Monarch Collective Fund Management LP

Item 5: Fees and Compensation

Item 5.A. Compensation for Advisory Services

The Firm is compensated for its advisory services to the Funds through an annual “Management Fee”
based on each investor’s “Capital Commitment” during the Funds’ “Investment Period,” as those terms
are defined in Fund Governing Documents. After the Investment Period, the Management Fee is based on
the investor’s “Invested Capital”, as that term is defined in the Fund Governing Documents, which
includes all capitalized costs. Generally the Management Fee ranges between 2%-2.5% per annum. The
Management Fee is calculated and paid quarterly in advance and prorated for any partial periods of less
than a full quarter.

The General Partner has historically elected to waive a portion of the contracted Management Fees. The
waived fees appear in the financial statements, and the impact of this fee waiver is reflected in the financial
statements as a reduction in Management Fee expenses, contributing to a decrease in total operating
expenses for the same period. The General Partner may at any time defer or waive payment of all or any
part of any installment of the Management Fee in respect of any Partner.

In general, the fees for the Funds are not negotiable. However, the Firm has and may in the future enter
into, side letters or similar arrangements with certain investors that grant different terms (which to date
has not but could in the future include lower fees) to such investors than the terms generally applicable to
other investors in the Funds.

In addition to Management Fees, the Firm or affiliated General Partner and Managing Member generally
will receive a performance fee or carried interest, as described in Item 6 – Performance Based Fees. Any
performance-based compensation will be paid in accordance with Rule 205-3 of the Advisers Act and the
rules promulgated thereunder, which specify certain qualification thresholds for investors being assessed
such a fee.

Item 5.B. Payment of Management Fees

Pursuant to the terms of each Client’s Governing Documents, Monarch Collective is authorized to deduct
Management Fees on a quarterly basis. The Management Fee may be paid (i) from capital contributions of
investors, which will reduce such investors’ unpaid commitments, or (ii) from current income or disposition
proceeds of the Fund I. The Co-Investment Vehicle does not pay a Management Fee.

Item 5.C. Other Fees & Expenses

The Firm or General Partner of each Fund may receive certain fees in connection with the Fund’s
investments in Portfolio Companies, including, for example, all transaction fees, monitoring fees,
directors’ fees, investment banking fees, break-up fees, advisory fees, success fees or other similar fees.
The General Partner of the Fund will apply an offset to reduce the Management Fee paid by the investors
in connection with various fee income received by the General Partner and for certain payments made,
such as placement fees. Refer to the Fund Governing Documents for full details on the Management Fee
offset provisions. While the Firm and the General Partner do not currently generate fee income as defined
in the Fund Governing Documents, they are permitted to and investors should read the Fund Governing
Documents to understand what is included in fee income for offset purposes.

Investors should note that the Firm is typically involved in the negotiation of the rate of the fees received
charged to Portfolio Companies. That rate may increase should the Firm re-negotiate the fee. As the life
of the Fund advances and holdings are exited, the Management Fee is expected to decrease, and at some
point there may not be a Management Fee to offset. Accordingly, there exists a potential conflict of interest
between the interest of the Fund and that of the Firm in the Firm’s negotiation of the ongoing Portfolio
Company fees.

In addition to any Management Fees and performance-based compensation paid to the Firm, each Funds
is responsible for its own organizational, investment, and operating expenses (“Fund Expenses”). These
Fund Expenses may be paid directly by the Funds or may be reimbursed to the Firm or its affiliates for
expenses incurred on the Funds’ behalf.

Fund Expenses are described more fully in each Fund’s Governing Documents, but generally include,
without limitation:

The fees, costs, expenses and liabilities that in the good faith judgment of the General Partner are
attributable to the Fund’s operation or activities or are incurred by or arise out of the operation and
activities of or otherwise are related to the Fund or any other vehicle created to facilitate the Fund’s
investment program (including fees, costs, expenses and liabilities incurred by the Firm on behalf of or
allocable to the Fund), including fees, costs, expenses and liabilities related to (capitalized terms not
defined herein are defined in the Fund Governing Documents):

                     (i)      management, conduct and operation of the Fund, its related entities and
            their respective business or otherwise attributable to the existence of the Fund and its
            related entities;

                     (ii)   sourcing, finding, investigating, developing, evaluating, negotiating,
            structuring, acquiring, monitoring, holding, administering, financing, refinancing,
            managing, hedging, selling, exchanging or otherwise disposing of or monetizing
            prospective and actual investments;

                    (iii)    legal, auditing, consulting, accounting, valuation, appraiser, projection,
            regulatory compliance, data provider (including management systems and software),
            custodian, sub custodian, depositary, settlement, client relations, banking, transfer agent,
            disbursal, brokerage, registration, origination, servicing, administrator and other third party
...

Item 7: Types of Clients

Monarch Collective provides investment advisory and management services to its Clients. The Funds are
offered only to “accredited investors,” as defined in Rule 501(a) of Regulation D under the Securities Act
of 1933, or to “qualified purchasers,” as defined in Section 2(a)(51)(A) of the Investment Company Act
of 1940, as amended (the “Investment Company Act”), as applicable based on Fund Governing
Documents. The minimum Fund investment amount is generally $1,000,000. This amount may vary
depending on the terms set forth in each Fund’s Governing Documents and the discretion of the General
Partner, who retains the right to waive the stated minimum investment amount.

The Firm’s Clients rely on certain exclusions and exceptions from the definition of “investment company”
in the Investment Company Act. Accordingly, none of the Firm’s Clients are registered as investment
companies with the SEC.

Investors in the Clients generally include high-net-worth individuals, family offices, and fund of funds.
These investors qualify as “accredited investors,” “qualified clients,” and, where required by the
applicable exemption, “qualified purchasers” under the Securities Act of 1933, the Advisers Act, and the
Investment Company Act, respectively.