Renaissance Venture Capital Management Inc

Item 5. Fees and Compensation

Prior to January 1, 2026:

Prior to January 1, 2026, the Funds were generally obligated to reimburse all partnership expenses and a
portion of all Management Expenses incurred by RVCM, as disclosed in the Governing Documents.
During the active investment period, the Funds annual reimbursement of Management Expenses was
limited to no more than 0.9% - 1.2% of the aggregate capital commitments of the Fund and was reduced
to 0.75% after the Fund’s active investment period has ended. The fee percentage varies with the size
and life of the Fund, as negotiated and set forth in its Governing Documents.

The Funds were generally allocated Management Expenses pro rata based on each Fund’s management
expense cap at the end of the quarter in which the expenses incurred. See example below for the
calculation of Q3 2025 Management Expenses allocated to each Fund.
As of 9/30/2025                        RVCF I      RVCF II     RVCF III    RVCF IV     RVCF V        Total
Capital Commitments                  $44,555,556 $78,700,000 $81,500,000 $77,500,000 $47,800,000 $330,055,556
Cap Rate (Annual)                       0.75%       0.75%       0.75%       0.90%       0.90%         n/a
Cap Rate (Quarterly)                    0.19%       0.19%       0.19%       0.23%       0.23%         n/a
Management Expense Cap (Annual)       $334,167    $590,250    $611,250    $697,500    $430,200    $2,663,367
Management Expense Cap (Quarterly)     $83,542    $147,563    $152,813    $174,375    $107,550     $665,842
Management Expense Ratio               12.55%      22.16%      22.95%      26.19%      16.15%        100%
Management Expense charged Q3 2025     $69,855    $123,388    $127,778    $145,808     $89,931     $556,760
Actual Rate charged (Q3 2025)           0.16%       0.16%       0.16%       0.19%       0.19%         n/a

After January 1, 2026:

RVCM is entitled to a management fee for each fiscal quarter in an amount equal to the aggregate
capital commitments of the investors as of the first day of each such quarter multiplied by 0.225% for
each fiscal quarter (i.e., 0.90% annually); provided, however, that the management fee for the Funds’
last fiscal quarter shall be proportionately reduced based upon the ratio that the number of days in each
such period bears to ninety (90). Notwithstanding the foregoing, commencing with the first fiscal
quarter beginning on or after the expiration of the commitment period, the management fee
percentage shall be reduced to a range of 0.1625% to 0.1875% per quarter (i.e., 0.65% to 0.75% per
annum), depending on the Fund, and such management fee percentage may be reduced further with
the consent of the respective General Partner and advisory board.

The respective General Partner may, in its sole discretion, reduce, delay or defer without interest or
penalty, the payment of the Management Fee.

In addition to any Management Expenses, the Funds reimbursed RVCM for certain charges imposed by
third parties and other expenses (“Partnership Expenses”). Such Partnership Expenses for a Fund
include (but are not limited to): (i) organizational expenses, up to a limit of $250,000; (ii) insurance
premiums for insurance against potential fiduciary liability and errors and omission liability of the
General Partner, the RVCM, and members of the Management Advisory Committee and members of the
LP Advisory Board; (iii) all expenses attributable to any investment or proposed investment of the Funds;
(iv) reasonable travel and entertainment expenses incurred in connection with the Fund’s affairs; (v)
expenses incurred in connection with compliance with any law, rule, regulation, policy directive or
special measure, including any legal, administrator, consulting or other third-party service provider fees,

costs and expenses related thereto and any regulatory expenses of the General Partner incurred in
connection with the operation of the Fund; (vi) expenses incurred in connection with the maintenance
of the Funds’ books and records, and the preparation and delivery of checks, financial reports, tax
returns, tax estimates, tax schedules (including Schedule K-1), notices, compliance or regulatory filings
or reports (including Form PF) and other information pursuant to the Governing Documents; (vii)
expenses incurred in connection with obtaining legal, tax, and accounting advice and the advice of other
consultants and experts on behalf of the Fund; (viii) expenses incurred in connection with the
registration, qualification, or exemption of the Fund under any applicable U.S. federal or state laws or
any applicable non- U.S. laws; (ix) out-of-pocket expenses incurred in connection with the collection of
amounts due to the Fund from any person; (x) expenses incurred in connection with the preparation of
amendments to the limited partners agreement; (xi) any taxes (including withholding taxes) imposed on
the Fund as an entity, including any taxes imposed on the Fund or the General Partner in the capacity of
withholding agent with respect to an investor (and any interest, penalties or expenses relating to any
such taxes); (xii) all litigation-related and indemnification expenses of the Fund and the Fund’s share of
any such expenses of any Portfolio Fund; (xiii) all costs and expenses, if any, incurred in connection with
the Fund’s legal and regulatory compliance with applicable law (including, by way of example only, Form
PF obligations under the Advisers Act and “know your client” or other anti-money laundering
requirements, as applicable, and the preparation and administration of any reports, disclosures, filings
or notifications prepared in accordance with the foregoing) or related to compliance with the provisions
of the limited partnership agreement or any side letter; (xiv) costs and expenses (including travel,
lodging and meals) which reimbursement may include reimbursement to the General Partner, RVCM
...

Item 7. Types of Clients

RVCM only provides investment advice to pooled investment vehicles, such as the Funds. The investors
in the Funds may include corporations, financial institutions, governmental bodies or agencies,
insurance companies, endowments, foundations, trusts, estates, high net worth individuals, and pension
and profit-sharing plans.

The Funds are not required to register under the U.S. Investment Company Act of 1940, as amended
(the “Investment Company Act”) or register their securities under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), pursuant to various exceptions and exemptions provided under those
statutes. As a result, RVCM generally offers limited partner (or equivalent) interests in the Funds to a
limited number of “accredited investors” as defined in Regulation D under the Securities Act and, in
some cases, exclusively to “qualified purchasers” as defined in Section 2(a)(51) of the Investment
Company Act. The Funds generally require substantial minimum initial investments, which vary by fund

from $0.25 million to $1 million. These minimum initial investments may be waived or reduced at
RVCM’s discretion.

Because affiliates of RVCM, the general partner entities RVP GP, RVP GP III, RVP GP IV, and RVP GP V
receive performance-based compensation from the Funds, investors in the Funds must be “qualified
clients” under the definition in Rule 205-3 of the Investment Advisers Act of 1940, as amended (the
“Investment Advisers Act”). Generally, qualified clients include (1) a person or company with at least
$1.1 million under management by RVCM; (2) a person or company with a net worth of more than $2.2
million or who is a qualified purchaser; and (3) certain key employees of RVCM.