GLS Capital LLC

Item 5. Fees and Compensation

In consideration of its advisory services, the Adviser is generally entitled to receive management
fees and performance-based compensation with respect to Clients. The fees and expenses
applicable to the Funds are set forth in detail in their respective Governing Documents and the
fees and expenses applicable to the Managed Accounts are set forth in the Advisory Agreement.
However, a summary of the Adviser’s basic fee schedule is set forth below.

The Funds

 Management Fee. On behalf of the Funds, the General Partners make capital calls from which
 it will pay to the Adviser (or its designee) an investment management fee (the “Management
 Fee”) quarterly, in advance, on a Limited Partner-by Limited Partner basis as well as certain
 expenses as provided in the Governing Documents. The Management Fee, where defined,
 generally will be assessed at a rate of 2% of commitments during the Commitment Period (as
 such term is defined in the Governing Documents). After the expiration of the Commitment
 Period for Fund I and Fund II, the Management Fee will be 2% of an amount equal to the sum
 of (i) each Limited Partner’s pro rata portion of the aggregate capital committed to Portfolio
 Investments then held by the Fund reduced by (ii) such Limited Partner’s pro rata share of the
 amount of capital committed by the Partnership to any Portfolio Investments that have been
 Realized (as such term is defined in the relevant Governing Documents) after the Commitment
 Period.

 After the expiration of the Commitment Period for Fund III, the Management Fee will be stepped
 down upon the first Management Fee Due Date (as such term is defined in the relevant
 Governing Documents) to occur after termination of the Commitment Period. The Management
 Fee will be calculated as a percentage of the Commitment Period Management Fee as set forth
 in the Fund III Governing Documents.

 The Funds are closed-end investment vehicles intended for long-term investment. Accordingly,
 Management Fees are expected to be paid, except as otherwise described in the relevant
 Governing Documents, and Fund investors may not withdraw from the Fund prior to dissolution
 or transfer any of their interests in a Fund without the prior written consent of the General Partner
 of the applicable Fund. Management fees for partial periods generally are prorated, as
 appropriate, based upon the number of days elapsed during such period. The Management Fee
 obligation of the Funds, and their investors, may only be terminated or modified as provided by
 the Funds’ Governing Documents. The General Partner of each Fund may elect to waive or
 charge a higher or lower management fee in certain situations. For additional information, please
 refer to the Governing Documents for the Funds which may contain different management fee
 provisions and payment structures than that described above.

 Carried Interest. The Adviser or its affiliates typically receive Carried Interests allocations from
 the Funds of up to 20% of investment proceeds from the Portfolio Investments. Carried Interests
 allocations may be subject to hurdles and/or claw-backs, depending on, among other things, the
 returns generated by the Funds. The General Partners of the Funds may elect to waive or reduce
 the Carried Interest with respect to any Limited Partner. For additional information, please refer

 to the specific Governing Documents for the Funds which may contain different carried interest
 provisions and payment structures than that described above.

 Organizational Expenses. The Funds will pay, up to a an agreed upon amount, travel and
 printing, legal, capital raising, accounting, regulatory compliance, and any administrative or
 other filings incurred in connection with the formation, organization, funding and startup of the
 Funds, the General Partners, the Adviser, and any affiliated management companies, but not
 including the routine compliance costs of the General Partners or the Adviser under the Advisers
 Act or any similar law, rule or regulation; provided that any such organizational, funding and
 startup costs and expenses in excess of such agreed upon amount shall be borne by the General
 Partners and the Adviser through a one hundred percent (100%) offset against the Management
 Fee.

 Fund Expenses. Except as noted otherwise, the Funds will pay all fees, costs, expenses, liabilities
 and obligations relating to the Funds and/or their activities, business, or actual or potential
 investments. For additional information regarding Fund Expenses, please refer to the relevant
 Governing Documents.

 General Partner Expenses. In consideration for the Management Fee, each General Partner or
 the Adviser shall be responsible for and pay all ordinary expenses of its operations incidental to
 the administration of the Funds, except for those expenses borne directly by the Funds. Such
 normal operating expenses to be borne by the General Partners or the Adviser shall include,
 without limitation, all costs and expenses relating to office space, facilities, utility services,
 supplies and necessary administrative and clerical functions, expenditures on account of salaries,
 wages, and other expenses of the General Partners’ or the Adviser’s members, managers and
 employees, and expenses generally incurred in the general operations of the General Partners or
 the Adviser. Any and all placement fees shall be paid by the Funds but borne by the General
 Partners or the Adviser through a one hundred percent (100%) off-set against the Management
 Fee.

The Managed Accounts

Management Fee. The Adviser may receive an advisory fee (payable on a periodic basis in advance
or in arrears) equal to a percentage of the total capital commitment of the Managed Accounts. The
advisory fees with respect to the Managed Accounts may be negotiated separately with such
institutional clients based upon a variety of factors.
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Item 7. Types of Clients

As discussed in Item 4 (Advisory Business), the Adviser provides investment advisory,
management and other services to the Funds and Managed Accounts, which collectively are its
Clients. The Clients limit their investors to persons who are both “accredited investors,” as such
term is defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as
amended, and “qualified clients,” as such term is defined in Rule 205-3(d)(1) promulgated under
the Advisers Act. Investments in the Funds are subject to a minimum investment of $5 million,
with such amounts being subject to waiver at the discretion of the General Partners. Investors in
the Clients include U.S. and non-U.S. investors, including institutional investors, high net worth
individuals and the General Partners. The Adviser may in the future provide investment advice
and other services to other Clients or types of Clients.

Managed Account Clients are required to enter into an Advisory Agreement that, among other
things, sets forth the nature and scope of the investment advisory authority of the Adviser and the
investment objectives, guidelines and restrictions applicable to the management of the Managed
Accounts. The Adviser does not have a minimum account size for Managed Account clients. The
account size is subject to the Adviser’s discretion on a case-by-case basis.