WITT Lake Asset Management LLC

Item 5         Fees and Compensation
Clients should review the relevant Governing Documents to fully understand the total amount
of fees and expenses that may be paid. Compensation received by Witt Lake is negotiated on a
case-by-case basis and/or established in connection with the formation of each SMA or Fund.

SMA Fees, Compensation and Expenses

Generally, the Adviser will receive a management or advisory fee from its SMA Clients. In addition,
the Adviser may be entitled to performance, consulting, servicing and/or administration fees as
described in the Governing Documents. Additionally, each SMA Client also bears certain
expenses as described below.

The following provides a general description of fees, compensation and expenses for the SMAs.
With respect to any particular SMA, while the description below may be generally applicable,
fees and expenses may vary, and SMA Clients should review the applicable Governing
Documents for a description of all relevant fees and expenses to be paid by an SMA Client.
Management Fee

In general, the Advisor receives management fees as well as certain performance-based fees
(which are established and described in detail in the respective Governing Documents (the
“Management Fee”). Additional details regarding the Management Fee can be found in the
applicable Governing Documents.

Expenses

As set forth in the applicable Governing Document, all expenses related to the establishment and
maintenance of an account for an SMA Client and acquisition and disposition of any asset in
such account shall be borne by such SMA account. Such expenses may include, without

limitation, fees, costs and expenses relating to the acquisition and disposition of assets,
investment-related expenses, indebtedness expenses, taxes, fees and other governmental charges,
auditing and tax preparation expenses, custodial expenses, professional fees, data service fees,
fees and expenses of accountants and counsel, litigation and indemnity costs and other
extraordinary expenses.

AIP’s Servicing, Origination and Other Fees

Witt Lake’s affiliate, AIP, may receive origination fees, servicing fees, facility management
fees, loan or transaction origination fees, structuring fees and/ or other similar fees (collectively
referred to as “servicing fees”) through the SMAs, loan facilities, trust structures, joint ventures
and other investment structures. AIP may also receive fees and compensation, either directly or
indirectly for structuring, arrangement, origination, placement, syndication and other similar
services provided in respect of a portfolio investment or portion thereof. Witt Lake’s affiliate,
AIP, may also receive servicing fees directly or through co-investments or other structures or
loan offerings with respect to assets, investments or debt that is not owned by a SMA Client, or
for activities that are not on behalf of an SMA Client. Certain of these fees may be asset-based
fees, based on collections of lease payments, rent, principal and interest or based on certain
performance criteria (as described below) and such fees may be paid upfront, over time and/or
upon sale of an asset or investment. To the extent provided in the Governing Documents, such
servicing fees may be offset against the Management Fee.

Fund Fees, Compensation and Expenses

Generally, Witt Lake will receive the Management Fee from the Funds and Witt Lake, AIP and/or
one or more of their respective affiliates may receive carried interest in connection with advisory
services to the Funds. In addition, Witt Lake’s affiliate, AIP, may be entitled to origination,
servicing and/or administration fees relating to the origination of indebtedness, rents or lease
payments paid by lessees (or guarantors) of assets owned by the Funds or serviced by AIP.
Additionally, each Fund bears certain expenses as described below.

The following provides a general description of fees, compensation and expenses for the Funds.
With respect to any particular Fund, while the description below may be generally applicable,
fees and expenses may vary, and Fund investors should review the applicable Governing
Documents for a description of all relevant fees and expenses to be paid by a Fund.
Fund Management Fee

In general, the Advisor receives Management Fees (calculated and payable either monthly or
quarterly in arrears), as well as certain performance-based distributions (“Carried Interest”), all
of which are described in detail in the respective Governing Documents.

The Management Fee is established by the Governing Documents and is generally based on a
percentage per annum of committed capital during a Fund’s investment period and on net

invested capital after the investment period expires. Additional details regarding the
Management Fee and a Fund’s Carried Interest can be found in the applicable Governing
Documents.

Witt Lake may reduce or waive the Management Fee or Carried Interest for certain Limited
Partners, including employees of Witt Lake, AIP and their respective family members among
others.

Carried Interest

Affiliates of Witt Lake and AIP, known as special limited partners (“Special Limited Partners”)
or the General Partners, may be entitled receive carried interest with respect to the Funds as a
percentage of net profits subject to the terms of each Fund’s Governing Documents. Additional
details regarding carried interest can be found in the applicable Governing Documents. A
description of carried interest is included in Item 6.

Witt Lake may reduce or waive carried interest for certain Limited Partners, including employees
of Witt Lake, AIP and their respective family members among others.

AIP’s Servicing, Origination and Other Fees

Witt Lake’s affiliate, AIP, may receive origination fees, servicing fees, facility management
fees, loan or transaction origination fees, structuring fees and/ or other similar fees (collectively
...

Item 7         Types of Clients
SMAs

The Adviser provides investment services to SMAs for insurance companies and other
institutional investors. The Adviser, without notice to or consent from existing or prospective
SMA Clients may enter into separate agreements with one or more other SMA Clients that differ
from the terms and conditions described in the IMAs for another SMA Client.

Funds

Witt Lake’s clients consist of Funds and similar investment structures which are private
investment vehicles. Each Fund establishes investment requirements as detailed in each Fund’s
respective Governing Documents. The investors participating in the Funds may include high
net-worth individuals, banks or thrift institutions, sovereign wealth funds, pension and profit-
sharing plans, trusts, estates, charitable organizations, insurance companies, corporations,
business entities or other institutional investors, and also may include, directly or indirectly, past
or current service providers, principals or other employees of Witt Lake.

Limited Partners in the Funds are generally required to make minimum initial investments. The
Funds’ General Partners may waive the minimum initial investment amount at its discretion.