Greybull Advisors LLC

ITEM 5:       FEES AND COMPENSATION

Fees and expenses are generally paid as set forth in each Fund’s Governing Documents. The
information contained herein in this Item 5 is a summary only and is qualified in its entirety by the
relevant Governing Documents. It is important that Investors refer to the relevant Governing
Documents for a complete understanding of expenses and fees they may pay through an investment
in the Funds.

Management and Performance-Based Fees

Greybull is compensated for its advisory services through asset-based management fees
(“Management Fees”). With respect to Fund I, beginning immediately after the first Interim
Valuation Date, as defined in Fund I’s Governing Documents, Greybull receives an annual
Management Fee, payable quarterly in advance, of no more than 2% of Fund I’s aggregate Capital
Commitments (as defined in Fund I’s Governing Documents). With respect to Fund II, Greybull
receives a Management Fee, payable quarterly in advance, equal to an annual rate of 2% of Fund
II’s Investors’ aggregate capital commitments until the end of the quarter in which Fund II’s
Investment Period, as defined in Fund II’s Governing Documents, terminates. For each subsequent
four-quarter period, the annual Management Fee rate will be reduced in accordance with the terms
provided in Fund II’s Governing Documents With respect to Fund III, Greybull receives a
Management Fee, payable quarterly in advance, equal to an annual rate of 2% of Fund III’s
Investors’ aggregate capital commitments until the end of the quarter in which Fund III’s
Investment Period, as defined in Fund III’s Governing Documents, terminates. For each
subsequent four-quarter period, the annual Management Fee rate will be reduced in accordance
with the terms provided in Fund III’s Governing Documents. Installments of the Management Fees
payable for any period other than a full three-month period are adjusted on a pro rata basis
according to the actual number of days in such period.

In addition, the General Partners are entitled to receive performance-based profit distributions.
Subject to the terms and limitations set forth in each Fund’s Governing Documents, each Fund’s
General Partner generally is entitled to receive profit allocation equal to 20% of realized gains,
following allocation of a preferred rate of return of 8% per annum on unreturned capital
contributions to Investors of Fund I, Fund II, and Fund III respectively.

The Management Fees and profit allocations are generally not negotiable; however, Greybull, in
its sole discretion, may waive or modify the Management Fees or profit allocation distribution
percentages for certain Investors.

Other Fees and Expenses

Greybull is responsible for its normal overhead and administrative expenses, including
expenditures on account of salaries, wages, benefits, and other expenses of Greybull’s members,

agents and employees, rentals payable for space used by Greybull or the Funds, bookkeeping
services and equipment.

Each Fund bears all costs and expenses relating to its activities and operations as provided in each
Fund’s Governing Documents, including expenses in connection with the syndication, formation,
and organization of the Fund (which may be subject to a cap as provided in the applicable
Governing Documents) and all liquidation costs, fees, and expenses incurred in connection with
the winding up and liquidation of the Fund. Generally, each Fund will bear all other expenses,
including expenses related to the investigation (whether or not consummated), purchase, holding
and sale of portfolio company securities, investment-related travel, legal, accounting, investment
banking, research, brokerage and finders’ fees, custody, transfer, registration, advisory board,
interest, taxes and extraordinary expenses, and other similar fees and expenses. The foregoing list
of expenses is not intended to be exhaustive and is qualified in its entirety by the applicable
Governing Documents of each Fund.

From time to time, Greybull will be required to decide whether costs and expenses are to be borne
by a Fund, on the one hand, and other vehicles advised or managed by Greybull or any of its
respective affiliates, on the other hand. Greybull will allocate such fees and expenses in a manner
it believes in good faith to be fair and equitable, but in its sole discretion. The allocation may not
be proportional, as certain of such vehicles have different expense reimbursement terms, including
with respect to Management Fee offsets.

Greybull and its principals, employees, or affiliates may receive directors’, consulting,
management services, advisory, consultant, monitoring, transaction, commitment, broken deal,
break-up or similar fees from any Portfolio Company or prospective Portfolio Company of a Fund
(“Transaction Fees”). Receipt of Transaction Fees may create a conflict of interest because the
amounts of such Transaction Fees may be substantial, and the rights of a Fund and the Investors
to these fees is limited to the offset arrangement described below and in the applicable Fund’s
Governing Documents. Determining whether such Transaction Fees will be paid periodically,
prepaid or deferred and paid in arrears may also create a conflict of interest. When Transaction
Fees are earned with respect to any Portfolio Company in which a Fund co-invests with third
parties, including other funds advised or managed by Greybull or an affiliate thereof, if any,
Greybull will determine and apply the Fund’s allocable share of such Transaction Fees as
described in more detail in the Governing Documents; such allocations often may not be clear and
will involve a level of discretion.

Fund I’s Management Fee will be reduced by Transaction Fees received from Portfolio Companies
by Greybull or its principals or employees that customarily offset management fees, provided,
however, that stock incentives shall offset Management Fees only when converted to cash. Fund
...

ITEM 7:       TYPES OF CLIENTS

Greybull provides discretionary investment advice solely to the Funds, as described in Item 4
above. The Funds include investment partnerships and/or other investment entities formed under
domestic laws and operate as exempt investment pools under the Investment Company Act of
1940, as amended (the “Investment Company Act”). Investors in the Funds will be required to be
“accredited investors” within the meaning of Rule 501(a) under the Securities Act of 1933, as
amended (the “Securities Act”), “qualified clients” within the meaning of Rule 205-3(d)(1) under

the Advisers Act, and may also be required to be “qualified purchasers” within the meaning of
Section 2(a)(51) under the Investment Company Act.