Thrivent Investment Capital Advisors LLC

Item 5 - Fees and Compensation
The General Partners are entitled to receive performance fees, also known as carried interest, following
the return of capital contributions and the payment of the preferred return (also known as the hurdle
rate) to the limited partners and the payment of expenses. TICA is the managing member of each

General Partner, and Thrivent receives a percentage of each General Partner’s total performance fees
described below. In certain cases, current and former TICA and/or Thrivent employees who are involved
in the investment program of the Private Funds receive carried interest either indirectly (through an
aggregator fund that invests in the General Partner) or directly as a member of the General Partner.

The General Partners of the Private Funds that are funds-of-funds and real estate fund-of-funds are
entitled to a carried interest of either 1.25%, 2.25%, or 3.25% as specified in the relevant Private Funds’
limited partnership agreements and offering memoranda (as applicable). The General Partners of the
Private Funds that are equity co-investment funds are entitled to a carried interest of 4%, 5% or 10%,
as specified in the relevant Private Funds’ limited partnership agreements and/or offering memoranda
(as applicable). The General Partners of the Private Funds that are private equity funds comprised of a
mix of equity fund investments and equity co-investments are entitled to a carried interest of 3.25% as
specified in the relevant Private Funds’ limited partnership agreements and offering memoranda (as
applicable). The General Partners of certain of the Private Funds that are real estate funds comprised
of a mix of equity real estate fund investments and equity real estate co-investments are entitled to a
carried interest of 5% for equity real estate co-investments and 1.25% for equity real estate fund
investments. The General Partners of certain of the Private Funds that are real estate funds comprised
of a mix of equity real estate fund investments and equity real estate co-investments are entitled to
3.25% as specified in the relevant Private Funds’ limited partnership agreements and/or offering
memoranda. The carried interest that the General Partners receive, to the extent earned, is distributed
pursuant to the distribution provisions of the applicable limited partnership agreement (generally, at
least annually for dividend and income payments, and whenever a portfolio investment is sold, provided
there is a gain).

Neither TICA nor the General Partners typically receive a management fee from the Private Funds;
however, certain Private Funds may pay a management fee in accordance with their governing
documents. In some cases, a General Partner may waive all or a portion of the management fee and/or
carried interest otherwise payable, including up to the full amount. From time to time, the General
Partners may also enter into side letter agreements with one or more investors that provide for different
economic arrangements, including reduced or waived management fees or carried interest.

In addition to the carried interest discussed above, investors, through their interests in the Private
Funds, bear their proportional share of the relevant Private Fund’s costs, expenses, liabilities and
obligations relating to a Private Fund’s activities, investments and business (to the extent not borne or
reimbursed by a Portfolio Fund (as defined below) or potential Portfolio Fund), including, but not limited
to, all fees, costs, expenses, liabilities and obligations relating to or attributable to: (i) activities with
respect to the origination, identification and sourcing of investment opportunities for a Private Fund; (ii)
activities with respect to the pursuing, structuring, seeking, organizing, negotiating, acquiring,
consummating, evaluating, diligencing, financing, bidding on, refinancing, managing, owning,
monitoring, operating, holding, valuing, trading, dissolving, winding-up, liquidating, restructuring,
recapitalizing, taking public or private, selling or otherwise disposing of, as applicable, a Private Fund’s
Portfolio Fund and its actual and potential investments, and any costs related to transactions that may
have been offered to co-investors, whether or not any contemplated transaction or project is
consummated, whether or not such activities are successful and whether or not such activities were
undertaken prior to its initial closing date; (iii) indebtedness of, or guarantees made by, a Private Fund,
TICA, the General Partner or any affiliated partner on behalf of a Private Fund and/or involving any
Portfolio Fund; (iv) broker, dealer, finder, underwriting, loan administration, private placement, sales,
investment banker and similar services; (v) brokerage, sale, custodial, depository, local paying agent,
registered office and similar services, trustee, record keeping, account and similar services; (vi)
intellectual, legal, accounting, research, research reports, subscriptions to any periodicals, databases
and/or research services, research calls and meetings and research or industry conferences, auditing,
technology, administration, information, appraisal, advisory, valuation, consulting provided to or on
behalf of the Operations Group, or any of its members, or any consultants; (vii) reverse breakup,
termination and other similar arrangements, including a co-investor’s or potential co-investor’s share of
such costs; (viii) financing, commitment, origination and similar costs; (ix) insurance and the costs of

any consultants, data providers or other advisors utilized in the procurement, review, maintenance and
analysis of insurance policies; (x) printing, communications, mailing, courier, marketing, advertising and
publicity; (xi) the preparation, distribution or filing of Private Fund-related or investment-related financial
statements or other reports, tax returns, tax estimates, Schedule K-1s or similar forms or other
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Item 7 - Types of Clients
As stated earlier in Item 4, TICA provides investment advice to the Other Clients, and, through the
applicable General Partners, to the Private Funds. These Private Funds include equity co-investment
funds, funds-of-funds and real estate funds. The Private Funds and the Other Clients are exempt from
registration as investment companies under the Investment Company Act pursuant to Sections 3(c)(1)
and/or 3(c)(7) under the Investment Company Act. Certain Private Funds do not have a specified
minimum investment requirement for limited partners. Other Private Funds, such as certain of the real
estate funds and funds-of-funds, have a minimum capital commitment of either $50,000 or $100,000,
as specified in each offering memorandum. Each of the limited partners of the Private Funds are (i)
Thrivent, (ii) “accredited investors” as defined in the rules and regulations under the Securities Act and
“knowledgeable employees” as defined under Rule 3c-5 of the Investment Company Act, (iii) certain
former employees of TICA who are “accredited investors” under the Securities Act and “qualified
purchasers” under the Investment Company Act and (iv) third-party investors who are both “accredited
investors” and “qualified purchasers”. Each of the noteholders in the Other Clients is a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act and a “qualified purchaser” under
the Investment Company Act.