Teleo Capital Management LLC

ITEM 5: FEES AND COMPENSATION

Items 5.A. and 5.B.

Fees generally are paid as set forth in each Advisory Client’s Governing Documents. The
information contained herein in this Item 5 is a summary only and is qualified in its entirety by the
relevant Governing Documents.

Each Fund shall pay to the General Partner throughout the term of the Fund an annual
“Management Fee.” The Management Fee shall be: (x) payable quarterly, on the first day of each

fiscal quarter of the Fund, in advance; (y) pro-rated on a daily basis for short fiscal periods; and
(z) additionally pro-rated on a daily basis (payable immediately) at any time that there is an
increase in the aggregate capital commitments of the Investors. The first payment of the
Management Fee shall be made on the date of the initial closing or on the earliest subsequent date
upon which the Fund has received sufficient capital contributions to fund such payment.

The annual Management Fee rate initially shall be 2.00% of the aggregate capital commitments of
the respective Fund’s Investors. Commencing with the first complete fiscal year following the end
of the Fund’s commitment period or the commencement of operations of a successor fund and
during any period in which the Fund is in “Limited Operations Mode” (as defined in the applicable
Governing Documents), the annual Management Fee rate shall be reduced to 2.00% of the
aggregate capital contributions of the Investors as reduced by the aggregate cost basis of portfolio
securities distributed or written off by the Fund, as of the start of the applicable fiscal quarter.
Solely for purposes as set forth in the applicable Governing Documents, the cost basis of a portfolio
security shall be deemed to be zero from and after the date that such portfolio security has been
fully written off as worthless by the Fund in accordance with generally accepted accounting
principles (GAAP), unless the General Partner determines that such write-off was not, or has
ceased to be, appropriate and provides notification thereof to the LP Advisory Committee (as
defined in the applicable Governing Documents). The Management Fee shall not be charged with
respect to the General Partner or, if elected by the General Partner in its sole and absolute
discretion, any other “Exempt Partner” (as defined in the applicable Governing Documents).

In addition to the Management Fee otherwise payable to the General Partner as set forth in the
applicable Governing Documents, the General Partner shall receive a special payment of the
Management Fee at the time of each admission of an additional Investor or increase in the capital
commitment of an existing Investor. Such special payment shall be equal to the excess of (x) the
Management Fee that would have been payable by the Fund to the General Partner through the
close of business on the date immediately preceding such admission or increase if such admission
or increase had occurred at the earliest initial closing, over (y) the actual Management Fee payable
by the Fund through such time. The General Partner shall receive a further special payment of
Management Fee each time the Fund is released from Limited Operations Mode equal to the excess
of (x) the Management Fee that would have been payable by the Fund to the General Partner if the
Fund had not been in Limited Operations Mode over (y) the actual Management Fee paid by the
Fund.

Pursuant to the applicable Governing Documents, TELEO Capital is entitled to receive incentive
distributions (referred to herein as “carried interest”) that are separate from, and in addition to,
distributions related to its capital commitment. Subject to the terms and limitations set forth in the
applicable Governing Documents, each Fund’s General Partner generally is entitled to receive
carried interest distributions equal to 20.00% of all realized profits. The carried interest distributed
to a General Partner is subject to a potential clawback as set forth in the applicable Governing
Documents in connection with the winding-up and liquidation of a Fund.

With respect to the SPVs, TELEO Capital is entitled to a one-time, upfront advisory fee or one-
time transaction fee, as applicable, as set forth in the applicable SPV’s Governing Documents. In
addition, TELEO Capital is entitled to an annual monitoring fee or management fee, as applicable,
equal to the amount as set forth in the applicable SPV’s Governing Documents.

Additionally, subject to the terms and limitations set forth in the applicable SPV’s Governing
Documents, each SPV’s General Partner generally is entitled to receive carried interest
distributions from the SPVs equal to an amount as set forth in the applicable Governing
Documents.

The Management Fee and carried interest distributions are generally not negotiable; however,
TELEO Capital, in its sole discretion, may waive or modify the Management Fees or carried
interest distribution percentages for certain Investors as set forth in the applicable Governing
Documents.

Members of the General Partner may receive directors’ fees or similar compensation from portfolio
companies of an Advisory Client. While such fees may trigger a “management fee offset” under
an Advisory Client’s Governing Documents (pursuant to which management fees payable to the
General Partner by an Advisory Client may be reduced as an offset against fees received by the
General Partner or its members from portfolio companies), there is no assurance that an Advisory
Client will economically benefit from any particular portfolio company fees received by the
General Partner or its members. Moreover, a management fee offset generally will not apply in
respect of fees received by persons who are not members of the General Partner, even if such
persons hold titles such as consultants or advisors.

It should be noted that any Advisory Client launched by TELEO Capital after the date of this
...

ITEM 7: TYPES OF CLIENTS

TELEO Capital provides discretionary investment advice solely to the Advisory Clients, as
described in Item 4 above. The Advisory Clients include investment partnerships and/or other
investment entities formed under domestic or foreign laws and operated as exempt investment
pools under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
Investors in the Advisory Clients are required to be “accredited investors” within the meaning of
Rule 501(a) under the Securities Act, and/or “qualified purchasers” within the meaning of Section
2(a)(51) under the Investment Company Act.