Era Partners LLC

Item 5. Fees and Compensation

In general, ERA receives a management fee from each of the Funds that it manages as compensation
for the investment advisory services rendered to the applicable Fund. ERA also typically receives
performance-based compensation or carried interest pursuant to the applicable Governing
Documents for such Fund.

The following provides a general description of fees, compensation and expenses for the Funds. The
precise amount, the manner of calculation and the manner and timing of payment of any such
management fee, carried interest, or performance-based compensation for any particular Fund are
established by ERA, as modified by negotiations with investors in the applicable Fund. Therefore,
while the description below may be generally applicable, fees and expenses may vary, and investors
should review the applicable Fund’s Governing Documents provided to each investor prior to
investment in such Fund for further specific details of the management fees, performance-based fees
or allocations, expenses and fee waivers described below. ERA has received, and expects to receive
in the future, additional compensation in connection with management and other services performed
for portfolio companies of the Funds (e.g., development fees, monitoring fees, break-up fees,
directors’ fees). While such additional compensation generally will offset in whole or in part the
management fees otherwise payable to ERA, in certain cases, ERA has received and, expects to
receive in the future, other additional compensation in connection with the management and other
services performed for portfolio companies (e.g., advisory fees, development fees) which will not
offset any management fees. Investors in a Fund also bear certain expenses, as set forth in the
Governing Documents of such Fund.

Management Fees

The Funds typically pay ERA a management fee equal to an amount set forth in the Governing
Documents. For CSF, the management fee is generally calculated and payable quarterly in advance,
as of the first day of each calendar quarter, as a percentage of committed capital. For Fund I, the
management fee is calculated and payable quarterly in advance as of the first day of each calendar
quarter as a percentage of total adjusted cost (pursuant to the applicable Governing Document) and
borrowings in respect of unrealized investments.           For Fiber Coinvest, the management fee
commences as of its closing date and is generally payable in advance in respect of the periods from
the closing date to the end of the next quarterly period, and thereafter, quarterly from the first day of
each quarterly period, until the final disposition of Fiber Coinvest’s investments. For Aviation
Coinvest, the management fee commences as of its closing date and is generally payable in advance
in respect of the periods from its closing date to the end of the next quarterly period, and thereafter,
quarterly from the first day of each quarterly period, until the final disposition of Aviation Coinvest’s
investments. For Waste Coinvest, the management fee commences as of its closing date and is
generally payable in advance in respect of the periods from the closing date to the end of the next
quarterly period, and thereafter, quarterly from the first day of each quarterly period, until the final
disposition of Waste Coinvest’s investments. For Cold Storage Coinvest, the management fee
commences as of its closing date and is generally payable in advance in respect of the periods from
its closing date to the end of the next quarterly period, and thereafter, quarterly from the first day of

each quarterly period, until the final disposition of Cold Storge Coinvest’s investments. For Blade,
the management fee is calculated based on the percentage of total adjusted cost (pursuant to the
applicable Governing Document) and borrowings in respect of unrealized investments commences
as of its closing date and is generally payable in advance in respect of the periods from its closing
date to the end of the next quarterly period, and thereafter, quarterly from the first day of each
quarterly period, until the final disposition of Blade’s investments. For Fund II, during the
commitment period, the management fee is generally calculated and payable quarterly in advance as
of the first day of each calendar quarter as a percentage of committed capital. After the commitment
period, the management fee is calculated and payable quarterly in advance as of the first day of each
calendar quarter as a percentage of total adjusted cost (pursuant to the applicable Governing
Document) and borrowings in respect of unrealized investments. For Essential Aviation Coinvest,
the management fee commences as of its closing date and is generally payable in advance in respect
of the periods from its closing date to the end of the next quarterly period, and thereafter, quarterly
from the first day of each quarterly period, until the final disposition of Essential Aviation Coinvest’s
investments. For each of CSF, Fund I, Fiber Coinvest, Aviation Coinvest, Waste Coinvest, Cold
Storage Coinvest, Blade, Fund II and Essential Aviation Coinvest for any installments for any period
other than a full quarterly period, the management fee will be adjusted on a pro rata basis according
to the actual number of days that will elapse during such period.

As permitted under the applicable Partnership Agreement, ERA is permitted to waive or agree to
reduce the management fee. Additionally, ERA has agreed, and may in the future agree, via a Side
Letter to calculate the management fee in a different manner for certain Investors other than as is
disclosed in the applicable Partnership Agreement. Waived or reduced management fees are not
subject to any management fee offsets described below.

Item 7. Types of Clients

ERA provides investment advice to the Funds. Investment advice is provided directly to such Funds
and not individually to the limited partners of such Funds. The Funds may include investment
partnerships or other investment entities formed under domestic or foreign laws and operated
pursuant to an exemption from regulation under the Investment Company Act of 1940, as amended
(the “Investment Company Act”). The investors participating in the Funds include high net-worth
individuals, sovereign wealth funds, pension and profit-sharing plans, trusts, estates, charitable
organizations or other corporations or business entities and also may include banks or thrift
institutions and, directly or indirectly, past or current service providers, principals or other employees
of ERA.

Typically, the Funds require a minimum investment commitment amount of $10 million, but such
amounts have, in some instances, been waived with the prior agreement of ERA, subject to
applicable legal requirements. Fund interests will be offered and sold solely to investors that are (i)
“accredited investors” as defined under Regulation D of the Securities Act of 1933, as amended (the
“1933 Act”) and (ii) “qualified purchasers” as defined in Section 2(a)(51) of the Investment
Company Act, or other “knowledgeable employees” of ERA.