OSP LLC

Item 5 – Fees and Compensation

It is critical that investors refer to the respective organizational documents for a complete
understanding of how OSP is compensated from that Fund for its advisory services; the fees and
expenses investors may pay and how those fees and expenses are deducted from an investor’s
assets; and investor’s withdrawal and redemption rights.

Management Fees and Performance-Based Compensation

Value Funds
OSP or its affiliates generally receive Management Fees and Carried Interest allocations (as
defined below) or similar performance-based remuneration from each Value Fund. Additionally,
consistent with the respective organizational documents of the Value Funds, each Fund typically
bears certain out-of-pocket expenses incurred by the Fund and the Adviser in connection with
the services provided to the Fund.

The “Management Fee” is calculated and payable quarterly in advance. Until the termination of
a Fund’s reinvestment period, the Management Fee is calculated based on a percentage of the
capital commitments of investors in the Fund, while after the termination of the investment
period, the Management Fee is calculated based upon the lesser of a percentage of the capital
commitments of investors in the Fund and the current value of investors’ capital account
balances. The current value of investors’ capital account balances is calculated based on the
Valuation Policy disclosed in the respective organizational documents of each Fund. OSP reserves
the right, at its sole discretion, to waive, reduce or calculate differently the Management Fees
for certain investors in a Value Fund, including persons affiliated with OSP.

“Carried Interest” is paid to the affiliated general partner of each Value Fund based upon the
performance of investments in the Fund subject to a preferred rate of return and “clawback”
provision. The calculation of this performance compensation is described more fully in the
relevant Fund organizational documents. OSP reserves the right, at its sole discretion, to waive,
reduce or calculate differently the performance allocation for any investor, including persons
affiliated with OSP.

Expenses

Organizational and operational expenses of the Funds are allocated to each Fund and investors
as set forth in the organizational documents of the respective Fund. The Funds shall pay (or
reimburse the general partner or Adviser) for all reasonable organizational and start-up expenses
incurred by OSP or its affiliates on behalf of the respective Fund(s). Fund expenses shall include
but not be limited to interest on borrowings, payments made under and expenses related to

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hedging transactions, OSP’s management fee, legal, consulting, accounting, auditing, reporting
and financial statement and tax preparation expenses, out-of-pocket expenses relating to the
acquisition, holding and disposition of investments, expenses incurred in connection with
transactions whether or not consummated and other customary and extraordinary expenses,
including but not limited to indemnification and litigation, interest payments on indebtedness
and other borrowing charges, administrator fees and expenses, custodian fees and expenses,
taxes, telecommunication, research expenses including Bloomberg terminals, brokerage fees and
commissions, insurance premiums and certain other expenses.

Fund expenses shall also include any expenses directly attributable to the formation, operation
or administration of any alternative investment vehicle utilized by the Funds as well as expenses
related to any annual meeting of investors in a Fund.

Allocation of Expenses

OSP seeks to allocate expenses attributable to more than one Fund in a fair and equitable
manner, taking into account the extent to which each Fund benefits from the particular product
or service. Depending upon the nature of the expense, it could be allocated in proportion to the
Fund’s net asset value or the relative benefit derived by the Fund (or relative participation in an
investment, if the expense is related to such investment), equally among all participating Funds
or in another manner that OSP deems fair and equitable.

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Item 7 – Types of Clients

All of OSP’s clients are pooled investment vehicles that are privately offered to accredited
investors (as defined in Regulation D promulgated under the Securities Act) and qualified
purchasers (as defined in the Investment Company Act). The Funds impose minimum investment
limits upon investors that may be waived by OSP in its sole discretion as set forth in the respective
organizational documents.

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                                                                        FORM ADV Part 2A Brochure