First Analysis Capital Management LLC

Item 5 – Fees and Compensation

Management Fee

In general, fees payable by each Fund are negotiated by the Adviser with each Fund and may vary by market
conditions. The Adviser receives a management fee for its services and may also receive a performance fee,
as described below. The management fee for each Fund may range from 2% to 2.5% percent annually during
the Funds’ investment periods and is charged quarterly in advance based on each investor’s aggregate
commitments and, after the period during which each Fund can make investments, at a lower rate or on
each investor’s aggregate capital contributions less aggregate capital contributions with respect to
investments that have been disposed of or completely written off. The Adviser, at its discretion, may elect
to waive a portion of the management fee. In the event the Adviser does not manage the assets for the
entire quarter, the management fee will be prorated so that the Adviser only earns a management fee for
the part of the quarter it managed the assets.

Performance Fee

Generally, distributions of cash proceeds from the sale of Fund holdings, together with any dividends and
interest income received with respect to investments in portfolio companies, are apportioned among the
Fund investors participating in the applicable investment in proportion to their respective participation in
funding such investments. The amount apportioned to each Fund’s general partner is distributed to it. The
amount apportioned to an investor is distributed first, 100% to such investor until the cumulative amount
distributed to such investor equals such investor’s funded commitment; and thereafter, 80% to such
investor and 20% to the general partner as carried interest (the performance fee). Some Funds may provide
that the investor first receive a preferred return (typically 8%) before the general partner begins receiving
distributions of its 20% carried interest. All short-term interest income, other than short-term interest income
received from portfolio companies, is distributed 100% to the partners ratably in proportion to their
respective interests in the assets generating such income. Fund expenses are allocated to the investors pro
rata in accordance with their capital contributions.

With respect to the performance fees (carried interest) that may be assessed on investors before the
disposition of every investment funded by such investors, such fees are generally subject to a clawback,
which means that certain amounts distributed to the general partner may be repayable to an investor
depending on the final overall performance of the Fund if, upon termination of that Fund, it is determined
that the general partner received a performance fee (carried interest) that exceeds 20% of the overall
profits.

Except as otherwise agreed, investors who are affiliated with the Adviser are not subject to management
fees or performance fees. Also, as explained above in Item 4, the Adviser may enter side letters with certain
Fund investors, typically those with the largest aggregate commitments. Such side letters may give to
investors the right to pay reduced management fees and performance fees, but currently the Adviser does
not have any side letters agreeing to reduced fees.

Investors cannot typically withdraw from the Funds, so the offering documents of the Funds do not contain
provisions that provide for refunds of fees paid in advance in case of an investor’s withdrawal.

The Adviser may deduct the fees from Fund assets. Management fees are normally paid quarterly in
advance. The performance fee, if any, is typically paid within a reasonable time after realization of an
investment.

Expenses

The Adviser will use the Management Fee to pay the normal and recurring expenses of operating the Funds,
including salaries, rent, travel, expenses incurred in investigating investment opportunities, and other
routine administrative expenses. Also, the Adviser will pay the expenses of the Funds’ placement. All other
expenses will be incurred as expenses of the Funds, including 1) organization expenses other than placement
expenses that are incurred by the Adviser (capped at certain limits), 2) general portfolio expenses (such as
brokerage, registration of securities, and other fees), 3) premiums for insurance, 4) legal and accounting
expenses, 5) auditing expenses, and 6) any extraordinary expenses of the Funds.

For a detailed discussion of a Fund’s fees and expenses, please refer to each Fund´s offering materials and
limited partnership agreements. These private offering documents explain additional fees that investors may
incur related to each Fund’s particular fees and expenses.

Item 7 – Types of Clients

The Adviser offers its services to the Funds and acts as their general partner or manager. Investors in the
Funds are not considered clients of the Adviser under the Investment Advisers Act of 1940, as amended (the
“Advisers Act”).

Nearly all the underlying investors in the Funds are persons that are "accredited investors" within the
meaning of Regulation D of the Securities Act of 1933, as amended, and “qualified clients” as defined under
Rule 205-3 of the Advisers Act. In addition, investors in certain Funds are also “qualified purchasers” as
defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended. The underlying investors
in the Funds are typically institutional investors and high net worth individuals.

Conditions for Managing Accounts

The minimum initial investment for investors in the Funds varies by fund and was most recently $3 million
for institutions and $500,000 for individuals. These requirements can be waived at the discretion of the
Adviser.