Smash Ventures Management Company LP

Item 5: Fees & Compensation

As compensation for investment supervisory services rendered to the Funds, Smash
receives an asset-based management fee (“Management Fee”) and certain General Partners
receive a share of a Fund’s distributions to its investors (a performance fee, or “carried
interest”). In addition, a Fund may be subject to carried interest distributions.

The precise amount, the manner of calculation and the manner and timing of each payment
of any such Management Fee or carried interest for each Fund are established by Smash,
as modified by negotiations with investors in the applicable Fund, and are set forth in the
Governing Documents. Where the Governing Documents calculate a Management Fee
based on the amount of commitments or the amount of investment contributions, the
amount of the Management Fee generally will not be reduced based on reductions in
investment value, except where specified by the relevant Governing Documents. The
Governing Documents set forth the full list of terms under which Management Fees will be
reduced, offset or otherwise be limited, and consequently investors should expect to bear
the full specified Management Fee rate in the Governing Documents until they are reduced
in the circumstances and on the date(s) specified therein.

In addition, certain Fund’s General Partners will receive a carried interest from investors in
the applicable Funds generally equal to up to, as of the date hereof, 20% of all realized
profits (as more fully described in each Fund’s Governing Documents). A General Partner

typically is subject to a potential clawback or giveback obligation at the end of one or more
periods during the life of a Fund, as specified in each Fund’s Governing Documents, in the
event such General Partner has received excess cumulative carried interest distributions.

Certain of the Funds do not pay, or no longer pay, Management Fees and/or carried interest.
Certain co-invest vehicles established to manage a specific co-investment opportunity or
multiple co-invest opportunities typically do not charge Management Fees and are not
subject to carried interest. Smash reserves the right to exempt additional and/or different
funds from fees and/or carried interest in the future. Certain Funds pay management fees
in advance and if the advisory contract was to terminate before fees are fully earned, any
unearned fees will be reimbursed.

The Funds generally invest on a long-term basis. Accordingly, Management Fees,
investment advisory and other fees are expected to be paid, except as otherwise described
in the Governing Documents, over the term of the applicable Fund, and investors generally
are not permitted to withdraw or redeem interests in the Fund.

With respect to the short-term investment of the Funds’ cash balances, Smash expects to
invest all or a portion of the cash balances in third-party mutual funds (typically, money
market funds), and the Funds will bear the fees and expenses of the third-party mutual
funds as described in the applicable mutual fund prospectus. Such fees are in addition to
the fees and carried interest received by Smash and the General Partners.

A Fund bears most of its own costs and expenses relating to the Fund’s activities,
investments and business that are not reimbursed by a portfolio company, including, but
not limited to: (i) organizational expenses (including the organization of any alternative
investment vehicle, Parallel Fund or other holding vehicle, and the documentation related
thereto); (ii) the Management Fee; (iii) all expenses incurred in connection with the location,
identification, discovery, structuring, screening, evaluation (including due diligence),
negotiation, acquisition, monitoring, insuring, servicing, financing and refinancing, or
disposition of portfolio investments, whether or not the investment is consummated (broken
deal expenses); (iv) expenses incurred in connection with the carrying or management of
portfolio investments and other routine administrative expenses of the Fund or its
subsidiaries; (v) costs and liabilities (including damages) incurred in connection with any
costs and expenses of any litigation, investigation or regulatory, self-regulatory,
governmental or legal inquiries involving Fund activities (including regulatory sweeps); (vi)
all taxes, fees and other related charges payable by, or otherwise imposed on, the Fund,
expenses incidental to the transfer, servicing, management and accounting for the Fund’s
cash and securities; (vii) communication expenses including, without limitation, costs
associated with the preparation and delivery of reports, financial statements, tax returns,
and Schedules K-1 to Partners; (viii) all expenses and costs of the Limited Partner Advisory
Board; (ix) all principal, interest, expenses and fees incurred in connection with any
indebtedness of the Fund or other credit arrangement (including the subscription secured
credit facility, any line of credit, loan commitment or letter of credit for the Fund or related
to any portfolio investment (or any underlying asset)); (x) expenses relating to defaults by
Partners in the payment of any capital contributions; (xi) fees and out-of-pocket expenses
of third-party professionals providing services to the Fund, such as legal, accounting,

consulting, expenses incurred in connection with third party valuations, audit and tax return
preparation; and (xii) any extraordinary expenses (collectively, “Fund Expenses”).

All Fund Expenses will reduce the returns earned by investors and a substantial net
performance of the Fund is required in order to cover the substantial costs incurred in
connection with investment structure. Fees and expenses generally will be paid regardless
of whether the Fund produces positive investment returns. More information about a Fund’s
fees and expenses are found in the Governing Documents.

Except where the relevant Governing Documents or side letter(s) expressly provide to the
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Item 7: Types of Clients

Smash and its affiliates provide investment advisory services to venture capital funds and
other privately offered funds. If applicable, the minimum capital commitment for each Fund
or each investor in a Fund is set forth in the Funds’ Governing Documents and other
documents provided to eligible prospective investors. Interests in Funds are currently
offered only to persons that are (i) “accredited investors,” as defined in Regulation D under
the Securities Act and (ii) either “qualified purchasers” or “knowledgeable employees,” each
as defined in the Investment Company Act of 1940, as amended, and the rules thereunder.
However, certain funds may also be offered to “qualified clients,” as defined in the
Investment Advisers Act of 1940 (the “Advisers Act”).