Bear Creek Fund Advisors LLC

Item 5: Fees and Compensation

Each Fund Client generally pays Bear Creek Fund Advisors or an affiliate a management fee based on a
percentage of the Fund Client’s capital commitment and invested capital, and carried interest based on the
profits of the Fund Client, as set forth in the Offering Documents of the Fund Client. In general, investors
in the Fund Clients are entitled to a return of their contributed capital, plus a preferred return, before Bear
Creek Fund Advisors or its affiliates are entitled to earn any carried interest. The Fund Clients pay Bear
Creek Fund Advisors an annual management fee payable quarterly in advance. The management fee rate
of a Fund Client varies up to 1.75%, and the carried interest rate varies up to 20%.

Fund Clients will pay an amount with respect to each Limited Partner equal to the sum of 0.25% (1.00%
per annum) of such Limited Partner’s pro rata share of the aggregate Capital Commitments of such Limited
Partner plus 0.1875% (0.75 per annum) of such Limited Partner’s pro rata share (as determined by the
General Partner) of Invested Capital on such date. invested capital on such date.

Co-investment vehicles advised by Bear Creek Fund Advisors generally pay an annual management fee,
payable quarterly in advance, equal to 0.25% (1.00% per annum).

Management fees are negotiable in certain circumstances, including with respect to seed or strategic
investors.

In addition to management fees, Bear Creek Fund Advisors is entitled to receive a performance based
allocation (“Carried Interest”) as described in Item 6 below.

The Offering Documents of each Fund Client permit Bear Creek Fund Advisors to negotiate different fees
with investors, and to reduce or waive fees for certain investors, and affiliates, principals, and employees
of the Adviser.

The more assets an investor invests in a Fund Client, including cash and cash equivalents, the more the
investor will pay in management fees to Bear Creek Fund Advisors. Therefore, Bear Creek Fund Advisors
has an incentive to increase the amount of assets an investor contributes to a Fund Client in order to increase
the revenue generated by the Adviser’s fees.

At times, Bear Creek Fund Advisors receives certain administrative or servicing fees including, but not
limited to, monitoring, transaction, break-up, loan servicing, or similar fees from third parties in connection
with the portfolio investments the Adviser makes on behalf of its Fund Clients. Bear Creek Fund Advisors
typically offsets the management fees payable by a Fund Client to the Adviser with any such administrative
or servicing fees it receives in connection with the Fund Client’s portfolio investments. If the amount of
such administrative or servicing fees exceeds the amount of the management fees expected to be received
from the Fund Client over a specific period of time (such as a twelve-month period), the Adviser will
typically pay the excess amount to the applicable Fund Client.

A Fund Client’s management fees are typically payable quarterly in advance and calculated on the first day
of each fiscal quarter. Bear Creek Fund Advisors or an affiliate generally deducts these fees directly from
the Fund Client’s account held at a qualified custodian, as authorized by the Fund Client’s Offering
Documents. Management fee installments for any period other than a full calendar quarter are adjusted on
a pro rata basis according to the actual number of days elapsed.

Investors in the Fund Clients bear, in addition to management fees and performance allocations, their share
of organizational and offering expenses incurred in connection with fund formation and the offering of
interests, generally up to an agreed upon cap. Each Fund Client will pay investment-related costs and
expenses incurred in connection with the evaluation, acquisition, holding, monitoring, refinancing,
recapitalization, disposition, or proposed disposition of actual and potential investments, whether or not
consummated, including private placement fees, taxes, brokerage fees, sales commissions, underwriting
commissions and discounts, appraisal and valuation fees, asset management fees, research fees, travel,
lodging, and entertainment expenses, and legal, accounting, administrator, and consultant fees. Fund Clients
also bear other operational costs, such as: borrowing and interest costs; indemnification expenses of the
Fund Client; investor communication expenses; fees relating to audit services, the preparation of financial
and tax reports, portfolio valuations, and tax returns of the Fund Client; expenses with respect to regulatory
and legal advice, and filings and compliance matters of the Fund Client; the costs of litigation involving the
Fund Client; director or officer liability or other insurance and indemnification or extraordinary expense or
liability relating to the affairs of the Fund Client; liquidating expenses, taxes, fees or other governmental
charges levied against the Fund Client; expenses incurred in connection with any tax audit, investigation,
settlement or review of the Fund Client; and other expenses of the Fund Client as disclosed in the applicable
Offering Documents. Each Fund Client is generally obligated to reimburse the Adviser and its affiliates
for any such operational costs they advance on behalf of the Fund Client.

It is Bear Creek Fund Advisors’ policy to allocate fees and expenses to Fund Clients in accordance with the
Adviser’s expense allocation policies and procedures, which may be amended from time to time, and any
specific allocation provisions set forth in a Fund Client’s Offering Documents.

Deal expenses relating to a Fund Client’s potential investments that were never consummated are typically
allocated among Fund Clients in the same manner as expenses related to consummated investments, but
such allocations are generally based on the expected amount of capital the Fund Client would have
...

Item 7: Types of Clients

Bear Creek Fund Advisors manages the assets of privately offered pooled investment vehicles for which its
affiliates act as general partner, manager, or sponsor. The Fund Clients are generally pooled investment
vehicles excluded from the definition of an “investment company” by Section 3(c)(1) and/or Section 3(c)(7)
of the Investment Company Act of 1940, as amended (the “Investment Company Act”). Bear Creek Fund
Advisors expects investors in a Fund Client will generally be “accredited investors” as defined under the
Securities Act of 1933, as amended (the “Securities Act”), and “qualified purchasers” as defined under the
Investment Company Act.

Bear Creek Fund Advisors generally seeks investors for the Fund Clients that include, for example, high
net worth individuals, family trusts, family offices, and institutional investors such as public pension plans,
sovereign wealth funds, and endowments.

Bear Creek Fund Advisors imposes a minimum capital commitment and other conditions for investing in a
particular Fund Client, as set forth in the applicable Fund Client’s Offering Documents. Bear Creek Fund
Advisors may waive such investment minimums and other conditions at its sole discretion.