Seneca Management LLC

ITEM 5: FEES AND COMPENSATION

Millennium Bridge typically receives a management fee or expense allowance (“Management
Fee”) from each Fund and the general partner entity typically receives a performance fee or carried
interest (“Performance Compensation”) from each Fund. Management Fee and Performance
Compensation rates are separately negotiated for each Fund. Management Fees are generally
payable on a quarterly basis and Performance Compensation is generally payable as investment

profits are realized. The Management Fees received by Millennium Bridge from each of MBC
Private Equity Fund II LP and MBC Private Equity Fund III LP is 1.0% of committed capital,
which Management Fees decrease on a formula basis following the expiration of the investment
period of the applicable Fund. Management Fees are subject to dollar-for-dollar offset for fee
income received by Millennium Bridge or its affiliates (other than fee income received by or
contributed to the Fund) from the Fund’s portfolio companies. The general partner’s Performance
Compensation from each of MBC Private Equity Fund II LP and MBC Private Equity Fund III LP
is 2.5% of investment profits in the case of investments in other private equity funds and 15.0% of
investment profits in the case of co-investments. The Management Fee received by Millennium
Bridge from Cheyenne Capital Fund LP (which is currently in the harvest/liquidation phase) is
comparable to that of MBC Private Equity Fund II LP but the Performance Compensation paid by
Cheyenne Capital Fund LP is higher (7.5% in the case of investments in other private equity funds
and 20% for co-investments). The Management Fee received by Millennium Bridge from each of
Arrowhead Capital, L.P. and Daniels Private Markets Fund LP is 0.5% of committed capital
(decreasing to 0.5% of net invested capital following the applicable Fund’s investment period) and
the Performance Compensation paid by each of Arrowhead Capital, L.P. and Daniels Private
Markets Fund LP is 1.5% of investment profits in the case of fund investments and 10% of
investment profits with respect to direct investments/co-investments. No Management Fee or
Performance Compensation is payable with respect to MBC BP SPV, LLC, which is a single
investment special purpose vehicle. Millennium Bridge and the Fund general partners have the
ability to waive or reduce Management Fees and Performance Compensation for certain investors.

In addition, the Funds will generally pay or reimburse Millennium Bridge and its affiliates for all
expenses incurred in conducting the investment activities and operations of the Fund, including
fees of third-party fund administration but excluding placement fees and overhead expenses of
Millennium Bridge and the general partner entities such as office rent and compensation of
investment professionals. Determination and payment of such expenses is governed by the
organizational documents of each Fund. Millennium Bridge and its affiliates may also receive
expense reimbursement from underlying funds and individual portfolio companies.

Neither Millennium Bridge nor its supervised persons accept compensation for the sale of
securities or other investment products. Millennium Bridge does not participate in wrap fee
programs.

ITEM 7: TYPES OF CLIENTS

Millennium Bridge offers investment advisory services exclusively to private equity funds, other
pools of committed capital and separately managed accounts. Investors in the Funds advised by
Millennium Bridge include institutions, high-net-worth individuals, foundations, trusts and other
qualified entities. Generally, investors must be either (i) “accredited investors” as defined in SEC
Regulation D and “qualified clients” as defined in the Investment Advisers Act or (ii) “qualified
purchasers” as defined in the Investment Company Act of 1940, as amended. The Funds typically
have suggested minimum investment amounts that can be waived by the applicable general
partner.