Davis Investment Ventures LLC

ITEM 5 – FEES AND COMPENSATION

The following is a general description of fees, compensation and expenses of the Funds and other Advisory
Clients. Differences exist from Advisory Client to Advisory Client, and certain Advisory Clients may not
be charged certain fees, compensation, or expenses that are charged to other Advisory Clients. The
Governing Documents of each Advisory Client describe the applicable fees, compensation and expenses in
greater detail.

A.        How DIV is Compensated for its Advisory Services.

As set forth in the Governing Documents, each Advisory Client pays to DIV or an affiliate of DIV an annual
management fee based on the total committed capital or invested capital to the Advisory Client, as set forth
in the applicable Governing Documents. The management fee schedule for each Advisory Client is
determined at the time the Advisory Client is established and can be found in the Advisory Client’s
Governing Documents. Fees are negotiable, at the discretion of DIV. In its sole discretion, DIV, or an
affiliated entity, may from time-to-time waive or reduce (and has waived or reduced) the management fees
to be paid by any investor in an Advisory Client, including investors that are principals, employees or
affiliates of DIV or relatives of such persons and for certain large or strategic investors.

With respect to Advisory Clients that are co-investment vehicles, any co-investment management fees
received by a General Partner of the vehicle or by DIV are negotiated on a vehicle-by-vehicle basis. Any
such co-investment management fees do not offset management fees paid to the General Partner or DIV by
the Advisory Clients that participate in the co-investment.

In addition, as described in Item 6 below, the General Partner of each Advisory Client is entitled to receive
incentive distributions from investment profits in certain circumstances.

B.        Deduction of Fees

For all Advisory Clients, applicable fees are described fully in the Advisory Client’s Governing Documents.
DIV and/or its affiliates are paid in accordance with such Governing Documents, and fees are payable
periodically depending on the nature of the fee as described in more detail below. To the extent applicable,
an investment management fee is payable by an Advisory Client to DIV on a periodic basis in arrears
(typically based on a percentage of the Advisory Client’s: (i) aggregate capital commitments during the
investment period and (ii) invested capital (plus amounts reserved for investment) thereafter). The
Governing Documents generally do not require DIV to generate an invoice; instead, the Governing
Documents generally authorize the General Partner of an Advisory Client to calculate the fees payable by
the Advisory Client and disburse the funds from the Advisory Client’s account to DIV.

C. Other Types of Fees and Expenses

Except as expressly set forth below, DIV allocates all fees or expenses related to the Advisory Clients on a
pro rata basis unless: (i) the non-pro rata treatment is fair under the circumstances and (ii) prior to the
charge, DIV provides written notice of the charge to each private fund investor that will be bearing a
portion of the charge, along with a description of how it is fair under the circumstances.

General

Costs and expenses incurred in connection with the management of investments for, and the business affairs
and administration of, an Advisory Client are charged to the Advisory Client in accordance with the
Advisory Client’s Governing Documents. In the case where certain costs or expenses relate to more than
one Advisory Client, the applicable cost or expense is allocated utilizing the methodology described herein.

Offering Documents and Organizational Expenses

All expenses associated with organizing and offering of interests in an Advisory Client, whether it be a
multi-investor Fund created to acquire, own and operating multiple investments or a single purpose entity
created to hold one investment or co-investment, will be paid or reimbursed by the Advisory Client up to
any expense cap included in the Governing Documents. The General Partner of an Advisory Client will be
responsible for any costs in excess of such cap. The General Partner will pay, or cause to be paid, all fees
of any placement agents retained to provide assistance with respect to the offering of interests in the
Advisory Client (as set forth in more detail in Item 14 below).
Administrative and Operating Expenses

Except as expressly set forth in the applicable Governing Documents for an Advisory Client, the Advisory
Client shall not bear or be responsible for (i) any costs or expenses which relate to DIV or the applicable
General Partner’s office space, facilities, utility services, supplies and necessary administrative and clerical
functions, or (ii) the compensation and benefits of DIV’s employees, except as outlined below.

An Advisory Client will bear or otherwise be charged the costs or expenses of the activities and operations
of the Advisory Client, except as otherwise set forth in the Advisory Client’s Governing Documents,
including, without limitation:

(i)    All costs and expenses incurred in connection with identifying, evaluating, developing, negotiating,
       structuring and closing investments and investment opportunities (including the organization of and
       maintenance costs of any entity used for the acquisition of such investments), whether consummated
       or not consummated, and acquiring, originating, hedging, financing, owning, designing, permitting,
       managing, improving, operating, leasing, maintaining, disposing of or otherwise dealing with
       investments, including, without limitation, any investment banking, engineering, research, due
       diligence, construction, appraisal, environmental, travel (including airfare, transportation, food and
...

ITEM 7 – TYPES OF CLIENTS

DIV currently provides investment advisory services to private pooled investment funds and to co-
investment vehicles (such as limited partnerships) formed for identified co-investors to co-invest in
particular co-investment opportunities alongside one or more funds. Investment advisory services are
provided directly to each Advisory Client, subject to the direction and control of its General Partner (an
affiliate of DIV), and not individually to the investors in the Advisory Client. Interests in each Advisory
Client are offered pursuant to applicable exemptions from registration under the Securities Act of 1933 (the
“Securities Act”) and the Investment Company Act of 1940, as amended. Investors in an Advisory Client

may include, but are not limited to, pension plans, insurance companies, investment banks, retail banks,
corporate entities, sovereign wealth funds, endowments and foundations, trusts, family offices (both single
and multi), high net worth individuals and “knowledgeable employees” as such term is defined in Rule 3c-
5 of the Investment Company Act of 1940.

Admission to an Advisory Client is not open to the general public. Each investor must meet certain
eligibility provisions whereby interests/shares are generally only offered to (i) U.S. investors who are (a)
accredited investors within the meaning of Regulation D of the Securities Act or (b) qualified purchasers
within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended; (ii) non-U.S.
investors, and (iii) “knowledgeable employees”. Certain Advisory Clients may have specified minimum
capital commitments or contributions from its investors, subject to the right of the General Partner of the
applicable Advisory Client to accept commitments of lesser amounts.