GEF Capital Partners LLC

ITEM 5: FEES AND COMPENSATION

Below is a general summary of how GEF Capital Partners is compensated by its clients. Existing
and prospective investors should refer to a Fund’s Governing Documents for specific
information related to that Fund. Fees are negotiable in the sole discretion of GEF Capital
Partners before entering into such agreements.

GEF Capital Partners receives management fees, portfolio company monitoring fees and
performance‐based fees, or “carried interest,” in connection with providing investment
advisory services to the Funds. Management fees generally range from 1.0% to 2.0% of either
an investor’s capital commitment amount or invested amount, and the amount of
management fees charged by GEF Capital Partners is often reduced upon the end of the
commitment period. In certain instances, management fees are determined based on an
annual budget in consultation with a Fund’s investors. In other instances, management fees
may be payable only on certain types or portions of commitments by investors.

Portfolio company monitoring fees, which are charged by GEF Capital Partners to certain
portfolio companies in certain Funds, vary from Fund to Fund and may either be fixed or based
on a formula. Portfolio company monitoring fees may sometimes be charged in addition to
management fees and may sometimes partially or fully reduce the management fees charged
to clients. The general partner, managing member or analogous controlling entity of the Funds
usually receives an incentive payment, which is typically 20% of distributions from investments
determined after investors have received 100% of their capital contributions for investments

and Fund expenses, as well a preferred return, which is typically 8%, but for certain Funds or
pursuant to certain side letters or other agreements, the incentive payment may be less than
20%.

GEF Capital Partners charges the management fees and portfolio company monitoring fees
described above every quarter, in advance. Fund investors generally pay management fees via
capital contributions called by GEF Capital Partners, or GEF Capital Partners deducts the
applicable amount from distributions, based on an investor’s aggregate capital commitment
to a Fund. Investments in the Funds are generally illiquid, and investors in the Funds cannot
generally redeem their interests. If a Fund’s advisory agreement under which management
fees are paid is terminated before the end of a billing period, GEF Capital Partners will return
to the Fund any paid but unearned portion of the fee. In general, management fees and
portfolio company monitoring fees are pro‐rated from the date of termination to the end of
the period to which the advance fee applied. The carried interest is distributed to GEF Capital
Partners in accordance with the terms of the applicable Governing Documents of the Fund.

Employees of GEF Capital Partners, its relying advisers and its affiliates who are investors in
Funds may not pay management fees or carried interest, or the amount of such fees may be
substantially reduced or waived entirely in the sole discretion of GEF Capital Partners or as
otherwise set forth in the applicable Governing Documents.

Investors in the Funds also bear certain Other Fees and Fund expenses in accordance with the
Governing Documents, as further described below.

Other Fees and Expenses

Other Fees

In addition to the management fees, portfolio company monitoring fees, and performance‐
based fees described above, GEF Capital Partners and its affiliates may receive transaction fees
or other similar fees as more fully specified in a Fund’s Governing Documents. Examples of
such other fees include break‐up, directors’, organizational, setup, advisory, investment
banking, underwriting, syndication and other similar fees in connection with the purchase,
monitoring or disposition of investments or from unconsummated transactions, including
warrants, options, derivatives, and other rights in respect of securities owned by GEF Capital
Partners’ Funds. Such fees may or may not offset management fees, depending upon the
client’s Governing Documents. Clients that do not pay management fees do not receive the
benefit of such offsets or otherwise share in such fee income.

GEF Capital Partners may have a conflict of interest to the extent, for example, it is incentivized
to make an investment to earn a transaction fee or provide a service to a particular portfolio
company to earn a director or monitoring fee. However, we believe that this potential conflict
of interest is mitigated in certain instances by the management fee offset mechanic described
above and the substantial equity commitment made by GEF Capital Partners and/or its
principals in each of the Funds.

On occasion, GEF Capital Partners personnel or consultants retained by GEF Capital Partners
may provide certain management services to (or with respect to) a portfolio company. In other
instances, GEF Capital Partners may initially pay these costs and subsequently be reimbursed
by the applicable Fund or portfolio company for compensation paid and other fees and
expenses incurred by GEF Capital Partners with respect to such persons. Any such
compensation or other fees and expenses will not offset management fees.

GEF Capital Partners and its personnel can also be expected to receive certain intangible
and/or other benefits arising or resulting from their activities on behalf of the Funds, which
will not be subject to management fee offsets or otherwise shared with the Funds, their
investors and/or portfolio companies. For example, airline travel or hotel stays incurred as
fund expenses may result in “miles” or “points” or credit in loyalty or status programs, and
such benefits will accrue exclusively to GEF Capital Partners and its personnel (and not to the
Funds, their investors and/or portfolio companies) even though the cost of the underlying
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ITEM 7: TYPES OF CLIENTS

All of GEF Capital Partners’ clients are private equity funds sponsored by GEF Capital Partners.
Investors participating in Funds may include individuals, banks or thrift institutions, sovereign
wealth funds, governmental and quasi‐governmental institutions, pension and profit‐sharing
plans, trusts, estates, other investment funds (including fund of funds), charitable
organizations or other corporations or business entities, single and multi‐family offices, high
net‐worth individuals, and also may include, directly or indirectly, principals or other
employees, members or affiliates of GEF Capital Partners. Generally, each Fund has a minimum
commitment amount for prospective investors, which varies from one client to another, unless
waived in the sole discretion of GEF Capital Partners. GEF Capital Partners also offers, from time
to time, investment opportunities to qualified professional investment personnel. Generally,
Fund interests are offered to investors that are (i) “accredited investors” as defined under
Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), (ii) “qualified
purchasers” or “knowledgeable employees” as defined under the Investment Company Act,
(iii) “qualified clients” as defined under the Advisers Act or (iv) persons otherwise permitted

to participate in private placement transactions.