Evolution Private Investment Collective LLC

Item 5 – Fees and Compensation
As compensation for our advisory services to the Funds, we receive a management fee based on assets under
management or capital commitments and a performance-based fee. The management fees, depending on the
Fund, generally range from 0.0% to 1.0% per annum. Fees are calculated and collected quarterly, either in
arrears or in advance as set forth in the applicable Fund’s Governing Documents. Management fees may be
payable over a limited number of years as detailed in the applicable Governing Documents. The General
Partners of the Funds, from time to time, may waive or rebate all or a portion of the management fees with
respect to any limited partner’s account.

The General Partners of the Funds and affiliated entities to Epic Funds may also be compensated via a
“carried interest”, which is a performance-based fee or allocation, generally ranging from 0% to 10% per
annum based on the net profits calculated at the end of the fiscal quarter or year. Carried interest for the
Funds may be subject to a preferred return for limited partners on realized investments and net investment
income distributions as set forth in an applicable Governing Document. Carried interest is allocated to the
capital account of each limited partner during such fiscal year and will be reallocated to the capital account
of the Fund’s General Partner. The General Partners have the right, in their sole discretion, to periodically
waive or reduce the carried interest for certain limited partners without exercising the right for other limited
partners.

Please refer to each Fund’s Governing Documents for additional detail regarding management fees and
carried interest.

The General Partner of each Fund may, in their sole discretion, assign to Epic Funds the right to receive all
or any portion of the management fees and reimbursements otherwise payable to the General Partners.

Please see Item 10 for additional information regarding each General Partner and other financial affiliations.

Each Fund will generally pay all fees and expenses incurred by or on behalf of such Fund in connection with
the offering of Interests and the organization of the Fund and the General Partner, including, without
limitation, legal, accounting, tax, marketing, and other organizational and offering expenses
(“Organizational Expenses”). The Funds will invest in other pooled investment vehicles, and those
underlying pooled investment vehicles may charge fees and expenses, which are indirectly borne by the
investors in the Funds.

Any expenses common to the Funds generally will be borne by such entities in an equitable manner as
determined by each Fund’s General Partner and Epic Funds. The Firm intends to generally allocate common
expenses across the Funds on a pro-rata basis where possible based on the Firm’s established expense
allocation procedures. Although the Firm will attempt to allocate such expenses on a basis that it considers
in good faith fair and equitable, it may not be possible to precisely determine what portion of such shared
expenses are attributable to each Fund, and there can be no assurance that such expenses will in all cases be
allocated proportionately. Accordingly, some portion of services paid for by a Fund may be used in some
portion for the benefit of other Funds.

In general, Epic Funds and/or the relevant General Partner will, in accordance with and subject to each
Fund’s Governing Documents, be responsible for its own operating and overhead expenses, including
facilities expenses, employee compensation and employee benefits, rent, equipment expenses, and utilities.

With respect to IWP Evolution Fund I, LP, the Fund does not pay a management fee to Epic Funds or its
General Partner. In lieu of a management fee, and as permitted by the Fund’s Governing Documents, the
Fund bears a pro-rata share of certain ordinary administrative and overhead expenses of Epic Funds
attributable to its investment management services to the Fund, which may include employee compensation,
office and facilities costs, software and technology expenses, and compliance-related costs. Please refer to
Item 10 for more information on the other financial activities Epic Funds provides to this specific Fund.

Item 7 – Types of Clients
The Funds are typically organized as Delaware limited partnerships. Investment in any Fund is privately
offered only to sophisticated persons who are accredited investors, qualified clients, and/or qualified
purchasers and those who are able to bear the total loss of their capital contribution to a Fund.

The Funds’ limited partners (“Fund Investor” or “Fund Investors”) may include, but are not limited to,
individuals, trusts, investment advisers, pension and profit-sharing plans, charitable organizations, and
business entities.

In order to be eligible to invest in our Funds, Fund Investors must be either an “accredited investor” and/or a
“qualified purchaser,” depending on the applicable exemptions a Fund claims under federal securities laws
and other applicable regulations. Each Fund Investor is required to represent that their investment in our
Funds is being acquired for their own account, for investment, and not for resale or distribution. Investments
in our Funds are suitable only for sophisticated investors for whom an investment in our Funds does not
constitute a complete investment program and who fully understand, are willing to assume, and who have
the financial resources necessary to withstand the risks involved in our Funds’ specialized investment
program and to bear the potential loss of their entire investment in those investments. Each Fund’s minimum
capital and investor requirements are set forth in the Fund’s Governing Documents, as well as the terms,
conditions, and risks regarding investing in each Fund.

Epic Funds or a General Partner may, on behalf of the Funds, enter into separate agreements, commonly
referred to as “side letters” (each, a “Side Letter”), or other similar agreements with a particular Fund
Investor in connection with its admission to a Fund without the approval of any other investor in such Fund.
Such occurrence would have the effect of establishing rights under or supplementing the terms of the
applicable Fund’s operating agreement with respect to such an investor in a manner more favorable than
those applicable to other investors. Such rights or terms in any such Side Letter or other similar agreement
may include, without limitation: (i) reporting obligations, (ii) lower fees, (iii) waiver of certain
confidentiality obligations, (iv) “most favored nation” provisions, (v) priority access to one or more co-
investment opportunities or (vi) rights or terms requested or necessary in light of a particular investment,
legal, regulatory or public policy characteristics of an investor.

Epic Funds’ may offer co-investment opportunities through co-investment vehicles designed to aggregate
additional investments, alongside a Fund, directly into a single portfolio asset. Epic Funds may offer co-
investment opportunities in its sole discretion, to select Fund investors, affiliated special purposes vehicles,
strategic investors, and/or other persons or entities affiliated or associated with Epic Funds. In determining
whether to offer any portion of an investment opportunity as a co-investment, Epic Funds will take into
account its fiduciary duties of loyalty and care to its Funds and Fund investors.