JMC Management LLC

Item 5: Fees and Compensation
General
JMC provides investment advisory services to the Funds pursuant to investment management
agreements (the “Agreements”). The Agreements, along with specific organizational documents of
the Funds, set forth in detail the fee structure relevant to each such Fund. The terms of the
Agreements are generally established at the time of the formation of the applicable Fund.

JMC typically receives compensation from fees based on a percentage of the aggregate capital
commitments of the Limited Partners, carried interest allocations, and certain other fees or expenses
related to transactions (see below). Investors should review all fees charged by JMC and others to
fully understand the total amount of fees to be paid by a Fund and, indirectly, by their Limited
Partners.

Management Fee
The Funds are generally charged a management fee, payable to JMC in advance for periods less
than six months.

The management fee is based on an annual rate applied to committed capital during the investment
period of the applicable Fund. After a number of years, the annual rate is adjusted and/or the base
on which the management fee is changed to the aggregate cost basis of active platform investments.
The management fee is reduced for certain transaction fees paid to JMC or its affiliates by platform
companies as specified in the applicable Governing Fund Documents.

Carried Interest Allocations
The General Partner of each Fund is entitled to a “carried interest” equal to a percentage of the
profits of the Fund, typically after a return on invested capital and/or a preferred return and catch-
up. The manner of calculation of such carried interest is disclosed in the Governing Fund
Documents and may vary by Fund.

Other Expenses
JMC will pay all of its own normal operating expenses incurred in investigating or evaluating
investment opportunities (as defined in the Governing Fund Documents).

The Funds will pay all other expenses associated with its formation and operation, as defined in the
Governing Fund Documents, including, without limitation: (i) organization and syndication costs (up
to a maximum dollar amount, calculated in accordance with the terms of the Governing Fund
Documents; (ii) legal, accounting, audit, tax compliance, custodial, consulting, and other professional
fees; (iii) banking, brokerage, broken-deal, registration, qualification, finders, depositary, and similar
fees or commissions; (iv) transfer, capital and other taxes, duties, and costs incurred in acquiring,
holding, selling, or otherwise disposing of Fund assets; (v) costs of financial statements, tax filings,
and other materials for distribution to the Limited Partners, including expenses of any software used

Form ADV Part 2A Brochure | JMC                                            March 17, 2026
to prepare such reports, tax filings, or other materials; (vi) expenses of forming, operating, and
liquidating any entity formed for the purpose of making or holding any investment; (vii) expenses
associated with risk management, such as hedging and insurance costs; (viii) fees, expenses,
payments, and reimbursements relating to any arbitration, litigation, proceeding, or other action
(whether pending or threatened) or any indemnification of the General Partner or any other
indemnified persons (as defined below or in the Governing Fund Documents), and any premiums for
liability insurance to protect indemnified persons in connection with the activities of the Fund; (ix)
fees and expenses relating to the preparation and filing of any regulatory or governmental reports
required to be made by the Fund or relating to the Fund’s investments, potential investments, or other
activities; (x) expenses incurred in connection with meetings of the Limited Partners; (xi) expenses
incurred in connection with meetings of the Investor Committee, including travel expenses of
Investor Committee members and expenses associated with preparing materials for the meeting; (xii)
expenses relating to any amendment to the Partnership Agreement and the solicitation of any Limited
Partner consent; (xiii) all fees and expenses of any audit, examination, investigation, or other
governmental proceeding; (xiv) fees and expenses of any third party Fund administration; and (xv)
other customary operating expenses. (See also Item 8 – Allocation of Expenses.)

Organization and syndication costs (up to a maximum dollar amount, calculated in accordance with
the terms of the Governing Fund Documents) which are paid by the Fund will be offset against the
Management Fee by an equal amount.

Item 7: Types of Clients
JMC provides discretionary management and advisory services to the Funds directly, subject to the
direction and control of the General Partner of each Fund. The General Partner will have the
exclusive right and power to manage and operate the Funds. Investors in the Funds include, but are
not limited to, institutions, corporations, and private individuals (or their estate planning vehicles)
that meet the qualifications described below.

The minimum commitment for a Limited Partner is outlined in the Governing Fund Documents;
however, the minimum commitment is subject to waiver in the General Partner’s sole discretion.
Investors will be required to meet certain suitability qualifications, such as being an “accredited
investor” within the meaning set forth in Rule 501(a) of Regulation D under the Securities Act and
may also be required to be either “qualified purchasers” or “knowledgeable employees” as defined
under the Investment Company Act. Also, Investors will be required to make certain representations
when investing in a Fund, including, but not limited to, that they are acquiring an interest for their
own account, for investment purposes only and not with a view to its distribution, that they have
received or have had access to all information they deem relevant to evaluate the merits and risks
of the prospective investment, and that they have the ability to bear the economic risk of an
investment in the Fund. Details concerning applicable Investor suitability criteria are set forth in the

Form ADV Part 2A Brochure | JMC                                  March 17, 2026
respective Governing Fund Documents and subscription materials, which are furnished to each
Investor.

In accordance with common industry practice, the General Partner has in the past and may in the
future, enter into one or more “side letters” or similar agreements with certain Limited Partners
pursuant to which the General Partner grants to such Limited Partners specific rights, benefits, or
privileges that are not made available to Limited Partners generally. Such agreements will be
disclosed only to those actual or potential Limited Partners that have separately negotiated with the
General Partner for the right to review such agreements.