Lake Whillans Capital Partners LLC

Item 5 – Fees and Compensation

Management Fees

The offering or transactional documents (e.g., offering memoranda and other governing documents, which include but
are not limited to, operating agreements, fee agreements and side letters) (such documents “Materials”) for each Fund
contain a detailed description of the fees applicable to an investment in such Fund. Such fees may include an annual
asset-based management fee and/or one-off management or transaction fees with respect to investments consummated
by a Fund. Additionally, Lake Whillans may be entitled to receive carried interest distributions or other performance-based
compensation with respect to one or more of the Funds. Except to the extent provided in a side letter with respect to
certain investors, such fees are typically not negotiable.

To the extent any Fund is subject to an ongoing management fee with respect to Lake Whillans, such management fee
will generally be paid quarterly in advance. Any such management fees may be waived or modified at the sole discretion
of Lake Whillans. Please refer to these Materials for more detailed information regarding the management fees that we
charge.

Performance Fees

Lake Whillans may be allocated or paid performance-based compensation with respect to one or more Funds. To the
extent Lake Whillans is entitled to performance-based compensation, it will generally be paid in connection with
distributions to the Fund’s investors, or as otherwise provided in such Fund’s Materials. Any such performance-based
compensation may be waived or modified at the sole discretion of Lake Whillans. It is critical that investors and

prospective investors refer to the relevant Fund’s Materials for a complete understanding of how Lake Whillans is
compensated for services.

Expenses

Generally, each Fund is responsible for its own expenses, which typically include operational expenses and transaction
costs related to the assets held in such vehicle, as well as legal and accounting expenses and other fees and expenses as
set forth in more detail in each Fund’s Materials.

Conflicts of Interest

Potential conflicts of interest are present in connection with the receipt by Lake Whillans of ongoing management and
performance-based fees from the Funds. Except as performance affects asset size and thus the amount of the
management fee, ongoing management fees are payable without regard to the overall success or income earned by a
Fund. This may create an incentive on the part of Lake Whillans to raise or otherwise increase assets under management
to a higher level than would be the case if Lake Whillans were receiving a lower or no management fee. Performance-
based fees paid to Lake Whillans create certain inherent conflicts of interest with respect to Lake Whillans’ management
of assets. Lake Whillans may cause a Fund to pursue investments that involve significantly greater risk than would be the
case under other economic arrangements.

Item 7 – Types of Clients

Lake Whillans’ Funds consist of pooled investment vehicles operating as private funds. The investment minimum required
varies by each Fund and is subject to lesser amounts being accepted at the discretion of the Firm to the extent permitted
in the relevant Fund’s Materials.