Feenix Venture Partners LLC

Item 5.        Fees and Compensation

Fees with respect to the Funds

In general, the Adviser earns management fees on called capital for the Closed-ended Funds and
based on net asset value for the Open-ended Fund, and the affiliated general partners have the
potential to earn performance-based compensation, from the Feenix Funds.

The management fee is typically paid quarterly in advance. Feenix may waive or reduce the
management fee in its sole discretion, and there may be variances in fees, including management
fees, charged to certain Clients and/or Investors.

Performance-Based Fees, Carried Interest

Please see below for information regarding performance-based fees received by the Adviser or its
affiliates.

The Adviser may, at its discretion, make exceptions to the foregoing or negotiate special fee
arrangements where the Adviser deems it appropriate under the circumstances.

Compensation for Advisory Services – Management Fee and Promote

For the Closed-ended Funds, Feenix is entitled to receive a management fee (“Management Fee”)
on called capital. Management fees are indirectly borne by the Investors in the Funds. Management
fees are payable quarterly in advance at a rate of 1% per annum of called capital of Investors. For
the Open-ended Fund, Feenix entitled to a quarterly Management Fee from the Partnership equal
to 0.25% (approximately 1.00% per year) of the balance of each applicable Limited Partner’s
Capital Account and Liquidating Capital Accounts determined on the first day of each Fiscal
Quarter. An affiliate of the Adviser is entitled to receive a 20% promote over a hurdle of 8-12% of
the realized IRR Closed-ended Funds, and 20% of the promote over a hurdle of 8% of total return
annually subject to a high-watermark on the Open-ended Fund. For Tropco, Feenix has received a
cumulative distribution equal to 1.0% management fee per annum on the aggregate amount of
members’ capital contributions. Additionally for Tropco, Feenix also receives a 30% promote over
(i) XIRR of 20% and (ii) at least a minimum of capital contributions of at least 1.8x.

An affiliate of the Adviser, at its discretion, can waive or reduce the management fee, performance
allocation, and/or the carried interest for any of the investors in any of the Funds subject to the
specific terms in the PPM of each Fund.

A more detailed description of the pricing structure and investor requirements is available within
the Private Placement Memorandum and/or Agreement of Limited Partnership for the Feenix
Funds.

Organizational Expenses

The Funds will pay or reimburse an affiliate of the Adviser for the Funds’ organizational expenses,
Feenix Venture Partners, LLC – ADV Part 2A                                                 Page 6

which are all costs and expenses associated in connection with the organization of the Funds,
including the following: the offering and sale of the interest, the organization of the Funds, and any
related legal, accounting, consulting and financial advisory fees and expenses, travel expenses,
filing fees, and the structuring and contribution of any warehoused assets.

Fund Expenses

The Funds are responsible for their own costs and expenses, including, but not limited to, expenses
related to prospective and actual portfolio investments; other expenses relating to the investment
of the Funds’ capital, interest on Fund borrowings; expenses of third party valuation services;
administration, accounting, auditing, tax preparation and other professional, expert and consulting
fees; legal fees and expenses; indemnification expenses; governmental and regulatory
requirements; costs and expenses of Fund meetings and reporting to investors; costs and expenses
of investing the Funds’ assets; premiums and other costs and expenses of insurance policies; fees
or cost of litigation or investigation involving Fund activities; any extraordinary expenses.

Fees Relating to Terminations and Withdrawals

Investors generally may not withdraw from the Closed-ended Funds prior to dissolution and cannot
transfer any of their interests in the Fund without the prior written consent of Feenix or its affiliates.
The management fee obligation is generally terminated only upon the dissolution of a Fund or the
withdrawal of an Investor or liquidation of their capital account subject to specific withdrawals
conditions of each Fund. In the event of an early termination of a Fund, a pro-rated portion of the
management fees paid in advance of the fiscal period in which such termination occurs would be
returned to the applicable Fund.

Investors in the Open-ended Fund have certain withdrawal rights as outlined in the respective
private offering memorandum prior to dissolution and cannot transfer any of their interests in the
Fund without the prior written consent of Feenix or its affiliates. The management fee obligation
is generally terminated only upon the withdrawal of an Investor or liquidation of their capital
account subject to specific withdrawals conditions of each Fund or the dissolution of a Fund.
The Adviser and its supervised persons do not receive a brokerage commission or any other
compensation attributable to the sale of securities or investment products.

It is critical that investors refer to the relevant private offering memorandum and other
governing documents for a complete understanding of how fees are deducted from their
assets. The information contained herein is a summary only and is qualified in its entirety by
such documents.

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Item 7.        Types of Clients

Feenix Venture Partners, LLC serves as the discretionary investment adviser to the Feenix Funds.
The Adviser does not provide investment advisory services individually to the Investors in the
Fund. Feenix may decide in the future to provide advice to SMAs and to other private funds.

The Adviser, or an affiliate of the Adviser, may impose a minimum investment commitment
requirement for each Client it advises. Feenix generally requires Investors in Feenix Venture
Partners Opportunity Fund, LP, Feenix Venture Partners Opportunity Fund II, LP, and 195 East
Tropco, LLC to make a minimum initial investment of $100,000. Generally, the Adviser, or an
affiliate of the Adviser, requires Investors in FVP Opportunity Fund III, LP, FVP Opportunity
Fund IV, LP, and Feenix High Income Strategies, LP to make a minimum initial investment of
$1,000,000.

The minimum contribution and investor requirements, as set forth in the offering and other
governing documents of the respective Feenix Funds, can be waived by Feenix or its affiliates at
its sole discretion.

Investors generally must be “accredited investors” under Regulation D, who are also “qualified
clients,” as that term is defined under the U.S. Investment Advisers Act of 1940. For an investor in
FHIS, unless waived at the discretion of an affiliate of the Adviser, investors must also be “qualified
purchasers,” as that term is defined under the U.S. Investment Company Act of 1940. Feenix
generally requires investors to make representations concerning their financial sophistication and
ability to bear the risk of loss of their entire investment in the Fund.

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