Cortland Investment Management LLC

Item 5 – Fees and Compensation

Investors in the Funds pay various fees and expenses to the Investment Manager, a General Partner
or an affiliate, as detailed in each Fund’s Governing Documents. Investors should refer to the
Governing Documents of the applicable Fund for a complete understanding of how the Investment
Manager is compensated for its advisory services; the information contained herein is a summary only
and is qualified in its entirety by such Governing Documents.

Management Fees

Opportunistic Funds II – IV

The Investment Manager does not receive a management fee in association with Opportunistic Funds
II – IV for acting as a manager to the Funds. Rather, the General Partner of the applicable
Opportunistic Fund receives carried interest and its affiliates receive compensation from
Subpartnerships in which each Fund invests, as well as reimbursements for expenses incurred on
behalf of the Funds.

Opportunistic Funds V and VI

Fund V and Fund VI investors pay the Investment Manager a management fee, payable quarterly in
advance, equal to 1.5% of capital commitments during the commitment period; following the
commitment period, the management fee equals 1.5% of the unreturned capital contributions of such
investors, excluding the amounts used to pay management fees. Management fees for Fund V and
Fund VI are offset by (i) the amount of acquisition fees paid to Cortland affiliates and (ii) the portion
of any asset management fees paid by Fund V and Fund VI to a Cortland affiliate. Acquisition and
asset management fees are only applicable to “GP Assets” as such terms are defined in Fund V’s and
Fund VI’s Governing Documents.

Income Fund

The Income Fund investors pay the Investment Manager a management fee, payable quarterly in
arrears, of up to 1.10%, depending on the size of an investment and time of an investor’s commitment
to the Fund, according to the following schedule:

    Individual Investor Invested Capital      Annual Percentage of      Annual Percentage of NAV of
                                              NAV of Units held by      Units held by Formation
                                              such Investor             Partner Investors

    Up to and including $50 million           1.10%                     0.55%

    $50 million up to and including $100      0.90%
    million

    over $100 million                         0.80%

Investors in the Income Fund are permitted to withdraw (in whole or in part), subject to a ninety-day
written notice prior to the last day of the quarter, unless waived by the General Partner in its discretion,
and subject to various terms as described in the Governing Documents.

Management Fee Reductions

For Fund V, Fund VI and the Income Fund, the General Partner has waived, and in its sole discretion
in the future may waive, all or a portion of the management fee. Management fees are generally waived
for Cortland employees, their families and affiliates investing in such Funds (but for the avoidance of
doubt, such investors generally bear their pro rata share of certain Fund expenses). Similarly, investors
in a Co-Investment Fund will generally pay a reduced or no management fee on the co-investment
portion of their investment (but for the avoidance of doubt, similar to above, such investors generally
bear their pro rata share of certain Fund expenses).

Carried Interest

Each Fund’s General Partner is entitled to be allocated carried interest with respect to the Funds.

Each Fund’s carried interest arrangement differs, and each calculation is further described in the
relevant Fund’s Governing Documents and more briefly in Item 6, below.

Fund Expenses

Each Fund is governed by its own Governing Documents, which detail a description of expenses for
such Fund. While differences exist among Funds, the following is a description of expenses generally
charged to each Fund.

Opportunistic Funds II – IV

The Opportunistic Funds and their Subpartnerships bear all expenses related to their operation,
including but not limited to: travel costs; visits to the assets; the acquisition, ownership, financing,
marketing, valuation and appraisal, advertising or disposition of the Funds’ (or its Subpartnerships’)
investments; expenses in connection with any borrowings of the Funds and the Subpartnerships;
affiliate expenses; expenses relating to unconsummated transactions (including pursuit costs) whether
undertaken prior to the initial closing date or otherwise, including for a potential secondary
transaction; consulting, custodial, bookkeeping and accounting fees and expenses; tax advice, tax
projections, tax returns and K-1’s; the cost of annual audits, insurance, taxes and other governmental
fees and charges, any filings required to be made under the Corporate Transparency Act and
compliance with any anti-money laundering and privacy law rules and regulations; officer and director
insurance and bonding for handling Fund monies; the costs of verifying distributions, valuations,
models and tax allocations; indemnification and insurance expenses; expenses of meetings of members
and the advisory board; expenses incurred in connection with any amendments or supplements to
Fund agreements or any other related document after the offering period; fees of legal counsel;
litigation expenses; expenses associated with information technology and the preparation and
distribution of reports to the members including any information requests and conforming to
investor-requested reporting templates, such as the Institutional Limited Partners Association, which

differs from the Investment Manager’s standard form of reporting; the expenses for back-office
operations; all expenses of liquidating a Fund; and any extraordinary expenses.

Income Fund, Fund V and Fund VI

Investors in the Income Fund, Fund V and Fund VI bear all fees, costs, expenses, liabilities and
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Item 7 – Types of Clients

The Investment Manager provides investment advice to the Funds. The Funds currently limit their
respective investors to persons who are (i) “accredited investors” as defined in the Securities Act of
1933, as amended (“Securities Act”) and (ii) “qualified clients” as defined in the Advisers Act or (iii)
“qualified purchasers” or “knowledgeable employees” as defined in the Investment Company Act.
Prior to registration with the SEC, the Funds permitted investors who were only “accredited
investors” to invest in a Fund.

The Funds are not registered or required to be registered under the Investment Company Act; their
securities are not registered or required to be registered under the Securities Act; and Fund interests
are privately placed to qualified investors. Certain Funds’ are not made available to the general public
and rely on an exemption from registration under Regulation D, Rule 506(b) while other Funds are
permitted to engage in general solicitation and rely on an exemption from registration under Rule
506(c). Qualified investors include individuals or entities to which Fund interests are permitted to be
sold, which generally includes (i) in the United States, people or organizations who meet certain net
worth, income or financial sophistication requirements as described above or (ii) in other countries,
as permitted by the relevant securities laws in such jurisdiction and in compliance with any foreign
offering provisions applicable to the Investment Manager or the Funds. Each Fund requires minimum
capital commitments from an investor as detailed in the relevant Fund’s Governing Documents. The
Investment Manager has accepted commitments of less than the stated minimum amount in the
discretion of the applicable Fund’s General Partner.

The investors participating in the Funds include high net worth individuals, other investment entities,
university endowments, sovereign wealth funds, international investors, family offices, pension and
profit-sharing plans, trusts, estates or charitable organizations or other corporations or business
entities and typically include, directly or indirectly, principals or other employees of Cortland and its
affiliates, advisory board members and members of their families or other service providers retained
by Cortland.

As mentioned in Item 5, above, the Investment Manager on occasion permits other Fund investors,
affiliates or third-party investors to co-invest with a Fund in certain investment opportunities where
the Investment Manager believes such co-investment could offer a strategic advantage to a Fund or
for any other reason as determined by the Investment Manager in its sole discretion. Subject to each
Fund’s Governing Documents and the Investment Manager’s policies and procedures governing co-
investment, such co-investors will generally participate with a Fund in any such opportunity on
substantially the same terms and conditions as the corresponding Fund and will exit such investment
on substantially the same terms and conditions and at the same time as the Fund, although co-investors
are generally subject to different economic terms than the Fund. While one or more investors in the
Funds are on occasion invited to co-invest in a Fund’s portfolio investments, the Investment Manager
is authorized in its sole discretion to offer any or all of a co-investment opportunity to investors that
are not investors in the Funds, which has the potential to result in conflicts of interest.

Although co-investments typically involve investment and disposal of interests in the applicable
investment at substantially the same time and on substantially the same terms as the Fund making the
investment, co-investors are generally subject to different economic terms than the Fund. From time
to time, for strategic and other reasons, a co-investor or Co-Investment Fund purchases a portion of
an investment from a Fund after such Fund has consummated its investment in the portfolio
investment (also known as a post-closing sell-down or transfer). Any such purchase from a Fund by
a co-investor or Co-Investment Fund generally occurs shortly after the Fund’s completion of the
investment to avoid any changes in valuation of the investment; however, in certain instances, a post-
closing sell-down or transfer could occur well after the Fund’s initial purchase. When co-investors
purchase their interest from a Fund after the Fund has consummated the investment, the price paid
by co-investors is typically determined by the Fund’s General Partner in its sole discretion and in
accordance with the applicable Governing Documents, which has the potential to result in a conflict
of interest. The Funds will bear the risk that any co-investors acquiring an interest in an investment
after the closing of such investment will acquire such interest on terms that do not reflect the then-
current value of such investment. Where appropriate, and in the Investment Manager’s sole
discretion, the Investment Manager reserves the right to charge interest on the purchase to the co-
investor or co-invest vehicle (or otherwise equitably to adjust the purchase price under certain
conditions), and to seek reimbursement to the relevant Fund for related costs. However, to the extent
such amounts are not so charged or reimbursed, they generally will be borne by the relevant Fund.
The price reimbursed to the Fund may not reflect the full cost incurred by the Fund in connection
with the investment, any interest charge on the co-investment amount, the cost of establishing the
credit facility utilized to acquire the portfolio investment (if applicable) or the risk borne by the Fund
in connection with purchasing and warehousing the investment.

In either case, potential co-investors typically do not bear any transaction costs of investments that
are not consummated and are not subject to the same risks to which a Fund is throughout the
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