Path Capital Partners LLC

Item 5 – Fees and Compensation
Management Fees
A Fund will generally pay the Firm management fees for its investment advisory services
(“Management Fees”). Annualized Management Fees rates are disclosed in each Fund’s
governing documents and are generally up to 2.25% of capital commitments during the

investment period and 1.75% of unrealized Fund investments thereafter (as further described in
a Fund’s governing documents), charged directly to a Fund. In certain circumstances, fees may
vary. Path may reduce, waive, assign, participate or otherwise share the Management Fee
chargeable with respect to any Limited Partner without the consent of, or notice to, any other
Limited Partner. Path is entitled to collect Management Fees from a Fund on a quarterly basis in
advance pursuant to the applicable Fund’s governing documents.

As required by the Investment Advisers Act of 1940, as amended (the “Advisers Act”), if the
investment advisory agreement is terminated before the end of the applicable period,
Management Fees will be charged on a pro-rata basis through the date of termination, and any
fees paid in advance but not earned will be refunded.

Co-Investment Vehicles generally do not pay Management Fees to the Firm. The General Partner
or its affiliates may, however, receive an incentive distribution from a Co-Investment Vehicle with
respect to an origination fee and/or realized gains, as set forth in the applicable governing
documents of each Co-Investment Vehicle.

In addition, the General Partner may earn incentive fees as discussed in Item 6, below.

Fund Expenses
A Fund will bear all of its organization and offering costs and expenses, including costs incurred
prior to the initial closing of a fund (“Organizational Expenses”). Organizational Expenses
incurred by a Fund may be subject to a limit, as described in each Fund’s governing documents,
above which the Management Fee payable to Path may be reduced dollar-for-dollar (but not
below zero). A Fund will also bear all costs and expenses relating to their 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, hedging, and disposing of its investments or proposed investments
(including, without limitation, consulting services, due diligence, “broken” deal, and investment-
related travel and entertainment expenses), as well as all fees and expenses due to any legal,
financial, accounting, consulting, or other advisors, or any finders, placement agents, or
investment banks, in connection with the sourcing, acquiring, holding, and disposing of
investments (or proposed investments), all entity-level taxes, formation and initial and ongoing
filing fees of a Fund, or other governmental charges (including any entity- level taxes, fees, or
other governmental charges levied against any alternative structure (e.g., a feeder fund or other
special purpose vehicle)) and any withholding on a Fund not attributable to a particular Limited
Partner, the costs of any insurance (including, without limitation, general partner liability
insurance and/or directors and officers insurance, as applicable and errors and omissions
insurance, if any), expenses incurred in collection of funds owed to a Fund, the Management
Fees, extraordinary expenses (including, without limitation, litigation-related and

indemnification expenses), legal, auditing, consulting, research, and accounting fees and
expenses, the costs of any third-party administrator, costs of third-party research, data,
analytics, modeling, risk, structuring, pricing, execution and other third-party information
systems, including, without limitation, installation and maintenance, software and service fees
(including, without limitation, the expenses with respect to data, data feeds, subscriptions,
expert networks, and political intelligence providers and reports), costs of software necessary,
desirable, or appropriate for the Firm to market interests in a Fund, communicate and manage
relationships with Limited Partners, and/or operate a Fund and manage its actual and potential
investments, and the costs of any reporting to investors.

In general, each Partner will bear its pro rata share of the expenses of a Fund, based on relative
capital commitments. The General Partner may, however, allocate expenses on another basis,
including by allocating certain expenses to certain (but not all) Limited Partners, if the General
Partner reasonably determines that such an allocation is more equitable.

From time to time, the General Partner, the Firm and/or their affiliates may elect to bear certain
expenses on behalf of a Fund that would otherwise be Fund expenses. The General Partner, the
Firm and/or their affiliates will not have any obligation to bear such expenses and may elect at
any time (in whole or in part) to no longer bear such expenses on behalf of a Fund.

Limited Partners should review the applicable Fund’s governing documents for further details.

Item 7 – Types of Clients
We provide investment advice to the Funds. Limited Partners include, but are not limited to,
funds of funds, family offices and high-net-worth individuals. Interests in a Fund are offered and
sold generally to Limited Partners that are (i) “accredited investors” as defined under Regulation
D under the Securities Act and/or “qualified purchasers” within the meaning of the rules and
regulations promulgated under the 1940 Act and (ii) “qualified clients” under Rule 205-3 under
the Advisers Act. Investors in Co-Investment Vehicles are generally existing Limited Partners in
one or more of the Funds or third parties invited by Path in its discretion. Investors in Co-
Investment Vehicles are subject to the same qualification requirements as Limited Partners in
the Funds.

A Fund typically imposes a specified minimum commitment as set forth in their offering
documents, organizational documents or other governing documents. Such minimums are
waivable by the General Partner in its sole discretion.

Item 8 – Method of Analysis, Investment Strategies and Risk of Loss
Investment Strategies and Methods of Analysis
Path provides investment advisory services to Funds, which include the strategies and methods
of analysis in the following summary. Additional details can be found in the applicable private
placement memorandum and limited partnership agreement for each Fund.

Material Risks
An investment in a Fund involves a high degree of risk. There can be no assurance that a Fund’s
investment objectives will be achieved, or that a Fund will receive a return of capital on any
portfolio company. Accordingly, prospective investors should carefully consider the risk factors
set forth below, among others, in evaluating an investment in a Fund. An investment in a Fund is
a potentially suitable investment only for sophisticated investors for whom an investment does
not represent a complete investment program and are capable of assuming the risks of such an
investment.

A Fund will be subject to numerous risks generally related to investing in securities and other
investments, and the additional risks associated with investing in non-marketable securities and
non-public companies. The securities or other interests acquired by a Fund may have

restrictions on resale and, even in the absence of such restrictions, will not be liquid. The ability
of a Fund to profit from investments in the Portfolio Companies will be highly dependent upon
the ability of each Portfolio Company to generate revenue and/or appreciate in value. Numerous
factors may impede or prevent any or all of the Portfolio Companies from reaching this stage,
including, without limitation, inadequate capital; unfavorable competitive developments;
adverse legislation or regulation at the international, national, state, or local level; inadequate
management or loss of key persons; technology obsolescence; and/or lack of market
acceptance. The Portfolio Companies may face significant capital shortfalls for a wide variety of
reasons. Resource development may prove more expensive, or take more time than anticipated,
and the growth in revenues may be slower than expected. Additionally, each sector in which the
Portfolio Companies are expected to participate is highly competitive, and there are no
assurances that any Portfolio Company will obtain the level of success necessary to achieve a
Fund’s objectives. Any of such occurrences may result in the failure of one or more Portfolio
Companies, a loss with respect to a Fund’s investment in such Portfolio Companies, and
therefore, a loss with respect to a Fund.

Limited Operating History

A Fund, the General Partner and the Firm are newly-created entities with no prior operating
history. Neither a Fund nor the Parallel Funds have previous operating history and will be entirely
dependent upon the General Partner and the Firm, each of which in turn will rely on the
Principals and the other investment professionals employed by the Firm. No assurance can be
made that any or all of such persons will remain employed by the Firm or the General Partner.

A Fund’s investment program should be evaluated on the basis that there can be no assurance
that the Firm’s assessment of the prospects of investments will prove accurate or that a Fund
will achieve their investment objectives. In addition, the future prospects and success of a Fund
must be considered in light of the risks, expenses and difficulties frequently encountered with
newly-formed entities and inherent in all new business enterprises. It is possible that additional
management resources, in the form of additional analysts or other investment professionals,
will be required in order for a Fund to fully implement their investment and exit strategies. Also,
additional members may be admitted to the Firm following a Fund’s Initial Closing, and the
Limited Partners will have no power to prevent any specific person from being admitted to the
Firm as a member thereof.

No Assurance of Investment Return

The performance of prior investments sourced, made, or managed by the General Partner, the
Firm and/or the Principals is not necessarily indicative of the future performance of a Fund. The
task of identifying investment opportunities and managing such investments is difficult. Many
organizations operated by persons of competence and integrity have been unable to make such

investments successfully. There is no assurance that a Fund’s investment objectives will be
attained, or that the value of the investments will not decline, or that there will be any return of
capital.

Investment Strategy

A Fund will primarily make investments in privately-held companies early in their growth cycle.
Although private investments offer the opportunity for significant capital gains, they also involve
a high degree of business and financial risk that can result in substantial losses. A Fund’s
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