Renovus Associates LLC

ITEM 5.          FEES AND COMPENSATION

General Information Regarding Fees and Expenses

Renovus receives management fees in connection with the investment advisory services it provides
to certain of itsClients and may also receive carried interest allocations and other performance-based
fees, as detailed in Item 6 Performance-Based Fees and Side-by-Side Management. Each Client’s
fee structure is fully described in such Client’s governing document(s). Renovus pays all normal
operating expenses such as compensation and benefits of Renovus officers, directors andemployees,
rent, utilities, insurance (other than premiums for insurance covering indemnified parties), office
supplies, office equipment and other normal operating expenses that relate to the operation of
Renovus.

All investors and prospective investors should review the governing documents of each Fund in
conjunction with this brochure for complete information on the fees and compensation payable
with respect to a particular Fund. Different Funds are subject to different management fees and
performance-based compensation arrangements. In certain circumstances, the advisory fees
payable to Renovus may be negotiable. Investors and prospective investors in each Fund should
note that similar advisory services may (or may not) be available from other investment advisers
for similar or lower fees.

Certain investors in the Funds have entered into side letter agreements with the applicable General
Partner that provide for fee terms that differ from those described in this brochure, including reduced

management fees or modified carried interest rates. Prospective investors can request information
regarding any existing side letter arrangements applicable to their proposed investment. See Item 6
for additional information regarding side letter arrangements and associated conflicts of interest.

Fees

SBIC Funds

The SBIC Funds pay Renovus an annual management fee and carried interest. Subject to the specific
terms set forth in the applicable Fund’s governing documents, the annual management fee payable by
a Fund investor in quarterly installments is generally equal to 2% of the sum of the (1) the SBIC Fund’s
unfunded and funded capital commitments plus distributions made pursuant to the SBIC Law, as
detailed in the SBIC Fund’s governing documents and (2) the SBIC Fund’s drawn and undrawn SBA
leverage (i.e., the total amount of outstanding securities issued by the SBIC Fund that qualifies as
leverage and has not been redeemed or repaid as provided in the SBIC Law) during the initial
investment period of the Fund, as set forth in the governing documents. After the end of the initial
investment period of the Fund, Renovus charges a 2% fee on the aggregate cost of investments,
subject to certain adjustments. For purposes of calculating the post-investment-period management
fee, the aggregate cost of investments will generally include capitalized transaction-specific fees and
expenses of unrealized investments, including certain fees (such as closing fees) and expenses paid
to third parties (including service providers such as due diligence consultants and legal counsel), the
Adviser, or its affiliates. For a discussion of the conflicts of interest associated with this fee
calculation methodology, see Item 6 – Performance-Based Fees and Side-by-Side Management
below. Such management fee is subject to reduction (i.e., offset) by the applicable percentage, as set
forth in the relevant Fund's governing documents, of certain fees received by Renovus from portfolio
companies, including but not limited to break-up fees, closing fees, and monitoring fees, pursuant to
the applicable management services agreement. The fees for the SBIC Funds are more fully described
in the Funds’ governing documents.

Additionally, pursuant to the SBIC Funds’ governing documents, the general partner of the Fund is
entitled to receive “carried interest” with respect to each Fund investor equal to 20% of the investment
profits the investor receives in respect of such Fund, subject to satisfaction of an 8% hurdle rate. The
hurdle rate or “preferred return” is the annual compounded return than that a Fund investor is entitled
to receive prior to the Fund’s general partner becoming entitled to receive its carried interest. Carried
interest is generally paid out of proceeds the applicable Fund receives in respect of its portfolio
investments from the disposition of portfolio investments. Please refer to the SBIC Fund governing
documents for a more in-depth description of the carried interest payments.

Placement agent fees are a management expense borne directly by the General Partner (or its
designated Investment Adviser/Manager), the entity entitled to receive the management fee and are
not charged to the SBIC Funds or offset against the management fee payable by SBIC Fund investors.

Co-investment Vehicles

Renovus is not paid a management fee for their services of the Co-investment Vehicles from the
funds themselves. However, Renovus receives carried interest and performance benefits as described
in Item 6. Generally, Renovus is entitled to receive “carried interest” with respect to each investor
equal to 20% of the investment profits the investor receives in respect of such Co-Investment Vehicle
subject to an agreed upon hurdle rate. Carried interest is generally paid out of proceeds the applicable
Co-Investment Vehicles receives in respect of its portfolio investments from the disposition of

portfolio investments. Such fees are negotiated on a deal-by-deal basis. Renovus also receives certain
portfolio company remuneration as provided for in management service agreements with the
underlying portfolio company. Please refer to the Co-Investment Vehicle’s governing documents for
a more in-depth description of the associated payments.

The fee terms applicable to Co-Investment Vehicles, including the absence of a management fee,
...

ITEM 7.        TYPES OF CLIENTS

Renovus provides investment advisory services directly to the Clients, subject where applicable to
the direction and control of the managing member or general partner of a Fund (please see Item 4
for a more detailed description of the Adviser’s current clients).

The investors of the Funds may include corporations, endowments, foundations, financial
institutions, trusts, estates, fund-of-funds, individuals and pension and profit-sharing plans. The

Funds are offered exclusively to accredited investors and/or qualified purchasers pursuant to Section
3(c)(1) or Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Company
Act”), and are therefore not required to register as investment companies under the Company Act
in reliance upon certain exemptions available to the Funds the securities of which are not publicly
offered.

Minimum Investment Requirements

Currently, there is no minimum investment amount requirement for an investor to invest in the
Funds. The general partner of each Fund evaluates each investment on a case-by-case basis.