Third Lake Partners LLC

ITEM 5 – FEES AND COMPENSATION

A. Advisory Fees and Compensation

Current non-discretionary SMA Clients do not typically directly get charged management fees by the
Adviser, provided, however, depending on the services that such SMA Client is receiving, the Adviser will
be entitled to other asset-based fees or fees billed on a time spent basis. For instance, the Adviser is entitled to
receive asset-based fees, fixed fees or fees charged on a time spent basis with respect to any due diligence
services or other portfolio advisory services as detailed in a separately managed account agreement with such
SMA Client. The Adviser is further entitled to be reimbursed for any direct expenses incurred by the Adviser
for providing due diligence related services. Any direct fixed or hourly fees will not get reduced with respect
to any underlying investments in a Fund Client by such non-discretionary SMA Client.

Discretionary SMA Clients will be charged asset-based management fees typically in the range of 0.20%-
1.00% of the assets under management in such account and such management fees can vary depending on
each such SMA Client’s account, size, range, etc. Additionally, it should be noted that to the extent a
discretionary SMA Client invests in a Fund managed by the Adviser or an affiliate, such SMA Client may
will not be charged management fees at both levels, however, if a discretionary SMA Client invests in a
third party fund managed by a third party adviser unaffiliated with the Adviser or its affiliates, such SMA
Client will pay fees at both levels (at the account level and at the underlying fund level).

With respect to the Funds, the Adviser is entitled to receive annual asset management fees typically in the range
of 0.25%-1.50% of assets under management of such Fund and such management fees can vary depending on
an investor’s actual investment size in a Fund. It should be noted that while current non-discretionary SMA
Clients do not directly bear management fees, they will indirectly be subject to management fees through their
investment(s) in the Funds.

Fees are negotiable on a case-by-case basis.

B. Payment of Fees

The Adviser bills current SMA Clients on a quarterly basis with respect to any fees that are chargeable to such
SMA Clients. For discretionary SMA Clients, the Adviser will typically submit an invoice for payment of its
management fees either to such Client directly or to the custodian of such SMA Client’s account with the Adviser (as
elected by such SMA Client).

The Adviser deducts its management fees from the Funds directly on a quarterly basis, but for certain legacy
Funds pursuant to which the Adviser deducts its management fees annually. Fund Clients do not not select
the method by which the Adviser is entitled to receive its fees.

C.   Other Fees and Expenses

Non-discretionary SMA Clients also pay for the following expenses which include, but are not limited to,
airfare, hotel, lodging, meals, professional and other third-party consulting expenses, expenses related to
third party research, publications, data and data services, including real time pricing and market information
(such as Bloomberg and Reuters services) and historical pricing and other data, order management systems,

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portfolio management systems and risk management systems.

In addition to the above, Discretionary SMA Clients will also incur investment advisory, management or
administration fees as well as any performance-based or carried interest type fees at a fund level (including
if invested in any Fund managed by the Adviser, provided, that, any duplicative management fees or
performance-based compensation will be waived at one level such that the SMA Client does not incur those
fees twice on the same assets).

Funds pay for all of their own expenses as detailed in the offering and/or related documents of each such Fund
which include, but are not limited to, (i) all fees, costs and expenses, if any, incurred in evaluating,
negotiating, structuring, acquiring, appraising, selling, financing, refinancing or otherwise dealing with
investments pursued for such Fund (whether or not the Fund actually acquires such investments), including
fees for property level services, portfolio company level services, any travel costs, legal, due diligence,
investment banking, financing or underwriting costs, reporting, projections, valuation, tax and accounting
expenses and other fees and out-of-pocket costs related thereto; (ii) all fees, costs and expenses, if any,
incurred in relation to the acquisition, holding, developing, monitoring, management, appraising, financing,
refinancing, disposing of investments or otherwise dealing with investments, including any travel, legal,
audit, financing, appraisal, insurance consulting, brokerage, inspection, indemnification and accounting
expenses and other fees and out-of-pocket expenses related thereto; (iii) interest expenses, making
temporary investments, brokerage commissions and other investment costs incurred by or on behalf of
a Fund; (iv) indemnification expenses incurred or related to any investment of a Fund; and (v) any other
extraordinary administrative or operating fees or expenses. See also Item 12 – Brokerage Practices.

All asset-based fees chargeable by the Adviser with respect to any Client are generally taken in advance.
In the event of a withdrawal by an investor in a Fund other than as of the last day of a calendar quarter (or
year, as the case may be with respect to certain legacy Funds), a pro rata portion of the management fee,
based upon the actual number of days remaining in such quarter (or year, if applicable), will be repaid by
the Adviser to such Fund for the benefit of such withdrawing investor to the extent such management fee
was taken in advance. Any fees payable to the Adviser with respect to an SMA Client will be pro-rated for
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ITEM 7 – TYPES OF CLIENTS

As set forth above in Item 4 of this brochure, the types of Clients Third Lake provides services to include,
but are not limited to, family offices, high net worth individuals, trusts, private foundations, corporations,
insurance dedicated funds, private investment partnerships and entities. Currently, Third Lake’s
discretionary Clients are the Funds (which comprise both limited partnerships and limited liability
companies) and discretionary SMA Clients. All Clients (including investors in the Funds) are required to
be accredited investors and qualified purchasers.

There are currently no minimum amounts required to open a separately managed account agreement.

The Funds will require minimum initial capital commitments and/or capital contributions typically of at
least $1,000,000, which amounts can be waived or reduced in the discretion of the general partner and/or
manager (as the case may be) of each such Fund (generally such general partner or manager is an affiliate
of Third Lake but in certain instances is Third Lake directly).