Golden Bell Partners LLC

Item 5 – Fees and Compensation

Advisory Contracts and Fees

5. A.   Adviser Compensation

The Private Funds pay management fees to Golden Bell, or an affiliated general partner,
quarterly in advance.

As compensation for investment advisory rendered to the Clients, Golden Bell typically receives
a management fee (each, a “Management Fee”) for each such Client. The precise amount of, and
the manner and calculation of, the Management Fee may differ from one Private Fund to
another, as set forth in such Private Fund’s Governing Documents received by each investor
prior to investment. The Management Fee is typically calculated as a percentage of the
investors’ total capital commitments or based upon an agreed to schedule outlined in a Fund’s
Governing Documents.

The Management Fee for Golden Bell Partners Fund I, LP, Golden Bell Partners Fund II, LP,
and GBPH21, LP is based upon an agreed to schedule outlined in a Fund’s Governing
Documents. The Management Fee for Golden Bell Partners Fund III, LP is 0.6% of committed
capital for ten years paid quarterly in advance. The Management Fee for Golden Bell Partners
Fund IV, LP and Golden Bell Partners Fund V, LP is 0.6% of committed capital for five years
paid quarterly in advance, and it decreases to 0.4% of committed capital for the next five years.
The Management Fee for Golden Bell Partners Fund VI, LP is 0.4% of committed capital for 12
years beginning January 1, 2026. The General Partner does not pay a Management Fee to any of
the Funds.

Clients also pay a performance-based fee of 5% above an annual return hurdle of 6%.

5. B.   Direct Billing of Advisory Fees

Management fees will be deducted quarterly directly from the Private Funds.

5. C.   Other Non-Advisory Fees

Golden Bell’s management fee is exclusive of transaction fees and other related expenses such as
those incurred in connection with the evaluation, acquisition, monitoring and disposal of
investments, which may be incurred by the Private Funds. The Private Funds may also incur
certain costs imposed by administrators, lawyers, insurance providers, auditors, accountants and
other third parties.

Golden Bell’s affiliates will receive additional compensation in the form of a waterfall
distribution. The waterfall distribution is a performance-based fee and is described in the Private
Funds’ limited partnership agreements.

5. D.   Advance Payment of Fees

The Private Funds each pay an annual management fee to Golden Bell quarterly in advance.

5. E.   Compensation for Sale of Securities or Other Investment Products

Golden Bell does not accept compensation for the sale of securities or other investment products.

Item 7 – Types of Clients

Golden Bell serves as the manager to six Private Funds.

The minimum initial commitment in each Private Fund is $5,000,000, subject to reduction at the
sole discretion of Golden Bell.