Accumulator Operations LLC

Item 5.     Fees and Compensation

The fees and compensation paid by the Funds will be described in each Fund’s Governing Documents.

Generally, the Funds will be structured to receive either a cash contribution or a private equity interest
contribution. In the case of a cash contribution, the Funds will generally pay an annual management fee
and carried interest. In the case of a private equity interest contribution, the Funds will generally pay an
initial fee (in-kind contribution) at the time an investor subscribes to the Fund, incentive fees, and other
fees that may be agreed to with a specific investor in a side letter. Such fees are paid to the General
Partners.

The Funds bear their own organizational and operating expenses, including, without limitation,
investment expenses. Investors should carefully review the specific organization and operating expenses
that are expected to be paid by the Funds in which they invest. Below is a general description of the
expenses that the Funds will be expected to bear.

The Funds will be organizational expenses including all out-of-pocket expenses incurred in connection
with (i) the formation and organization of the Fund and the offering of units in the Fund including travel
(including air travel at a cost not exceeding the cost of refundable coach class commercial airfare, ground
transportation (including car service) and annual airport lounge fees and incidental travel expenses), meal
and entertainment expenses, printing, legal, capital raising, accounting and regulatory compliance

Accumulator Operations, LLC                                                                  Form ADV Part 2A

expenses (including expenses associated with the initial registrations, filings, compliance and other
offering obligations contemplated by the Act, 1933 Act, Investment Company Act or any similar law, rule
or regulation), any expenses related to administrative or other filings, costs, fees, expenses and other
amounts paid to placement agents and other organizational expenses and (ii) the formation and
organization of the General Partner, any alternative investment vehicles, parallel vehicles and subsidiaries
of the Fund and their respective managing entities, if any, (including, but not limited to, legal, accounting,
consulting, filing, travel, marketing, and printing costs).

The Funds will also bear their ongoing operating expenses. Such expenses include any fees, costs,
expenses, liabilities and obligations relating to the Fund’s and/or its subsidiaries’ activities, business,
Investments or potential Investments, including with respect to any Person formed to effect the
acquisition and/or holding of an Investment (to the extent not borne or reimbursed by an Investment or
potential Investment), including all fees, costs, expenses, liabilities and obligations relating or attributable
to: (i) activities with respect to origination and sourcing of investment opportunities for the Fund,
including meeting with broker-dealers, investment banks and other sources of Investments; attending
trade shows and conferences (including related travel, lodging and meals); and developing an investment
pipeline (including associated customer relationship manager (CRM) software and/or other software and
service providers); (ii) activities with respect to the structuring, organizing, negotiating, consummating,
financing, refinancing, diligencing (including any subscriptions to periodicals or databases and dues or
membership fees for industry trade groups and related organizations), acquiring, bidding on, owning,
managing, monitoring, operating, holding, hedging, restructuring, trading, taking public or private, selling,
valuing, winding up, liquidating, dissolving or otherwise disposing of, as applicable, the Fund’s actual and
potential Investments (including follow-on investments) or seeking to do any of the foregoing (including
any associated legal, financing, commitment, transaction or other fees and expenses payable to attorneys,
accountants, tax professionals, investment bankers, lenders, third party diligence software and service
providers, consultants and any similar professionals in connection therewith), whether or not any
contemplated transaction or project is consummated, whether or not such activities are successful and
whether or not such activities were undertaken prior to the initial closing of the Fund; (iii) indebtedness
of, or guarantees made by, the Fund, the General Partner or any “affiliated partner” on behalf of the Fund
(including any credit facility, letter of credit or similar credit support), including repayment of principal
and interest with respect thereto, or seeking to put in place any such indebtedness or guarantee; (iv)
financing, commitment, origination and similar fees and expenses; (v) broker, dealer, finder, underwriting
(including both commissions and discounts), loan administration, private placement fees, sales
commissions, investment banker fees (including buy-side, sourcing and sell-side fees) and similar fees and
expenses; (vi) brokerage, sale, custodial, depositary, trustee, record keeping, account and similar services;
(vii) legal, accounting, research, auditing, administration (including fees and expenses associated with the
Fund’s third-party administrator, third-party consultant and administration, tracking or reporting
software, if any, and third-parties engaged to perform anti-money laundering and know-your-customer
compliance and administration, if any), information, appraisal, advisory, valuation (including third-party
valuations, appraisals or pricing services), consulting, custody, environmental evaluation, safekeeping,
proxy voting, management, business, tax and other professional services, as well as recruiting (e.g.,
headhunter) fees, background checks and relocation expenses related to consultants and portfolio
company personnel; (viii) reverse breakup, termination and other similar fees; (ix) directors and officers
...

Item 7.     Types of Clients

Investors in the Funds are generally high net worth individuals and institutional investors that qualify as
“accredited investors” (as defined in Rule 501 under the Securities Act of 1933, as amended), qualified
clients and qualified purchasers. The minimum initial investment in the Funds are set forth in the Funds’

Accumulator Operations, LLC                                                                   Form ADV Part 2A

Governing Documents. The Firm may waive, reduce and/or modify such minimum under certain
circumstances.