Pritzker Alternative Strategies LP

Item 5 – Fees and Compensation

PAS and its affiliates receive fees and compensation in exchange for advisory services provided to the
Funds, including management fees, carried interest, and additional compensation in connection with
management services performed for the portfolio entities. The Funds are also responsible for bearing
certain expenses as detailed below and in each Fund’s Governing Documents. The following is a
general description of fees, compensation and expenses of the Funds. Limited partners should refer
to the Governing Documents of the applicable Fund for a complete understanding of how PAS
expects to be compensated for its advisory services; the information contained herein is a summary
only and is qualified in its entirety by such documents.

Management Fees and Carried Interest

PAS charges each Fund a management fee (the “Management Fee”), based on a percentage of
committed capital during a Funds’ respective investment period and thereafter based on a reduced
percentage of committed capital at various stepdown percentages as described in the Governing
Documents. The amount of Management Fees does not correspond with fluctuations in a Fund’s net
asset value and will not be reduced in connection with any write downs.

Management Fees are assessed quarterly in advance. All Management Fees are negotiated with limited
partners during the fundraising period of the applicable Fund and are not subject to negotiation
thereafter. If the investment advisory agreement is terminated before the end of the applicable period,
Management Fees will be charged on a pro rata basis through the date of termination, and any fees
paid in advance but not earned will be refunded.

Each General Partner or an affiliate thereof is entitled to be allocated carried interest (“Carried
Interest”) with respect to the applicable Fund, net of all expenses. The Carried Interest distributed
to a General Partner or such affiliate is subject to a potential clawback or giveback at the end of the
life of the Fund and at certain interim intervals if PAS has received excess cumulative distributions at
such time, in each case as provided in the Governing Documents.

PAS and its affiliates are permitted, in their sole discretion, to reduce or waive all or a portion of the
Management Fee for certain limited partners. Management Fees can differ from one Fund to another
as well as among limited partners in the same Fund. Management Fees are waived for PAS employees
and certain affiliates, although these limited partners generally pay their pro rata share of certain Fund
expenses.

PAS and its affiliates are permitted to receive supplemental fees and compensation with respect to
portfolio entities including: (i) directors’ fees, financial consulting fees, or advisory fees paid to a
General Partner with respect to any Fund investment; (ii) transaction fees paid to a General Partner
with respect to any Fund investment; and (iii) break-up or topping fees with respect to Fund
transactions not completed that are paid to a General Partners (collectively, “transaction fees”). The
receipt of such supplemental fees will be offset against the Management Fee, net of any expenses
incurred in connection with any consummated or unconsummated transaction incurred in generating
such fees and as further described in each Fund’s Governing Documents.

The Governing Documents set forth the full list of terms under which Management Fees will be
reduced, offset or otherwise limited, and consequently limited partners should expect to bear the full
specified Management Fee in the Governing Documents until they are reduced in the circumstances
and on the date(s) specified therein.

Fund Expenses

As described in the Governing Documents, each Fund will bear all fees, costs, expenses, liabilities and
obligations relating to Fund entities and/or their subsidiaries’ activities, business, Fund investments
or actual or potential investments, including with respect to any entity formed to effect the acquisition
and/or holding of a portfolio entity (to the extent not borne or reimbursed by a portfolio entity or
potential portfolio entity and whether or not incurred by a General Partner, PAS or any of their
respective affiliates), including where incurred by or on behalf of any portfolio entity, whether incurred
prior to, or following, the initial closing date, including all fees, costs, expenses, liabilities and
obligations (referred to collectively in this definition as “costs”) relating or attributable to:

    •   activities with respect to the origination, identification and sourcing of investment
        opportunities for a Fund, including attending and sponsoring industry conferences and events,
        meeting with consultants, finders, broker-dealers, investment banks and other sources of
        investments and developing and maintaining an investment pipeline;

    •   activities with respect to the pursuing, structuring, organizing, negotiating, consummating,
        financing, refinancing, diligencing, acquiring, bidding on, owning, managing, monitoring,
        operating, holding, hedging, restructuring, trading, taking public or private, selling, valuing,
        winding up, liquidating, dissolving or otherwise disposing of, as applicable, portfolio
        companies and a Fund’s actual and potential investments (including follow-on investments)
        or seeking to do any of the foregoing (including any associated legal, financing, commitment,
        transaction or other costs payable to attorneys, accountants, tax professionals, investment
        bankers, lenders, expert networks, third-party diligence and deal-sourcing software and service
        providers, consultants and similar professionals in connection therewith, any associated costs
        related to subscriptions to periodicals, databases and/or research services and any costs related
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Item 7 – Types of Clients

PAS provides investment advice to its Funds, which include investment partnerships or other
investment entities formed under U.S. or non-U.S. laws and which operate as investment pools
exempt from registration under the Investment Company Act. The Funds limit their limited partners
to: (i) “accredited investors” as defined in the Securities Act of 1933 and the rules and regulations
promulgated thereunder, and (ii) “qualified purchasers” or “knowledgeable employees,” each as
defined in the Investment Company Act, or (iii) if applicable, “qualified clients,” as defined in the
Advisers Act. Limited partners in the Funds must also meet certain other suitability qualifications
prior to making an investment in a Fund. Each Fund has a specified minimum investment set
forth in the Governing Documents. Such minimum is subject to the discretion of PAS to permit
investment of a smaller amount generally or with respect to any limited partner.