Level Ventures Management LLC

Item 5.     Fees and Compensation

The Firm generally receives management fees and carried interest in connection with its advisory services,
as described in the Governing Documents.

Management Fees

We are generally paid management fees from the Funds as described in each Fund’s Governing
Documents. The management fee ranges from approximately 1% to 2% annually, depending on the Fund,
and is based on either (i) committed capital during the Fund’s investment period, or (ii) invested capital,
net asset value, fair value, acquisition cost, or another basis described in each relevant Fund’s Governing
Documents. The management fee will be paid quarterly in advance and will be pro-rated for any partial
periods. The Firm may reduce, waive, assign, participate or share the management fee payable with
respect to certain limited partners.

As outlined in the Governing Documents, management fees for certain Funds are offset by a percentage
of director’s fees, consulting fees, commitment fees, monitoring fees, break-up fees, success fees, and
placement fees.

Please see each Fund’s Governing Documents for greater detail regarding management fees.

Carried Interest

The Firm also expects that the Level Ventures GP will be entitled to receive carried interest from the Funds,
as further described in Item 6 – Performance-Based Fees and Side-By-Side Management.

Level Ventures Management LLC                                                                Form ADV Part 2A

Expenses

In addition to the management fee and carried interest, the Funds bear certain expenses as outlined in
the Governing Documents. In addition to the description below, investors should carefully review the
Governing Documents for each Fund for a detailed description of expenses such Fund shall bear.

A Fund will pay all costs and expenses of organizing and offering its interests, including, without limitation,
legal, travel, accounting, filing, capital-raising and other similar expenses attributable to the organization
of the Funds and the sale of interests in the Funds to limited partners (collectively, the “Organizational
Expenses”).

In addition to the Organizational Expenses, the Funds also bear, without limitation: fees, costs, expenses,
liabilities and obligations attributable to activities with respect to investigating, purchasing, structuring,
acquiring, negotiating, diligencing, consummating, managing, holding, monitoring, valuing, liquidating,
dissolving, selling, or otherwise disposing of, as applicable, portfolio investments and the Funds’ actual
and potential investments (including follow-on investments) or seeking to do any of the foregoing
(including any associated legal, financing, commitment, transaction or other costs payable to attorneys,
accountants, tax professionals, investment bankers, leaders, expert networks, third-party due diligence
software and service providers (including certain subscriptions to databases and/or research services),
consultants and similar professionals in connections therewith, including legal costs of preparing any
agreements related thereto, and any costs related to transactions that may have been offered to co-
investors, including the strategic co-investor fund), whether or not any contemplated transaction of
project is consummated and whether or not such activities are successful; the management fee;
organizational expenses; placement fees; liquidation expenses of the Funds; any taxes (other than a tax
liability), fees or government charges which may be assessed against the Funds; commissions of brokerage
fees or similar charges incurred in connection with the purchase or sale of securities; expenses of
members of the LP advisory committee (including travel and accommodation-related costs and expenses);
fees, costs, expenses, liabilities and obligations relating to legal, accounting, administration (including
outsourced finance, reporting, administration, accounting, and back office services, compliance with any
anti-money laundering laws and regulation and any third-party administrator and administration, tracking
or reporting software of the Funds), auditing, researching, information, advisory, valuation (including
third-party valuations, appraisals or pricing services as well as costs related to the establishment or
maintenance of such other services), appraisal, consulting, tax and other professional services; fees, costs
and expenses incurred in complying with any law, rule, regulation, policy, directive or special measure
(including in relation to privacy, data protection, know-your-customer, anti-money laundering, sanctions,
anti-terrorism or environmental, social or governance considerations), including any legal, administrator,
consulting or other third-party service provider costs related thereto and any regulatory costs of the
General Partner incurred in connection with the operation of the Funds and/or any costs related to the
validation of any payments made to (or payment-related instructions received by) the Funds or the
General Partner (including pursuant to or otherwise in connection with any anti-money laundering laws,
rules, or regulations); fees, costs and expenses incurred in connection with reporting, filings or other
ongoing compliance requirements related to the Fund’s securities under applicable securities laws; to the
extent not paid by a co-investor or another person, broken deal expenses or other fees, costs and
expenses incurred in connection with the termination, cancellation or abandonment of a potential
investment that is not consummated; fees, costs, expenses, liabilities and obligations relating to
unreimbursed costs incurred in connection with any transfer or proposed transfer or any limited partner’s
name change, internal restructuring or change in registered agent or custodian; fees, costs and expenses
incurred in connection with defaults by partners in the payment of any capital contributions; fees, costs
...

Item 7.     Types of Clients

Investors in the Funds are generally expected to be high net worth individuals and institutional investors
that qualify as “accredited investors” (as defined in Rule 501 under the Securities Act of 1933, as amended)
and qualified purchasers (within the meaning of the U.S. Investment Company Act of 1940, as amended,
and the rules and regulations promulgated thereunder). There is no minimum initial investment required
to invest in the Funds.