SPF Investment Management LP

Item 5: Fees and Compensation
SPF offers advisory services to clients for fees based on a percentage of assets under management
and performance, as described below. The fees applicable to each Fund are set forth in detail in each
Fund’s offering documents. A summary of such fees is provided below.

Management Fee

Certain Funds pay to SPF a management fee at an annual rate of up to 2% of the net aggregate
capital account balances of the investors as of the beginning of each calendar month. The
management fee accrues monthly and is paid quarterly in arrears.

SPF will, in its sole discretion, waive or reduce the management fee for certain Fund investors. SPF
has waived the management fee with respect to members, officers, affiliates or employees of SPF
and their related interests and their families.

Performance-Based Compensation / Carried Interest

The general partners of certain Funds generally receive either an incentive allocation of up to 20%
from such Funds, equal to a percentage of the annual increase in value (incorporating realized and

unrealized gains and losses), if any, of each investor’s capital (varying based on the date of the
investment and relevant capital holding period (lock-up) applicable to such interest) or carried
interest of up to 20% of distributions after the return of all investor capital contributions. The
incentive allocation is also reduced by any amounts in the relevant loss recovery account, which
reflects losses from prior periods. Any performance-based compensation charged by SPF will
comply with the requirements of Section 205 of the Investment Advisers Act of 1940 and the
applicable rules thereunder.

SPF, in its sole discretion, will waive, reduce, or modify the provisions relating to the incentive
allocations or carried interest for certain Fund investors. SPF has waived the incentive allocations
and carried interest with respect to members, officers, affiliates or employees of SPF and their
related interests and their families.

Additional Fees & Expenses

The expenses borne by investors in a Fund are set forth in full in the respective Fund’s offering
documents. Please refer to the documents for each Fund for a complete description of the types of
expenses an investor in a Fund will bear.

SPF is responsible for all normal overhead expenses, including compensation for employees, rent,
utilities and other similar items. The Funds will bear their attributable share (which may be the pro
rata share based on capital) of all other expenses and will include but are not limited to: the
management fee, as applicable; organizational and offering expenses, including expenses
attributable to negotiation of side letters with investors, compliance with AIFMD and compliance
with anti-money laundering laws and know-your-customer requirements; expenses incurred in
connection with the investments of each Fund (including brokerage commissions and expenses
relating to any investment which the Fund ultimately does not make (“dead deals”), including any
portions of such expenses that may ultimately have been borne by co-investors had the investment
been consummated); expenses and fees related to legal services (including expenses incurred with
the preparation and submission of filings and registrations relating to each Fund with the SEC or
other regulatory authorities, expenses related to legal inquiries, investigation (subject to any
limitations, restrictions or conditions imposed by applicable law, regulation or rule), or audit or any
judicial or administrative proceeding, administrative, accounting, tax (including expenses incurred
in connection with tax filings), preparation of tax information and audits and expenses attributable
to compliance with FATCA, audit or other expenses relating to each Fund’s operations or
infrastructure, including valuation and pricing services or experts; research costs and expenses,
including travel-related costs (including the costs of business-class travel), costs of trading and
portfolio management infrastructure (such as, statistical, market data and portfolio management
services and software, disaster recovery and backup systems), costs of information technology and
software consultants; administrative and middle office operations related expenses, such as (but not
limited to) performing risk management, regulatory and legal compliance (subject to any
limitations, restrictions or conditions imposed by applicable law, regulation or rule), fund
accounting, trade or portfolio operations, investor reporting costs, the cost of Bloomberg or similar
terminals, calculating fund net asset values, and anti-money laundering, client identification and
know-your-customer analyses; reasonable custodial fees; financing costs (including interest owed
on loans, if any, advanced by affiliates of SPF); insurance premiums and expenses (including for

director and officer liability, errors and omissions, and comprehensive general liability insurance);
service provider compensation and due diligence expenses, including diligence on underlying
assets, monitoring third-party service providers and background checks; the cost of software
(including fees of third-party software developers) used by each Fund to track, settle and monitor
investments and to wire funds to and from each Fund; all expenses associated with meetings and
communications with the Fund and the investors; client relationship expenses (including
communications with current and potential investors); expenses incurred in connection with the
obtaining of consents or waivers or effecting amendments to the organizational documents of the
Funds, any costs incurred in connection with the dissolution, liquidation or wind-up of the Funds;
and extraordinary expenses (such as litigation and indemnification expenses) A Fund may
reimburse the relevant general partner or SPF for advances they make to pay for Fund expenses.
...

Item 7: Types of Clients
As discussed in the Advisory Business section, SPF provides investment management services to
the Funds which are available only to investors who meet certain eligibility requirements as defined
under the Investment Company Act of 1940, as amended and the Securities Act of 1933, as
amended.

Minimum initial investment amounts vary by Fund and can be as high as $1,000,000 although SPF
reserves the discretion to accept less.