HV Manco LLC

Item 5: Fees and Compensation

HVEP is compensated through management and performance fees or allocations which are
permissible in its advisory contracts with the Fund.

HVEP’s fee schedule is omitted because this brochure is only being delivered to “qualified
purchasers” as defined in the Investment Company Act of 1940, as amended. The management fee
may be paid out of current income and disposition proceeds of the Fund and, to the extent
necessary, from drawdowns of capital which will reduce the remaining unfunded commitments.

The Fund bears all reasonable legal and other organizational and offering expenses incurred in the
formation of, and the offering of interests in, the Fund (and any subsidiaries of any of the
foregoing) and related entities, including, without limitation, legal fees, and expenses, the cost of
producing and distributing offering documents, any related marketing materials, printing and
mailing costs, filing fees and expenses, marketing and roadshow expenses and any other expenses
related to the foregoing. Expenses in excess of the limits delineated in the applicable Fund’s
Governing Documents (excluding placement agent expenses, where applicable,) will be borne by
HVEP through a 100% offset against the management fee.

Each limited partner in the Fund is solely responsible for all its own legal and tax counsel expenses
and any out-of-pocket expenses incurred in connection with its subscription or the maintenance of
its interest in the Fund.

HVEP pays all its ordinary administrative and overhead expenses in managing investments,
including salaries, benefits, rent, and the cost of office equipment and utilities.

As discussed here and in the Governing Documents, each Fund pays directly, or reimburses each
Fund’s affiliated member (“Affiliated Member”)(an entity controlled and owned by HVEP) and
HVEP for, all expenses related to its activities (including the fees and expenses of any affiliate of
the Affiliated Member or HVEP performing such functions in lieu of third-party service
providers)which may include but are not limited to: (i) expenses incurred in connection with the
evaluation, acquisition and disposition of investments, including sales commissions, any expenses
relating to unconsummated investments, broken deal expenses, appraisal fees, taxes, brokerage
fees, underwriting commissions and discounts, and legal, compliance, accounting, investment
banking, consulting, information services and professional fees; (ii) private placement fees
incurred in connection with marketing the Fund, including all fees and expenses under any
placement agent agreement, (iii) expenses incurred in connection with the carrying or management
of investments, including custodial, trustee, record keeping and other administration fees; (iv)
expenses incurred in connection with the Fund’s financial statements and tax returns; (v) attorney’s
and accountant’s fees and disbursements in connection with investments or the operation of the
Fund; (vi) taxes and other governmental charges levied against the Fund; (vii) insurance,
regulatory or litigation expenses (and damages), including regulatory expenses of HVEP and the
Affiliated Member related to its registration under and compliance with the Investment Advisers
Act of 1940, as amended (the “Advisers Act”); (viii) expenses incurred in connection with the
winding up or liquidation of the Fund; (ix) expenses relating to defaults by the Fund’s limited
partners in the payment of any capital contributions; (x) out-of-pocket expenses for transactions

not consummated; (xi) expenses incurred in connection with any restructuring or amendments to
the constituent documents of the Fund and related entities, including HVEP and the Affiliated
Member; (xii) expenses incurred in connection with the formation of parallel investment entities
and alternative investment vehicles (as discussed in Governing Documents) to the extent permitted
under the Governing Documents; (xiii) loan servicing expenses; (xiv) expenses incurred in
connection with distributions to the Fund’s limited partners and in connection with any meetings
with limited partners called by the Fund’s advisory committee (defined in the Governing
Documents); (xv) any tax, audit, investigation, settlement or review with respect to the tax
obligations of the Fund; (xvi) costs, fees and expenses associated with any financing facility of the
Fund (whether or not such financing is ultimately utilized by the Fund) and any amounts paid by
HVEP on behalf of the Fund’s limited partners. and costs, fees, and expenses associated therewith
(including, without limitation, any interest expense related thereto); (xvii) computer software,
licensing, programming, and operating expenses and data-processing costs; (xviii) out-of-pocket
expenses with respect to any investment structuring utilized in respect of the Fund; and (xviv)
operating expenses, excluding any administrative and overhead expenses, of HVEP that, in its
good faith judgment, are attributable to the Fund.

HVEP reserves the right to vary the fees to particular investors by separate agreement and to reduce
or waive any fees at any time without entitling any other investor to a waiver or reduction. HVEP
may waive or reduce the fee for its own capital and that of its constituent partners, affiliates,
employees, and family members of the foregoing. HVEP has waived management fees in respect
of the Affiliated Members.

Investors should refer to the Fund’s Governing Documents for a detailed discussion on the fees
and expenses paid by the Fund.

Item 7: Types of Clients

HVEP provides investment advisory services to the Fund as described in Item 4. All Fund investors
are “accredited investors” as defined under Rule 501 of Regulation D of the Securities Act of 1933,
as amended, and “qualified clients” as defined under Rule 205-3 of the Advisers Act. In addition,
the Fund can limit the sale of interests to investors who are “qualified purchasers” as defined under
the Investment Company Act of 1940, as amended.

HVEP imposes a minimum of $5 million to invest in the Fund. However, this amount can be
waived or reduced at the discretion of HVEP.