Parabellum Capital LLC

ITEM 5 – FEES AND COMPENSATION

Parabellum Capital generally charges the Master Funds and Feeder Funds a
management fee, payable quarterly in advance, of up to 2% per annum of the capital
commitment during the investment period of each limited partner, as further
disclosed in each Funds’ Offering Documents. After the termination of the investment
period, the management fee is charged on the sum of amounts committed to
unrealized investments, as further disclosed in each Funds’ Offering Documents. The
Funds will also be responsible for payment of organizational expenses, subject to a
cap, and operating expenses pursuant to the Offering Documents.

The Co-Investment Funds are not charged a management fee; however, each
reimburses Parabellum Capital for any Co-Investment Fund expenses
(“Management Expenses”) paid on the Co-Investment Fund’s behalf and all direct
costs incurred by Parabellum Capital in managing the Co-Investment Fund as defined
in the relevant Offering Documents and generally allocated pro-rata among the
Investors in accordance with their respective capital commitments at the time of
allocation. Certain of the Co-Investment Fund Investors were also responsible for due
diligence costs in connection with the review of investments, in addition to their
capital commitments, subject to an expense cap. Expenses reimbursed to Parabellum
Capital are generally due upon receipt of the drawdown notice.

In general, SMA Clients are allocated certain fees and expenses as agreed upon
pursuant to each respective SMA Client’s asset management agreement with
Parabellum Capital.

Parabellum Capital’s fees and compensation arrangements may vary among the
Investors in the Client Funds. The specific terms of such arrangements are established
by Parabellum Capital, and as set forth in each Client Fund’s Offering Documents.

Parabellum Capital will bear the ordinary day-to-day expenses incidental to the
operation of the Client Funds pursuant to the Offering Documents and Asset
Management Agreement such as ordinary overhead expenses including rent,
furniture & fixtures, equipment, office supplies, computer hardware, clerical
expenses and all salaries, bonuses and benefits paid to, or on behalf of, its support
personnel.

The Funds will bear all organizational and offering costs and expenses. The Funds will
also bear all costs and expenses relating to the activities, operations and maintenance
(to the extent not reimbursed in connection with an investment), including, without
limitation, all fees, costs and expenses associated (directly or indirectly) with the
sourcing, acquiring, holding, monitoring and disposing of its investments or proposed
investments (including, without limitation, consulting services, due diligence and
investment-related travel and entertainment expenses, as well as all fees and
expenses due to any legal, regulatory, financial, accounting, consulting or other

advisors, or any finder, placement agent or investment bank in connection with the
sourcing, acquiring, holding, monitoring and disposing of investments or proposed
investments), brokerage commissions and securities transaction costs, custodial,
transfer agent, all entity-level taxes, fees or other governmental charges (including
any entity-level taxes, fees or other governmental charges levied against any AIV (as
defined below) or SPV (as defined below)), the costs of any insurance (including,
without limitation, directors and officers insurance, if any), expenses incurred in
collecting monies owed to the Funds, extraordinary expenses (including, without
limitation, litigation-related and indemnification expenses), legal, regulatory,
auditing, consulting, research and accounting fees and expenses, the costs of any
reporting to investors and meetings of investors, the costs of any administrator, the
maintenance of books and records, expenses incurred in connection with the
dissolution, liquidation and termination of the Funds, and the reasonable out-of-
pocket expenses incurred by members of the Investment Committee and/or by
members of the Advisory Board in connection with their activities on behalf of the
Funds. Please refer to the Offering Documents for additional expense information.

Parabellum Capital has adopted policies and procedures (the “Expense Allocation
Policy”) for the allocation of costs and expenses among the Clients to which it
currently and may in the future provide investment advisory services. Pursuant to
the current Expense Allocation Policy, investment-related or strategy-related
expenses shared by more than one Client will generally be allocated pro rata based
on each such Client’s participation or anticipated participation in such investment or
strategy. The Firm will seek to allocate non-investment-related expenses shared by
more than one Client to such Clients in a manner that is fair and equitable taking into
consideration all relevant factors, including, without limitation, the relevant benefit
to each such client derived from such expenses.

Parabellum Capital reserves the right to modify its Expense Allocation Policy from
time to time. A copy of the current Expense Allocation Policy can be made available
upon request to Fund Investors.

ITEM 7 – TYPES OF CLIENTS

Parabellum Capital’s clients consist of the Client Funds and SMA Clients, which are
intended for sophisticated investors. Investors in the Client Funds are not considered
clients of Parabellum Capital. Such investors may include, but are not limited to,
pension plans (corporate, state and foreign), charitable foundations, endowments,
fund of funds, sovereign wealth funds, private funds, investment companies, trusts,
family offices, private banks, high net worth individuals and other entities and
institutions. Investors in the Client Funds must generally be “accredited investors” as
that term is defined in Rule 501 of Regulation D of the Securities Act of 1933 and

“qualified purchasers” within the meaning of Section 2(a)(51) and Rule 2a51-1 under
the Investment Company Act of 1940.

Pursuant to a 506(c) offering, Parabellum Capital also has special purpose vehicles as
Investors in the Client Funds. All underlying investors meet accredited investor
standards.

Fund Investors are required to commit or contribute certain minimum capital
amounts to become limited partners of the limited partnership as disclosed in the
confidential private offering memorandum of the Client Funds. Currently, the
minimum required investment is $5,000,000. This minimum amount is subject to
change or waiver at the sole discretion of the Client Funds’ General Partners.

Any initial and additional subscription minimums are disclosed in the Offering
Documents for the Client Funds.