Ironwood Capital Advisors LLC

Item 5 – Fees and Compensation
The limited partners of the Ironwood Funds are charged a management fee as set forth in each
Fund’s limited partnership agreement, which varies based upon the applicable governing
documents. Additionally, the limited partners of the Ironwood Funds pay carried interest. The
calculation of carried interest allocations payable by limited partners are also conducted in
accordance with the applicable limited partnership’s governing documents. Management fees are
paid quarterly in advance. The timing of the carried interest allocations and distributions can vary
based upon factors such as fund performance, realization of investments and distributions to
investors, and is otherwise paid on a quarterly basis after limited partners have received a full
return of principal and preferred return, as provided under the applicable partnership’s governing
documents (other than carried interest tax distributions as allowed under the applicable
partnership’s governing documents).

Each Ironwood Fund’s management fee may be offset by certain transaction fees, director’s fees,
consulting fees, and other remuneration received from a portfolio company by the Ironwood
Funds’ respective general partner, management company, or any of the Partners, as stated within
each Ironwood Fund’s limited partnership agreement. Any such reduction of a management fee
will be allocated among the limited partners pro rata in proportion to their respective capital
commitments. Fees received by consultants and operating partners, who are independent
contractors and not employees of Ironwood, will not be used to offset the management fee.

Limited partners in the Ironwood Funds should review the relevant governing documents for
more complete information on the fees and expenses associated with their investment.

The members of Wildwood Entities typically pay carried interest. The calculation of carried
interest allocations payable by members are conducted in accordance with the applicable
Wildwood Entity’s governing documents. The timing of the carried interest allocations and
distributions can vary based upon factors such as investment performance, realization of
investments and distributions to investors and is otherwise paid on a quarterly basis after
members have received a full return of principal and preferred return, as provided under the
applicable Wildwood Entity’s governing documents (other than carried interest tax distributions
as allowed under the applicable Wildwood Entity’s governing documents). In addition, Wildwood
Capital Advisors LLC is typically paid a management fee directly from the portfolio company in
which it is invested. The management fee is charged as set forth in the applicable governing
documents. In certain cases, such fees may be shared with Ironwood personnel or affiliated
entities pursuant to contractual arrangements.

Members of the Wildwood Entities should review the relevant governing documents for more
complete information on the fees and expenses associated with their investment.

Management fees and carried interest distributions are in addition to certain expenses incurred
by the Investment Vehicles. Each Investment Vehicle bears its own operating and other expenses,
to the extent not borne or reimbursed by such Ironwood Fund’s general partner or Wildwood
Entity’s managers, including fees, costs, expenses, liabilities and obligations relating to such Fund’s
activities, investments and business, including, but not limited to, those attributable to: (i)
expenses incurred in the actual or proposed acquisition or disposition of assets; (ii) third party
legal, accounting, auditing and insurance expenses incurred by the Investment Vehicle; (iii) taxes
and other governmental agency fees; (iv) organizational costs; (v) costs related to a funding
facility, if any; and (vi) other expenses set forth in the respective Investment Vehicles’ limited
partnership agreement or governing documents.

Item 7 – Types of Clients
The Ironwood Advisers’ clients, the Ironwood Funds, are private debt pooled investment vehicles
that make or will make direct debt and/or equity investments in privately held businesses. The
investors participating in the Funds generally include insurance companies, banks or thrift
institutions, state pension plans, and other corporations or business entities as well as, directly or
indirectly, Partners, other employees of Ironwood and Ironwood senior advisors.

The Wildwood Advisers’ clients, the Wildwood Entities, are private equity investment vehicles
that make or will make direct minority or control equity investments in privately held businesses,
typically structured such that each Wildwood Entity will invest in a single portfolio company. The
investors participating in the Wildwood Entities generally include individuals that meet the
“qualified investor” status, with a meaningful portion of the capital coming from Ironwood
professionals.

The Investment Advisers primarily provide investment advice solely to their respective
Investment Vehicle clients, which are offered to qualified investors on a private placement basis.
References throughout this Brochure to “clients” and to the Investment Advisers’ related duties
to and practices on behalf of its clients and/or investors should be construed accordingly. The
Investment Vehicles include investment partnerships or other investment entities formed under
U.S. laws and operated as exempt investment pools under the U.S. Investment Company Act of
1940, as amended, and the rules and regulations promulgated thereunder.