Leeds Equity Advisors LLC

Item 5 – Fees and Compensation

Management Fee. As compensation for investment advisory services provided under the advisory
agreements with each Main Fund, Leeds Equity receives an annual management fee payable quarterly in
advance. Upon termination of an advisory agreement, appropriate treatment will be given to all
management fees collected in advance. As described below, management fees generally will be reduced
or waived in connection with the receipt by Leeds Equity or its related persons of various fees paid by
actual or prospective portfolio companies. The management fee is generally subject to waiver or reduction
by Leeds Equity in its sole discretion, including in connection with investments made by the General
Partners or related persons. Leeds Equity’s compensation is generally defined in the operating agreements
of the applicable Leeds Equity Fund (a “Partnership Agreement”) or in the Advisory Agreement between
Leeds Equity and such Leeds Equity Fund, or both. The terms of the management fees are generally
negotiated with investors in the Leeds Equity Funds (whose investors are usually highly sophisticated and
represented by knowledgeable counsel). Leeds Equity generally does not charge management fees on
capital committed or co-investments made by an employee of the Advisor or a current or former portfolio
company executives (an “Executive Limited Partner”). Similarly, limited partners of its Main Funds that
separately co-investment directly in a particular portfolio company or in a Co-Investment Fund are
generally not charged management fees on these Funds. In addition, Leeds Equity does not charge a
separate management fee to the Feeder Funds and the Alternative Investment Vehicles (as defined herein);
however, an investor in the Feeder Funds and Alternative Investment Vehicles indirectly bear the
management fee through the management fee charged to the Main Fund. As a general matter, management
fees will be payable during term extensions unless otherwise agreed with investors in the relevant Fund.

Upon a date specified in the Fund’s Partnership Agreement (the “Stepdown Date”), the management fee
will be reduced and will equal a percentage of (a) the aggregate funded capital commitments plus the

aggregated amount of unapplied waived management fee, as reduced by (b) permanent write downs and
distributions constituting returns of capital. The management fee will be payable until proceeds from all
portfolio companies are distributed or until Leeds Equity’s relationship with the relevant Fund is
terminated for other reasons (as described in the relevant Partnership Agreement). Installments of the
management fee payable for any period other than a full quarterly period are adjusted on a pro rata basis
according to the actual number of days in such period. As a general matter, management fees will be
payable during term extensions unless otherwise agreed with investors.

As is generally the case in private equity funds, the relevant Partnership Agreement provides that a Fund’s
management fees will be calculated and charged on a basis that generally is not tied to the Fund’s then-
current net asset value. As further specified in the Partnership Agreement, from the effective date of the
relevant Fund until the Stepdown Date, management fees generally will be charged based on a formula
tied to the amount of the relevant Fund’s aggregate capital commitments. Further, after the Stepdown
Date, management fees generally will be charged and calculated based on a formula tied to the amount of
investment contributions (including, where applicable, a Fund borrowing component (including interest
expenses) and the amount of any capitalized transaction fees or expenses made by the relevant Fund
relating to the Fund’s aggregate investment(s) in its portfolio companies that have not been realized or
permanently written down (such investments, “Impaired Value Investments”). Due to differences in the
criteria set forth in their respective Partnership Agreements, in the event where more than one Fund
participates in an investment, there is the possibility that an investment will become an Impaired Value
Investment for purposes of one Fund’s Partnership Agreement, but not those of one or more other Funds.

Under the Partnership Agreement, where the fair market value of an investment exceeds the total amount
of investment contributions relating to such investment, post-Stepdown Date management fees will not
be calculated based upon such appreciated value and will instead continue to be calculated based on the
amount of applicable investment contributions. Conversely, the relevant Partnership Agreement does not
require management fees to be reduced or refunded following the occurrence of a write-down, decrease
(including a significant decrease) in fair value or other event not constituting a complete realization, such
as a partial sale or disposition, reorganization, recapitalization (including recapitalizations involving
dividends), roll-over investment in connection with a sale or dividend distribution, except in the case of
investments meeting the relevant Impaired Value Investment standard under the Partnership Agreement.
For the avoidance of doubt, following the Stepdown Date, if the fair market value of an Impaired Value
Investment is less than the total amount of investment contributions relating to such Impaired Value
Investment, then the amount of management fees otherwise payable relating to such investment will be
reduced solely based on the ratio of the fair market value of each relevant remaining investment(s) as
compared against the amount of total investment contributions relating to such investment(s) as of the
date of the relevant event.

As a result, and as is generally the case for private equity funds, the amount of management fees generally
will not correspond with fluctuations in the net asset value of individual investments or of a Fund,
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Item 7 – Types of Clients

Leeds Equity provides investment advisory services solely to the Leeds Equity Funds, and references
throughout this Brochure to “clients” and to Leeds Equity’s related duties and practices on behalf of its
clients and/or investors should be construed accordingly. The limited partners of such Leeds Equity Fund
have no control or discretion over Fund investments.

Interests in Leeds Equity Funds are offered pursuant to applicable exemptions from registration under the
Securities Act and the 1940 Act. Limited partners of Leeds Equity Funds generally include individuals,
banks or thrift institutions, other investment entities, university endowments, sovereign wealth funds,
family offices, pension and profit-sharing plans, trusts, estates or charitable organizations or other
corporations or business entities and from time to time include, directly or indirectly, principals or other
employees of Leeds Equity and its affiliates and members of their families or other service providers
retained by Leeds Equity, as well as executives of portfolio companies.

Minimum investment commitments are typically established for limited partners in Leeds Equity Funds,
although the General Partner of each Fund, in its sole discretion, reserves the right to permit investments
of less than the required minimum investment commitment as set forth in the applicable Partnership
Agreement.