Legalist Inc

Item 5. Fees and Compensation.

Management fees may vary across Funds and are explained more fully in their respective
Governing Documents. Legalist is generally paid a management fee quarterly according to the
terms of the applicable Fund Governing Documents. The management fee, which may be up to
2.00% (annualized), are generally assessed on either (i) an investor’s contributed capital that
remains invested or (ii) the net asset value of each Fund investor’s capital commitment until the
end of a Fund’s investment period and, thereafter, on the investor’s contributed capital that
remains invested. The management fee payable by a given Fund investor may be reduced,
waived, or rebated by certain other fees otherwise payable under applicable Governing
Documents.

Typically, each Fund’s GP receives carried-interest distributions from crystallized Fund profits,
less expenses and fees, after return of investors’ contributed capital, either annually or over the
Fund’s life. Carried interest is negotiable and varies by Fund but is typically 20.00% of the
Fund’s net profits (typically subject to clearing a hurdle rate of at least 5.00%).

Such fees and compensation are typically deducted from investors’ capital accounts in the
Funds. As described in greater detail in the Funds’ respective Governing Documents, each Fund
is responsible for its own costs and expenses, including (without limitation) organization costs,
taxes, custodial and bank fees, legal and accounting fees, and the fees of the Fund’s
administrator, together with the Fund’s pro rata share of certain services and products (e.g.,
insurance coverage) that Legalist obtains on the Funds’ behalf.

From time to time, Legalist and/or its affiliates (including a Fund’s general partner) may receive
fees, compensation, or other economic benefits in connection with the servicing, organization,
and administration of a Fund. Such compensation may include, without limitation, structuring
or diligence fees, and servicing or administrative fees.

In addition, Legalist and its affiliates may receive proceeds or other value in connection with
the realization, monetization, or disposition of investments (including legal claims, judgments,
settlements, receivable-based assets). Legalist personnel or affiliates may also receive
compensation in connection with providing services to, or participating in, investment-related
entities.

To the extent required by the applicable Fund’s governing documents, it is generally Legalist’s
policy that all or a portion of such fees, compensation, or proceeds will be applied as a credit to
offset the management fees otherwise payable by the Fund. To the extent such credits exceed
the management fees payable for a given period, such excess may, where applicable, be carried
forward and applied against future management fees.

Legalist’s relationship with each Fund is typically terminable, depending on its partnership
agreement, upon termination of the applicable investment-management agreement, expiration
of the Fund’s term, or dissolution of the Fund. Investors in a Fund generally may not withdraw
their capital from the Fund until it is dissolved. Subject to the specific provisions of each Fund’s

partnership agreement, in the event of termination, any quarterly fee otherwise payable to
Legalist typically would be prorated; in the event of withdrawal, such fee would not be prorated.

Legalist and/or the GPs will only receive performance-based compensation if the receipt of such
compensation complies with Rule 205-3 under the Advisers Act.

Item 7. Types of Clients.

Legalist provides investment advisory services solely to the Funds – not their respective
individual investors – although Legalist’s fiduciary obligations attach at the Fund level and are
intended to benefit all investors indirectly through the management of each Fund. Investors in
the Funds must be accredited investors (as defined under the Securities Act of 1933, as amended)
and, for most Funds, also qualified purchasers (as defined under the Advisers Act).

At this time, it is not anticipated that Legalist will provide advice to advisory clients that are “retail
investors” as defined by Rule 204-5(d)(2) under the Advisers Act. Investors in Funds are not clients
of Legalist by virtue of their investment in a Fund. Each Fund’s Governing Documents impose
a minimum contribution for investment, which may vary from Fund to Fund, and is subject to
Legalist’s sole discretion to waive the minimum investment or contribution amount with respect
to any Fund. In order to invest in a Fund that is subject to a performance fee, an investor must
be a “qualified client” as defined by Section 205 of the Advisers Act and Rule 205-3 thereunder.