Blue Opal Capital LLC

Item 5: Fees and Compensation

The Funds will pay the Adviser (or its designated affiliate) a management fee (“Management
Fee”) and will pay the relevant General Partner carried interest (“Carried Interest”) in
connection with advisory services provided to the Funds. Certain investors in the Funds may
not pay a Management Fee or Carried Interest or may pay reduced amounts of a Management
Fee or Carried Interest. Investors in each Fund also bear certain fund expenses with respect
to such Fund, as set forth in the applicable Governing Documents.

Management Fee
The Funds will pay the Adviser (or its designated affiliate) an annual management fee (the
“Management Fee”), payable quarterly in advance, equal to 1% or 2% of aggregate capital
commitments (“Commitments”) held by partners not designated as “affiliated partners” by
the relevant General Partner, depending on the Fund. Investors participating in a closing after
a Fund’s effective date bear the Management Fee from the effective date, generally in
addition to an equalization amount payable to the Adviser (or its designated affiliate). The
Management Fee shall terminate upon the earlier of (A) the Disposition by the Partnership of
all of its Portfolio Investments, and (B) the winding up and liquidation of the Partnership. If
the Partnership’s obligation to pay the Management Fee terminates prior to the end of an
annual period, then the Investment Manager shall refund to the Partnership a pro rata portion

of the Management Fee that was prepaid for such annual period based on the number of days
remaining in such period.

Upon each Limited Partner’s admission to the Partnership or making of an Additional Capital
Commitment, the Partnership shall pay to the Investment Manager an additional
Management Fee (an “Additional Management Fee”), which will be computed in respect of
the period from the Initial Closing Date to the date on which the admission or Additional
Capital Commitment occurs as if the Partnership’s aggregate Capital Commitments had been
committed as of the Initial Closing Date.

The Partnership may engage independent selling agents to offer and sell Interests. The
aggregate amount of Management Fees payable to the Investment Manager by the
Partnership shall be reduced, but not below zero (0), by an amount equal to any commissions
paid or other costs incurred in connection with such independent selling agents that are borne
by the Partnership (the “Reduction Amount”). If the Reduction Amount to be credited against
the Management Fee exceeds the Management Fee payable in a given annual period, then
such excess Reduction Amount shall be credited against the Management Fee payable in each
succeeding annual period thereafter until the entire Reduction Amount has been so credited.
If upon the termination of the Partnership an unapplied balance of the Reduction Amount
remains, then the Investment Manager shall refund to the Partnership an amount in cash
equal to such unapplied balance, and the General Partner shall distribute to each Limited
Partner its pro rata share, based on their respective Capital Commitments relative to the
aggregate Capital Commitments of all Limited Partners, of such refunded amount.

The General Partner, in its sole and absolute discretion, may waive or reduce Management
Fees payable in respect of any Limited Partner; provided that such waiver or reduction may
be effected through a Limited Partner’s subscription agreement, a Side Letter, or such other
means as the General Partner and such Limited Partner may determine; provided, further,
that any such waiver or reduction of Management Fees will not thereby increase the
Management Fees payable with respect to any other Limited Partner.

Carried Interest
The General Partner will receive a Carried Interest representing 10-20% of all realized net
profits subject to certain return hurdles and the distribution waterfall as defined in the Fund’s
governing documents. The return hurdles and distribution waterfall will vary across Funds, but
are generally structured to distribute (i) 100% to the Limited Partner representing aggregate
capital contributions (ii) 100% to the Limited Partner such that it receives a 6-8% internal rate
of return (iii) thereafter 80-90% to the Limited Partner and 10-20% to the General Partner.

The distribution waterfall will vary amongst the Funds and certain Funds will not have a 6-8%
hurdle rate before paying carried interest to the General Partner. Refer to the individual Fund
governing documents for the specific distribution waterfall.

The General Partner, in its sole and absolute discretion, may waive or reduce the Carried
Interest payable in respect of any Limited Partner; provided, however, that any such waiver
or reduction of the Carried Interest will not thereby increase the Carried Interest owed by any
other Limited Partners.

Item 7: Types of Clients

The Adviser provides investment advice solely to its Fund clients, and references throughout
this Brochure to “clients” and to the Adviser’s related duties to and practices on behalf of its
clients and/or investors should be construed accordingly. The Funds generally include
investment partnerships or other investment entities formed under U.S. or non-U.S. laws and
operated as exempt investment pools under the Investment Company Act of 1940, as
amended. The investors participating in the Funds generally include high net worth
individuals, foreign corporations, limited liability companies, partnerships, as well as other
corporations or business entities and often include, directly or indirectly, principals or other
personnel of the Adviser and its affiliates and members of their families, operating partners,
or other service providers retained by the Adviser or a Fund, as well as executives of portfolio
companies.

The relevant General Partner also generally is permitted 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 these vehicles independent of limitations or other procedures set forth in the organizational
documents of such vehicles and the Governing Documents of the related Fund.

The Funds generally have committed investment minimums as further described in relevant
Fund documents. Fund interests are offered and sold solely to qualified purchasers and
accredited investors that are also qualified clients under the Advisers Act (or qualified
knowledgeable Blue Opal employees).