HLV Ventures

Item 5: Fees and Compensation

Management Fees

As the investment adviser to the Funds, as further described in each Fund’s Offering Documents, HLV
will receive a one-time management fee (the “Management Fee”) generally equal to 5% of each
Investor’s capital contribution. Such fee is paid by the Investor at the time their capital contribution is
made.

HLV may reduce, waive, or modify any fees for any Investor in the Firm’s sole discretion. Any such
modification in respect of a certain Investor will not entitle any other Investor to the same or similar
treatment.

Other Fees and Expenses

Each Fund will be responsible for and will pay or cause to be paid for such Fund, or reimburse HLV
or its affiliates for, all expenses reasonably and properly incurred, including without limitation, to the
extent reasonably and properly incurred: (i) all expenses incurred in connection with operations of
each Fund, including, without limitation, all expenses incurred with the purchase, holding, sale or

HLV Ventures, LLC                                                            Form ADV Part 2A

proposed sale of any Fund’s assets including, without limitation, all travel- related expenses and all
unreimbursed third party out-of-pocket costs and expenses, as approved in accordance with each
Fund’s Offering Documents, of accountants, legal counsel, managing agents and other third party
expenses; (ii) all organizational and ongoing compliance expenses of each Fund (including compliance
by each Fund and HLV with all licensing and registration regulations); (iii) all costs relating to Investor
meetings; (iv) all costs incurred in connection with the preparation of or relating to reports made to
the Investors in each Fund; (v) all costs related to litigation involving a Fund, directly or indirectly,
including, without limitation, attorneys’ fees incurred in connection therewith; (vi) all costs related to
a Fund’s indemnification or contribution obligations hereunder; (vii) the Management Fee; (viii) the
costs of any litigation, director and officer liability or other insurance and indemnification or
extraordinary expense or liability of each Fund; (ix) all unreimbursed out-of-pocket expenses relating
to transactions that are not consummated including legal, accounting and consulting fees and all
extraordinary professional fees incurred in connection with the business or management of each Fund;
(x) all expenses of liquidating a Fund; and (xi) any taxes, fees or other governmental charges levied
against a Fund and all expenses incurred in connection with any tax audit, investigation, settlement or
review of a Fund. Notwithstanding anything to the contrary, in the event that HLV is to incur expenses
in connection with its compliance with licensing and registration regulations, the expenses incurred by
HLV in connection with such compliance shall be borne ratably by each Fund.

Investment Manager to the Portfolio Funds

The underlying investment manager of the Portfolio Funds, to whom HLV invests the assets of the
Funds, will likely be entitled to receive management fees, incentive-based compensation and/or carried
interest distributions (directly and/or through an affiliate), which will be in addition to the Management
Fees and Carried Interest distributions payable at the Fund level to HLV.

The types of fees may vary amongst the Portfolio Funds and from investment to investment.

HLV Expenses

HLV will be responsible for all ordinary administrative and overhead expenses incurred in connection
with maintaining and operating its investment advisory business, including employee and consultant
salaries, rent, utilities and equipment expenses.

Item 7: Types of Clients

HLV’s clients are the Funds described in Item 4 above.

Each Investor in a Fund generally must a “qualified client”, as defined in the Advisers Act. The
subscription agreement contains representations and questionnaires relating to these qualifications.

Pursuant to each Fund’s Offering Documents and subject to the discretion of HLV to accept less, the
minimum initial investment threshold for the Funds is $250,000.

In addition, HLV will likely, in the future, offer investment advisory services to other pooled investment
vehicles in addition to those that exist as of the date of this Brochure.