Siena Capital Partners GP LLC

Item 5 Fees and Compensation
Fees and Compensation - The fees and expenses that are applicable to an investment in a Fund are
set forth in the Fund Documents.

Pursuant to the Fund Documents, SGP is generally entitled to receive an asset-based management
fee of up to 1.0% annually, payable quarterly in advance, and incentive allocations which generally are
paid on an annual basis. Incentive allocations generally will equal 20% annually, based on the net
capital appreciation in an Investor’s capital account(s), subject to a “high water mark,” as described in
the Fund Documents. Management fees and incentive allocations are generally calculated and
charged separately, in accordance with such adjustments and pursuant to the process set forth in
Fund Documents. Fees and allocations may be paid to SGP or to its designated affiliates, consistent
with Fund Documents.

Management fees will be pro-rated when SGP provides services for less than a full quarter and, if paid
in advance, will be refunded and reflected in the net asset value of the Investor’s capital account(s).

SGP may waive, reduce or require different fee or allocation arrangements for its affiliates, owners,
Principals, employees, their family members and certain other investors. Other, and more favorable,
fee arrangements or allocations may be available to separately managed accounts, or pursuant to side
letter agreements (“side agreements”) entered into with SGP and various Investors.

Under certain side agreements, or pursuant to contractual obligations, particular Fund Investors may
receive additional fees or allocations, or receive compensation different from, or in addition to, fees or
allocations received by other Fund Investors.

Incentive fees or allocations may be assessed as of the end of other accounting periods in accordance
with the Fund Documents, including upon withdrawal of capital by an Investor or liquidation of a Fund,
if such withdrawal or liquidation occurs on a date other than the standard assessment date. However,
a Fund may prohibit a termination, withdrawal or periodic redemption during an investment term under
extraordinary circumstances.

SGP may invest Fund assets in money market funds, short term liquidity funds or related short-term
instruments, and any assets so invested will be included for purposes of computing the fees and
allocations described in this Item 5.

In addition to paying investment management fees or allocations, the Fund will pay, and SGP or its
designated affiliate may be reimbursed for, other expenses, including, without limitation, commissions
and mark-ups, money market fund fees, legal expenses, organizational, operational and maintenance
expenses, accounting, audit and tax preparation fees, research fees and expenses (including
subscription fees for services such as Bloomberg and FIG Insight), travel expenses, interest on margin
accounts and other indebtedness, borrowing charges related to short sales, custodial fees, fund
administration fees, independent client representative fees (as further described in Item 10), and any
other fees and expenses reasonably related to the purchase, sale or transmittal of Fund assets or
interests in the Fund. Additional information regarding brokerage practices is contained in Item 12.
Fund Documents contain additional description of such fees and expenses.

Item 7 Types of Clients
As described in Item 4, SGP’s current client is the Fund, which is a privately placed pooled investment
vehicle suitable for institutional and other sophisticated investors. Investors in the Fund generally must
be “accredited investors” as defined under Regulation D of the Securities Act of 1933, “qualified
clients” under the rules under the Investment Advisers Act of 1940, or “qualified purchasers” under the
Investment Company Act of 1940, subject to relevant regulatory interpretations.

Any initial and additional subscription minimums for investors are disclosed in the Fund Documents.

SGP may determine to waive any such minimums, consistent with Fund Documents. SGP may
determine to provide management services to separately managed accounts, as described in Item 4.