Adams Street Advisors LLC

FEES AND COMPENSATION

       With respect to each Client, the prospectus of each Client (each, a “Prospectus”) sets forth
the applicable fees and expenses.

        In some cases, the Adviser also receives performance-based compensation. Such
performance-based compensation is designed to comply with Section 205(a)(1) of the Advisers
Act and the rules and regulations thereunder, including the exemption set forth in Rule 205-3
thereunder, and, where applicable, relevant provisions of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”). Performance-based compensation on investments
allocated to the Adviser and to individual personnel of the Adviser has the potential to create an
incentive on the part of the Adviser and such personnel to make investments that are more
speculative than would be the case in the absence of performance-based compensation, although
the Adviser generally considers performance-based compensation to better align its interests with
those of its Investors. Employee share classes of the Luxembourg Regulated Funds, and/or
employee investment vehicles of the Adviser and its affiliates (to the extent applicable), are
generally not subject to carried interest and in most cases do not pay management fees.

        Adams Street or its affiliates in certain cases receive additional compensation in connection
with management and other services performed for portfolio companies of ASP Entities, and such
additional compensation will generally be credited to the applicable ASP Entity or will offset in
whole or in part the management fees otherwise payable to Adams Street, as more fully described
in the relevant Governing Documents. Fund investors also bear certain fund expenses.

        The Luxembourg Regulated Funds are designed to have an indefinite duration and invest
on a long-term basis. Accordingly, investment advisory and other fees are expected to be paid,
except as otherwise described in the Governing Documents, over the life of the relevant
Luxembourg Regulated Fund, as applicable, and Investors generally are not permitted to withdraw
or redeem interests in a Luxembourg Regulated Fund, except during the applicable
redemption/repurchase windows as part of periodic share redemptions/repurchases conducted at
the discretion of the applicable Luxembourg Regulated Fund’s board or other governing body,
subject to applicable regulatory requirements and as otherwise described in the relevant Governing
Documents. Fees charged to an Investor also will, in some cases, differ from the fees described
herein due to changes in the fee schedule since the time such Investor invested in a particular
Luxembourg Regulated Fund or since such Luxembourg Regulated Fund was established.

       The following is a summary of how Adams Street is compensated for its advisory services.
Differences exist among the Luxembourg Regulated Funds. Please refer to the Prospectus of each
Luxembourg Regulated Fund for additional details regarding applicable liquidity mechanisms.

       ASPEN Lux

        With respect to ASPEN Lux, the Adviser receives an annual management fee, calculated
on the net asset value (“NAV”) of the applicable Share Classes and accruing monthly and payable
monthly in arrears, equal to 1.25% for Classes C, T and K and 1.00% for all other Share Classes;
provided, however, that such fees may be waived, in whole or in part, for certain Share Classes

and may be waived during the first twelve months of the applicable Luxembourg Regulated Fund’s
life.

        AVNGR Lux

        With respect to AVNGR Lux, the Adviser receives an annual management fee, calculated
on the NAV of the applicable Share Classes and accruing monthly and payable monthly in arrears,
equal to 1.50% for Classes C, T and K and 1.25% for all other Share Classes; provided, however,
that such fees may be waived, in whole or in part, for certain Share Classes and may be waived
during the first twelve months of the applicable Luxembourg Regulated Fund’s life.

        Other Fees and Expenses

         In addition to the management fee, incentive fee and carried interest payable to the Adviser,
as applicable, the Luxembourg Regulated Funds bear certain expenses. Each Luxembourg
Regulated Fund is governed by its own Governing Documents, which detail a complete description
of expenses for such Luxembourg Regulated Fund. While differences exist among Luxembourg
Regulated Funds, the following is a description of expenses which are permitted to be charged to
certain Luxembourg Regulated Funds and include, but are not limited to, all fees, costs, expenses,
liabilities and obligations not paid by portfolio companies which are related or attributable to: (i)
establishment costs (as defined in the relevant Prospectus or Governing Documents, and as
applicable based on the Luxembourg Regulated Fund); (ii) organizational and/or operational
expenses (each as may be defined in, and solely to the extent applicable based on, the relevant
Governing Documents of applicable Luxembourg Regulated Funds); (iii) the management fee; (iv)
if applicable, the expenses of each of the relevant feeder entities (other than any income or similar
taxes); (v) all fees, costs and expenses associated with legal, consulting, accounting, valuation and
other professional services, analysis and reports, tax analysis, transfer taxes, filings, capital raising,
distribution (including compliance with MiFID II and any similar legislation), printing, mailing
and subscription processing, regulator fees, due diligence expenses of participating broker-dealers,
nominees and/or distributors, the fees, costs and out-of-pocket expenses of any platform advisor,
consultant (including environmental, social and corporate governance (“ESG”), SFDR, EMIR,
PRIIPs KID or restructuring advisors), paying agent, market representative, data providers or
related administrators, dealers and/or distributors, the fees, costs and out-of-pocket expenses of
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TYPES OF CLIENTS

        The Adviser provides investment advice and/or investment management services to its
Luxembourg Regulated Funds as described under “Advisory Business.” The Investors
participating in the Luxembourg Regulated Funds generally include eligible high net worth
investors and qualified institutions, eligibility requirements for each of which vary by jurisdiction.

         The minimum initial investment in a Luxembourg Regulated Fund that the Adviser will
accept is generally EUR/GBP/USD 100,000 depending on the share class, though this is subject
to local law requirements of the jurisdiction in which the Investor resides and any minimum
investment amount set out in the Governing Documents of the relevant Luxembourg Regulated
Fund (typically EUR/GBP/USD 25,000), though the board or other governing body of each
Luxembourg Regulated Fund generally has the discretion to decrease or waive any such stated
minimum investment amount. Prior to investing in a Luxembourg Regulated Fund, an Investor is
typically required to complete a subscription agreement and investor qualification statement, or
documents of a similar nature, containing representations needed to establish the Investor’s
eligibility to invest in the Luxembourg Regulated Fund.

             METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

General

         Adams Street makes private equity investments with the objective of selecting investments
that it believes will have attractive long-term capital appreciation.

        The Luxembourg Regulated Funds have a primary investment objective to provide
Investors with access to private markets strategies, whether directly and/or indirectly, including
through investments in both open and closed-ended funds, equity and debt or other instruments or
assets. The asset classes may include (without limitation) private equity, private credit, real estate,
infrastructure and impact, as well as other forms of alternative investments, and may include
secondary investments, direct investments and co-investments, as well as alternatives not in the
private markets space such as hedge funds and liquid alternative strategies, all of which target a
favorable rate of return (being the money made or lost on an investment), while seeking to control
risk. This may include investments in (i) other private market partnerships, on either a (a) primary
or (b) secondary basis, as well as (ii) (a) direct investments made as part of a co-investment
alongside other private equity sponsors, (b) debt investments in middle market companies backed

by strong private market sponsors, and (c) direct investments in late-stage venture capital and
growth equity investments.

       Ultimately, each Luxembourg Regulated Fund will invest in accordance with the
investment objective and the investment strategy as set out in the relevant Luxembourg Regulated
Fund’s governing documents.

         The Luxembourg Regulated Funds will generally seek to achieve their investment
objective by providing investors with broad diversification across geography, strategy and sub-
asset classes in evergreen investment structures. The Luxembourg Regulated Funds generally do
not have a fixed (i) geographic scope but are expected to invest predominantly in North America
and Europe, with a smaller proportion of investments being allocated to the rest of the world or
(ii) sector focus.

       Any recommended investment opportunities are formally approved by the applicable
investment committee and, as applicable, may be formally approved by the applicable
Luxembourg Regulated Fund’s board or other governing body.

        Adams Street seeks to build a strong portfolio by combining top-down portfolio
construction and bottom-up investment selection. Top-down factors relate to the “macro” aspects
of a particular investment, such as the economic and legal environment. Top-down analysis also
refers to the desired exposure to the various asset sub-classes. Bottom-up factors relate to the
“micro” aspects, such as the specific investment skills of a particular general partner or the
underlying fundamentals of a potential portfolio company (in each case, as applicable).

Risks of Investment and Conflicts of Interest

        Investing in securities involves a substantial degree of risk. An investment in a
Luxembourg Regulated Fund is speculative, illiquid and generally long-term in nature.
Additionally, inherent to a strategy of private markets investing are a number of risk factors,
including risks associated with investing in private funds sponsored by unrelated managers who in
turn invest in private companies, which represents a significant portion of the Adviser’s investment
strategy. These risks and conflicts of interest result in a risk of investment loss for the Luxembourg
Regulated Funds and their Investors.

         As described herein, the Adviser and Adams Street Partners operate in certain respects as
integrated entities within a broader corporate group and share a variety of personnel and
policies. Additionally, each of the Adviser and Adams Street operate as investment advisers to
vehicles which have substantial overlap in terms of private market strategy and investment
mandate, and indeed even in the particular investments. As a result, certain risks are shared across
such entities and Adams Street’s description and assessment of such risks as well as any efforts to
minimize such risks, will result in similar disclosure. Therefore, we kindly ask Investors in the
Luxembourg Regulated Funds to refer to the Adams Street Partners, LLC Form ADV Part 2A with
respect to the following risk factors: Operational Risk, Non-U.S. Market Risk, Expense Sharing,
Material Nonpublic Information; Other Regulatory Restrictions, Cybersecurity Risks, Financial
Institution Risk and Distress Events; Public Health Risks; Environmental, Social and Corporate
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