Landmark Equity Advisors LLC

Item 5 - Fees and Compensation

Advisory Fees

For our investment advisory services, we receive advisory fees and incentive fees. Subject to our
discretion, advisory fees may be negotiated.

Advisory fees are paid by the Landmark Funds, which include the co-investment funds, and by
other clients. The amount of advisory fees varies by client. Typically, each Landmark Fund has an
investment period, consisting of a fixed time period, during which the advisory fee is determined
by applying the applicable fee percentage to the amount of the Landmark Fund’s committed
capital. Generally, after the end of the investment period, either the same fee percentage or a
different fee percentage is applied to a base amount representing the amount of the Fund’s reported
value or invested capital or commitments, depending on the Fund in accordance with the specific
terms of the Governing Documents.

For certain Funds that have extended their original fund term, we waive advisory fees. For certain
co-investment and acquisition vehicles, we also can and have waived such fees. In addition, we
can and have offered a fee discount for early subscribers to certain funds.

We are authorized under the Governing Documents to charge and deduct advisory fees directly
from the Landmark Funds. Payments of advisory fees are generally made quarterly in advance and

in accordance with the terms of the Governing Documents. Please refer to the Governing
Documents of each of the Landmark Funds or other client account for complete information on
the timing of advisory fee payments.

LEA bills advisory fees to each client and fees are deducted by LEA from client assets. For
example, advisory fees can be paid out of distributions received by a Fund. In addition, to obtain
cash to pay advisory fees, LEA may call down committed capital from investors and/or draw down
from the line of credit, where available, depending on the Fund. Advisory fees vary depending on
the terms of the Fund or other client account. Specific details concerning advisory fees are set forth
in the Governing Documents of the applicable Landmark Fund or client account.

Withdrawals, Redemptions and Terminations

Generally, withdrawals from the Funds are not permitted; however, investors subject to ERISA
and governmental plans may have a limited right to withdraw from a Fund if continued
participation by those investors would violate ERISA or applicable law or the investors’ internal
policies, and insurance companies invested in certain insurance-dedicated Funds have limited
rights to withdraw and/or request liquidation of their Fund investment. Sub-advised accounts have
negotiated termination provisions.

Upon termination of a Landmark Fund or sub-advisory arrangement, any prepaid, unearned
advisory fees will be refunded, and any earned, unpaid fees will be due and payable.

Item 7 - Types of Clients

Types of Clients and Investment Vehicles

LEA’s clients include the Landmark Funds (which include the co-investment funds), sub-advised
accounts and acquisition vehicles. Investors in the Landmark Funds, or other acquisition or co-
investment vehicles include, without limitation, pension and profit-sharing plans, endowments,
foundations, trusts, estates, sovereign wealth funds, insurance companies and banks, as well as
high-net-worth individuals.

Minimum Investment Requirements

LEA and its related entities generally require that each investor in the Landmark Funds be an
“accredited investor” as defined in Regulation D under the Securities Act of 1933 (the “Securities
Act”). In addition, LEA and its related entities generally require that each investor in each of the
Landmark Funds be a “qualified purchaser” as defined in the Investment Company Act.

In general, the minimum investment commitment required of an investor to participate in a
Landmark Fund is $10,000,000; however, the general partner of each Landmark Fund has
discretion to increase or reduce the minimum investment commitment and such minimum
investment requirement does not apply to all Landmark Funds. Investors are requested to refer to
the Governing Documents of each of the Landmark Funds for complete information on minimum
investment requirements for participation in a particular Landmark Fund.