Delta-V Capital LLC

Fees and Compensation

The Adviser generally charges a quarterly advisory fee (the “management fee”) in advance as
described in relevant Governing Documents. Fees and other compensation paid by a Fund to the
Adviser may vary from Fund to Fund and may be different from the fees and compensation payable
in respect of any successor fund. Investors should carefully review the Governing Documents of
the relevant Fund in conjunction with this Brochure for complete information about fees and
compensation. Similar advisory services may be available from other investment advisers for
similar or lower fees.

Management fees are initially based on either capital commitments or net invested capital. The
management fee will often subsequently “step down” either on the basis of committed capital or
the net invested capital of the Fund beginning with the first fiscal quarter commencing on or after
the earlier to occur of either (a) the expiration of the investment period or (b) the first date on
which any management fee is paid by a successor Fund having aggregate capital commitments
equal to or greater than the current Fund’s committed capital. A Fund’s investment period,

specified within Governing Documents, is the limited period in which a Fund is permitted to enter
into new investments (ranging anywhere from 2-6 years from the anniversary of the final Fund
closing). Capital commitments may be drawn down after the conclusion of the investment period
to fund follow-on investments, management fees, and operating expenses.

Performance Fees

In addition to the payment of ongoing management fees, a Fund (and indirectly the Limited Partner
investors) is also required to pay the General Partner of the Fund, an affiliate of the Adviser,
performance fees based upon a percentage of a Fund’s return on invested capital. For additional
details about such performance-based compensation, please refer to Item 6 – Performance-Based
Fees and Side-by-Side Management.

Management fees, performance-based compensation, and/or any other compensation payable to
the Adviser or its affiliates by a Fund are generally negotiated with the Fund or its underlying
Limited Partner investors and may depend on, among other factors, the amount of capital
committed to the Fund.

Brokerage Expenses

In the process of exiting investments, the Funds may hold minority equity stakes in public
companies if portfolio holdings are taken public. When deemed prudent by the Adviser, and when
any selling restrictions are lifted, public portfolio holdings may be sold in the public securities
market or distributed to Limited Partners. The sale of such registered securities will incur
transaction commissions which are borne by the Fund(s) or Limited Partners holding such
securities.

Borrowing

The Funds are permitted to secure short-term capital, subject to certain limitations, by borrowing
money through a revolving line of credit secured by a pledge of the Funds’ rights against investors
to enforce capital commitments, including the right to make capital calls. In connection with a
revolving line of credit, the Adviser may establish short-term borrowing arrangements between
one or more Funds to facilitate capital calls. The capital funding obligations of Limited Partner
investors are set forth in Fund Governing Documents. These provisions include the amount of each
investor’s capital commitment, the procedures for calling capital, the permitted uses of capital, the
date by which the capital must be received by the Fund, the dates, or circumstances after which
capital may no longer be called and the rights and remedies of the Fund in the event of a default
by an investor.

Other Fees and Expenses

The Adviser and General Partner will be responsible for all normal overhead expenses in
connection with their day-to-day operations, including compensation for their employees and

expenses for office space. The Adviser and General Partner will manage and/or outsource back-
office services.

Clients of the Adviser may bear certain other fees, expenses, and costs (aside from the management
fees and performance-based compensation discussed above) which are incidental or related to the
maintenance of a Fund or the buying, selling and holding of investments. Specifically, each Fund
will pay all costs, fees, expenses and liabilities relating to its operations including, but not limited
to:
         The organizational and startup expenses of each Fund and General Partner, and the
            offering of the interests (subject to a dollar limit specified in the applicable limited
            partnership agreement);
         In the General Partner’s sole discretion, in lieu of payment of an equal amount of
            management fee, private placement or finder’s fees and related expenses relating to the
            organization of the Fund which are approved by the General Partner or the Adviser;
         All costs, fees and expenses associated with the acquisition, holding and disposition of
            its proposed or actual investments, including broker or investment banking fees,
            borrowing fees, diligence fees, and broken-deal expenses (subject to a dollar limit
            specified in the applicable limited partnership agreement), but not including break-up
            fees;
         Legal, auditing, consulting, custodial, bookkeeping and accounting fees, and expenses
            (including costs of reports to the Partners, financial statements, tax returns and K-1s);
         Expenses of meetings of the Partners;
         All insurance, indemnification and other expenses;
         All extraordinary expenses (such as litigation);
         All expenses of liquidating the Fund; and
         Any taxes, fees or other governmental charges levied against the Fund and all expenses
            incurred in connection with any tax audit, investigation, settlement or review of the
            Fund.
...

Item 7 – Types of Clients
As noted in Item 4 – Advisory Business, the Adviser provides investment advisory services to the
Funds, which are pooled investment vehicles exempt from registration under the Investment
Company Act.

SPVs may be created by the General Partner of a Fund to facilitate certain investments by a Fund
or other investors. As a rule, the Adviser and General Partners do not utilize feeder funds to
facilitate an investment in a Fund. A feeder fund is a Limited Partner of a fund whose interests in
the feeder fund are held by certain investors, such as business executives or operating partners,
who elect to participate in the fund through such feeder fund.

Minimum investment commitments may be established for Limited Partners in the Funds. The
General Partner of each Fund, in its sole discretion, may permit investments that are less than the
required minimum investment commitment set forth in the applicable Governing Documents of
such Fund.