Dauntless Capital Partners LLC

Item 5: Fees and Compensation

Below is a discussion of how the Firm and its affiliates are compensated in connection with providing
advisory services to its Clients. The Firm may enter into different fee arrangements on a Client-by-Client
basis. Generally, the Firm, through its affiliates, is entitled to management fees and asset management
fees, as more thoroughly described below.

Advisory Fees and Performance Distribution

Fund Fees

Management Fees. The Firm is entitled to an annual management fee (the “Management Fee”) from its
Clients based on a percentage of assets under management. The Management Fee for each Client will be
negotiated with each such Client but is generally equal to 2% per annum of the aggregate commitments
of the limited partner. The Management Fee is calculated and paid each calendar quarter in advance and
may be paid either by capital calls or out of distributions from the Fund’s working capital (or a combination
of both).

Performance Distribution. The Firm is entitled to a performance distribution (the “Performance Fee”) from
its Clients equal to 20% subject to limited partners receiving all capital contributions and a stated
preferred return as set out in each of the Funds’ Limited Partnership Agreements.

Portfolio Company Fees

Asset Management Fee. The Firm’s affiliated asset management company is entitled to an asset
management fee (“Asset Management Fee”) directly from each portfolio company in which it invests. The
Asset Management Fee is paid quarterly in advance and generally ranges up to 1.25% (or 5% per annum)
of the adjusted net operating income of the portfolio company for the fiscal quarter. This fee does not
offset the Management Fee and is not shared with the Funds.

Operating Fees. The Firm is entitled to operating fees directly from portfolio companies in which it or any
of its related parties provide operational services. These fees are charged to the portfolio companies and
are paid in accordance with the respective management agreement between the Firm and the portfolio
company. These fees do not offset the Management Fee and are not shared with the Funds.

Other Fees

Transaction, Consulting, Directors’, Monitoring, Break Up, and Other Fees. The Firm may charge portfolio
companies transaction fees, consulting fees, directors’ fees, monitoring fees, breakup fees, or other
similar advisory fees. All such fees that may be attributable to the Funds, net of any expense, are credited
against future installments of the Management Fee.

Generally, Fund investors are not permitted to withdraw from the Funds before the expiration of the
investment period, and as such are not entitled to a refund of any fees paid in advance.

Lower fees for comparable services may be available from other sources.

Please see the Governing Documents of the Clients for detailed information regarding the performance
distributions that may be made to the Firm’s affiliates.

Expenses

Partnership Expenses. To the extent not paid or reimbursed by a portfolio company, the Funds will be
responsible for all expenses attributable to a Fund’s activities including, but not limited to: (i) all expenses,
costs and liabilities incurred in connection with the identifying, structuring, negotiating, making,
monitoring, sale, proposed sale, other disposition or valuation of portfolio investments; (ii) legal, auditing,
consulting and accounting fees and expenses; (iii) business insurance expenses; (iv) expenses associated
with the preparation of a Fund’s financial statements, tax returns and K-1 forms; (v) extraordinary
expenses (such as litigation and indemnification, if any); (vi) expenses relating to transactions which are
not consummated; (vii) all taxes, fees and other governmental charges payable by a Fund; (viii)
communications expenses; (ix) all expenses and costs associated with meetings of the limited partners; (x)
all expenses and costs of the limited partner advisory committee; (xi) the repayment of principal and
interest of, and all expenses incurred in connection with, any indebtedness of a Fund or other credit
arrangement (including any line of credit, loan commitment or letter of credit for a Fund or related to any
portfolio investment (or any underlying asset)); (xii) expenses incurred in connection with the
maintenance of a Fund’s books of account and the preparation of audited or unaudited financial
statements, the preparation of tax returns, cash management expenses, insurance and legal expenses and
other routine administrative expenses of a Fund or its subsidiaries, including, but not limited to, fees and
expenses of independent auditors, accountants and legal counsel, expenses and costs of any employees
of the Firm or its affiliates that perform accounting or tax return preparation services that would otherwise
be performed by third parties, the costs and expenses of preparing and circulating any reports and any
fees or imposts of a governmental authority imposed in connection with such books and records and
statements; and (xiii) organizational expenses.

Organizational Expenses. The expenses incurred in connection with the organization and funding of the
Funds, the General Partner and any parallel investment entities up to a maximum of $2 million, including
but not limited to legal, travel, printing and communication costs incurred by the General Partner, will be
paid by the applicable Fund. Any such expenses in excess of $2 million will be paid by the applicable Fund,
but any such excess payments will be credited against future installments of the Management Fee. In
addition, any placement agent fees paid by a Fund shall reduce, on a dollar-for-dollar basis, the amount of
unpaid future Management Fee.

Compensation for Sale of Securities

Other than as described above, neither the Firm nor any of its supervised persons shall receive any
additional compensation from the sale of securities or other investment products.

Item 7: Types of Clients

Dauntless currently provides investment advisory services to private funds. Investment advice is provided
directly to a Fund (subject to the direction and control of the general partner of each such Fund, if
applicable) and not individually to investors in such Fund. Details concerning applicable suitability criteria
for investors in the Funds are set forth in the respective Governing Documents.

Dauntless typically requires a minimum commitment size in the amount of $5,000,000 for each investor
in the Funds. The General Partner of each Fund may, in its sole discretion, permit investments below the
minimum amounts set forth in the Governing Documents of such Fund.