Longrange Capital LP

Item 5.    Fees and Compensation

The Adviser or its affiliates generally receive Management Fees and Carried Interest (each as
defined below) or similar performance-based remuneration from a Fund. A Fund and/or its
portfolio companies are also typically expected from time to time to make other payments to the
Adviser or its affiliates for services provided to the Fund and/or its portfolio companies which, in
certain circumstances, will reduce the Management Fees payable to the Adviser. Additionally,
consistent with the Organizational Documents of a Fund, the Fund typically bears certain out-of-
pocket expenses incurred by the Adviser in connection with the services provided to the Fund
and/or the portfolio companies. Details about such fees and expenses are contained in the

Organizational Documents of a Fund. Further details about certain common fees and expenses are
set forth below.

Management Fee

As compensation for investment supervisory services rendered to the Funds, the Adviser receives
from each Fund an advisory fee (the “Management Fee”) which is based on a budget negotiated
with the investors in the Funds. Management Fees may vary during the life of a Fund. The precise
amount of, and the manner and calculation of, the Management Fees for each Fund are established
by the Adviser in consultation with the investors of the Funds and are set forth in such Fund’s
Organizational Documents. The Management Fee and other fees and distributions described herein
are generally subject to modification, waiver or reduction by the Adviser in its sole discretion, both
voluntarily and on a negotiated basis. Any portion of the Management Fee for a particular fiscal
year that is not utilized by the Adviser during such fiscal year to pay certain expenses identified in
the Organizational Documents as expenses that can be borne out of the Management Fee will offset
the Management Fee payable to the Adviser for the following fiscal year. Additionally, certain
investors in the Funds are entitled to receive a percentage of the Management Fees from future
Funds raised after the 2020 calendar year. The fee structures described herein may be modified
from time to time. Fees may in the future differ from one Fund to another or among investors in
the same Fund. The Adviser affiliate serving as the general partner of a Fund typically does not
pay Management Fees. Unless otherwise agreed with a Fund’s investors, Management Fees will
continue to be payable during any term extensions.

The Management Fees paid by a Fund will generally be reduced by the Fund’s pro rata share of
Offset Fees (as defined below). The amount and manner of such reduction, if any, is set forth in
the Organizational Documents of the applicable Fund.

Management Fees billed to and received from the Funds are payable quarterly in advance.

The Adviser has in the past and may, from time to time in the future, establish certain investment
vehicles through which certain co-investors may invest alongside one or more Funds in one or
more investment opportunities. Such co-investment vehicles may pay Management Fees or
Carried Interest to a Fund, the Adviser or its related persons. Pursuant to contractual arrangements
with certain investors in a Fund, such investors will be entitled to receive a portion of any such
Carried Interest in respect of such co-investment vehicles and any such Management Fees will
offset any Management Fees of a Fund. Otherwise, Fund investors will not be entitled to share in
any such Management Fees or Carried Interest.

In certain circumstances following the termination of an Advisory Agreement, Management Fees
may be paid to the Adviser in accordance with the Advisory Agreement and the Organizational
Documents, and no prepaid amounts will be returned upon termination.

Offset Fees and Expense Reimbursement

Offset Fees

In addition to the Management Fees and Carried Interest, the Adviser and its affiliates are expected
from time to time to receive a variety of other cash, equity and other non-cash fees relating to the

investment activities of a Fund, its portfolio companies and prospective portfolio companies,
including transaction, monitoring, financing, directors’, advisory, investment management, break-
up, termination, or other fees, or expense reimbursement with respect to a portfolio company or
potential investment in a portfolio company (“Offset Fees”). The amount and timing of Offset Fees
received by the Adviser or its affiliates are generally specified in the agreement or other
documentation governing the applicable transaction.

From time to time, the Adviser will, to the extent required under the Fund’s Organizational
Documents or otherwise, in its discretion, disclose to an investor the amount of Offset Fees
allocated to the Fund in which such investor has invested in account statements or other similar
periodic reports delivered to investors.

In many cases with respect to the implementation of the arrangements described above, there is
not an independent third-party involved on behalf of the relevant portfolio company. Therefore, a
conflict of interest exists in the determination of any such fees and other related terms in the
applicable agreement with the portfolio company. However, such conflicts are mitigated by the
Management Fee reduction described below and the payment of excess Offset Fees (i.e., Offset
Fees that are in excess of the charged Management Fee) to the limited partners.

Management Fee Reduction

The Adviser will generally reduce the amount of Management Fees paid by the applicable Fund
in connection with the receipt of such Offset Fees in accordance with the Advisory Agreement
and/or Organizational Documents of the applicable Fund. The Management Fee of a Fund will
generally be reduced by (a) Offset Fees that are not paid to or otherwise assigned to the Fund and
(b) any Management Fees received by the Adviser or its affiliates in respect of certain co-
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Item 7.    Types of Clients

The Adviser currently provides investment supervisory services to the Funds. Investment advice
is provided directly to the Funds (subject to the direction and control of the general partner of each
such Fund, if applicable) and not individually to investors in such Fund.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the
Securities Act and the 1940 Act. Investors in the Funds are generally “qualified purchasers” as
defined in the 1940 Act, and include pension and profit sharing plans and may in the future include
other types of investors, including high net worth individuals, banks, thrift institutions, trusts,
estates, charitable organizations, university endowments, corporations, limited partnerships and
limited liability companies or other entities.

The Adviser does not have a minimum size for a Fund.