Bicycle Management Company LP

Item 5: Fees and Compensation

In general, the Adviser receives a management fee and a performance-based fee in connection with
advisory services to Funds. Each Adviser is also entitled to, in certain instances, additional compensation
in connection with management and other services performed for portfolio companies of Funds, and such
additional compensation offsets, in whole or in part, the management fees otherwise payable to the
Adviser as set forth in the corresponding Governing Documents of such Funds. Investors in a Fund also
bear certain expenses related to the organization and operation of such Fund.

The fees applicable to each of the Funds are set forth in detail in the corresponding Governing Documents.
A brief summary of such fees is provided below.

Management Fee

As compensation for its investment advisory services, the Adviser receives a management fee (the
“Management Fee” or “Management Fees”) from the Fund, which is equal to a percentage of a Limited
Partner’s capital commitments to such Fund (other than any excluded capital commitments). The fee
percentage and/or the base upon which the fee is calculated varies by Fund and will also vary over the life
of the Fund, as negotiated, and determined at the time the Fund is established and as set forth in its
Governing Documents. The rate of the Management Fee starts at two percent (2.0%) annually is then
reduced upon occurrence of certain events that are fully described in the Governing Documents of each
Fund. Management Fees are payable quarterly and in advance. The Management fee is subject to
proration based on the number of days in the fiscal quarter.

Performance-Based Fee (“Carried Interest”)

The Partnership will make distributions of cash or marketable securities in the General Partner’s discretion
that are not intended to make investments in Portfolio Companies or pay expenses, liabilities or
obligations of the Partnership, or otherwise reserve for future investments in Portfolio Companies or
future expenses, liabilities and obligations of the Partnership. These allocations and distributions are
commonly known as “carried interest” (the “Carried Interest”). Distributions will be made in an order of
priority as set forth in the Governing Documents of the Fund.

Manager Expenses

The Management Company will bear the following normal overhead and administrative expenses
incurred by the Management Company or its Affiliates in connection with the management of the Fund:
(i) salaries, wages, bonuses and benefits of the employees of the General Partner, the Management
Company and their respective Affiliates; (ii) rentals payable for space used by the Management Company,
the General Partner or the Partnership; (iii) expenditures for equipment used by the Management
Company, the General Partner or the Partnership; and (iv) any expenses incurred by the Management
Company or the General Partner for regulatory or other compliance matters arising under applicable
securities laws that relate to the Management Company or its personnel.

Partnership Expenses

The Partnership shall bear all fees, costs and expenses incurred by the Partnership, the General Partner,
the Management Company and the General Partner’s and the Management Company’s respective
members, managers, officers, employees and Affiliates on behalf of the Partnership (except for those
expenses borne by the Management Company), that are related to the Partnership and that are not
reimbursed by third parties including (i) the management fee, (ii) Organizational Expenses, (iii) all fees,
costs and expenses incurred in connection with (A) identifying, investigating, evaluating, acquiring,
consummating, holding, maintaining, monitoring and disposing of Securities (including legal, accounting,
auditing, custodial, consulting, investment banking and other fees and expenses, commissions, appraisal
fees, taxes, brokerage and other finders fees, merger fees, registration fees, due diligence and similar fees
and expenses, and all reasonable out-of-pocket entertainment and travel and related expenses (including
business class (or equivalent) air travel, car services, hotel accommodations and meals (collectively,
“Travel Expenses”)) incurred by employees and/or other agents of the Management Company, the

General Partner or their respective Affiliates in connection with the foregoing and also investment and
disposition opportunities that are not consummated); (B) any bank account, credit facility, guarantee, line
of credit, loan commitment, letter of credit or similar credit support or other indebtedness involving the
Partnership or any Portfolio Investment (including any fees, costs and expenses incurred in obtaining such
borrowings and indebtedness and interest arising out of such borrowings and indebtedness); (C) the
managed distribution of Marketable Securities; (D) actual or threatened litigation or administrative
proceedings involving the Partnership that are allocated to the Partnership and attributable to Partnership
activities; (E) indemnification pursuant to the Partnership’s Governing Document, subject to the
limitations imposed therein; (F) complying with (or facilitating compliance with) any applicable law, rule
or regulation (including legal fees, costs and expenses), regulatory filing or other expenses of the
Partnership, the General Partner or the Management Company, including Form PF filings, anti-money
laundering compliance and any compliance, filings or other obligations related to or arising out of the
Alternative Investment Fund Managers Directive 2011/61/EU, in each case, involving or otherwise related
to the Partnership; (G) complying with tax withholding and other information reporting regimes, including
FATCA and similar laws or regulations; (H) legal, consulting, custodial, administration, auditing,
accounting, appraisal, valuation and other professional services related to the Partnership (including (1)
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Item 7: Types of Clients

As described in Item 4 above, the Adviser provides investment advice to the Funds which are exempt from
registration as an investment company under the Investment Company Act, and whose interests are not
registered under the Securities Act.

The Fund is a private investment partnership formed under domestic law. At this time, it is not anticipated
that the Advisers would provide advisory clients that are “retail investors” as defined by Rule 204-5(d)(2)
under the Investment Advisers Act of 1940, as amended (“Advisers Act”).

Investors in the Funds include institutions, sovereign wealth funds, family offices, high net-worth
individuals, development financial institutions, and other sophisticated investors that meet certain
qualification requirements. Please note that investors in the Funds are not clients of the Advisers by virtue
of their investment in a Fund. The Funds generally have a minimum investment amount as further
described in the respective Fund’s Governing Documents for third-party Investors. The Advisers may
waive the minimum investment or contribution with respect to any Client in its sole discretion.

Interests in the Fund is currently offered on a private placement basis, and where applicable, in reliance
on Section 3(c)(7) of the Company Act, to persons who generally are “accredited investors” as defined
under the Securities Act that are also “qualified clients” for purposes of the Advisers Act (or qualified
knowledgeable Adviser personnel), and who are subject to certain other conditions, which are fully set
forth in the offering documents of such Fund.