Avenir Management Company LLC

Item 7. Types of Clients
Avenir provides investment advice solely to its Fund clients. The Funds generally include investment
partnerships and other investment entities formed under U.S. laws and operated as exempt investment pools
under the 1940 Act. The types of investors participating in the Funds generally include endowments,
foundations, trusts and estates, high net worth individuals and family offices.

The relevant General Partner also generally is permitted from time to time to establish Funds that are
alternative investment vehicles in order to permit certain investors to participate in one or more particular
investment opportunities in a manner desirable for tax, regulatory or other reasons. Alternative investment
vehicle sponsors generally have limited discretion to invest the assets of such vehicles independent of
limitations or other procedures set forth in the organizational documents of such vehicles and the Governing
Documents of the related Fund.

There is generally no set minimum investment size for investors in the Funds, but Fund interests are
generally offered and sold solely to “accredited investors” within the meaning of the Securities Act. Please
consult the Governing Documents of the applicable Fund for the terms applicable to such Fund.