TSP Advisors LLC

Item 5: Fees & Compensation

As compensation for investment supervisory services rendered to the Funds, TSP Advisors and its
affiliates receive an asset-based management fee (“Management Fee”) and a share of a Fund’s
distributions (a performance fee, or “carried interest”) to its investors (“Limited Partners”). The
fees and expenses associated with investments in each Fund are described in detail in the Fund’s
respective Governing Documents. It is critical that all Fund investors refer to the applicable Fund’s
Governing Documents for a complete understanding of how the Adviser and its affiliates are
compensated for advisory services.

TSP Advisors may, in its sole discretion, charge higher or lower fees, different fee structures and
different expense payment arrangements across Funds.

Management and Performance Fees.
Management Fee. The Adviser is generally entitled to compensation that is equal to a budgeted
amount of net operating expenses for each calendar year that is mutually agreed upon by each
Fund’s General Partner and each Fund’s advisory committee (as detailed in the respective Fund’s
Governing Documents). The Management Fee is paid in quarterly installments in advance,
provided, however, that the General Partner of a Fund may defer payment of such installments,
without interest, as necessary to coincide with the timing of capital contributions pursuant to
capital call notices. Management Fee installments for any period other than a full quarterly period
shall be adjusted on a pro rata basis according to the actual number of days elapsed. Additionally,
the Management Fee may be subject to certain offsets (as detailed in the respective Fund’s
Governing Documents).

Carried Interest. While certain factors that influence the amount the General Partner is entitled to
receive vary in material ways from Fund to Fund, the General Partner is generally entitled to
receive a portion of the proceeds from the disposition of a Fund’s investments, together with any
dividends, distributions or interest earned on such investments. In a typical Fund, the proceeds
from the disposition of a portfolio investment are distributed as follows:

   (i)     First, to the Limited Partners until they have received cumulative distributions of
           distributable proceeds equal to the sum of (i) the amount of capital contributions of
           such Limited Partners which were used to acquire all realized portfolio investments;
           plus (ii) the amount of capital contributions that has been applied with respect to the
           payment of organizational expenses, management fees and other partnership expenses
           paid or payable by the Fund;
   (ii)    Second, to the Limited Partners in an amount equal to the unpaid preferred return of
           such Limited Partners, if any, calculated through the date of distribution;
   (iii)   Third, to the General Partner until the General Partner has been distributed an amount
           equity to 20% of the aggregate distributions made to the Limited Partners pursuant to
           paragraph (ii) above and to the General Partner pursuant to this paragraph (iii);
   (iv)    (iv) Thereafter, (x) 20% to the General Partner (as Carried Interest) and (y) 80% to the
           Limited Partners.

Management Fees and Carried Interest are deducted directly from Fund assets and paid to the
Adviser or its affiliates in the same manner and frequency specified above.

Other Compensation.
In some instances, the Adviser may receive compensation for having employees serve on the board
of directors of portfolio companies. Such compensation is paid directly by the requisite portfolio
company and reduces the total expenses used to calculate the Management Fee paid by the Funds.

Additionally, there are instances where a related party or employee of the Adviser will provide
technology or management consulting services to portfolio companies of the Funds managed by
the Adviser. Fees for such services are paid by the portfolio companies directly to the Adviser and
are not shared with the Funds.

Expenses.
The Funds will be responsible for all other expenses of the Funds and reimburse the General
Partner, the Adviser, and their Affiliates including, but not limited to, expenses incident to the
organization of a Fund and for all Fund expenses incurred by them in connection with the operation
of the Funds (collectively, “Fund Expenses”).

Neither TSP Advisors nor any of our officers or employees accepts any compensation for the sale
of securities or other investment products. More information about a Fund’s fees and expenses are
found in the Funds’ Governing Documents.

Item 7: Types of Clients

TSP Advisors and its affiliates provide investment advisory services to private funds. Applicable
minimum capital commitments for a 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 the Funds are offered only to persons that are (i) “accredited investors,” as defined in Regulation
D under the Securities Act or (ii) either “qualified purchasers” or “knowledgeable employees,”
each as defined in the Investment Company Act of 1940, as amended, and the rules thereunder.