P4G Capital Management LLC

FEES AND COMPENSATION

        In general, the Adviser receives a management fee (the “Management Fee”) and a carried
interest in connection with the provision of advisory services to its clients. P4G and/or its affiliates
receive additional compensation in connection with management and other services performed for
portfolio companies of the Funds and SPVs, and such additional compensation attributable to the
Fund (but not the Initial SPV) portfolio companies will offset in whole or in part the Management
Fees otherwise payable to the Adviser. Investors in a Fund and/or SPV also bear certain expenses.
A summary of the Fund’s or SPV’s anticipated fees and expenses follows, but investors should
review the applicable Fund’s or SPV’s Governing Documents for details regarding fee structure
and expenses.

Management Fees

         The Fund will pay the Adviser a Management Fee equal to 2% on an annual basis of
aggregate capital commitments (“Commitments”) of investors that are not designated as
“affiliated partners” by the General Partner. Upon a date specified in the Governing Documents
(the “Stepdown Date”), the Management Fee will equal 2% of (i) the aggregate investment
contributions, less (ii) the aggregate amount of investment contributions with respect to the portion
of each investment that has been disposed of or completely written off for U.S. federal income tax
purposes (such investments, “Impaired Value Investments”), in each case (x) as determined on
the first day of the period with respect to which a determination is being made, and (y) only with
respect to Partners not designated as “affiliated partners”; provided that investments (other than
bridge financings) in a portfolio company will be treated as an Impaired Value Investment only to
the extent that, as of the date of any such disposition or write-off, the aggregate fair market value
of all remaining Fund investments (excluding bridge financings) in such portfolio company is less
than the relevant Fund’s aggregate investment contributions made with respect to such portfolio
company. Investors participating in a subsequent closing after the initial closing date generally
will be assessed Management Fees retroactive to the beginning of the investment period, with
interest. Installments of the Management Fee payable for any period other than a full three-month
period are adjusted on a pro rata basis according to the actual number of days in such period.

        Under the Governing Documents, where the fair market value of an investment exceeds
the total amount of investment contributions relating to such investment, post-Stepdown Date
Management Fees will not be calculated based upon such appreciated value, and will instead
continue to be calculated based on the amount of applicable investment contributions. Conversely,
the Governing Documents do not require Management Fees to be reduced or refunded following
the occurrence a writedown, decrease (including a significant decrease) in fair value or other event
not constituting a complete realization such as a partial sale or disposition, reorganization,
recapitalization (including recapitalizations involving dividends), roll-over investment in
connection with a sale or dividend distribution, except in the case of portfolio companies meeting
the relevant Impaired Value Investment standard under the relevant Governing Documents. For
the avoidance of doubt, following the Stepdown Date, if the fair market value of an Impaired Value
Investment is less than the total amount of investment contributions relating to such Impaired
Value Investment, then the amount of Management Fees otherwise payable on account of the such
portfolio company will be reduced solely based on the ratio of the fair market value of each
relevant remaining investment(s) in such portfolio company as compared against the amount of
total investment contributions (excluding bridge financings) relating to such portfolio company.
As a general matter, Management Fees will be payable during term extensions unless otherwise
agreed with investors.

        For the avoidance of doubt, the amount of Management Fees generally will not correspond
with fluctuations in the net asset value of individual portfolio companies or of a Fund, including
following the relevant investment period, and will not be reduced in connection with any write
downs (whether temporary or permanent), except in the case of Impaired Value Investments.
Except where the Governing Documents expressly provide to the contrary, Management Fees will
not be reduced (in whole or in part) in the case of partial sales or dispositions, distributions (e.g.,
those resulting from a dividend recapitalization) or reorganizations, restructurings, roll-over
investments, extraordinary dividends or similar transactions, in each case in circumstances that do

not result in the complete disposition of the relevant Fund’s interest therein, and even in cases
where the value of the Fund’s investment or the Fund’s ownership percentage in such investment
has been reduced (including substantially reduced) as a result of such transaction. Due to
differences in the criteria set forth in their respective Governing Documents, in the event where
more than one Fund participates in an investment, there is the possibility that an investment will
become an Impaired Value Investment for purposes of one Fund’s Governing Documents but not
those of one or more other Funds.

        In many circumstances, the post-Stepdown Date Management Fee base will include
capitalized transaction-specific fees and expenses of unrealized investments, including certain fees
(such as Transaction Fees) and expenses paid to Service Providers, Special Consultants, the
Adviser or its affiliates. Further, Management Fees generally will not be reimbursed or refunded
under the Governing Documents in the event of realizations, dispositions or partial write-downs
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TYPES OF CLIENTS

         The Adviser provides investment advice solely to its Fund and SPV clients, and references
throughout this Brochure to “clients” and to the Adviser’s related duties to and practices on behalf
of its clients and/or investors should be construed accordingly. The Funds and SPVs may include
investment partnerships or other investment entities formed under U.S. or non-U.S. laws and
operated as exempt investment pools under the Investment Company Act of 1940, as amended,
and the rules and regulations promulgated thereunder (the “Investment Company Act”). The
investors participating in the Funds and SPVs generally include individuals, banks or thrift
institutions, other investment entities, university endowments, sovereign wealth funds, family
offices, pension and profit-sharing plans, trusts, estates or charitable organizations or other

corporations or business entities and often include, directly or indirectly, principals or other
personnel of the Adviser and its affiliates and members of their families, PRG Members or other
Service Providers retained by the Adviser, a Fund or a SPV, as well as executives of portfolio
companies.

        The relevant General Partner also generally is permitted to establish Funds that are
alternative investment vehicles in order to permit certain investors to participate in one or more
particular investment opportunities in a manner desirable for tax, regulatory or other reasons.
Alternative investment vehicle sponsors generally have limited discretion to invest the assets of
these vehicles independent of limitations or other procedures set forth in the organizational
documents of such vehicles and of the related Fund.

       A Fund generally has a minimum investment amount of $1,000,000 for third-party
investors. The Adviser generally is permitted to waive such minimum investment amount. The
SPVs have varying contribution amounts depending on the particular portfolio company invested
in and the number of investors. The Fund and SPV interests are offered and sold solely to
“accredited investors,” as defined in Regulation D promulgated under the U.S. Securities Act of
1933, as amended, and, unless waived in the discretion of the General Partner, “qualified
purchasers” as that term is defined under the Investment Company Act (or qualified
knowledgeable P4G personnel).

               METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

General

       The Adviser intends to principally focus on primarily control-oriented buyout investments
in family-owned businesses where through acquisition, geographic expansion and organic build-
up (capacity expansion, infrastructure development, management augmentation, revenue growth,
margin growth, organizational design, etc.) substantial earnings growth may be achieved.

       The Adviser intends to also focus the Fund’s investment activity on control-oriented
investments in the United States-based lower-middle market opportunities, typically with
EBITDAs between $3 million and $15 million. The Adviser’s investment approach is a
framework-driven process that identifies, through extensive due diligence, attractive lower-middle
market targets that have visible growth prospects and can benefit from P4G’s operational
capabilities. Post-acquisition, P4G seeks to implement value transformations through deep sector
knowledge and disciplined hands-on operational control specifically tailored for each portfolio
company.

       There can be no assurance that the Adviser will achieve the investment objectives of any
Fund or SPV and a loss of investment is possible.

Investment and Operating Strategy

       The Adviser’s investment strategy is, broadly, characterized by the following key elements:

                Disciplined Investment Approach Capitalizing on an Underserved Market Segment
                 with Differentiated Needs;

              Comprehensive Investment Sourcing and Evaluation Processes;
              Proprietary Investment Frameworks;
              Relevant Prior Operating Experience to Drive Transformations; and
              A Tailored Geographic Focus to Facilitate Post Close Engagement.

        P4G’s tools, P4G Assessment, P4G Value Map and P4G Monitor, are the focal point of the
Adviser’s lower-middle market investment approach. The Adviser believes that these frameworks
will allow the Adviser to better assess the value of a portfolio company during the due diligence
process and post-acquisition, providing the Adviser’s investment team with an intentionally
focused approach to EBITDA growth and transformation.

        P4G Assessment is used pre-acquisition by the Adviser to evaluate the quality and breadth
of a potential portfolio company during due diligence. P4G Assessment involves formal scoring
metrics to measure an organization’s processes, management structure, management team
members, revenue composition, intellectual property and other value contributors or detractors
along with focused diligence efforts in areas of value or risk assessment. P4G Assessment includes
strict adherence to our three-phase investment process, which has predefined elements of
evaluation prior to an investment.

        The P4G Value Map will define sources of EBITDA growth for the post-acquisition
investment period. The P4G Value Map is used to formally quantify value creation initiatives,
opportunity and risk profiles with a clear, identifiable EBITDA growth plan. The Adviser seeks to
drive growth in the Funds’ portfolio companies’ EBITDA with regular metric-driven performance
evaluations, active Board participation and hands-on involvement by both the investment team
augmented by the industry and functional area expertise of the PRG. The P4G Value Map defines
a multi-year investment transformation strategy that, in our prior experience, typically takes up to
three years to complete.

       Once an investment has entered the post-acquisition control phase, P4G Monitor is
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