Post Advisory Group LLC

Item 5 – Fees and Compensation
Post offers its services for compensation primarily based on a percentage of assets under management but
is also compensated on a performance fee basis in certain circumstances. Post manages commingled
private investment vehicles (“Funds”) and separately managed accounts (“Separate Accounts”, “Clients”),
as well as acts as Collateral Manager for CLOs. The following describes the fees and compensation charged
to the Funds and Separate Accounts.

Private Funds
With respect to the Funds, Post charges the investors within the Funds (“Investors”) a management fee, as
well as charges certain Fund expenses to the Fund; these Fund expenses, in turn, are indirect expenses to
the underlying Investors within the Fund. Any fees, expenses and deductions are expressly provided for in
the offering documents that govern the operations of each Fund.

                       Post Advisory Group, LLC | Form ADV Part 2A – Firm Brochure

Post generally utilizes a master-feeder investment structure where Investors invest into underlying feeder
limited partnership funds, typically an onshore and an offshore option, that ultimately invest proportionally
in the master limited partnership fund. It is at the master fund level that the investment assets of the Fund
are held.

For the Funds, Post serves as General Partner/Investment Advisor and, in this capacity, receives an annual
management fee ranging typically from 0.50% to 0.75%, depending on the Fund. This fee is generally
charged to the capital account of each Investor within the applicable Fund and is typically payable monthly
in advance. For some Funds, the management fee is paid quarterly in advance. One Fund does not charge
a management fee.

For certain Funds, Post invests in equity interests of certain Post CLO vehicles from which Post earns a
collateral management fee. This is in addition, depending on the Fund, to the management fee.

For limited Investors with assets under management under $10MM in one of Post's Funds there is an annual
administration fee of 0.10% annually, paid to the General Partner.

For certain Funds, there is an incentive (performance) based fee in addition to the management fee. The
incentive fee is 15% subject to a high-water mark and a 6 % hurdle. A performance fee arrangement may
create an incentive to choose investments that have higher risk than may be the case with alternative fee
arrangements. Similarly, Post has an incentive to allocate more favorable investment opportunities to
Funds with performance fee arrangements than to Funds with no performance fee arrangements. Post has
a Securities Allocation Policy, as described in Item 6, in place that is designed to address these conflicts and
to help ensure that Post treats all clients fairly and equitably, over time, and to help prevent conflicts from
influencing the allocation of investment opportunities among clients and/or Funds.

Post has entered, and may in the future enter, into separate agreements (“Side Letters”) with various Fund
Investors in certain circumstances. Side Letters offer terms that differ from those available to other Fund
Investors, including a lower management fee than stated in the Fund’s governing documents, regulatory
accommodations, and enhanced reporting obligations. Additionally, some of these Side Letters entitle Post
to receive performance fees or co-investments from Investors.

Fees and/or minimum investment amounts in all categories and ranges described herein are subject to
negotiation, as appropriate. In general, the Funds (and indirectly Investors) do not incur direct brokerage
fees. Instead, brokerage fees are typically “paid” in the form of a buy-sell spread. Please see Item 12 for
more information on brokerage practices. Other transactional costs including, but not limited to, custodial
fees, may be charged to the client as set out in the Funds’ offering documents.

Collateralized Loan Obligations (CLOs)
With respect to the CLOs, Post, as the collateral manager, is entitled to receive a collateral management
fee of generally 40bp, depending on the CLO, split between the senior collateral management fee (15bps)
and the subordinated collateral management fee (25bps). The collateral management fee is typically paid
quarterly in arrears.

The Collateral Manager receives an incentive-based fee in addition to the collateral management fees. The
incentive fees are generally payable only to the extent that funds are available for such purpose under the
priority of payment waterfall in the CLO governing documents and provided that certain performance
hurdles relating to the internal rate of return of the equity investors are met on each payment date. The
incentive fees are generally 20% of excess return above an IRR of 12%.

In cases where Post, acting as the general partner or investment manager of a Fund, makes investment
decisions to allocate capital to a CLO for which Post also serves as the collateral manager, Post has elected

                       Post Advisory Group, LLC | Form ADV Part 2A – Firm Brochure

to rebate a portion of the collateral management fees to such Fund. This rebate ensures that the Funds are
subject to a net collateral management fee cap.

CLOs during their warehouse phase generally do not pay any collateral management fees or performance
fees to Post as the collateral manager. However, Post may receive a warehouse fee, which is negotiated on
a deal-by-deal basis and is described in the CLOs governing documents relating to the warehouse facility.

In addition to fees that Post receives, each CLO generally reimburses Post from time to time for out-of-
pocket expenses related to the services Post, or a third-party, provides to such CLO. In connection with CLO
warehouses, Post could agree to pay such expenses without reimbursement.

Fees in all categories and ranges described herein are subject to negotiation, as appropriate. Each CLO is
...

Item 7 – Types of Clients
Post provides investment advisory services primarily to institutional clients, private investment funds,
private collateralized loan obligation (CLO) structured vehicles, a private equity fund, pension plans, a Taft-
Hartley (multiemployer) plan, a foundation, corporations, and international, state and municipal entities.
In addition, Post provides sub-advisory services to certain mutual fund advisors and trusts as well as to
UCITS and QIAIFs platforms.

Private Funds
The minimum initial contribution for a Fund Investor ranges from $3 million - $10 million, depending on the
Fund, although Post (or its affiliated GP) has accepted, in its sole discretion, and reserves the right in the
future to accept, a lesser amount.

                       Post Advisory Group, LLC | Form ADV Part 2A – Firm Brochure

Separate Accounts
In general, the minimum account size for a Separate Account is $50 million, although Post has accepted, in
its sole discretion, and reserves the right in the future to accept, a lesser amount.

Separate Limited Partnerships
In general, the minimum account size for a separate limited partnership is $75 million, although Post has
accepted, in its sole discretion, and reserves the right in the future to accept, a lesser amount.