NLC LLC

Item 5 – Fees and Compensation
The Funds and SGO Series managed by NLC are generally charged a management fee and
performance fee. The amount and manner in which management fees are assessed by NLC are
based on contractually specified percentages set forth in the Advisory Agreements.

The management fee paid by members of each of the SGV Funds varies between two percent (2%)
and four percent (4%) per annum of a member’s initial capital contribution to the respective SGV
Fund. For the first year, a member of an SGV Fund is subject to an upfront management fee equal
to four percent (4%) of such member’s initial capital contribution to the respective SGV Fund.
Thereafter, a member is subject to a management fee of two percent (2%) per annum of such
member’s initial capital contribution to the respective SGV Fund, which accrues, but is not paid
until the liquidation of the portfolio securities and/or digital assets underlying the interests of the
respective SGV Fund.

The management fee paid by members of each of the SGO Series is a one-time, upfront fee equal
to two percent (2%) of a member’s initial capital contribution to a SGO Series, unless otherwise
set forth in a SGO Series Advisory Agreement.

        Additional Fees and Expenses

NLC’s fees are charged separately, net of any transaction fees, fund fees or other series related
costs and expenses (which are incurred by the Funds or SGO Series, as the case may be, and may
include legal and accounting costs).

NLC charges each member of the SGV Funds an initial expense fee of one-half percent (0.50%) of
each member’s capital contribution relating the actual out of pocket expenses associated with the
interests (the “Upfront Expense Fee”). The Upfront Expense Fee covers various expenses
including expenses relating to legal, tax and accounting advice; expenses incurred by each SGV
Fund in connection with the acquisition, holding or disposition of an investment relating to the
interests, including those which may be charged by any third-party in which each SGV Fund
acquires the interests; preparation of reports and notices to the members of each SGV Fund; and
expenses incurred in winding down the interests upon liquidation or distribution of the assets
associated with the interests (the “Expenses”). The Upfront Expense Fee shall be deducted from a
member’s capital contribution, and upon the liquidation of portfolio securities and/or digital assets
underlying the interests, any additional Expenses shall be deducted out of proceeds from such
interests (and prior to any distribution of the proceeds to the members).

Each SGV Fund shall pay or reimburse NLC for all expenses incurred by the respective SGV Fund
in the ordinary and usual course of business. Costs incurred by each SGV Fund in accordance with
its respective operating agreement shall be allocated by NLC among the interests of the members
on a pro rata basis in accordance with their respective membership percentages.

Each SGV Fund shall also pay or reimburse NLC for all costs and expenses incurred in the
organization of the respective SGV Fund and the sale of interests, including, without limitation,
legal and accounting fees, expenses of printing and mailing, costs of regulatory compliance with
securities laws and all other related miscellaneous costs and expenses. All expenses of the offering
and organization of the Ventures II Fund are amortized and charged to the members’ capital
accounts on a monthly basis over a period of three (3) years commencing from the launch of
Ventures II Fund’s investment activities. All expenses of the offering and organization of the
Ventures Fund are amortized and charged to the members’ capital accounts on a monthly basis over
a period of five (5) years commencing from the launch of Ventures Fund’s investment activities.

NLC charges each member of the SGO Series an upfront fee of up to one percent (1%) of the
member’s capital contribution to cover actual out-of-pocket expenses associated with the SGO
Series of interests as such may be described in any Advisory Agreement for any particular SGO
Series (the “Series Expenses”). Upon the liquidation of any SGO Series interests, any additional
Series Expenses which may have accrued shall be deducted out of proceeds from such SGO Series
interests (and prior to any distribution of the proceeds to the members).

The Series Expenses cover various expenses relating to the SGO Series, including the SGO Series
of interests’ portion of the reasonable costs, fees, and expenses incurred by or on behalf of the
Opportunities Fund in connection with its operations, including expenses relating to legal, tax, and
accounting advice; expenses incurred in connection with the acquisition, holding, or disposition of
an investment relating to the SGO Series of interests; preparation of reports and notices to the
members of the SGO Series of interests, and expenses incurred in winding down the SGO Series
of interests upon liquidation or distribution of the assets associated with the SGO Series of interests.

The Funds shall pay or reimburse NLC for all expenses incurred by the Funds in the ordinary and
usual course of business. Costs incurred by each of the Funds in accordance with its operating
agreement shall be allocated among the interests of its members on a pro rata basis in accordance
with their respective membership percentages.

NLC will pay for its own administrative and overhead expenses incurred in connection with
providing services to the SGO Series and SGV Funds. These expenses include all expenses incurred
by NLC in providing for its normal operating overhead, including, but not limited to, the cost of
providing relevant support and administrative services (e.g., employee compensation and benefits,
rent, office equipment, insurance, utilities, telephone, secretarial and bookkeeping services, etc.).

In the event that the SGV Funds and SGO Series invest in interests of a non-affiliated third-party
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Item 7 – Types of Clients
NLC provides investment advisory services to pooled investment vehicles. The suitability
requirements for the Funds and SGO Series are set forth in the Advisory Agreements of such
vehicles.

Generally, investors in the Funds and SGO Series are required to meet certain suitability
requirements, and thus an investor must qualify as an “accredited investor” as defined in Rule
501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and a “qualified
client” as defined in Rule 205-3 of the Advisers Act, as stated in the offering materials.

Investors in the Ventures Fund must meet a minimum initial investment requirement of one
hundred thousand dollars ($100,000). Investors in the Ventures II Fund and Opportunities Fund
must meet a minimum initial investment requirement of twenty-five thousand dollars ($25,000).
NLC may accept lower initial investments in its sole discretion.