Leonid Capital Partners LLC

Item 5: Fees and Compensation

The Adviser will receive a management fee (the “Management Fee”) equal to a percentage of the
cost basis of the investments held by the Funds as of the close of the last business day of the
immediately preceding calendar quarter. This Management Fee shall exclude investments that have
been entirely written-off or permanently written down (to the extent of the amount permanently
written down) plus all capital contributions effective as the first business day of the then-current
calendar quarter. The Management Fee will be paid quarterly in advance. The Management Fee
for a period of less than a full calendar quarter will be prorated based on the actual number of days
in such period.

In addition to the Management Fee described above, the General Partner of the Funds (or an affiliate
thereof) also is entitled to receive a quarterly incentive distribution from such Fund after certain
performance hurdles have been met, as further described in the Funds’ Offering Documents.

Further, any underwriting, diligence, administration, servicing or similar fees received by the
General Partner or the Adviser (or their respective principals, employees or affiliates) (collectively,
“Special Income”) may be retained by such persons and will not offset the Management Fee.
Special Income will be consistent with the prevailing market rates for fees that would be payable
to an independent responsible third party that is willing to perform such services. For the avoidance
of doubt, any “original issue discount” fees, commitment fees, prepayment penalty fees, directors’
fees, break-up fees and other similar fees earned in respect of any investment do not constitute
Special Income, and the Funds shall be entitled to receive their pro rata share of such fees
(calculated based on the Funds’ ownership percentage of the investment from which such fees were
derived), and if they are paid to the General Partner or the Adviser (or their respective principals,
employees or affiliates) and not turned over to the Funds, they will reduce dollar-for-dollar the next
installment of the Management Fee after they are received or, if in the form of securities, monetized
(and if such fees are not fully offset by such installment of the Management Fee, the excess will
reduce subsequent installments of the Management Fee until such fees are fully offset).

Prospective investors should refer to the applicable Fund’s Offering Documents for additional
details on the Management Fees and incentive distributions payable by the Fund as well as any
organization, advisory or other fees payable to the Adviser, as described above.

Expenses

The General Partner and the Adviser will each bear and pay the costs of their own operating
overhead, including salaries, wages, payroll taxes, bonuses, costs of employee benefit plans,
utilities, office supplies and other routine office and administrative expenses.

Fund Expenses. The Funds will bear all out-of-pocket costs, fees, expenses and liabilities that are
incurred by, or arise out of the formation, operation and activities of (or are otherwise related to),
the Funds, including those of any subsidiary of the Funds and those incurred by the General Partner
or the Adviser on behalf of, or that are allocable to, the Funds or any subsidiary of the Funds,
including: (a) costs, fees, expenses and liabilities relating to consummated investments, proposed
but unconsummated investments and temporary investments, including costs, fees, expenses and
liabilities relating to the sourcing, developing, evaluating, negotiating, structuring, acquiring,
holding, administering, monitoring, financing, refinancing, managing, foreclosing (or otherwise
exercising remedies related to) and disposing of investments (and proposed but unconsummated
investments, as applicable) (including reasonable travel and related expenses associated therewith,
which may include business or first class airfare consistent with the Adviser’s travel policies),

Leonid Capital Partners, LLC                                                   Form ADV Part 2A

including appraiser, retainer, finder, placement, adviser, consultant, custodian, subcustodian,
depositary, transfer agent, disbursal, registration, legal, accounting, tax advice and other similar
costs, fees and expenses, in each case, to the extent that such costs, fees and expenses are not
reimbursed (or paid directly) by a borrower, portfolio project or other third person; (b) research and
software expenses and other expenses incurred in connection with data services; (c) costs, fees and
expenses for support services (including servicing, accounting, legal and tax support and other
services); (d) third party legal, compliance, custodial, depositary, trading, settlement, client
relations, auditing, accounting and banking costs, fees and expenses, including for example costs,
fees and expenses attributable to legal, compliance, trading, settlement, client relations, accounting,
reporting and information management software and systems used in connection with the Funds
and its activities as well as those associated with the preparation of financial statements, tax returns
and Schedule K- 1s (and tax estimates), the filing of various foreign tax withholding and treaty
forms and the representation of the Funds or their respective partners by the tax partnership
representative and the designated individual; (e) appraisal and valuation costs, fees and expenses,
including costs, fees and expenses of independent appraisal or valuation services or third party price
quotation services or exchanges; (f) costs, fees and expenses that are classified as extraordinary
expenses under GAAP; (g) costs, fees and expenses related to organizing entities, including any
subsidiary of the Funds, through which investments may be made; (h) premiums and fees for
insurance to benefit, directly or indirectly, such entities, the holders of interests therein, the Funds,
...

Item 7: Types of Clients

Leonid’s sole investment advisory Clients are the Funds.

The General Partner of each Fund may establish a minimum investment commitment as further
provided in the Offering Documents of each Fund; provided, however, that the General Partner
may, in its sole discretion, permit investments below the minimum commitment amounts as set
forth in the Offering Documents of such Fund.

The Offering Documents provide the eligibility criteria and minimum investment requirements to
be an Investor in the Funds. Investors in the Funds at a minimum are: (i) an “Accredited Investor”,
as defined in Regulation D under the U.S. Securities Act of 1933 (the “Securities Act”); and (ii) a
“Qualified Purchaser”, as defined in Section 2(a)(51) of the 1940 Act.