Sepulveda Management LLC

ITEM 5: FEES AND COMPENSATION

The investment management fees and compensation we receive from clients are generally
computed as a percentage of market value of the assets under management in the relevant Account
or Fund. These fees are billed, rather than deducted from the assets we manage for Accounts but
are typically deducted from the assets we manage for Funds. Our clients typically pay our
management fees monthly in arrears, although some Accounts and Funds pay us quarterly.
Accounts are generally subject to a minimum account size.

SEPARATE ACCOUNTS. The expected management fee charged to an Account is 1.5% on a
per annum basis. In some instances, the fee may be negotiated.

FUNDS. Each of these two funds, TCW Sepulveda Long/Short Equity Fund I LP and TCW
Sepulveda Long/Short Equity Master Fund, Ltd. will pay us a monthly management fee which is
typically equal to 0.125% (1.5% per annum) of the month-end net asset value of the Fund, prior to
reduction for any performance allocations or for the management fee determined for such period.
The TCW Sepulveda Focused Value Fund, LP will pay us a monthly management fee which is
typically equal to 0.0625% (0.75% per annum) of the month-end net asset value of the Fund, prior
to reduction for any performance allocations or for the management fee determined for such
period. The management fee will be payable in arrears as of the last business day of the calendar
month for which it is determined and will be prorated for any period that is less than a month.

TCW.IMANLEGAL.1000825.2

Our affiliate, in its capacity as general partner of the Funds, will be allocated from each investor
in a Fund an annual performance allocation typically equal to 20% of the net profits achieved by
such investor during a fiscal year (including both realized and unrealized gains and net of the
management fee with respect to such period) for TCW Sepulveda Long/Short Equity Fund I LP
and TCW Sepulveda Long/Short Equity Master Fund, Ltd. For the TCW Sepulveda Focused Value
Fund, LP that allocation is typically equal to 15%. Performance allocations are assessed in arrears
on an annual basis and are only applied to the portion of profits that exceed the cumulative losses
previously allocated to or incurred by Fund investors (i.e., a “high water mark”).

We may waive, reduce, or modify the determination of the management fee or performance
allocation with respect to any investor for any period of time, or agree to apply a different
management fee or performance allocation for such investor, including Fund investors that are
affiliates, officers or employees. We comply with Rule 205-3 under the Advisers Act to the extent
required by applicable law. The receipt of performance allocations by our affiliate may create an
incentive for us to make more risky and speculative investments than we would otherwise make.
See Item 6, Performance-Based Fees and Side-By-Side Management.

EXPENSES. Our Account clients will typically pay fees to their custodian in addition to our
management fees. Depending on the strategy in which the Account invests, the Account will incur
brokerage fees for most equity trading, and the effect of the difference with respect to the bid/ask
spread for trading in fixed income instruments. See Item 12, Brokerage Practices, of this Brochure.
If the strategy for the Account involves derivatives, the Account may be required to make
payments related to the derivatives contracts to counterparties. A description of expenses payable
by an Account is reflected in the Governing Document of such Account.

The Funds will typically incur similar fees as Accounts described above, as well as fees for
maintenance of books and records, custody fees, audit expense, tax preparation expense, legal fees,
organizational expense, fees to fund administrators, insurance expense, and annual licensing and
registration fees and taxes and other fund administrative and operating expenses. A description of
fees payable by investors in our Funds are reflected in the Governing Documents of such Fund. If
a Fund permits borrowing or other leverage, there may be interest expense and fees for access to
such lines of credit. The Fund Offering Materials describe these fees and expenses in greater detail.

Expenses are allocated among our Funds and Accounts, including its strategies, and such expenses
may be allocated differently depending on the type of product, Account or strategy. Within the
specific product, Account or strategy, the allocation of expenses is based on the nature of the
expenses and the reasonableness of the allocation. Generally, Fund organizational and
administrative expenses are usually charged to the respective Fund or Account to which they relate
in accordance with the Governing Documents of the respective Fund or Accounts. Certain shared
administrative expenses may be charged to Funds and products based on an allocation
methodology that seeks to fairly and reasonably allocate such administrative expenses among the
relevant Funds and products. In these cases, the allocation methodology generally may be based
on their respective proportionate share of assets under management, management fee revenues,
and other relevant factors, including the applicable Governing Documents, taken into
consideration and determined by us in our sole discretion We may make any corrective allocations

TCW.IMANLEGAL.1000825.2

and take any mitigating steps if we determine in our sole discretion that such corrections are
necessary.

COMPENSATION OF OUR EMPLOYEE MARKETING REPRESENTATIVES.

Our employees who act as our marketing representatives are not normally paid a sales commission
by our Funds for marketing those Funds to our clients. If they were to be paid a sales commission
by any of our Funds, we would fully disclose that in the Fund documents provided to potential
investors prior to investment.

We do, however, compensate our marketing representatives from the management fees we earn
...

ITEM 7: TYPES OF CLIENTS

We provide investment advice to investment funds, such as the Funds. Those investors in the Funds
include individuals, high net worth individuals, trusts, pooled investment vehicles, pension and
profit-sharing plans, charitable organizations, and corporations. With respect to Funds, investment
advice is provided directly to the Fund and not individually to investors in such Fund.

The minimum initial investment for a limited partner in the Funds is $500,000 for individuals and
$1,000,000 for institutions. Investments of lesser amounts in the Funds may be accepted in the
discretion of the Funds’ general partners.

We also provide investment advisory services to Accounts. Account clients may include
institutions, corporations, pension funds, charitable organizations, investment funds and high net
worth individuals and families. Accounts are generally subject to a minimum account size. In some
instances, the minimum account size may be negotiated or waived.