Clarus Ventures LLC

Item 5 – Fees and Compensation

Management Fees and Performance Fees

Per the Advisory Agreements with each of the Funds, the Clarus Adviser is entitled to
compensation for its services in the form of a management fee (the “Management Fee”),
generally payable quarterly in advance. The Management Fee is based on either committed
capital or invested capital, depending on the Fund and whether its investment period is
currently active. Prorated refunds would be provided for partial quarters, if any, to the extent
applicable. As set forth in Item 6 below, the General Partner of each Fund is also eligible to
receive performance-based or “carried interest” allocations. The Confidential Private
Placement Memorandum (as supplemented from time to time) and the Partnership Agreement
and Advisory Agreements (collectively, the “Organizational Documents”) of each Fund include
further details on fees and compensation and related matters.

Management Fees and performance-based allocations are either withheld from distributions
or, in the case of Management Fees, invoiced at an appropriate time pursuant to a capital call
notice.

Certain investors in the Funds, including current and/or former senior/executive/operating or
other advisors, officers, directors and personnel of Blackstone and/or other key
advisors/relationships (including operating partners, executives, founders and entrepreneurs),
Portfolio Entities (as defined herein) of the Funds and Other Blackstone Clients (as defined
herein), including charitable programs, endowment funds and related entities established by or
associated with any of the foregoing (including any trusts, family members, family investment
vehicles, estate planning vehicles, descendants, trusts and other related persons or entities),
and other persons related to Blackstone (“Blackstone Investors”), will not pay Management
Fees and/or performance-based or carried interest allocations in connection with their
investment in or alongside the Funds or Blackstone-sponsored funds that make investments in
the Funds. Notwithstanding the foregoing, such investors will either directly pay for their pro
rata share of certain Fund expenses (as described below), or the pro rata amount of such
expenses will be allocated to the applicable General Partner or its affiliates. Such pro rata
allocation of Fund expenses will, in certain circumstances, be calculated based on capital
commitments, invested capital, available capital or other metrics as determined by the
applicable General Partner or its affiliates in its sole discretion. Any such methodology
(including the choice thereof) involves inherent conflicts and will, in certain circumstances, not
result in perfect attribution and allocation of expenses. In addition, to the extent current and/or
former partners, employees, advisors and other persons referred to above, including their
charitable programs, endowment funds and related entities established by or associated with
any of the foregoing (including any trusts, family members, family investment vehicles, estate
planning vehicles, descendants, trusts and other related persons and entities), make capital
commitments and/or otherwise invest in or alongside the Funds, any such amounts will in

certain circumstances, in the General Partner’s sole discretion, be treated as satisfying the
applicable portion of any required capital commitment of the General Partners and/or their
affiliates to the Funds , as applicable (even in circumstances where any such commitments or
investments are made following a separation from Blackstone). For more information with
respect to the allocation of Fund expenses, please see “—Expenses” in this Item 5 below.

Blackstone Strategic Relationships. Blackstone has entered, and it can be expected that
Blackstone in the future will enter, into strategic relationships with investors (and/or one or
more of their affiliates) that involve an overall relationship with Blackstone that could (but is
not required to) incorporate one or more strategies (including, but not limited to, a different
sector and/or geographic focus within the same or a different Blackstone business unit) in
addition to the Funds’ strategies (“Strategic Relationships”). A Strategic Relationship often
involves (but is not required to involve) an investor agreeing to make a capital commitment or
extend a commitment or lock-up period, as applicable, to two or more Blackstone vehicles, one
of which could be a Fund. To the fullest extent permitted by law, Investors in the Funds will not
receive a copy of any agreement memorializing a Strategic Relationship program (even if in the
form of a side letter) or receive any other disclosure or reporting of the terms of or existence of
any Strategic Relationship and will be unable to elect in the “most-favored nations” election
process any rights or benefits afforded through a Strategic Relationship (and, for the avoidance
of doubt, it is not expected that any further disclosure or reporting information will be shared
with the limited partners about any Strategic Relationship except as may be required by law).
Specific examples of such additional rights and benefits have included and can be expected to
include, among others, specialized reporting, secondment arrangements discounts or
reductions on and/or reimbursements or rebates of management fees or carried interest,
secondment of personnel from the investor to Blackstone (or vice versa), targeted amounts for
co-investment opportunities alongside Blackstone vehicles (including without limitation,
preferential or favorable allocation of co-investment opportunities), and preferential terms and
conditions related to co-investment or other participation in Blackstone vehicles (including any
carried interest and/or Management Fees to be charged with respect thereto, as well as any
additional discounts, reductions, reimbursements or rebates thereof or other penalties that
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Item 7 – Types of Clients
The Clarus Adviser manages the Funds. The Funds’ investors consist of some or all of the
following:

      Insurance companies
      Public and private retirement and pension plans
      Trusts and estates
      Charitable organizations and foundations, including endowment funds thereof
      State and municipal government agencies
      Private investment funds
      Corporations
      Business entities other than those listed above
      High net worth individuals
      Family offices
All investors are subject to applicable suitability requirements. The Clarus Adviser and the
General Partners require that each investor in the Funds be (i) an “accredited investor” as
defined in Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), and (ii) a “qualified purchaser” as defined in Section 2(a)(51) of the U.S. Investment
Company Act of 1940, as amended (the “1940 Act”), and meet other suitability requirements
(including, in some circumstances, a person that is not a U.S. Person as defined in Regulation S
under the Securities Act). Generally, investors must invest a minimum dollar amount as
determined in the applicable General Partner’s sole discretion. Each General Partner reserves
the right, in its sole discretion, to waive the minimum dollar amount.