S.B. Value Partners, L.P.

SB Value Partners does not charge an annual management fee for the Partnerships and Separately Managed Accounts (SMAs). Instead, the firm receives a performance-based profit participation. The profit participation is 20% for SAB Equity Partnership and 25% for SAB Capital Markets and SAB High Yield Capital Markets. Institutional Asset Management accounts are charged a fixed fee between $25,000 and $100,000, which may be negotiable. Institutional Efficiency Optimization Consulting is billed hourly.