RRG Capital Management LLC

Item 5 – Fees and Compensation

The fees, compensation, and expenses applicable to the Clients are set forth in detail in the respective
Governing Documents.

Management Fee

RRG receives investment management fees from Clients in exchange for investment advisory services
provided. Management fees are typically a specific percentage of each Investor’s aggregate capital
commitment and/or invested capital in the applicable Client, but are sometimes a flat fee. The
percentages on which RRG’s management fee is based typically range from 1.5-2.0% per year.

Generally, the Client’s management fee will be payable quarterly in advance and may be paid by
disposition proceeds, income from investments, capital contributions from a Client’s investors or a
Client’s credit facility, as well as Client-level reserves as set forth in the applicable Governing
Documents.

RRG may also elect, in its discretion to reduce, waive, or defer all or a portion of any payment of its
management fee with respect to any Client or investors in any Fund.

Performance-Based Compensation

In addition to management fees, RRG or its affiliate receives performance-based compensation in the
form of a percentage of profits from the Clients or a participation right in the profits of a Client
(commonly referred to as “Carried Interest”) based on the distributed cash proceeds generated by
Client’s investments, typically subject to a preferred return to applicable Investors. RRG may, in its
sole discretion, waive, reduce or defer the distributions of Carried Interest with respect to any Client
or investors in any Fund.

Carried Interest is generally paid out as proceeds attributable to dispositions of Clients’ investments
are distributed to Investors. Generally, no payouts are made until the Clients have first received
invested capital together with a preferred return in accordance with the Clients’ Governing
Documents.

Costs and Expenses

Subject to any organizational expense limit set forth in the applicable Governing Documents, the
Clients generally bear all costs and expenses relating to the organization of the Clients, their general
partners (or similar managing authority) (each, a “GP”), any carried interest vehicle, the offer and sale
of interests therein, and all other costs and expenses incurred in relation to their operation, business
and investments of the Client. Such costs and expenses may include without limitation, legal, auditing,
consulting, financing, administration, accounting and custodian fees and expenses; expenses
associated with the preparation of financial statements and tax returns; the management fees;
reimbursable costs and expenses of RRG or its affiliates; indebtedness; all costs and expenses related
to indemnification obligations; expenses incurred in connection with potential transactions not

                                                                               RRG Capital Management LLC
                                                                                          Form ADV Part 2A

consummated; expenses related to the members of the advisory committee; the costs and expenses
associated with any litigation; director and officer liability or other insurance; all expenses incurred in
liquidating the Clients; any taxes, fees or other governmental charges and all expenses incurred in
connection with any tax return, audit, investigation, settlement or review; other expenses associated
with the acquisition, holding and disposition of investments; and all other liabilities of the Clients of
whatsoever kind and nature subject to applicable laws and regulations.

Under certain circumstances specified in the Governing Documents, the Clients are generally
obligated to indemnify RRG and its affiliates and other identified persons and entities as described in
the relevant Governing Documents (together, the “Indemnified Persons”), in each instance, for costs
arising out of or in connection with the Clients’ business and affairs, except for any such costs that
have resulted from certain bad acts of the Indemnified Person seeking indemnification as detailed in
the applicable Client’s Governing Documents.

In terms of co-investment opportunities, until a co-investor has irrevocably committed in writing to
participate in an investment opportunity alongside the Clients, such co-investor may not be obligated
to bear any portion of the due diligence or broken-deal expenses associated with a potential
transaction. As a result, in some cases, despite the fact that a co-investor may be offered an
opportunity to participate in a potential investment alongside a Client, the Client may ultimately bear
all of the associated due diligence expenses and costs associated with an unconsummated
investment.

RRG or its affiliate will pay (either directly or by offset to its management fees) all organizational
expenses in excess of the limit set forth in the applicable Governing Documents and placement
compensation, to the extent not borne by the Clients, as well as the ordinary operating expenses
incidental to the administration of RRG and any GP, including rent, utilities, equipment and salaries of
its personnel (but excluding travel, legal, accounting and similar expenses incurred in the discovery,
investigation, development, negotiation, documentation, purchase, holding and disposition of
possible investments).

Calculation and Allocation of Certain Costs and Expenses

Investors in a Client will typically bear their pro rata share of all fees and expenses borne by the Client.
To address the potential conflicts of interest associated with the allocation of such expenses, RRG has
adopted an expense allocation process and methodology designed to ensure equitable allocation of
expenses among Clients, as applicable. In accordance with the established methodology, the
allocation of expenses will be determined by RRG based on one or more of the following factors:
...

Item 7. Types of Clients

RRG provides discretionary investment advisory services to Funds and Other Accounts. The Funds are
typically limited partnerships and other investment vehicles that are exempt from registration under
the U.S. Investment Company Act of 1940, as amended, and whose interests will not be registered
under the U.S. Securities Act of 1933, as amended (the “Securities Act). The minimum investment
into the Funds is outlined in each Fund’s Governing Documents, subject to waiver by RRG or the
applicable GP.