Unless Management LP

Item 5. Fees and Compensation

Unless is compensated for advisory services provided to the Funds through management fees
and, with respect to certain Funds, performance-based compensation. The specific fee terms
applicable to each Fund are described in the applicable Offering Documents.

       Management Fee

The Access Fund pays a management fee at an annual rate of 0.50% of net asset value. The
fee is calculated and payable quarterly in advance based on the Fund’s net asset value at the
beginning of each calendar quarter.

The Ventures Fund pays a management fee at an annual rate of 1.5% of total assets, calculated
from inception and payable quarterly.

LGH Holdings pays a management fee at an annual rate of 1.5% of contributed capital that is
deferred and payable at liquidation.

Management fees may be waived, reduced, or otherwise modified for certain Limited Partners
pursuant to side letters or other permitted arrangements. As a result, Limited Partners within the
same Fund may pay different management fees.

Management fees are charged at the Fund level, and Limited Partners do not receive separate
invoices. Management fees are generally payable quarterly in advance, except as described
above with respect to LGH Holdings. To the extent a Fund permits withdrawals, redemptions, or
early termination, any prepaid management fee will be prorated through the effective date of
termination or withdrawal in accordance with the applicable Fund’s governing terms, and any
excess amount will be credited or refunded as provided therein.

       Performance-Based Compensation

The Ventures Fund provides for carried interest equal to 20% of net profits. LGH Holdings
provides for carried interest equal to 10% of net profits. The Access Fund provides for an
incentive allocation equal to 10% of net profits, subject to a high-water mark and other
performance measurement provisions.

Such performance-based compensation is generally calculated after the return of contributed
capital and, where applicable, other threshold requirements. Performance-based compensation
creates an incentive to make investments that are riskier or more speculative, or to affect the
timing of investment realizations, than would be the case if compensation were based solely on
assets under management. Unless has adopted policies and procedures designed to address
these potential conflicts of interest.

       Expenses

In addition to management fees and performance-based compensation, each Fund bears its
own organizational and operating expenses. These expenses may include legal, accounting,
auditing, tax preparation, compliance, administrative and custody costs; insurance premiums;
regulatory filing fees; costs associated with investor reporting and communications; due
diligence expenses; travel and related investment expenses; borrowing costs and interest;
research and market data expenses; brokerage commissions, dealer spreads, mark-ups and
mark-downs; and extraordinary expenses incurred in connection with the Fund’s activities.
Limited Partners indirectly bear these expenses through their investment in the applicable Fund.

The Funds will incur brokerage commissions and other transaction-related costs in connection
with the purchase and sale of securities and other Investments. Additional information regarding
brokerage practices is provided in Item 12.

Unless and its supervised persons do not receive commissions, asset-based sales charges,
service fees, or other compensation in connection with the sale of securities or other investment
products to the Funds. Unless does not receive compensation from broker-dealers, custodians,
mutual funds, or other third parties based on the Funds’ investment selections. Limited Partners
are not required to purchase securities or investment products through any broker, dealer, or
agent affiliated with Unless.

Item 7. Types of Clients

The Firm provides investment advisory services to the Funds. Limited Partners are typically
institutional investors, family offices, and high net worth individuals.

The minimum capital commitment required to invest in a Fund is described in the applicable
Fund’s Offering Documents; however, the Firm has discretion to accept commitments below the
stated minimum. In addition, the Funds may enter into side letters or similar agreements (“Side

Letters”) with certain Limited Partners that modify or supplement the terms of the Offering
Documents as they apply to those Limited Partners. Side Letters may grant certain Limited
Partners rights or benefits not made available to other Limited Partners in the same Fund,
including but not limited to reduced management fees or carried interest, co-investment
opportunities, enhanced information or reporting rights, and transfer rights.

Limited Partners who do not receive such Side Letters will not have any recourse against the
Funds, the Firm, or any of the Firm’s affiliates for terms or benefits granted to other investors
under such arrangements.

Each Limited Partner will be required to make certain representations in connection with its
investment in a Fund. These representations may include but are not limited to: that the Limited
Partner is acquiring an interest for its own account; that it has received or had access to all
information it considers necessary to evaluate the merits and risks of the investment; and that it
is financially able to bear the economic risk of an investment in the applicable Fund. Each Limited
Partner is provided with a copy of the Fund’s Offering Documents, including the applicable
limited partnership agreement and subscription materials.