FEG Private Investors LLC

Item 5 – Fees and Compensation
During the investment period of the Funds, except for FEG Private Opportunities Fund IV, L.P., FEG
Private Opportunities Fund V, L.P., FEG Private Opportunities Fund VI, L.P., and FEG Private
Opportunities Fund VII, L.P.; the management fee paid to the Manager will be equal to .2125% on a
quarterly basis (0.85% on an annualized basis) of the Funds’ committed capital. Following the investment
period, the fee will decline by 10% per year.

For FEG Private Opportunities Fund IV, L.P., FEG Private Opportunities Fund V, L.P., and FEG Private
Opportunities Fund VI, L.P., the management fees are based on committed capital and are calculated as
follows:

    •   Year 1: equal to 0.075% (0.30% on an annualized basis)

    •   Year 2: equal to 0.125% (0.50% on an annualized basis)
    •   Years 3 – 6: equal to 0.2125% (0.85% on an annualized basis)
    •   Thereafter, the management Fee will decline by 10% per year

Fees will be paid quarterly and in arrears and will be prorated with respect to any quarterly period less
than a full quarter.

FEG Private Opportunities Fund VII, L.P. Fees –

For FEG Private Opportunities Fund VII, L.P., each series is offered in various sub-classes of Interests
(each, a “Share Class”). The Share Classes relate to the investor’s advisory relationship/agreement with
FEG. Investors may only choose to invest in those Share Classes that correspond with the investor’s
advisory relationship/agreement with FEG. Investors should refer to their advisory agreement with FEG,
applicable Private Placement Memorandum, and Offering Documents for further information on fees for
each Share Class.

For the investors electing Share Class 2, Share Class 4, or Share Class 5, the Fund’s quarterly
Management Fee will be equal to 0.075% (0.30% on an annualized basis) during the Fund’s first 6 years.
The Management Fee for Share Class 2, Share Class 4, and Share Class 5 will decline by 10% per year
following the Fund’s first 6 years.

Share Class 3 – In year 1, the Share Class 3 Management Fee will be equal to 0.075% each quarter (0.30%
on an annualized basis); in year 2 the Share Class 3 Management Fee will be equal to 0.125% each quarter
(0.50% on an annualized basis); and in the years 3 to 6 the Share Class 3 Management Fee will be equal to
0.2125% each quarter (0.85% on an annualized basis). Thereafter, the Management Fee for Share Class 3
will decline by 10% per year. Share Class 3 does not charge a Management Fee for Series E. Investors in
Share Class 3 will be subject to a 10% Carried Interest with respect to their investments in Series E.

In addition to the management fee, the Funds bear the management fees and operating expenses charged
by the underlying investment managers.

The Funds bear all expenses relating to their organization and syndication which may include a portion of
the Manager’s legal, compliance, and accounting expenses. In addition, the Funds also bear the expenses
for the third-party administrator, custody, audit and tax services, reporting, insurance, registration and
filing, printing and mailing reports, and other documents.

The fee begins to accrue and is payable as of the later of (i) the initial closing or (ii) the first day of the
fiscal quarter in which the Funds make their first commitments to Investment Funds.

Occasionally, the Manager will, either directly or indirectly, through its affiliates, enter into side letter
arrangements with investors that allow negotiated fees and/or waiving the minimum investment
requirement. All arrangements, as such, will be in writing and agreed upon by all parties.

Item 7 – Types of Clients
The clients of the Manager are the Funds which are all unregistered private funds structured as Delaware
limited partnerships designed for sophisticated investors.