Stilwell Value LLC

ITEM 5. FEES AND COMPENSATION

Management/Administration Fees

In consideration for providing administrative, management and operational services, limited partners of the
Activist Funds and SA pay an annual management fee equal to 1% of each such limited partner’s capital account
(as determined in accordance with GAAP) to Stilwell Administration LLC. The limited partners of SVP VII pay an
annual management fee equal to 1% of the income tax basis of each such limited partner’s account. SP’s limited
partners pay an annual management fee equal to 2% of their respective capital accounts (as determined in
accordance with GAAP).

The above-described fees are generally paid in advance at the start of business on the first day of each fiscal
quarter and are automatically deducted from each limited partner’s capital account. In addition, the Funds are
authorized to charge the management fee on a pro-rated basis for any period that is less than a full fiscal quarter
and will be adjusted for contributions during the applicable quarter. Management fees are generally not
negotiable.

General Partner Expenses

Each Fund also bears the responsibility for the day-to-day expenses of the applicable Fund and its operations,
including, but not limited to, legal, auditing, custodial, administration and accounting fees and expenses. In
addition, each Fund may, where applicable, bear its proportionate share of expenses related to specific activist
strategies associated with proxy contests, travel and due diligence expenses related to investments, brokerage
and other transactional costs and similar or related activities, as well as indemnification of the general partner,
if applicable. Requirements of, and restrictions on, expense reimbursements and indemnification rights are more
fully described in the private offering memoranda and limited partnership agreements of each Fund.

The Adviser receives performance-based compensation from the Funds as described below in Item 6.

Withdrawal Requests

Generally, limited partners of SAI and SAF may request to withdraw capital on a quarterly basis and annual basis,
respectively, after an initial one-year lock-up period. Withdrawals are subject to review by the Withdrawal
Committee of the Adviser, as well as liquidity restrictions and charges related to a withdrawal series’ pro rata
share of Fund related expenses (including margin, if any) applicable to such withdrawal series, as well as
additional charges, which may be assessed at the discretion of the Adviser and are more fully described in the
private offering memoranda and limited partnership agreements of each of SAI and SAF.

Limited partners who request to withdraw from SAI and SAF will typically have their Fund interests (including
associated liabilities) placed into a withdrawal series. The investments underlying the Fund interests in the
withdrawal series are liquidated over time, and the Fund interests are generally paid out quarterly, as and when
funds become available from this liquidation activity.

Generally, limited partners of SP and SA may request to withdraw capital on an annual basis at year-end, after an
initial lock-up period of one year. Withdrawals are subject to review by the Withdrawal Committee of the Adviser,
as well as to liquidity restrictions and additional charges which may be assessed at the discretion of the Adviser
and are more fully described in the private offering memoranda and limited partnership agreements of each of
SP and SA.

Generally, a limited partner of SVP VII may not withdraw capital for a period of one year measured from the date
such limited partner’s investment was accepted. Thereafter, as a general matter, limited partners are only
permitted to make complete or partial withdrawals of capital whenever the Fund disposes of a substantial
investment position. Withdrawals are subject to review by the Withdrawal Committee of the Adviser, as well as
additional charges, which may be assessed at the discretion of the Adviser and are more fully described in the
private offering memorandum and limited partnership agreement of the Fund.

The information contained in this Item 5 is intended as a summary only. Investors are urged to refer to the
relevant Fund’s offering documents for a full explanation and disclosure on the compensation for the Adviser for
its advisory services.

ITEM 7. TYPES OF CLIENTS

The Adviser serves as an investment adviser to the Funds which are generally organized to invest in financial
institutions and/or financially-related firms that it believes to be undervalued. Each Fund is offered as a private
placement to “accredited investors” in accordance with Section 3(c)(1) of the Investment Company Act of 1940,
as amended, with the exception of SAI, which is offered as a private placement to “qualified purchasers” in

accordance with Section 3(c)(7) of the Investment Company Act of 1940, as amended. The minimum initial capital
contribution for investments in the Funds that are open to new investors (subject to the Adviser’s discretion to
accept a lower amount) is as follows:

SAI: $500,000
SAF: $100,000
SA and SP: $100,000

The Adviser may also accept additional capital contributions from existing investors in the Funds. SVP VII may
from time to time receive additional capital from its existing investor(s) or affiliated or related parties of its
existing investor(s). There are no minimums for these additional capital contributions. The Funds that are
accepting additional capital typically accept such capital on a monthly basis, as the Adviser deems appropriate.