Angeleno Group LLC

Item 5 – Fees and Compensation

Investors and prospective investors should refer to the respective Fund's Governing Documents for a
detailed description of the fees associated with investments in the applicable Fund. The Firm deducts
management fees (the "Management Fee") directly from each Venture Fund's assets semi-annually, in
advance. The Firm calculates the Management Fee for the Public Fund quarterly in advance and deducts
the fee on a monthly basis. For its Venture Funds, the Firm is also entitled to a performance fee (the "Carried
Interest Distributions"), based on cumulative net profits from investments, in some cases after clearing a
preferred return as stated in such Fund’s Governing Documents. Carried Interest Distributions, if
applicable, are deducted directly from a Fund's assets and not on a pre-determined schedule. For its Public
Fund, the General Partners of Angeleno may be entitled to receive an allocation (the "Incentive Allocation")
equal to up to 20% of the net profits. The Incentive Allocation is payable at the end of each fiscal year,
subject to a high water mark.

Angeleno reserves the right to elect to reduce, waive, defer or calculate differently the Management Fee,
Carried Interest Distributions and/or Incentive Allocation with respect to any investor, including employees
or partners of Angeleno, the General Partner or their affiliates, or their respective family members or trusts
or estate planning vehicles of such persons. Please refer to the disclosure regarding side letters in Item 4
for more details.

In certain cases, directors’ fees, transaction fees, monitoring fees, advisory fees, break-up fees and other
similar fees (other than ESG Fees and Expenses, defined below) paid by portfolio companies to the Firm
will partially offset the Management Fee payable by that Venture Fund to the Firm, as specified in the
applicable Governing Documents. Monitoring fees and transaction fees that are paid by a portfolio
company that is owned by two or more Venture Funds are allocated pro rata based on each Venture Fund’s
ownership.

Clients are generally required to pay Management Fees semi-annually in advance for the Venture Funds
and quarterly in advance, but Angeleno deducts the fee on a monthly basis, for the Public Fund, as specified
in each Fund’s Governing Documents. In the event Angeleno or its affiliates do not provide services for the
full semi-annual or quarterly period, the Management Fee is typically prorated for the partial period. In
general, the proration of fees is calculated based on the number of days remaining in the applicable period.

Pursuant to the Governing Documents of the applicable Fund, each Fund will generally bear its own
expenses, as described below:

Venture Funds

The Venture Funds bear the pro rata portion of all legal, accounting and other organizational expenses
incurred in forming the Venture Fund, any parallel or feeder funds (as defined below), the Venture Fund’s
General Partner and raising capital in connection therewith (“Organizational Expenses”). Each investor,
including those admitted in subsequent closings of the Venture Funds, will bear its pro rata portion of the
aggregate Organizational Expenses paid by the Venture Fund.

The Venture Funds pay all expenses related to the operation of the Venture Fund and its investments (to
the extent not reimbursed by a portfolio company) (collectively, “Partnership Expenses”), including,
without limitation:

    i)      the Management Fee;
    ii)     all out-of-pocket fees, costs and expenses, if any, incurred in developing, sourcing, bidding on,
            evaluating, negotiating, structuring, obtaining regulatory approvals for, purchasing, trading,

         settling, monitoring, maintaining custody of, holding and disposing of actual investments
         (including travel, accommodation entertainment and related expenses) and costs of related
         information management and trading systems, including without limitation any financing,
         legal, accounting, advisory and consulting, due diligence (including market diligence, market
         data and background checks), research related expenses in connection therewith (to the extent
         not subject to any reimbursement of such costs and expenses by entities in which the Fund
         invests or other third parties) and ESG Fees and Expenses (as defined below);
iii)     expenses of the Limited Partner Advisory Committee and its members, in that capacity;
iv)      principal, interest, fees and other amounts arising out of all borrowings, guaranties and other
         indebtedness;
v)       the costs and expenses of any lenders, investment banks and other financing sources;
vi)      any insurance premiums for policies covering any person indemnifiable by the Venture Funds;
vii)     taxes, fees and due diligence and other expenses associated with the acquisition, holding and
         disposition of investments;
viii)    all costs related to FATCA (or other information reporting regimes) compliance, including the
         fees and expenses of third-party service providers related to such compliance;
ix)      fees, costs and expenses of any administrators, custodians, depositaries, attorneys, accountants,
         tax advisers, consultants, brokers, agents, valuation experts, senior advisors, operating partners
         and other advisers and professionals (including bookkeeping, audit and certification fees and
         the costs of preparing, printing and distributing reports to investors and costs of related
         information management systems) (whether maintained by the Firm or elsewhere);
x)       all third-party expenses in connection with transactions not consummated;
xi)      the out-of-pocket expenses incurred in connection with complying with provisions in side letter
         agreements entered into with investors, including “most favored nations” provisions;
...

Item 7 – Types of Clients

Angeleno provides investment advice to each Fund, which are private investment vehicles that are exempt
from registration under the Investment Company Act. The Fund’s investors are limited to individuals and
entities that meet certain suitability criteria including “accredited investors”, “qualified clients” and/or
“qualified purchasers” set forth under the United States federal securities laws. Funds are marketed
exclusively to investors that meet these criteria.

Each Fund requires a significant minimum capital commitment, which is detailed in each Fund’s Governing
Documents. The minimum investment amount is subject to waiver in the sole discretion of Angeleno or its
affiliates.