SF Advisors LLC

Item 5. Fees and Compensation
Management Fees

SFA charges each investment vehicle it advises a management fee (the “Management Fee”). To
date, each vehicle has structured its Management Fee differently as provided in the individual fund
offering or governing documents. SFA does not receive any “success fees” related to the performance
of the related investment vehicle.

UP Fund and IFF. SFA, depending on various factors, will agree to waive or reduce all or any
portion of the Management Fee with respect to any particular investor. It is anticipated that fees will
generally be waived for Social Finance, its employees, affiliated investors and their families.

Management Fees are billed to each of the UP Fund and the IFF or their respective general partner
and paid by each fund from the fund’s assets. To obtain cash for the payment of Management Fees,
the fund and/or its general partner (or such affiliate) is permitted to draw down on the investors’
capital commitments or liquidate fund assets. Each of the funds maintains, for each investor in such
fund, a capital account that is adjusted to reflect the Management Fee, fund expenses, capital
contributions and other similar changes during the term of the particular fund. Management Fees
paid in advance for any partial period will be pro-rated and any unused portion is returned to investors
in connection with withdrawal proceeds, if applicable.

UP Fund and IFF Fund Expenses

Each of the UP Fund and the IFF is governed by its own offering memorandum and partnership
agreement (or equivalents) (the “Governing Documents”), which details expenses for each such fund.
While differences exist among the funds, the following is a description of expenses generally charged
to each fund.

To the extent not paid by any other person, each fund will pay, or reimburse its general partner, SFA
or their affiliates, as applicable, for its payment of all fees, costs, liabilities, obligations and expenses
relating to such fund and/or its activities or business (including any related vehicles), including but
not limited to the following (“Fund Expenses”): (i) Organizational Expenses (as defined below); (ii)
Management Fees; (iii) all fees, costs, liabilities, obligations and expenses related to, or incurred in
connection with, the discovery, evaluation, acquisition, structuring, holding, financing, refinancing,
development, monitoring, management, restructuring, selling, valuing or disposition of any fund
investment including, without limitation, the fees and expenses of attorneys, accountants, tax
professionals, consultants, experts and other service providers, research expenses, due diligence
expenses, travel expenses, custodial fees, servicing fees, stamp and transfer taxes and hedging costs,
and in each case, regardless of whether any contemplated transaction or investment is consummated
and whether or not such activities are successful; (iv) legal, accounting, research, auditing,
administration (including fees and expenses associated with any third-party administrator used by
such fund and any administration or reporting software, if any), registered agent, information,
advisory, valuation, consulting, tax and other professional services fees, costs, liabilities, obligations
and expenses and other fees, costs, liabilities, obligations and expenses associated with the ongoing

operation and administration of such fund; (v) all fees, costs, liabilities, obligations and expenses
associated with reporting and providing information to the applicable limited partners or pursuant to
any alternative investment vehicle or feeder fund agreements, including the costs associated with any
web portal, extranet tools, computer software or other administrative or reporting tools for the benefit
of such fund including fees and costs of any third-party service providers and professionals relating
to the foregoing; (vi) all fees, costs, liabilities, obligations and expenses associated with limited
partner and limited partner advisory committee meetings, if any, and the reasonable out-of-pocket
expenses of the members of any such limited partner advisory committee in connection with their
services; (vii) insurance costs; (viii) indemnification amounts payable to persons entitled to
indemnification under the applicable fund agreement or any related vehicle agreements; (ix) all taxes
and related expenses imposed on such fund or any related vehicle; (x) all fees, costs, liabilities,
obligations and expenses related to administrative compliance and regulatory filings or reports; (xi)
all fees, costs, liabilities, obligations and expenses associated with any litigation, threatened litigation
or governmental or regulatory inquiry (including, without limitation, any judgments, settlements or
other amounts paid in connection therewith) and all other extraordinary expenses; (xii) fees paid to
any placement agent, provided that 100% of any such fees paid by a fund will be offset against
Management Fees otherwise payable to SFA; (xiii) all fees, costs, liabilities and expenses incurred
by the “partnership representative” for such fund which may be the fund’s general partner, or any
other person designated by such general partner, who is acting as the “partnership representative” for
purposes of federal tax rules related to partnership taxation, as well as applicable state, local or
foreign law; (xiv) all fees, costs, liabilities, obligations and expenses incurred by the “partnership
representative” for any related vehicle which is treated as a partnership for tax purposes; (xv) all fees,
costs, liabilities, obligations and expenses relating to amendments to, and waivers, consents or
approvals pursuant to the constituent documents of such fund, its general partner and the related
vehicles; (xvi) all fees, costs, liabilities, obligations and expenses associated with protecting the
confidential or non-public nature of any information or data; (xvii) all fees, costs, liabilities,
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Item 7. Types of Clients
As noted in Item 4, SFA’s clients include pooled investment vehicles established by Social Finance.
Investors in the investment vehicles include private and family foundations, donor advised funds,
high net worth individuals, institutional investors, corporations and family offices.

As noted in Item 4 and 5, SFA also offers impact investment advisory services and impact investment
consulting services to clients, including private and family foundations, community foundations,
donor advised funds, high net worth individuals, institutional investors, family offices and similar
types of investors.