Enhanced Healthcare Management Company LLC

Item 5 – Fees and Compensation

General Information Regarding Fees

EHP receives management fees in connection with the investment management services it
provides to certain Funds and also receives carried interest allocations. Not all Funds pay
management fees to EHP.

Management Fees

As of December 31, 2025, for Funds that pay management fees, EHP will generally receive a
management fee through the end of the investment period, equal to 2.00%, or 1.00% of investor
commitments or invested capital, as established in each Fund’s investment management
agreements. Thereafter, the management fee will generally equal 2.00% or 1.00% of investors’
funded commitments that remain invested in portfolio companies (excluding write-offs and net
write-downs). The management fee is payable quarterly in advance. The management fees is
subject to reduction by a portion of certain fees paid, as defined in each Fund’s investment
management agreement, to EHP and/or certain other affiliates by or on behalf of the Fund’s
portfolio companies.

Performance-Related Compensation

EHP generally receives carried interest allocations from the Funds of up to 20% of realized profits
generated from portfolio investments. Such performance-related compensation may be subject to
hurdles and claw-backs. The LP or LLC agreement of each Fund contains the method by which
the performance-related compensation is calculated. Carried interest distributions paid to EHP are
calculated in compliance with Rule 205-3 under the Advisers Act unless not required to be so
calculated.

Other Compensation

EHP earns monitoring fees, transaction fees and other compensation from portfolio companies,
purchasers, sellers, and other parties to transactions involving Fund portfolio companies as
compensation for services. Such services include advice on structuring, negotiating and arranging
financing for transactions in which the Funds participate. Fees are also earned in connection with
unconsummated investment transactions. The principals and other employees of EHPA and its
affiliates serve on the board of directors of the portfolio companies and receive board of director

fees.

As described in the applicable Fund’s investment management agreement, this compensation in
many cases is paid in cash or in consideration other than cash to the investors of the applicable
Fund. Each Fund’s investment management agreement outlines the method and calculation of the
fee offsets.

It is EHP’s practice to retain certain advisors to provide healthcare industry consulting services
and to retain operating partners to provide services to certain portfolio companies in which one or
more Funds invest. Such advisors and operating partners generally receive compensation and other
amounts described herein, but no such amounts will offset the management fees payable by a Fund.

Other Expenses

Certain expenses are borne by the Funds as stipulated in each Fund’s LP or LLC agreement. Such
expenses include legal, accounting, tax, consulting, research and/or due diligence, as well as
expenses incurred with respect to investment transactions not consummated (to the extent that such
expenses are not reimbursed by companies in which the Fund invests or proposes to invest), as
well as custody fees and expenses of the Fund’s advisory committee, among others. Current
investors are referred to their LP or LLC agreements for a complete description of all expenses
that may be incurred by a Fund.

EHP pays all normal operating expenses such as: compensation and benefits of EHP officers,
directors and employees; rent, utilities, insurance (other than premiums for insurance covering
indemnified parties), office supplies, office equipment, travel, entertainment; and other normal
operating expenses that relate to the services provided to the Funds.

EHP is permitted to exempt certain Funds and certain investors in the Funds from payment of all
or a portion of management fees and/or carried interest, including EHP and any other person
designated by EHP. Any such exemption from fees and/or carried interest will be made by a direct
exemption, a rebate by EHP, or through other Funds which co-invest with a Fund. For example, in
instances where an EHP professional (or an affiliate thereof) invests in a Fund, such professional
(or such affiliate) generally will be exempt from payment of the management fee and carried
interest with respect to such Fund. Additionally, to the extent permitted by the relevant LP or LLC
agreement, EHP has the right to permit investors, affiliated with EHP or otherwise, to invest
through a vehicle that does not bear management fees or carried interest.

As described above, in certain circumstances, EHP is expected to permit certain investors to co-
invest in portfolio companies alongside one or more Funds, subject to EHP’s related policies and
the relevant LP or LLC agreement(s) and/or side letter(s). Where a co- invest vehicle is formed, it
generally will bear expenses related to its formation and operation, many of which are similar in
nature to those borne by the Funds.

Operating Advisors and Portfolio Company Board Members

EHP engages with operating partners and portfolio company board members throughout the investment
cycle.

EHP draws on this network of relationships to create bespoke independent boards for each portfolio
company, including by adding members with direct Sector experience. Operating advisors and
portfolio company board members, among other things, assist with the design and implementation
of value creation plans both prior to investment and during the Fund holding period. EHP believes
its deep network of industry relationships gives the firm insight into differentiated growth
opportunities that may be less visible to the broader market.

Operating partners and portfolio company board members receive from EHP and/or the Funds,
compensation, including, but not limited to cash fees, retainers, transaction fees, a profits or equity
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Item 7 – Types of Clients

EHP provides investment advisory services directly to each Fund, subject to the direction and
control of the Fund’s general partner, and not individually to the investors of the Fund.
Investments in the Funds are generally only available to institutional investors and certain high net
worth investors that are “accredited investors” and “qualified purchasers” within the meaning of
the Securities Act and the Investment Company Act, respectively, or meet other requirements of
these laws.

Each Fund has a specified minimum investment as set forth in its offering documents, LP or LLC
agreement, or other governing document. Such minimums are typically subject to discretion, on
the part of the Fund’s general partner, to permit investment of a smaller amount with respect to
any investor in the Fund.

Investors participating in the Funds include individuals, banks or thrift institutions, other investment
vehicles, pension and profit-sharing plans, trusts, estates or charitable organizations or other
corporations or business entities and include, directly or indirectly, principals and other employees
of EHP and its affiliates.

The investors in the Funds are generally U.S. and non-U.S. institutional investors such as
governmental and corporate pension and profit-sharing plans, sovereign wealth funds, and certain
other high net worth individuals and include, directly or indirectly, principals and other employees
of EHP and its affiliates. The Funds do not currently have any investors covered by the Employee
Retirement Income Security Act of 1974 (“ERISA”) but may accept ERISA-covered investors in
the future.

Item 8 – Investment Strategy and Risk Factors

In managing the Funds, EHP targets U.S.-based, lower middle-market healthcare companies that
offer potential for significant value creation based on growth, durable differentiation, and
opportunities for improved unit economics. The Funds primarily make control investments where
EHP has significant influence on the Board. EHP seeks opportunities to leverage its investing and
operating experience by investing the Funds in companies in specific industry Sectors at key
inflection points that maximize the potential impact of the team’s involvement.

Principled Investment Perspective
EHP seeks to invest the Funds in companies that it believes have the potential to improve U.S.
healthcare system by focusing on: (1) lowering cost of care, (2) promoting access to care, (3)
focusing on vulnerable populations, (4) improving patient outcomes, and (5) creating efficiency in
the system.

Sector Specialists
EHP has developed deep domain knowledge in the Sectors (Healthcare Information Technology,
Care Delivery, Life Science Services and Technology), where its investment team has built the
expertise, network of relationships and value-added capabilities necessary to source new
investments, often on a proprietary basis, and help accelerate portfolio company growth.
EHP believes its consistent focus has resulted in deep capabilities, attractive returns, and a strong
reputation in the Sectors. The EHP team believes its decades-long commitment to the Sectors
provides the Funds with vital capabilities and significant competitive advantages including:

      •   A deep understanding of the Sectors, including the competitive dynamics and nuanced
          product and service developments;
      •   Pattern recognition, enabling the team to move quickly and proactively to originate
          attractive investment opportunities, conduct effective due diligence, identify segments
          and companies that may be overlooked by investors with less robust industry expertise
          and anticipate and respond to challenges;

       •   An extensive and continuously growing network of relationships which facilitate access
           to actionable deal flow and prospective management candidates, board members and
           operating professionals;
       •   The ability to begin adding value immediately upon investment; and
       •   Leveraging insight and relationships to position portfolio companies to exit at attractive
           values for all constituents.

Small to Mid-Size Companies at an Inflection Point

EHP targets $25-75 million investments in each Fund portfolio company, principally in the form of
equity. EHP is firmly positioned in the lower middle-market, which EHP believes is less competitive,
highly fragmented and highly innovative, offering better opportunity for superior returns and impact
for the Funds. EHP typically targets companies in the lower middle-market that are at operating
inflection points where the firm can create significant equity value through organic growth, mergers
and acquisitions, and talent and resource development. These inflection points are often a result of
the founder-owned businesses in which the Funds invest that are rapidly approaching a point in their
lifecycle that requires meaningful organization, coordination of various functions and
professionalization.

Thematic Investing

EHP utilizes a detailed thematic approach to develop key theses within specific subsectors of
healthcare based on its deep domain understanding. It evaluates a subsectors’ long-term value
proposition to key constituents within the healthcare landscape (patients, providers and payors) along
with macroeconomic, microeconomic and regulatory trends to establish areas of interest to pursue in
a systematic manner.

EHP seeks to consistently apply its proprietary value creation playbook of making significant
improvements to its investments with the ultimate goal of creating market leaders. The team’s
differentiated investment approach is characterized by pro-active deal sourcing, an extensive value-
added network, transformative growth and tailored value creation planning. EHP seeks to build
entrepreneurial businesses into market leading companies through four strategic levers: (1) organic
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