57 Stars LLC

Fees and Compensation – Item 5

57 Stars’ Fees and Compensation – Item 5.A

Private Equity Fund Management

Compensation received by 57 Stars and its affiliates from the Funds comprises management fees
and carried interest. Additionally, consistent with the Governing Documents of a Fund, the Fund
typically bears certain out-of-pocket expenses incurred by 57 Stars in connection with the
services provided to the Fund. Further details about certain common fees and expenses are set
forth below, and Investors and prospective Investors should review a Fund’s Governing
Documents for additional information about Fund fees and expenses.

Management Fees

57 Stars (or a wholly-owned affiliate) serves as investment adviser to the Funds and provides
advisory services to the Funds in exchange for management fees, based on a percentage of
committed or invested capital during a Fund’s defined investment period and thereafter or, in
some cases, assets under management once any investment period ends. Management fees
charged to the Funds vary by Fund (generally, in a range up to 1% per year) and are established
pursuant to negotiations with investors in the applicable Fund and set forth in each Fund’s
respective Governing Documents. Management fees paid by a Fund are indirectly borne by
Investors in such Fund. In certain circumstances, based on criteria (which vary from Fund to
Fund, and generally are based on the timing and size of Investor commitments) applied in 57
Stars’ discretion, some Investors qualify to pay lower management fees than other Investors
investing in the same Fund, and such arrangements will be documented in side letters that will
not be disclosed to other Investors unless required by applicable law, rules, and regulations. 57
Stars’ right to receive management fees from a Fund typically ends upon the final distribution
of such Fund.

The terms of such management fees, including the amount of management fees paid by any
Investor, are set forth in each Fund’s Governing Documents (or in a side letter with such
Investor). Investors and potential Investors should review relevant Governing Documents for
complete information regarding management fees payable to 57 Stars. Management fees
typically are payable quarterly in advance and deducted from the assets of each Fund through

    In light of the valuation lag for private equity investments, but in an effort to provide the most accurate data
    possible, assets under management figures herein consist of the most recently reported fair market values of
    Fund investments (namely, as of 09/30/25), capital contributions made to any Fund investments during the
    fourth quarter of 2025, remaining uncalled capital commitments due to 57 Stars Funds as of 01/01/26, and cash
    as of 01/01/26.

the capital call process described in each Fund’s Governing Documents (except that
management fees and expenses relating to GOF 1, EEF, EEF 2-EE, and EEF 2-GCI [defined in
Item 10 below] are paid outside of investor capital commitments).

Management fees charged by the Funds will typically step down (or otherwise decrease) after
the expiration of the Funds’ respective investment periods as set forth in each Fund’s Governing
Documents.

Generally, a Fund is able to enter into a side letter or other similar agreement with one or more
Investors with respect to the Fund without the approval or vote of any other Investors, which
would have the effect of establishing rights under or modifying the terms of the Fund’s
Governing Documents with respect to such Investor(s) in a manner more favorable than those
applicable to other Investors. Such rights or terms in any such side letter might include, without
limitation: (i) fee arrangements with respect to the Investor; (ii) most favored nation
arrangements, (iii) reporting obligations of the general partner or managing member of the Fund;
(iv) special rights with respect to co-investments; or (v) rights or terms necessary in light of
particular legal, tax, regulatory, or public policy characteristics of an investor, including
restrictions established by investors affiliated with a government entity or agency.

Carried Interest

Investments made by 57 Stars on behalf of its Funds are subject to a sharing of realized profits
known as carried interest, which is a percentage of the investment income and net realized capital
gains and losses. Generally for its Funds, 57 Stars receives carried interest of up to 10% of the
profits of a Fund’s investments, after achievement of various performance hurdles, including
the return of invested capital, prior payment, if possible, of a preferred return (typically 8%), the
recoupment of allocated losses and fees, if any, and expenses and other items, as set forth in the
Governing Documents. As a result, 57 Stars generally receives carried interest, if any, from a
Fund in the latter part of the Fund’s life, although earlier in such Fund’s term 57 Stars generally
will receive tax distributions to cover its allocable share of income taxes. (See also
“Performance-Based Fees and Side-by-Side Management – Item 6”, below). In respect of the
Funds, the relevant Fund’s general partner or managing member (an affiliate of 57 Stars), or a
special carried interest partner or member (the limited partners of which are the founders and
employees or former employees of 57 Stars) could be the carried interest recipient. The terms
of such carried interest arrangements, including a detailed description of the carried interest
calculation methodology applicable to each Fund, are set forth in each Fund’s Governing
Documents.

Non-Discretionary Advisory Fees

Fees for non-discretionary advisory services (“Advisory Fees”) are based on a fixed fee amount,
charged as a percentage of assets under management, assessed separately in connection with
certain reports prepared by 57 Stars, or any combination thereof. In addition, Advisory Fees
...

Types of Clients – Item 7

57 Stars provides investment advice in respect of private equity funds.
57 Stars private fund management services are provided to the Funds, and not individually to
Investors in the Funds. The Funds are typically structured as pooled investment vehicles;
however, certain Funds have only one Investor other than the managing member or general
partner. The Investors in the Funds are “accredited investors” as defined in the Securities Act of
1933 and “qualified purchasers” or “knowledgeable employees” as defined in the Investment
Company Act of 1940, and generally include high net worth and ultra-high net worth
individuals, pension and profit sharing plans, pooled investment vehicles and private funds, state
or municipal government entities, foundations, domestic and international corporations,
sovereign wealth funds, foreign authorities, endowments,and family offices.

Investors in Funds will be required to satisfy certain securities law and other suitability criteria
and generally to make a capital commitment or investment of no less than a required minimum
size. The various requirements for investing in a Fund, including the minimum investment size,
are set forth in each Fund’s Governing Documents. The general partner or managing member
of each Fund has the ability, in its sole discretion, to permit commitments below the minimum
amounts set forth in the Governing Documents of a Fund. 57 Stars has in the past permitted,
and could, in its sole discretion, permit in the future, investments below the minimum amount
set forth in the Governing Documents of a Fund.

Methods of Analysis, Investment Strategies and Risk of Loss – Item 8

Methods of Analysis and Investment Strategies – Item 8.A

57 Stars’ typical investment strategy is to seek to invest in top-tier Underlying Funds and
co-investments in a Fund’s target markets by applying a rigorous and systematic process to
identify the highest quality markets and managers. 57 Stars seeks: (a) superior risk-adjusted
returns, (b) a diversified private equity portfolio in a Fund’s target markets, and (c) relatively
lower total cost to Investors and lower risk of capital loss compared to competing Funds with
the same investment style.

57 Stars’ analytical methods include fundamental financial analysis, due diligence, and
evaluation of each investment in terms of a risk-reward comparison, and an assessment of
portfolio fit in the context of each Fund’s specific objectives and constraints. As part of its due
diligence, 57 Stars undertakes multiple steps, which may include, for example, collecting
responses to a proprietary due diligence questionnaire, conducting interviews of investment
target company or Underlying Fund personnel and site visits, holding reference calls,
performing analysis of portfolio company performance and historical performance attribution,
and examining Underlying Funds’ private placement memoranda and other governing
documents. Investing in securities involves risk of loss that Funds and Investors should be
prepared to bear.

Risk of Loss – Item 8.B

Investing in any of the Funds involves a significant degree of risk and is suitable only for
sophisticated investors. Investment in a 57 Stars Fund is appropriate only for Investors for whom
such investment does not represent a complete investment program and who fully understand
and are capable of bearing the risks of a complete loss of such investment. In addition, there will
be occasions when 57 Stars or its affiliate managing a Fund encounters potential conflicts of
interest. (See additional information regarding conflicts of interest in this Brochure and in each
Fund’s Governing Documents).

The following list is not a complete list of all risks involved in connection with an investment
in the Funds. A more comprehensive description of the risks associated with each investment is
included in the respective Fund’s Governing Documents. Such risks with respect to an
investment in a Fund include, but are not limited to, the following:

   •   No Assurance of Investment Returns. Past performance is not indicative of future results.
       There can be no assurance that a Fund’s investment objectives or targeted internal rate
       of return or multiple of invested capital will be achieved, that the returns will be
       commensurate with the risks of investing in the kinds of companies and transactions
       described herein or in the Fund’s Governing Documents, or that an Investor will receive
       a return of its original invested capital or a gain on its investment.

   •   General Business Risk. The investments made by the Funds will consist primarily of
       securities issued by privately held companies that have significant risks as a result of
       general market or business conditions, changes in regulatory requirements, management
       at the Underlying Fund or co-investment vehicle level, competition, interest rate and
       currency fluctuations, general economic downturns, legal uncertainties, domestic and
       foreign political situations, and other factors. As a result, operating results in a specified
       period can be difficult to predict. Such investments involve a high degree of risk that
       could result in substantial losses, including loss of invested capital.

   •   Reliance on Underlying Fund or Co-Investment Vehicle Management. 57 Stars will not
       have an active role in the day-to-day management of the Underlying Funds or co-
       investments in which 57 Stars invests. As a result, the success of a Fund investment will
       significantly depend upon the ability of the Underlying Funds and their management to
       identify attractive investment opportunities and the performance of the co-investments.

•   Non-Controlling Investments. Each Fund will generally hold only a non-controlling
    interest in an Underlying Fund or co-investment, and each Underlying Fund will
...