and ongoing legal,
    accounting, auditing (including the cost of the annual audit of the Fund Clients’ financial
    statements), administration, appraisal, bookkeeping, consulting and other professional fees
    and expenses, including for litigation and preparation of financial statements and reports;

   the cost of any outside appraisers, accountants, attorneys, or other experts engaged by
    Liberty Park on behalf of the Fund Clients as well as other expenses directly related to the
    Fund Clients’ investment program;

   all fees and other expenses incurred in connection with the investigation, prosecution, or
    defense of any claims by or against the Fund Clients,

   interest on, and fees and expenses arising out of, all borrowings;
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Item 7. Types of Clients

As discussed in Item 4 above, Liberty Park provides investment advisory, management, and other
services to the Fund Clients, which are affiliated pooled investment vehicles, and managed account
Clients. Liberty Park may in the future provide investment advice and other services to other
Clients or types of Clients. The minimum initial capital contribution required for an investor in the
Fund Clients is set forth in the applicable Offering Documents.

To invest in the Fund Clients, each investor generally is required to certify that it is, among other
things, an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the
Securities Act of 1933, as amended), and either a “qualified client” (as such term is defined in Rule
205-3 under the Advisers Act), or a “qualified purchaser” (as such term is defined in Section
2(a)(51)(A) of the Company Act).

Each prospective investor generally is required to complete and return various subscription
documents to the Fund Clients, which are designed to provide the Fund Clients, Liberty
Park and their affiliates and agents with important information about the investor.
Subscriptions may be accepted or rejected, in whole or in part, in the sole discretion of
Liberty Park.

Item 8. Method of Analysis, Investment Strategies and Risk of Loss

Liberty Park Fund, LP – Method of Analysis and Investment Strategies

Our investment strategy can be described generally as a long/short equity strategy with a focus on
small to mid-cap industrial and technology companies. More specifically, we intend to hold an
average of 30-45 positions in companies that make or sell capital equipment, components and/or
materials and have market capitalizations of less than $5 billion.

We intend to generate returns by buying shares in companies that we believe are undervalued and
by shorting shares in companies that we believe are overvalued. In order to determine whether a
stock is undervalued or overvalued, we first analyze the underlying company’s fundamentals and
outlook, which includes but is not limited to its competitive position, industry trends, new product
schedule and management’s ability to execute its business plan. We then compare our view of the
company’s fundamentals and outlook to that of the majority of other investors (i.e., the consensus
view). We expect to glean what other investors’ view of a company is by analyzing the stock’s
recent price movements, by viewing sell-side analyst revenue and profit forecasts, and by speaking
with other investors that are knowledgeable on the company. When our view of the company’s
fundamentals and outlook is materially more positive than what other investors’ view is, the stock
is considered for purchase. When our view of the company’s fundamentals and outlook is
materially more negative than what other investors’ view is, the stock is considered for shorting.

In order to speed the process of sorting through well over 500 companies to find the 30-45 we feel
are most suitable for our client, we maintain a list of all companies with market capitalizations
below $5 billion. These companies are then categorized into tiers based on our familiarity.
Companies with which we have a high degree of familiarity frequently will be included in the
fund’s portfolio; companies with which we have a low degree of familiarity seldom will be
included in the Fund’s portfolio. To further speed the filtering process, companies with which we
have a moderate-to-high degree of familiarity are further categorized according to factors, such as
cyclicality, operating leverage and exposure to certain geographies or end markets. We plan to
consistently expand the universe of companies on which we are knowledgeable by reading new
companies’ annual reports, attending industry trade shows and investor conferences and consulting
with other knowledgeable parties.

We believe we can increase the Fund’s chances for success by focusing on small to mid-cap
equities, which we view as especially prone to mismatches between investors’ expectations and
reality because of a lack of institutional investor interest in and coverage of these equities. We
believe we can further enhance the Fund’s returns by focusing its investments primarily on
industrials (broadly defined as companies making or selling equipment, components and/or
materials) where we have extensive experience and contacts and where there are still fewer
investors with which to compete.

Liberty Park Select Opportunities, LP – Method of Analysis and Investment Strategies

Our investment strategy can be described generally as a concentrated long-biased equity strategy
with a focus on small to mid-cap industrial and technology companies. More specifically, we
intend to hold an average of 10-15 long positions also held in our Liberty Park Fund, LP that we
deem to be less-cyclical and possess the greatest long-term secular growth prospects.

The universe and investment process for this fund are identical to Liberty Park Fund, LP.

Liberty Park Chorus, LLC – Method of Analysis and Investment Strategies

Our investment strategy is to allocate capital to a wide variety of liquid, illiquid, and other pooled
investment vehicles (“Portfolio Funds”) managed by third party advisors with a focus on niche,
differentiated, and capacity-constrained offerings. In addition to diversity and differentiation, LPC
also seeks to provide its investors with maximum risk-adjusted returns through an innovative
combination of “The Endowment Model” and “Risk Parity.”

PWM Accounts – Method of Analysis and Investment Strategies

Separately managed        accounts    are   invested   in   two    in-house    managed     long-only
portfolios/strategies:

              Equities – domestic- and foreign, mid- and large-cap, value- and growth stocks;
               and
              Fixed Income – federal, municipal, and corporate debt/bonds.
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