Karlov Street Capital LLC

Item 5. Fees and Compensation

Karlov receives compensation from a combination of management fees, administrative fees, contribution
fees, and carried interest allocations. Karlov also receives reimbursements for certain other fees and
expenses, which vary by Client and which are disclosed in each Client’s respective Governing Documents.
Each Client has bespoke terms based on factors such as, but not limited to, complexity and type of
investment(s) and general terms.

Management Fees

The Firm generally receives a management fee of 1% per annum, though it varies based on the applicable
Client’s Governing Documents, calculated on Investor committed capital, payable quarterly in advance.
Depending on the structure and complexity of the underlying investment, management fees are sometimes
reduced to as low as .5% per annum, generally beginning on the sixth anniversary of the closing date,
calculated on Investor committed capital, payable quarterly in advance. The specific fee percentage, timing
of payments, and calculation of the management fee basis varies among the Clients. Investors should
consult the Governing Documents of a particular Client prior to investing to understand the specific
management fee calculations pertaining to such Client. The management fee is intended to compensate
Karlov for the investment advisory services that it provides to each Client on a continuous basis.

Administrative Fee

The Clients will incur an administrative fee of .25% of an Investor’s committed capital paid quarterly in
advance to cover administrative costs pursuant to each respective Client’s Governing Documents. The
administrative fee is intended to compensate Karlov for the non-investment advisory, administrative
services that it provides to each Client, including oversight of fund administration, tax, audit, legal and
regulatory compliance services provided to each Client by third parties.

Contribution Fee

Each Investor in a Client will incur a one-time contribution fee of 1% of the subscription amount, charged
initially upon submitting subscription documents. The contribution fee is an additional advisory fee and is
intended to compensate Karlov for the services it performs in identifying, negotiating and performing due
diligence with respect to the underlying investment(s) of each Client.

In addition to management fees, administrative fees and contribution fees, Karlov also is generally entitled
to receive a performance-based carried interest as described in Item 6 below.

Fund Expenses

Through each Client vehicle, each Investor indirectly pays for its share of all costs and expenses, including but
not limited to, organizational costs, legal, accounting, compliance, and other respective expenses which are
disclosed in the respective Client’s Governing Documents.

Neither the Firm, nor its affiliates or employees are expected to pay management fees or contribution fees, but
they are responsible for paying administrative fees and indirectly their share of all costs and expenses, including
but not limited to, organizational costs, legal, accounting, compliance, and other expenses which are disclosed
in a Client’s Governing Documents, in the same manner as all other Investors. Notwithstanding the foregoing,
Karlov, in its discretion, has the ability to reduce or not charge carried interest, management fees, or
contribution fees to an Investor, affiliate, or employee.

Karlov will allocate fees and expenses to be borne by the Clients in accordance with the Governing
Documents or, to the extent the Governing Documents do not expressly provide for a method of allocation,
as determined by the Firm in good faith and in its fair and reasonable discretion in accordance with its
internal policies and procedures.

Please refer to the Clients’ offering documents for further information regarding the fees and expenses of
the Firm and the Clients.

Payments to Underlying Managers

In addition to paying management fees, administrative fees and contribution fees to Karlov and reimbursing
Karlov for certain expenses as set forth in the respective Client’s Governing Documents, Investors will
indirectly pay, through Clients, their pro-rata portion of fees, expenses, organizational expenses and other
operational costs, including carried interest, charged by the Underlying Funds in which each Client is
invested. All such indirect fees and expenses noted above that are paid by Clients are as described by the
governing documents of the Underlying Funds, all of which are made available to Investors at the time of
investment. With respect to the Underlying Funds that are private equity funds, such Underlying Funds are
also sometimes subject to a preferred return and General Partner catch-up, if applicable.

Loan Interest

Client entities typically do not retain significant amounts of cash to pay ongoing Client expenses, including
management fees, operational expenses and other Client obligations. To the extent deemed necessary by
the Manager, one or more affiliates of Karlov may, but shall not be obligated to, advance a Client any
amounts necessary to fund expenses of the Client. Any such advanced amount will be treated as a loan
(“Loan”) to a Client. Each such Loan will accrue interest at a rate equal to the then-current market rate of
interest that a third party would charge for such Loan, although the Manager may elect a lower interest rate
as determined by the Manager in its sole discretion. The Manager may also elect to have a Client borrow
funds from an unaffiliated third-party lender, which loan terms will be as negotiated with such unaffiliated
third party lender, including, without limitation, the rate of interest that a third party would charge for such
Loan. The Manager anticipates that few unaffiliated third party lenders, if any, will be willing to lend funds
to Clients given the nature and illiquidity of the underlying investments.

Other Fees and Expenses
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Item 7. Types of Clients

The Firm provides investment advisory services to pooled investment vehicles exempt from registration
under the Investment Company Act. Investors in the funds are generally deemed Qualified Purchasers as
defined in Rule 80a-2 of the Investment Company Act and primarily include, but are not limited to, high
net worth individuals, family offices, trusts and/or entities.

Interests in the Funds may be purchased by individuals and entities who are “accredited investors” as
defined in Regulation D promulgated under the Securities Act of 1933 (“1933 Act”) and “qualified clients”
(as defined in Rule 205-3 of the Investment Advisers Act of 1940), or “knowledgeable employees” as
identified in the Investment Company Act.

Karlov does not have a minimum size for a fund, but the minimum investment commitment in a Client is
generally $50,000, which varies depending on the Fund. Karlov has the authority to individually waive,
increase, or reduce the minimum investment required for any Investor in its sole discretion.