Sun Mountain Partners LLC

ITEM 5: FEES AND COMPENSATION

Private Fund Management Fees
The Firm is compensated for its advisory services through management fees charged to the
Funds. As described in the applicable offering documents of each Fund or Series, including
the relevant Series Supplement, the management fee is generally equal to 1.00% of the
balance of each Limited Partner’s Capital Subaccount with respect to such Series at the start

of the year, payable annually in advance. Limited Partners will be invoiced directly each year
for the Management Fee.

Management fees are typically assessed at the Fund or Series level and borne indirectly by
investors in proportion to their respective ownership interests. Management fees may be
prorated for capital contributions, withdrawals, or the commencement or termination of a
Series during a period. The Firm may waive or reduce management fees, in whole or in part,
for certain investors or under certain circumstances.