Borderless Management LLC

Item 5:        Fees and Compensation
Borderless’ fees and compensation arrangements may vary among its Clients. The specific terms
of such arrangements are established by Borderless and set forth in each Clients’ governing
documents.

Subject to limitations, the Funds shall pay a management fee for the investment advice and other
services provided by Borderless. Borderless, as outlined in each respective Fund’s offering
documents, generally charges a management fee of 2.0% per year based on aggregated capital
commitments from the investor’s initial closing date. Borderless generally calls capital for the
purpose of collecting management fees. Payments of the management fee are calculated and made
quarterly in advance on the first business day of each fiscal quarter. Borderless may reduce or
waive the management fee with respect to any Fund or investor.

  This amount does not include assets of certain special purpose vehicles to which Borderless does not generally
provide continuous and regular supervisory or management services.

All such fees and compensation are subject to reduction or waiver at Borderless’ discretion and,
in the case of management fees, are pro-rated in the event of contributions or withdrawals by
investors on other than a calendar quarter-end.

The performance-based compensation described above conforms to Section 205(a)(1) of the
Advisers Act in accordance with the available exemptions thereunder, including the exemption set
forth in Rule 205-3.

Expenses

The management fee and carried interest are separate from costs of providing services, including
personnel and other related costs and expenses which are incurred by the Funds. In addition to the
above, the Funds are responsible for all legal and other expenses incurred in the formation of the
Funds and the offering of the interests in the Funds. The Funds will also pay all costs, expenses
and liabilities in connection with its operations. including but not limited to: legal, accounting,
book-keeping, auditing, custodial, administration, valuation, consulting and other professional fees
and expenses and any and all fees and disbursements of attorneys, Fund administrator, accountants
and other professionals relating to Fund matters, including allocable compensation for in-house
attorneys based upon time spent and fees comparable to those payable to outside counsel with
similar experience; banking, brokerage, registration, qualification, depositary or similar fees or
commissions and professional fees (which may include affiliates of the general partner to the
extent that fees, costs and expenses payable to such affiliates do not exceed the amount customarily
charged by third parties for services similar to those actually provided) related to the discovery,
investigation, development, making, management and disposition of investments (whether or not
consummated), Fund marketing, Fund-related communications and the expenses of attending
industry events, travel and entertainment, expenses of research and external technical consulting,
and valuation expenses; indemnification and insurance expenses (including directors and officers
coverage and professional liability insurance coverage for the general partner, other officers of the
general partner or related persons), out of pocket expenses of the general partner and/or other
service providers incurred in performing services on behalf of the Funds, including travel expenses
associated with the Funds’ investment activities, expenses of meetings of the advisory board,
expenses associated with the negotiation, structuring and locating prospective investments and the
evaluation, acquisition, holding and disposition of its proposed and actual portfolio investments,
including the fees and expenses of professional advisors such as legal counsel, accountants, and
technical consultants and transfer, capital and other taxes, duties and costs incurred in acquiring,
holding, selling or otherwise disposing of Fund investments, extraordinary expenses (such as
litigation), expenses relating to unconsummated transactions, including the costs of assessing and
reviewing proposed transactions, all expenses of liquidating the Funds, expenses relating to
Borderless’ registration or exemption filings under, and/or compliance with the Investment
Advisers Act of 1940, as amended and/or similar State regulations, cost of financial statements of
the Funds and other reports to and communications with the partners of the Funds, and taxes,
expenses incurred in connection with tax and other compliance and tax reporting of the Funds and
corporate licensing and regulatory expenses (including filing and government fees); and other fees
and other governmental charges levied against the Funds.

Generally, the Funds’ administrator calculates the management fees and, if applicable, any carried
interest payable or allocable to Borderless Management, and permits payment in accordance with
the terms of the Funds’ governing documents.

SMA expenses will vary among Clients and are detailed in each SMA’s relevant separately
managed account agreement. Generally, SMAs will bear all legal and other out-of-pocket
expenses incurred by Borderless, including fees charged by the custodian, paying agent and/or
exchange agent. The SMAs generally also bear, directly or indirectly, all ordinary administrative
and operating expenses associated with maintaining the account, including management fees, risk
management expenses, ordinary and recurring investment expenses, including custodial costs,
brokerage costs, interest charges, consulting fees, legal expenses, accounting and auditing
expenses incurred in preparing, printing, and delivering all reports and tax information, filing costs,
fees, and any other expenses which are directly related to investment.

Neither Borderless nor any of its supervised persons are compensated for the sale of securities or
...

Item 7:         Types of Clients
As noted in Item 4, Borderless’ Clients are privately offered pooled investment vehicles that are
subject to investment by certain qualified investors and SMAs. Investors in the Funds are generally
“accredited investors” within the meaning of Rule 501(a) under the Securities Act of 1933, as
amended (“Securities Act”), “qualified clients” within the meaning of Rule 205-3 under the
Advisers Act, and/or “qualified purchasers” within the meaning of Section 2(a)(5)(1) of the
Investment Company Act of 1940, as amended. Investors may include individuals, banks or thrift
institutions, other investment entities, university endowments, sovereign wealth funds, family
offices, pension and profit-sharing plans, trusts, estates, charitable organizations or other
corporations or business entities and may include, directly or indirectly, principals or other
employees of Borderless and its affiliates and members of their families, operating partners or
other service providers retained by Borderless.

Each Client generally has a minimum investment amount for potential investors as provided in the
applicable offering documents. Such minimum investment amounts may be waived or amended
by Borderless or the applicable general partner in their sole discretion.