Apax Partners US LLC

Item 5. Fees and Compensation

As compensation for investment advisory services rendered to the Funds, the Adviser receives an
advisory fee (“Advisory Fee”). Advisory Fees structure, tenor (e.g., quarterly) and quantum are
governed by the respective Advisory Agreement and/or organizational documents of each Fund
and are paid through issuing capital calls and/or from other available fund liquidity.

Should an Advisory Agreement be terminated early, Advisory Fees that may have been prepaid (if
any) are dealt with in accordance with the Advisory Agreement and/or organizational documents
of the Funds. This might include a return of a prorated portion if required by such documents.

The precise amount of, and the manner and calculation of, the Advisory Fees for the Funds are
established by the Adviser, as modified by negotiations with investors in the Funds, and are set
forth in each Fund’s Advisory Agreement, organizational documents and/or other documentation
received by each investor prior to investment in a Fund. These calculations will differ by fund and
across their lifecycle or term. Advisory Fees are generally calculated based upon capital
commitments, net utilized capital or net asset values, with each concept defined within relevant
organizational documents of the relevant Fund.

Certain investors in the Funds who are employees, former employees, business associates and
other “friends and family” of the Adviser, its affiliates or their personnel (including any related
entity established by any of the foregoing) (collectively “Adviser Investors”) will not typically
pay Advisory Fees or Carried Interest or Performance Allocation (as defined below) in connection
with their investment in the Funds. The economics of such investors are set out within the
respective Fund organizational documents. Adviser Investors will generally pay for their pro rata
share of certain fund expenses.

In connection with the investment advisory services provided to the Funds, the Adviser and its
affiliates generally will also perform management, advisory, transaction-related, financial
advisory, and other services (“Related Services”) for, and receive fees from, actual or prospective
portfolio companies or other investment vehicles of the Funds. Where such fees arise, their amount
and timing are generally set forth in the agreement or other documentation governing the
applicable transaction. Generally, the amount of such fees and reimbursements will not, except in
connection with the reductions described herein, be disclosed to investors in the Funds. Related
Services fees are generally paid in cash; however, organizational documents might also allow that
they may be paid in securities of the portfolio companies, prospective portfolio companies or

investment vehicles (or rights thereto or otherwise). Although these fees are in addition to the
Advisory Fees, the Adviser will, in some circumstances, reduce the amount of Advisory Fees paid
by the Funds in connection with the receipt of a portion of such Related Services fees. The amount
and manner of such reduction, if any, is set forth in the Advisory Agreement and/or organizational
documents of the Funds. Additionally, a portfolio company typically reimburses the Adviser for
expenses (including without limitation travel and travel-related expenses, meals and entertainment
expenses, expenses relating to training programs, meetings or other events, expenses relating to
hiring portfolio company personnel, indemnification expenses, certain legal expenses and similar
out-of-pocket expenses) incurred by the Adviser in connection with its performance of services
for such portfolio company. As used herein, “travel and travel-related expenses” includes all travel
expenses for the use of private aircraft, first class or business class travel, black car ground
transportation, accommodations, meals, events and entertainment. For a discussion of material
conflicts of interest created by the receipt of such fees and reimbursements, please see Item 11
below. For the avoidance of doubt, any fees paid to the Adviser or its personnel after the Funds
have exited (or are in the process of exiting) an investment will not reduce the Advisory Fee.

From time to time the Adviser may maintain the amounts associated with Related Services fees in
accounts that bear interest before such amounts are utilized or offset. Any such interest is not
considered “Related Services fees” and does not reduce the Advisory Fees or otherwise benefit the
Funds or their investors.

In respect of the Sub-Advisory Services provided by the Adviser to LLP for services related to the
LLP Funds, it receives a fee paid by LLP generally equal to the reasonable costs and expenses
incurred by the Adviser of providing such services plus an appropriate mark-up (currently 10%)
plus the applicable value-added tax.

Unless stated otherwise in the Advisory Agreement, the organizational documents of the Funds,
and/or the Sub-Advisory Agreement with LLP, the Adviser will generally bear all costs associated
with compensation of its employees, rent, utilities, and office supplies. In respect of the Adviser’s
investment advisory services to the Funds, to the extent not paid by the underlying portfolio
companies in which the Funds invest, the Funds will generally be responsible for all other
expenses, including (though not exhaustive) Advisory Board expenses, legal, accounting,
consulting, origination (including the costs and expenses incurred in obtaining, negotiating,
entering into, effecting, maintaining, varying, refinancing or terminating borrowings and
commitments and interest arising therefrom) and diligence expenses related to the Funds’ investing
activities also as further set forth in the Advisory Agreements, the organizational documents of the
Funds, and/or the Sub-Advisory Agreement with LLP.

The Adviser and its affiliates also employ operating professionals (“Operating Specialists”) who
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Item 7. Types of Clients

The Adviser currently provides investment advisory services to the Funds and Sub-Advisory
Services to LLP. Investment advice is provided directly to the Funds (subject to the direction and
control of the general partners of the Funds, if applicable) and not individually to investors in the
Funds or, in the case of the Sub-Advisory Services, to LLP and not any of the LLP Funds.

Interests in the Funds were offered pursuant to applicable exemptions from registration under the
Securities Act and the 1940 Act. Investors in the Funds are generally “accredited investors” as
defined under Regulation D under the Securities Act and, are also generally “qualified purchasers”
as defined in the 1940 Act, and include, among others, public pension funds, private pension funds,
funds of funds, sovereign wealth funds, high net worth individuals, insurance companies, banks,
and endowments.

The Adviser did not establish a minimum size for the Funds, but minimum investment
commitments were established for investors in the Funds. The general partners of the Funds retain

the ability to, in their sole discretion, permit investments below the minimum amounts set forth in
the offering documents of the Funds.