Sator Grove Management Company LLC

Item 5:        Fees and Compensation
Sator Grove Management does not charge a traditional annual management fee. Rather, Sator Grove
Management is entitled to receive expense reimbursement pursuant to an annual budget, approved
by the investors of each Fund as set forth below, plus 10% of the aggregate of the actual expenses
incurred. Sator Grove Management does not receive an annual management fee based upon a
percentage of the net asset value of its Clients. For the years ended December 31, 2023, 2024 and
2025, respectively, Sator Grove Management did not charge the full 10% fee and only received an
immaterial amount of such fee on total expenses. The details of such fees and compensation are set
forth in the Investment Management Agreement by and between Sator Grove Management and Sator
Grove Delaware (the “Investment Management Agreement”). Sator Grove Management will receive
compensation for acting in the capacity of investment adviser of Sator Grove Delaware and Sator
Grove Cayman, respectively. The principals of Sator Grove Management are also Managers of Sator
Grove Delaware and Sator Grove Cayman. Sator Grove Delaware is owned by its class A members
(“Sator Grove Delaware Members”) as further evidenced by a Limited Liability Company
Agreement of Sator Grove Delaware (as amended from time to time, the “Delaware LLC

Agreement"). Sator Grove Delaware will bear the expense of the compensation arrangement between
Sator Grove Management and Sator Grove Delaware subject to an annual budget where Sator Grove
Delaware Members have veto power in accordance with the Delaware LLC Agreement. Sator Grove
Cayman is owned by its class A members (“Sator Grove Cayman Members”) as further evidenced by
a Limited Liability Company Agreement of Sator Grove Cayman (as amended from time to time, the
“Cayman LLC Agreement"). Sator Grove Cayman will bear the expense of the compensation
arrangement between Sator Grove Management and Sator Grove Cayman subject to an annual budget
where Sator Grove Cayman Members have veto power in accordance with the Cayman LLC
Agreement. Please review the Fund’s offering and organizational documents, respectively, for more
information on this compensation arrangement.

Sator Grove Delaware Incentive

Sator Grove Management is eligible to receive compensation in the form of Class B Units (the “Class
B Units”) in Sator Grove Delaware or its related investment vehicles. These Class B Units replace
traditional incentive fee arrangements and are intended to provide performance-based compensation
to the Investment Manager. The Class B Units are described more fully in the Delaware LLC
Agreement

The Class B Units are intended to constitute a “profits interest” for U.S. federal income tax purposes,
meaning that such interests are designed to have no value at the time of grant and entitle the holder
only to a share of future appreciation of the applicable Fund above a specified threshold.

The economic participation of the Class B Units generally entitles the Investment Manager to receive
an amount equal to 15% of the increase in net asset value of the applicable Fund above a defined
baseline value (the “Participation Threshold”), subject to the terms of the applicable limited liability
company agreement and grant agreements.

The Class B Units are subject to the following key conditions:

   •   Hurdle / Preferred Return: The Investment Manager is generally not entitled to any
       distributions with respect to the Class B Units unless the Fund achieves a specified minimum
       return (currently approximately 6% annualized) over the relevant measurement period.
   •   Vesting: Class B Units are subject to vesting based on both time and performance conditions,
       and may not participate in distributions unless and until vested.
   •   Participation Threshold: The Investment Manager participates only in appreciation above a
       baseline net asset value established at the time of grant (and adjusted for subsequent capital
       contributions and distributions).
   •   Distribution Waterfall: Distributions to Class B Units are made pursuant to the Fund’s
       distribution waterfall, generally after return of capital and preferred return to investors, and
       may include “catch-up” allocations and participation in ongoing profits thereafter.

The Class B Units are economically similar to a carried interest and are intended to align the
Investment Manager’s interests with those of investors. Because the Class B Units entitle the
Investment Manager to a share of future profits, they constitute performance-based compensation.

Sator Grove Cayman Incentive

For Sator Grove Cayman and as further set forth in the Cayman LLC Agreement, Sator Grove
Management is entitled to an incentive fee allocation of 15% of net gains of Sator Grove Cayman,
when an incentive allocation withdrawal threshold and hurdle rate is exceeded on any of the
following: (a) a quarterly NAV determination, (b) a distribution to a class A member, (c) a liquidation
purchase, or (d) the transfer of a class A member’s class A units.

The incentive allocation, fee rates and calculation methodologies are fully set forth in the Sator Grove
Cayman’s offering and organizational documents.

Sator Grove Cayman may invest in Sator Grove Delaware. The incentive fee allocation will be
waived for Sator Grove Cayman for any portion invested in Sator Grove Delaware. Under this fee
waiver arrangement, Sator Grove Cayman will be subject to an incentive fee allocation at the Sator
Grove Delaware level as further described in this Item 5 above.

As of the date of this brochure, Sator Grove Cayman was 100% invested in Sator Grove Delaware.
Sator Grove Management’s use of its discretionary authority to invest Sator Grove Cayman in Sator
Grove Delaware could cause a potential conflict of interest such as an increase in asset size of Sator
...

Item 7:        Types of Clients
Sator Grove Management primarily provides customized investment advisory services to the Funds.
The Client’s investors may include family offices, high-net-worth individuals, and foundations. Sator
Grove Management’s advised minimum account size is generally $5,000,000 but this amount may
be amended. Investment advisory services are provided directly to the Funds and not individually to
investors in the Funds. Interests in the Funds are offered pursuant to applicable exemptions from

registration under the Securities Act of 1933, as amended, and the Investment Company Act of 1940,
as amended.