Owl Ventures LLC

Item 5: Fees and Compensation

Owl Ventures is compensated for its advisory services as follows:

      Management fees
       LPs in the Funds may be charged a management fee that is called from each LP on a
       quarterly basis in advance, based on calculations and terms detailed in the Funds’ Operating
       Agreements.

      Carried interest
       The GP of the Funds may receive carried interest on the realized appreciation in the Funds,
       once certain return hurdles are met. Specific information with respect to the calculation of
       carried interest is included in the relevant Operating Agreements.
      Priority profit allocation
       The GP of the Funds may receive a priority allocation of Fund profits equal to cumulative
       management fee reductions previously granted. This allocation is made only from net
       investment profits and is subject to the limits and conditions set forth in the appliable
       Operating Agreements.
      Other fees
       The GP may be entitled to receive topping, break-up, monitoring, administration, director’s,
       organizational, commitment, set-up, consulting, advisory, and other similar fees in
       connection with the purchase, monitoring or disposition of investments or from
       unconsummated transactions in respect of portfolio companies of the Funds. As defined in
       the Operating Agreement, 100% of such fees received by Owl Ventures benefit the LPs by
       way of a management fee offset. Owl Ventures has not received any such fees to date, but
       retains the right to do so at the GP’s discretion.

These fees are disclosed in the Funds’ Operating Agreements and offering documents, as applicable.
The Firm and all supervised persons do not receive any other compensation for the sale of securities
or other investment products, other than what is disclosed herein.

Investors should refer to the relevant management agreement for a complete understanding of
expenses and fees. The information herein is qualified in its entirely by such documents.

Owl Ventures calls capital from the Funds to pay for expenses that are permitted in the respective
Fund’s Operating Agreement. Such expenses include but are not limited to: real property or personal
property taxes on investments, travel and all normal expenses incurred in the investigation of
investment opportunities, brokerage fees relating to the disposition of portfolio company
investments, legal fees, audit and accounting fees, fees and expenses incurred in connection with
the maintenance of a registered agent and office in the State of Delaware, expenses arising due to
any regulatory obligations, taxes applicable to the Funds on account of their operations, fees
incurred in connection with the maintenance of bank or custodian accounts, consulting fees relating
to investments, expenses incurred in connection with the registration of the Funds’ portfolio
company securities, expenses incurred by the Partnership Representative, the cost of applicable
liability and other insurance premiums, out-of-pocket costs associated with annual meetings and
meetings of the Advisory Committee, all out-of-pocket expenses of preparing and distributing
reports to LPs, legal and accounting fees relating to the Funds and their activities, the management
fee, all costs and expenses arising out of the Funds’ indemnification obligations, organizational and

syndication costs, fees relating to the liquidation of the Funds’ assets during wind up, and any other
expenses incurred that are not normal operating expenses.

Fees are expensed as they are incurred.

Neither Owl Ventures nor its supervised persons are compensated for the sale of securities or other
investment products.

Item 7: Types of Clients

Owl Ventures provides investment advisory services to private funds and SPVs, to which LPs
commit capital and make pro-rata contributions based on total committed capital. The majority of
LPs are institutional investors, such as foundations, endowments, and others, including high net
worth individuals. LPs must meet the minimum standards of a “Qualified Investor” under Rule
501A of the Securities Act of 1933, as amended (“Securities Act”).

In addition, a Fund’s GP may enter into letter agreements or other similar arrangements
(collectively, “Side Letters”) with one or more LPs without the approval of any other LP that have
the effect of establishing rights under, or altering or supplementing the terms of the Operating
Agreements of the Funds as they apply to a particular LP. As a result of such Side Letters, certain
LPs may receive additional benefits that other LPs will not receive, including without limitation
co-investment rights, better information rights and transfer rights. The other LPs will have no
recourse against the Funds, Owl Ventures or any of its affiliates in the event that certain LPs
receive additional or different rights or terms as a result of such Side Letters.