Blue Like an Orange Capital US LLC

Item 5 – Fees and Compensation

     Management Fees

     Each of the Sub-Funds pay a management fee to the Fund GP (“Fund GP Management Fee”) who,
     in turn, pays us out of this a management fee (“Management Fee”) for the services that we provide
     (non-discretionary investment management services). Each Fund GP Management Fee is paid
     quarterly in advance during the month preceding the beginning of each calendar quarter out of the
     assets of a Sub-Fund. The Management Fee that we receive is paid by several installments during
     the quarter determined by the cash management needs within us and other Blue like an Orange
     Group entities. We will continue to receive fees until the expiry of the term of a Sub-Fund. In case
     the term of a Sub-Fund is extended, the Fund GP Management Fee rate must be approved by the
     Advisory Committee.

    Using the European Central Bank’s EUR/USD exchange rate as of September 9, 2025.

Blue Like an Orange Capital US LLC                                                           March 12, 2026

     The Fund GP Management Fee for each Sub-Fund consists of a fixed and a variable component. The
     fixed component is $750,000 for Sub-Fund I, $300,000 for Sub-Fund II, €300,000 ($351,210)3 for
     Sub-Fund III, and is proposed to be $300,000 for Sub-Fund IV and €100,000 ($117,070) for Sub-Fund
     V. The variable component is 1.35% for Sub-Fund I, and 1.5% for Sub-Fund II and Sub-Fund III, 1.75%
     Sub-Fund IV and Sub-Fund V, each subject to discounts in respect of certain investor classes of each
     Sub-Fund, calculated:

      •   for the two first years following the first closing of a Sub-Fund upon the commitments to a Sub-
          Fund;
      •   subsequent to the two first years following the first closing of a Sub-Fund upon the total
          acquisition cost, net of leverage, of investments that have not been realized or permanently
          written off by a Sub-Fund prior to the commencement of the relevant calendar quarter, and
          subject to adjustment for changes during such calendar quarter as set forth in the governing
          documents of such Sub-Fund.

     Out of the Fund GP Management Fee, the Fund GP will bear all its ordinary ongoing costs, including
     but not limited to, general overhead and operating expenses, administrative, legal, tax and audit
     related costs, fees and expenses, as well as the Management Fee.

     The Fund GP Management Fee is calculated by Caceis Bank Luxembourg Branch (“Caceis”). The Fund
     GP reviews the calculation of the Fund GP Management Fee, and the fee methodology and all
     calculations are reviewed annually in the audit of the Fund GP and the Sub-Funds by the external
     auditors. In addition, Caceis determines the net asset value of the Sub-Funds in accordance with each
     PPM and the valuation policy for each after receiving the valuation letter from the AIFM, FundRock
     LIS. FundRock LIS is responsible for the valuation of investments according to the valuation method
     outlined in the Fund PPM and the Valuation Policy. BlueOrange advises but has no role in the final
     decision making regarding the valuation process, nor in the calculation of management fees.

     Other fees and expenses

      All transaction fees, closing fees, underwriting fees, directors and monitoring fees together with
      abort fees charged by us and our affiliates in respect of any investment made by a Sub-Fund are
      100% for the benefit of a Sub-Fund and may be credited against the Fund GP Management Fee
      otherwise payable to the Fund GP by a Sub-Fund.

      Each Sub-Fund reimburses us and the Fund GP, on a pro rata basis in proportion to the respective
      total commitments of that Sub-Fund as compared to the total commitments to all of the Sub-Funds,
      the organizational and set-up expenses of the Fund GP, the Fund and a Sub-Fund and us:

      •   For Sub-Fund I, up to the lower amount of (i) 0.5% of the aggregate commitments at the date
          of the final closing and (ii) $1,800,000, including but not limited to structuring, legal, accounting,
          consulting, financial advisory, tax advisory, the preparation and filing of Form ADV and the
          compliance manual, printing, postage, filing, travel, out of pocket expenses, expenses and
          commissions payable to placement agents, brokers and intermediaries, capital raising and other
          organizational expenses; and

    ECB exchange rate as of January 6, 2026 (€1=$1.1707).

Blue Like an Orange Capital US LLC                                                        March 12, 2026

   •    Sub-Fund II will bear any and all fees, costs expenses and taxes relating to the establishment of
        the Sub-Fund up to $500,000, including but not limited to structuring, legal, accounting,
        consulting, financial advisory, tax advisory, printing, postage, filing, travel, out of pocket
        expenses, capital raising and other organizational expenses.
   •    Sub-Fund III will bear any and all fees, costs expenses and taxes relating to the establishment
        of the Sub-Fund up to €200,000 ($219,380), including but not limited to structuring, legal,
        accounting, consulting, financial advisory, tax advisory, printing, postage, filing, travel, out of
        pocket expenses, capital raising and other organizational expenses.
   •    Sub-Fund IV will bear any and all fees, costs expenses and taxes relating to the establishment
        of the Sub-Fund up to 0.1% of the Benchmark Commitments, with a minimum of $750,000,
        including but not limited to structuring, legal, accounting, consulting, financial advisory, tax
        advisory, printing, postage, filing, travel, out of pocket expenses, capital raising (including legal
        costs incurred linked to investor negotiations up to and including the Final Closing and excluding
...

Item 7 – Types of Clients

   Our sole clients are the Sub-Funds for which we provide non-discretionary advice to FundRock LIS,
   the AIFM of the Fund, for use for the Sub-Funds.