Grant Avenue Capital LLC

ITEM 5.     FEES AND COMPENSATION

          In general, the Adviser receives a management fee and a carried interest in connection with the
          provision of advisory services to its clients. The Adviser or other Grant Avenue entities or affiliates
          receive additional compensation in connection with management and other services performed
          for portfolio companies of the Funds and such additional compensation will offset in whole or in
          part the management fees otherwise payable to Grant Avenue to the extent provided by the
          Governing Documents. In addition, in certain circumstances, Grant Avenue receives
          compensation for management and other services performed in connection with co-investments
          made in portfolio companies of the Funds. Investors in a Fund also bear certain expenses.

          The Brave co-invest funds do not pay the Adviser a management fee or carried interest.

          Management Fees

          Fund II will pay Grant Avenue, quarterly in advance, a management fee (the “Management Fee”)
          equal to 2.0% annually of aggregate non-affiliated investor capital commitments
          (“Commitments”) during the investment period and/or until the earlier of the end of Fund II’s
          defined investment period, the date the relevant General Partner (or an affiliate thereof) first
          begins receiving or accruing Management Fees from another Fund meeting certain criteria and
          other events as defined in the relevant Governing Documents (the “Stepdown Date”). After the
          Stepdown Date, the Management Fee will be reduced and will equal 2.0% of the aggregate
          amount of investment contributions made (or payable to Fund II pursuant to any outstanding
          capital call notice or capital call notice that the General Partner intends to issue to repay Fund
          indebtedness) by non-affiliated limited partners of Fund II with respect to investments of Fund II
          that have not been disposed of or completely written off for U.S. federal income tax purposes.
          Such investment contribution will include a Fund borrowing component and the amount of any
          capitalized Supplemental Fees (as defined below) or expenses, costs or other amounts relating to
          operations group members (as defined below), unrealized investments, and amounts payable or
          reimbursable to the Adviser and its affiliates. The Adviser and its affiliates have incentives to
          capitalize such amounts into a transaction, not only to avoid having portfolio companies pay such
          amounts out of available operating cash, but also to increase the base on which future
          Management Fees will be calculated. These incentives run counter to the Adviser’s incentives to
          reduce the amount of fees, expenses and costs borne by the Funds’ investments in light of the
          effect of these amounts on the Funds’ carried interest calculations.

          The Management Fee will be payable until proceeds from all portfolio investments are distributed
          or until the General Partner’s relationship with Fund II is terminated for other reasons (as
          described in the Governing Documents). Installments of the Management Fee payable for any
          period other than a full quarterly period are adjusted on a pro rata basis according to the actual
          number of days in such period. Management Fees will be payable during term extensions unless
          otherwise agreed with investors. The Adviser may, at its discretion, waive or reduce such fees for
          certain limited partners. Investors participating in a closing after a Fund’s initial closing date bear
          the Management Fee from the initial closing date, generally in addition to an interest component
          payable to Grant Avenue.

Under the Governing Documents of Fund II, where the fair market value of an investment exceeds
the total amount of investment contributions relating to such investment, post-Stepdown Date
Management Fees will not be calculated based upon such appreciated value, and will instead
continue to be calculated based on the amount of such investment contributions with respect to
Fund II. However, where there has been a partial distribution, partial write down or partial sale or
disposition, reorganization, recapitalization (including recapitalizations involving dividends), roll-
over investment in connection with a sale or dividend distribution of an investment, the Governing
Documents do not require Management Fees after the Stepdown Date to be reduced with respect
to Fund II.

As a result, the amount of Management Fees generally will not correspond with fluctuations in
Fund II’s net asset value, including following the investment period, and will not be reduced in
connection with any write downs (whether temporary or permanent), except in the case of
investments completely written off for U.S. federal income tax purposes. Except where the
Governing Documents expressly provide to the contrary, Management Fees with respect to Fund
II will not be reduced (in whole or in part) in the case of partial sales or dispositions, distributions
(e.g., those resulting from a dividend recapitalization) or reorganizations, restructurings, roll-over
investments, extraordinary dividends or similar transactions, in each case in circumstances that
do not result in the complete disposition of Fund II’s interest therein, and even in cases where the
value of Fund II’s investment or Fund II’s ownership percentage in such investment has been
reduced (including substantially reduced) as a result of such transaction.

In many circumstances, the fair value component of such post-Stepdown Date Management Fees
will include capitalized transaction-specific fees and expenses of unrealized investments,
...

ITEM 7.     TYPES OF CLIENTS

          The Adviser provides investment advice solely to its Fund clients, and references throughout this
          Brochure to “clients” and to the Adviser’s related duties to and practices on behalf of its clients
          and/or investors should be construed accordingly. The Funds generally include investment
          partnerships or other investment entities formed under U.S. laws and operated as exempt
          investment pools under the Investment Company Act of 1940, as amended (together, with the
          rules and regulations promulgated thereunder, the “Investment Company Act”). The investors
          participating in the Funds generally include individuals and entities that meet the criteria of
          “qualified purchasers”.

          The relevant General Partner is permitted to establish Funds that are alternative investment
          vehicles in order to permit certain investors to participate in one or more particular investment
          opportunities in a manner desirable for tax, regulatory or other reasons. Alternative investment
          vehicle sponsors generally have limited discretion to invest the assets of these vehicles
          independent of limitations or other procedures set forth in the organizational documents of such
          vehicles and the Governing Documents of the related Fund.

          Prospective investors should refer to the Governing Documents of the applicable Fund for
          complete information on the minimum investment requirements for participation in such Fund.
          Grant Avenue generally requires a minimum capital Commitment for each of its Funds, however,
          the Adviser maintains discretion to individually waive, increase or reduce the minimum
          investment required.