Claymore Capital Partners LLC

Item 5: Fees and Compensation

The fee structure for the Claymore Funds is comprised of 1) a management fee, which is based on a
percentage of the Claymore Fund’s capital commitments, as applicable (“Management Fee”); 2) carried
interest, which is a performance-based allocation of profits (“Carried Interest”), as further described
under Item 6, “Performance-Based Fees and Side-by-Side Management.” Claymore does not charge any
other Fees to the Claymore Funds.

MANAGEMENT FEE

Claymore does not charge fees to any of its master-funds, rather the fees are assessed at the feeder
fund level where the investors reside. Generally, each Claymore Fund pays Claymore an annual
Management Fee up to a maximum of 1.00% of each Claymore Fund’s aggregate investor capital
commitments, on a quarterly basis, in advance, generally commencing on each Claymore Fund’s first
closing date or effective date, and continuing through the date at which investment commitment are
concluded, (the “Investment Period”). At the conclusion of the Investment Period, the Management Fee
generally declines 0.10% annually thereafter until a floor of 0.25% is reached, at which time the
Management Fee remains constant through the remaining life of the respective Claymore Fund, the
terms of which are set forth in each of the Claymore Fund’s offering materials or governing documents.
The rates at which Claymore’s fees are charged and the timing of payments may vary among the
Claymore Funds.

The general partner of each Claymore Fund and Claymore may agree to reduce, waive or rebate
Claymore’s Management Fee with respect to investors committing a minimum amount to each
Claymore Fund, as set forth in Claymore Fund’s offering materials or governing documents and in
accordance with applicable law. The general partner of a Claymore Fund may in its discretion withhold
distributions to investors of the Claymore Fund to pay any Management Fee due or expected to be due
in the future.

Claymore generally requires capital contributions for the payment of Management Fees.

CARRIED INTEREST

A Claymore Fund’s general partner is typically entitled to receive Carried Interest from each investor in a
Claymore Fund; provided such investor first received distributions equal to the amount of its capital
contributions, plus its applicable preferred return, as outlined in the respective Claymore Fund’s
organization materials or governing documents. The term of the Carried Interest provision may vary by
Claymore Fund. At the discretion of a Claymore Fund’s general partner, the Carried Interest for an
investor may be reduced, waived or rebated in accordance with applicable law.

Carried Interest with respect to a Claymore Fund is paid to the general partner, which in turn distributes
it to certain of Claymore’s members or certain key investors, and in very limited circumstances, to third
parties who hold equity in the Claymore Fund’s general partner. If permitted pursuant to the applicable
Fund’s governing documents, a Claymore Fund may take a tax distribution to such Claymore Fund’s
general partner to enable payment of tax obligations in respect of allocations of income related to
Carried Interest for which such general partner did not receive any cash. Any such tax distributions

made to such Claymore Fund’s general partner will reduce amounts subsequently distributable to such
general partner as Carried Interest.

ADDITIONAL INFORMATION

Certain offering, organizational, and ongoing expenses are charged to each Claymore Fund, as more fully
described in each Claymore Fund’s governing documents or offering materials. These expenses may
include, but are not limited to the following expenses related to the respective Claymore Fund or Feeder
Fund:

   legal, administrative or organizational expenses, which may be subject to certain maximum amounts
    described in each Claymore Fund’s offering documents or materials, including any expenses on
    behalf of a Claymore Fund which were incurred and paid by Claymore prior to the formation of such
    Claymore Fund, which is accrued and then reimbursed by such Claymore Fund after its first closing;

   fundraising expenses, including marketing, travel, entertainment, printing, mailing, presentation,
    conference and symposium fees and expenses, regulatory filing expenses, and any other expenses
    which may be related to an offering of interests in a Claymore Fund;

   costs and expenses of (i) hosting meetings of the Advisory Committee and any other expenses
    properly incurred by or on behalf of the Advisory Committee, and (ii) otherwise holding meetings or
    conferences with investors, expenses associated with meeting venue, meeting materials, meeting
    supplies (including any associated shipping costs), and any other out-of-pocket expense reasonably
    incurred by the Fund, the General Partner or the Investment Manager in connection with such
    conferences or meetings or preparation thereof;

   expenses associated with preparation of the Fund's financial statements, tax returns and Internal
    Revenue Service Forms 1065, Schedule K-1 s (or additional or similar tax-related schedules) and the
    Fund's reports, including automated reports, to the Limited Partners (including third-party expenses
    incurred for specialized assistance in connection with preparing and delivering reports regarding the
    Fund to Limited Partners (individually or collectively) or responding to requests from any Limited
    Partner for additional information); other tax accounting expenses of the Fund (including but not
    limited to fees for tax preparation and expenses incurred to prepare tax forms, file tax forms, and
    prepare tax liability calculations on behalf of the Fund and its Limited Partners);

   interest expense for Credit Facilities;

   fees, costs and expenses incurred in connection with the identification, investigation, evaluation,
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Item 7: Types of Clients

Claymore Capital Partners, LLC provides investment advice to the Claymore Funds and the Claymore
Feeder Funds.

Interests in any Claymore Fund are offered pursuant to applicable exemptions from registration under
the Securities Act. Investors in a Claymore Fund or Feeder Fund are subject to certain investor
qualification standards and are required to make certain representations and warranties in their
respective subscription agreements before they can purchase interests in a Claymore Fund or Feeder
Fund. The investors participating in the Claymore Funds include high net worth individuals, charitable
foundations, pension and profit-sharing plans, and partners or advisors of Claymore and its affiliates.

While the general partner of a particular Claymore Fund (or the general partner of a Feeder Fund) may
accept, at their discretion, investments of lesser amounts, the typical minimum commitment or
investment in a Claymore Fund or Feeder fund is $500,000.

Item 8: Method of Analysis, Investment Strategies and Risk of Loss

Each of the Claymore Funds and Feeder Funds operates as a fund-of-funds designed to offer investors
access to the private capital markets with an emphasis on diversification to create an attractive
risk/reward profile.

Each of the Claymore Funds invests in multiple strategies across the private capital markets, including
investments in primary funds, secondary funds and co-investment funds spread across sub-asset classes
including buyout, growth equity and late-stage venture. Geographic concentration will be on the U.S.,
but each Claymore Fund may offer exposure to non-U.S. private businesses as well. Each of the
Claymore Funds invests over multiple fund vintage years, with fund sizes ranging up to, but not limited
to, approximately $2.5 billion, and in sectors and industries that Claymore and its general partner
entities believes are most likely to enable each of the Claymore Funds to achieve their return objectives.

Claymore uses an internal proprietary due diligence methodology that does not rely on other firms or
market research providers to analyze, rate, assess or select the private equity funds in Claymore invests.
Claymore’s internal process was designed by our diligence team with the intent of investing only in top
quartile funds, or those with the potential to be top quartile funds.

The analysis includes a six (6) stage, 30-step process that tracks Claymore’s flow of funds. Funds that are
determined to have qualities that are not suitable for Claymore’s investment criterion are expelled
immediately. If it is determined that a fund meets the requirements of each step in a stage, the fund
moves to the next stage. The diligence funnel and sourcing process are integrated in Claymore’s custom-
built, proprietary customer relationship management software, or CRM.

Claymore utilizes the CRM software to monitor, organize, and institutionalize monthly diligence
procedures. The CRM is a visual representation of Claymore’s six (6) stage funnel. Each stage
corresponds to actions the diligence team will perform and will ultimately determine whether or not a
fund continues down the funnel.

Claymore’s CRM contains a robust reporting software that allows Claymore to maintain vital metrics on
current and potential investments, providing a centralized tool to track information. Claymore uses this
tool to formally update funds coming to market on a monthly basis. The refining of the funnel happens
daily. Additionally, weekly meetings are held to discuss changes to the diligence funnel, ensuring that
Claymore can efficiently process new additions outside of the monthly update.

All securities investments risk the loss of capital. Claymore believes that the Fund's investment program
and research techniques should lessen this risk somewhat through a careful selection of private equity
funds in which the Fund may invest. However, an investor in any Claymore Fund is nevertheless subject
to loss, including possible loss of the entire amount invested. No guarantee or representation is made
that any of the Claymore Fund's investments will be successful, and investment results may vary
substantially over time

Potential investors should review the risk disclosures in each of the governing documents and offering
materials of the Claymore Funds. The risk disclosures describe below are more general in nature, and
are not intended to be as comprehensive as those included in each Claymore Fund’s private placement
memorandum, offering materials or governing documents:

•   Risks Associated with Reliance on the General Partner and the Investment Manager.

       Limited Partners Will Have No Part in Management of the Claymore Funds. Limited
        Partners will have no right or power to participate in the management or control of the
        business of the Fund or its investments and thus must depend solely upon the ability of the
        general partner of any Claymore Fund and the Investment Manager with respect to making
        investments. In addition, Limited Partners will not have an opportunity to evaluate the
        specific investments made by the Fund or the terms of any investment.

       Limited Operating History. The Claymore Funds, the general partner entities and the
        Investment Manager are recently-formed entities (formed <10 years ago) with a limited
        operating history upon which investors can evaluate performance. The investment
        program of the Claymore Funds should be evaluated on the basis that there can be no
        assurance that the assessment of any general partner or the Investment Manager of the
        short/long-term prospects of the private equity funds in which any Claymore Fund invests
        or the portfolio companies which such equity funds own will prove accurate or that the
        Fund will achieve its investment objectives.
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