BV Investment Partners LP

Item 5. Fees and Compensation

The Adviser or its affiliates generally receive Advisory Fees and Carried Interest (each as defined
below) or similar performance-based remuneration from a Fund. A Fund, and/or its portfolio
companies also typically reimburse the Adviser and its affiliates for certain expenses and/or make
other payments to the Adviser or its affiliates for services provided to the Fund and/or its portfolio
companies which, in certain circumstances, reduce the Advisory Fees payable to the Adviser.
Additionally, consistent with the Organizational Documents of a Fund, the Fund typically bears
certain out-of-pocket expenses incurred by the Adviser in connection with the services provided
to the Fund and/or the portfolio companies. Details about such fees and expenses are contained in
the Organizational Documents of a Fund. Further details about certain common fees and expenses
are set forth below.

Advisory Fees

As compensation for investment supervisory services rendered to the Funds, the Adviser receives
from each such Fund an advisory fee (each, an “Advisory Fee”) typically calculated based on
committed capital or remaining invested capital, with respect to such Fund. Advisory Fees paid
by a Fund may also be reduced by other fees or compensation received by the Adviser or its
affiliates that relate to such Fund’s activities and investments, or by certain excess organizational
or other expenses borne by such Fund, as described in more detail below. Advisory Fees paid by
a Fund are indirectly borne by any investors in such Fund, including any Funds that invest in such
Fund.

Advisory Fees billed to and received from the Funds are payable quarterly in advance.

The precise amount of, and the manner and calculation of, the Advisory Fees for each Fund are
established by the Adviser and are set forth in such Fund’s Organizational Documents. On a date
specified in the Organizational Documents (the “Stepdown Date”), the Advisory Fee customarily
decreases and is thereafter calculated based on the amount of remaining invested capital associated
with the Fund’s aggregate investment(s) in portfolio companies that remain unrealized or have not
been permanently written off or permanently written down and are no longer monitored (such
investments, “Impaired Investments”) or with respect to which the Fund has completely disposed
of its interest (each, a “Disposition”). Because Advisory Fees are calculated based on remaining
invested capital following the Stepdown Date, the Organizational Documents do not require any
reduction or refund of Advisory Fees following any partial sales or dispositions, distributions
(including those arising from dividend recapitalizations), reorganizations, restructurings, roll-over
investments, extraordinary dividends or similar transaction where a Fund has not completely
disposed of its interest in the portfolio company, even if the value of the Fund’s interest has been
reduced (including materially reduced) (each, a “Recap Distribution”) or a full write-off or
permanent write-down, or a decrease (including a significant decrease) in fair value, except to the
extent such events constitute a Disposition or an Impaired Investment under the Organizational
Documents. Similarly, if the fair value of an investment exceeds the aggregate investment
contributions for that investment, Advisory Fees payable after the Stepdown Date are not
computed on the appreciated value and instead continue to be determined by the amount of such

investment contributions. As a result, the Advisory Fees generally will not track changes in the
fair value of any individual investment or of a Fund.

In many cases, the post-Stepdown Date Advisory Fee base will include capitalized, transaction-
specific fees and expenses of unrealized investments, including certain fees (such as Other Fees
(as defined below)) and expenses paid to third parties or their affiliates. In addition, the
Organizational Documents generally do not provide for the reimbursement or refund of Advisory
Fees in the event of Dispositions or Impaired Investments occurring mid–calculation period or if
the methodology for calculating Advisory Fees changes during the calculation period (e.g.,
because of the occurrence of a stepdown in the Advisory Fee).

The Advisory Fees paid by a Fund will generally be reduced by a percentage of certain Other Fees
(as defined below) received by the Adviser or its affiliates. The amount and manner of such
reduction, if any, is set forth in the Organizational Documents of the applicable Fund. To the
extent an Other Fee relates to more than one Fund, the Adviser shall allocate the resulting Advisory
Fee reduction among the applicable Fund(s) in proportion to their interest (or prospective interest)
in the portfolio company. Any such reduction of a Fund’s Advisory Fees will be limited to the
extent of such Fund’s proportionate interest in any such portfolio company. Subject to the
Organizational Documents of a Fund, to the extent an Other Fee relates to capital invested by a
Fund, co-investment vehicle or third-party investors that does not pay Advisory Fees, or to capital
committed by Fund investors that does not pay Advisory Fees, the portion of such Other Fee
allocable to the non-fee paying party will be retained by the Adviser and such amounts will not
offset the Advisory Fee paid to the Adviser.

In addition, from time to time, the Adviser will waive or reduce all or a portion of the Advisory
Fee paid by a Fund in full or partial satisfaction of any obligation of the Adviser and certain
employees and affiliates of the Adviser to invest in such Fund, which could result in acceleration
of investor capital contributions. Waived or reduced Advisory Fees are generally not subject to
various offsets or the reductions described above. Due to waived or reduced Advisory Fees and/or
the timing of receipt of compensation subject to offsets, Fund investors will generally not receive
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Item 7. Types of Clients

The Adviser currently provides investment supervisory services to the Funds. Investment advice
is provided directly to the Funds (subject to the direction and control of the general partner of each
such Fund, if applicable) and not individually to investors in such Funds.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the
Securities Act and the 1940 Act. Investors in the Funds are generally “qualified purchasers” as
defined in the 1940 Act, and often include, among others, high net worth individuals, banks,
pension and profit-sharing plans, trusts, estates, charitable organizations, insurance companies,
corporations, limited partnerships and limited liability companies or other entities.

The Adviser does not have a minimum size for a Fund, but minimum investment commitments are
generally established for investors in the Funds. The general partner of each Fund in its sole
discretion permits investments below the minimum amounts set forth in the Organizational
Documents of such Fund.