Nolan Management LLC

Item 5 - Fees and Compensation

Management Fee

Management fees are charged at an annual rate of 1.0% (or 0.25% per calendar quarter) of the
amount of capital deployed by each limited partner in such Fund. The Management Fee shall be
payable in advance, on the first business day of each calendar quarter.

The specific management fees are set forth in each Fund’s Governing Documents. Accordingly,
investors or potential investors should refer to the Governing Documents for more detailed
information regarding the specific management fee they will bear.

Expenses

In accordance with the Governing Documents, participants in the Funds shall generally be
responsible for paying or reimbursing Nolan Management for any incurred legal costs arising
from the drafting of definitive documents and other expenses (including, as applicable, legal
costs of Nolan Management up to and not to exceed $150,000 relating to the establishment and
startup expenses of each Fund (“Organizational Expenses”).

In addition to the Management Fee and Organizational Expenses, the Governing Documents for
each Fund set forth the other fees, costs and other expenses incurred by or otherwise related to
the Funds to the extent not reimbursed by third parties that are permitted to be borne by the
Funds, and the appropriate responsible party for such fees. Examples of these expense items
include, without limitation, in connection with: (i) acquiring, holding and disposing of
investments (including transactions that are not consummated); (ii) legal, consulting, investment
banking, commercial banking, borrowing, custodial, auditing, accounting and other professional
service fees and expenses; (iii) the preparation of financial statements, tax returns and other
filings and Schedule K-1s of the Funds and the General Partner; (iv) the Funds’ legal compliance
(but, for the avoidance of doubt, excluding regulatory compliance costs); (v) indemnification
requirements under the Governing Documents; and (vi) all other ordinary operating expenses
and non-recurring or extraordinary expenses attributable to the activities and operations of the
Funds, including travel-related expenses (e.g., travel, accommodations, meals and
entertainment).

Item 6 - Performance Fees and Side-by-Side Management

When certain performance hurdles are met, the General Partner of the Funds is generally entitled
to receive a distribution of the Funds’ investment proceeds as performance-based incentive
compensation (any such compensation is referred to in this brochure as the “Carried Interest”).
The Carried Interest is generally equal to a percentage of the investment proceeds distributable
by each Fund in excess of the capital invested by the limited partners and their allocable share
of fees and expenses (subject to certain performance hurdles).

The Carried Interest gives rise to potential conflicts of interest, including but not limited to the
incentive to make investments that are riskier or more speculative than would be the case in the
absence of such performance-based compensation. Furthermore, the manner in which the
General Partners’ entitlement to Carried Interest is determined could result in a conflict between
the General Partners’ interests and the interests of the limited partners with respect to the
sequence and timing of disposals of investments. In addition, the Firm may be incentivized to
allocate investment opportunities to Funds or other clients with a potential for performance-
based compensation or greater performance-based compensation over Funds or other clients
with no performance-based compensation or lesser performance-based compensation. The Firm
has adopted policies and procedures designed to mitigate this potential conflict of interest so

Nolan Management, LLC                                                         Form ADV Part 2A

that over time its clients are treated in a fair and equitable manner with respect to the allocation
of investment opportunities. Nolan Management will make the determination of the allocations
of investment opportunities which are consistent with the Firm’s obligations and reserves the
right to take into consideration such factors that are set forth above but ultimately will make
such allocation determinations in its sole discretion.

Notwithstanding anything to the contrary in the Governing Documents, the Managing Member,
employees, limited partners, and certain affiliated investors are permitted to enter into separate
agreements with each other, including side letters, to provide for differing and other terms,
including with respect to distributions and the payment of carried interest.

Item 7 - Types of Clients

Nolan Management provides investment advice to the Funds. The Funds are privately offered only to
sophisticated investors who meet the relevant investor eligibility requirements.

Additionally, the Funds are subject to a minimum investment amount, which varies by Fund as
outlined in each respective Funds’ Governing Document. Nolan Management is permitted to
raise or lower the minimum investment amount for the Funds and accept initial capital
contributions below the established minimum in its discretion.

Please see the Governing Documents for more information on investor eligibility requirements and
the minimum investment required by the Funds.