Brevet Capital Management LLC

ITEM 5: FEES AND COMPENSATION

Advisory Fees
BCM is paid a management fee by each SMA and Fund that it advises, and PLESSE is paid a management
fee by the Fund that it advises. Such management fees are typically calculated as a percentage of assets
under management and vary by client but generally range from half a percent (0.5%) to two percent (2.0%)
per annum. BCM and PLESSE are authorized to waive or reduce management fees at their discretion. Upon
termination of a relevant investment management agreement, management fees that have been prepaid are
returned on a prorated basis.

Funds
Additional details regarding a particular Fund’s management fees are set forth in its offering documents
and subscription documents, which are provided to prospective investors prior to their making an
investment.

Certain investors have negotiated reductions and/or waivers of their management fees, and BCM and
PLESSE are authorized to continue to waive and/or reduce management fees in the future at their discretion.
The benefit of any such reduction negotiated by an investor is specially allocated to such investor pursuant
to the relevant Fund’s governing documents.

For closed-ended Funds, management fees generally are paid three (3) times per year in advance based on
investors’ total capital commitments during the investment period and based on investors’ outstanding
capital contributions thereafter. For open-ended Funds, management fees generally are paid either monthly
or quarterly in advance based on the net asset value of investors’ interests. BCIF pays management fees
quarterly in advance based on its “total assets under management”, which is calculated based on the gross
value of its investments without deducting associated liabilities. Such liabilities consist primarily of bridge
financing provided by other Funds advised by BCM. See Item 8 (“Methods of Analysis, Investment
Strategies and Risk of Loss”) of this Brochure. Management fees paid by any one Fund do not offset the
management fees paid by any other Fund.

Management fees are paid by the Funds on behalf of investors by (i) requiring investors to make capital
contributions in respect of such fees and/or (ii) withholding the amount of such fees from investment
proceeds or other cash that would otherwise be distributable or allocable to such investors.

SMAs
Management fees paid by SMAs are separately negotiated with representatives of each such SMA and are
set forth in the applicable investment management agreements. As a result, management fee arrangements
with SMAs vary widely. SMAs pay fees either quarterly or monthly, either in advance or in arrears, based
on the amount of capital invested, the net asset value of investments, and/or the amount of capital that is
committed to be invested.

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Management fees are either billed to SMAs periodically or are withheld from investment proceeds
otherwise distributable to such SMAs depending on the terms of the relevant investment management
agreement and the structures of investments.

Effect of Participations on Calculating Fees
To the extent a Fund or SMA acquires a participation interest in an investment from an Asset Holder, the
participated portion of such investment is beneficially owned by, is considered part of the assets under
management of, and factors into the calculation of management fees of (in each case, to the extent
applicable) such Fund or SMA, and not the Asset Holder that sold such participation. See Item 4 (“Advisory
Business”) of this Brochure.

Performance-Based Compensation
Certain clients also pay performance-based compensation to BCM or PLESSE, which is described in Item

ITEM 7: TYPES OF CLIENTS

Brevet Capital provides investment advisory services to a variety of alternative investment vehicles,
focusing primarily on Funds and SMAs.

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Funds
The Funds are pooled investment vehicles (commonly referred to as “hedge funds” or “private equity
funds”) organized as domestic or offshore companies, limited partnerships, or limited liability companies
in order to accommodate the legal, regulatory, and tax considerations of their investors.

Investors in the Funds (other than BCIF) include, but are not limited to, high net-worth individuals, family
offices, trusts, foundations, pension funds, and endowments, each of which is required to meet certain
minimum qualifications, i.e., each investor must be an “accredited investor”, as defined in Rule 501(a) of
Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), a “qualified
client”, as defined in Rule 205-3 of the Advisers Act, and a “qualified purchaser”, as defined in Section
2(a)(51) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) (or, in
certain cases, a “knowledgeable employee” as defined in Rule 3(c)(5) of the Investment Company Act).

Investors in BCIF are natural persons seeking an EB-5 visa or conditional or permanent U.S. resident status
pursuant to the EB-5 immigrant investor visa program, each of which generally must be an “accredited
investor” and a “qualified client”, but does not necessarily need to be a “qualified purchaser”.
Notwithstanding the foregoing, one of the other Funds additionally is an investor in BCIF as a result of the
parties’ converting a portion of a loan made under the Facility to an equity investment.

Fund investors are required to complete a subscription agreement (including an investor questionnaire to
determine eligibility for investment) and agree to have their investment be governed by the applicable
governing agreement.

Each Fund sets its own minimum investment requirement. Brevet Capital or one of its affiliates, in its
discretion, can waive the investment minimum subject to applicable regulatory requirements.

Each Fund would be an investment company as defined in the Investment Company Act, but for Section
3(c)(1), 3(c)(5) and/or 3(c)(7) thereof.

Recipients of this Brochure should be aware that while this Brochure includes information about the Funds,
it is not a complete description of the terms, risks, or conflicts associated with investing in a Fund. More
complete information is set forth in the Funds’ offering documents, which are provided to prospective
investors prior to their making an investment. The information contained in this Brochure concerning the
Funds is qualified in its entirety by reference to disclosures made in the Funds’ respective offering
documents, which should be carefully reviewed prior to making an investment decision. In no event should
this Brochure be considered an offer to sell or a solicitation of an offer to buy interests in any investment
vehicle or relied upon in determining to invest in any investment vehicle managed by Brevet Capital. This
Brochure is designed solely to provide information about Brevet Capital for purposes of complying with
certain obligations under the Advisers Act and, as such, responds to specific items required to be covered
by the SEC under the Advisers Act that may differ from the information required to be provided in the
Funds’ offering documents. In the event of any inconsistency between a Fund’s offering documents and
this Brochure, such offering documents shall control. There is no assurance that any Funds’ investment
objectives will be met or that Brevet Capital’s investment strategies will be successful.

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SMAs
SMAs are separately managed accounts to which BCM provides investment management services pursuant
to investment management agreements that are individually negotiated with representatives of such SMAs.
SMA investors typically are high net-worth individuals, family offices, trusts, foundations, pension funds,
or endowments. In certain circumstances, BCM may be deemed to be offering SMA investors that are
“retail investors” the opportunity to participate in investments by co-investing alongside one or more of the
Funds. Such opportunities generally are offered only to investors who have already invested directly or
indirectly in a Fund. SMAs make investments directly or indirectly through, and BCM may provide
investment advice to, special purpose entities formed to hold investments.