Polaris Growth Management LLC

Item 5. Fees and Compensation

The Adviser or its affiliates generally receive Advisory Fees and Carried Interest (each as defined
below) or similar performance-based remuneration from a Fund. A Fund, and/or its portfolio
companies also typically reimburse the Adviser and its affiliates for certain expenses and/or make
other payments to the Adviser or its affiliates for services provided to the Fund and/or its portfolio
companies, including Operating Advisor Portfolio Compensation (as defined below), which, in
certain circumstances, reduce the Advisory Fees payable to the Adviser. Additionally, consistent
with the Organizational Documents of a Fund, the Fund typically bears certain out-of-pocket
expenses incurred by the Adviser in connection with the services provided to the Fund and/or the
portfolio companies. Details about such fees and expenses are contained in the Organizational
Documents of a Fund. Further details about certain common fees and expenses are set forth below.

Advisory Fees

As compensation for investment supervisory services rendered to the Funds, the Adviser receives
from each such Fund an advisory fee (each, an “Advisory Fee”) typically calculated based on
committed capital or the cost basis of a Fund’s remaining invested capital, with respect to such
Fund. Advisory Fees may be reduced during the life of a Fund. Advisory Fees paid by a Fund
may also be reduced by other fees or compensation received by the Adviser or its affiliates that
relate to such Fund’s activities and investments, or by certain excess organizational or other
expenses borne by such Fund, as described in more detail below. Advisory Fees paid by a Fund
are indirectly borne by investors in such Fund.

The precise amount of, and the manner and calculation of, the Advisory Fees for each Fund are
established by the Adviser and are set forth in such Fund’s Advisory Agreement and/or the
Organizational Documents received by each investor prior to investment in such Fund. The fee
structures described herein may be modified from time to time. Fees may differ from one Fund to
another, as well as among investors in the same Fund. Unless otherwise agreed with a Fund’s
investors, Advisory Fees will continue to be payable during any term extensions.

A Fund’s Advisory Fees during any term extension is calculated based on the cost basis of a Fund’s
remaining invested capital associated with the Fund’s aggregate investment(s) in portfolio
companies that remain unrealized or have not been permanently written-off or with respect to
which the Fund has completely disposed of its interests (each a “Disposition”). As such, the
Organizational Documents do not require any reduction or refund of Advisory Fees following any
partial realization, dividend, distribution (including those arising from dividend recapitalizations),
reorganization, restructuring, roll-over investment, or similar transactions where one or more other

Fund(s) exit their investment(s) in the relevant portfolio company, where in whole or part, where
the Fund has not completely disposed of its interest in the portfolio company, even if the value of
the Fund’s interest has been reduced (including materially reduced) (each a “Recap Distribution”)
or any decrease in value (whether temporary or permanent), in each case except to the extent such
events constitute a Disposition or a permanent write-off. As a result, the Advisory Fees generally
will not track changes in the fair value of any individual investment or of a Fund.
Certain investors in the Funds that are employees, former employees, business associates,
members and other “friends and family” of the Adviser or its personnel (including any related
entity established by any of the foregoing, such as trusts, charitable programs, endowments or
related programs, family investment vehicles and other estate planning vehicles) (collectively,
“Adviser Investors”) will not typically pay Advisory Fees or Carried Interest in connection with
their investment in a Fund. Notwithstanding that Adviser Investors will generally not pay Advisory
Fees, Adviser Investors will pay for their pro rata share of certain Fund expenses or the pro rata
portion of such Adviser Investors’ expenses will be allocated to the Adviser or the general partner
of the applicable Fund.

The Advisory Fees paid by a Fund will generally be reduced by a percentage of: (1) the amount of
fees paid by such Fund to persons acting as a placement agent in connection with the offer and
sale of interests in such Fund to certain potential investors, and/or (2) certain Other Fees (as defined
below) received by the Adviser or its affiliates. The amount and manner of such reduction, if any,
is set forth in the Advisory Agreement and/or Organizational Documents of the applicable Fund.
To the extent an Other Fee relates to more than one Fund, the Adviser shall allocate the resulting
Advisory Fee reduction equitably among the applicable Fund(s). To the extent that the Advisory
Fee offset or other arrangement of Funds differ in that there is a pre-existing obligation for an
earlier-formed Fund, then the amount of the fees subject to the Advisory Fee offset or other
arrangement will first be applied to satisfy the pre-existing obligation in full, and then the
remaining (if any) amount of such Advisory Fee offset and equivalent compensation will be
equitably allocated between the applicable Funds.

Advisory Fees billed to and received from the Funds are payable quarterly in advance. Upon
termination of an Advisory Agreement, Advisory Fees that have been prepaid are generally
returned on a prorated basis.

In addition to the Advisory Fees and Carried Interest, the Adviser and its affiliates from time to
time receive director fees, and have in the past and may in the future receive transaction fees,
monitoring fees, consulting fees, break-up fees or similar fees, whether in cash or in kind, from
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Item 7. Types of Clients

The Adviser currently provides investment supervisory services to the Funds. Investment advice
is provided directly to the Funds (subject to the direction and control of the general partner of each
such Fund, if applicable) and not individually to investors in such Fund.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the
Securities Act and the 1940 Act. Investors in the Funds are generally “accredited investors” or
“qualified purchasers” as defined in the 1940 Act, and may include, among others, high net worth
individuals, thrift institutions, pension and profit sharing plans, trusts, estates, charitable
organizations, university endowments, corporations, limited partnerships and limited liability
companies or other entities.

The Adviser does not have a minimum size for a Fund, but minimum investment commitments
may be established for certain investors in the Funds.