Oakmont Corporation

Item 5.        Fees and Compensation

Oakmont generally charges its clients the following annual management fees for the assets that it
manages: (1) 0.85% in respect of private and alternative investments, including (without
limitation) direct private equity investments, managed alternative investment funds (e.g., private
equity, hedge, venture, real estate and other funds), fund-of-fund investments, joint ventures, direct
real estate, and other investments in illiquid assets and/or interests and (2) 0.75% in respect of
publicly-traded investments, including (without limitation) investments in publicly-traded stocks,
bonds, exchange traded funds, index funds, mutual funds and money market (and similar) funds.
Oakmont also charges certain clients an additional or stand-alone fixed annual fee that is negotiated
with each client based on the level and types of services provided to that client. These fees are
typically payable in quarterly installments in advance or in arrears, depending on the terms of each
client’s investment management agreement. In certain cases, Oakmont waives or reduces its fees
(including the fees, allocations and distributions discussed below) for certain clients as required
by law or at its discretion.

The compensation that each Fund pays Oakmont is different and is disclosed to investors in that
Fund’s governing documents. Such compensation typically includes either or both of (a) a
management fee based on the net asset value of investors’ capital accounts on the date the fee
accrues and becomes payable or based on investors’ capital contributions and (b) a performance

allocation or carried interest distribution as described below. The Funds that pay management fees
pay them in accordance with those Funds’ governing documents.

Performance allocations typically are equal to a specified percentage of net profits (including both
realized and unrealized gains and losses) otherwise allocable to investors in a Fund. The amount
of such performance allocation depends on the Fund’s terms. Performance allocations are assessed
in arrears annually (and on withdrawals) and are only applied to the profits that exceed an
investor’s so-called highwater mark.

Carried interest distributions typically are made on distributions after investors receive a return of
their invested capital and in some cases, a preferred return. The amount of each Fund’s carried
interest distribution and preferred return are disclosed in that Fund’s governing documents.

Oakmont may also charge a one-time or annual fixed, or an asset-based, administrative fee to
limited liability companies to which Oakmont serves as administrator. Each of these companies
is formed for a particular investment in which Oakmont clients have invested.

Oakmont typically deducts its compensation directly from client accounts, but may bill a client for
such amounts on request.

Most clients may terminate their relationship with Oakmont based on the agreed upon terms in
their investment advisory agreements. Oakmont’s relationship with each Fund is terminable on
expiration of the Fund’s term, dissolution or on Oakmont’s withdrawal as general partner or
manager. Each investor in a Fund may withdraw only as provided in that Fund’s governing
documents. The investors in some Funds generally may not withdraw until the Fund is dissolved.

In all cases, expenses and the pro rata portion of any management fee, performance allocation or
carried interest distribution through the date of termination are charged to the account. Generally,
prepaid advisory or management fees are not refunded on the termination of an account or a
withdrawal from a Fund except as otherwise set forth in the client’s account agreement.

Each client account is responsible for its own costs and expenses, including trading costs and
expenses (such as brokerage commissions and clearing and settlement charges) and ongoing legal,
tax, accounting and bookkeeping fees and expenses. Please see the discussion in Item 12 regarding
Oakmont’s brokerage practices. Each client is also responsible for its proportionate share of the
cost of any surprise examination required by applicable custody rules. Not all investment advisers
charge this expense to clients.

Oakmont believes that its fees are competitive with fees charged by other investment advisers for
comparable services. Comparable services may be available, however, from other sources for
lower fees.

The disclosure in this Item 5, together with the disclosure in Item 12, allow a plan that is subject
to the Employee Retirement Income Security Act of 1974 and that invests in a Fund to use the
“alternative reporting option” to report Oakmont’s compensation as “eligible indirect
compensation” on the Schedule C of the plan’s Form 5500 Annual Return/Report of Employee
Benefit Plan.

Item 7.        Types of Clients

Oakmont provides investment advice to high-net-worth individuals, individuals, trusts,
corporations, foundations, partnerships and limited liability companies. Oakmont’s clients and
other investors may also be members or partners of entities to which Oakmont provides
administrative services. Oakmont typically does not require a minimum account opening balance
for separately managed accounts or to invest in a Fund.