V3Limited LLC

Item 5.        Fees and Compensation
Advisory Fees and Compensation

Asset Based Compensation

Sub-Advisory Clients

Fees charged to Sub-Advisory Clients are calculated on a fixed fee basis or as a percentage
of assets under management. Contract terms are negotiated separately with each Sub-
Advisory Client in a form of investment advisory/management or services agreement. Fees
are payable in arrears or advance, typically quarterly or monthly. Fees are billed directly
to the Sub-Advisory Clients. Fees paid but not earned by the Adviser are returnable to the
client per the terms of the particular agreement. Clients of V3’s Sub-Advisory Clients may
enter into a performance-based fee agreement directly with V3, as explained below in Item
6.

Managed Accounts Clients

Fees charged to clients that are Managed Account Clients are calculated on a fixed fee
basis or as a percentage of assets under management. Contract terms are negotiated
separately with each such client, pursuant to an investment advisory agreement. Fees are
payable in arrears or advance, typically quarterly or monthly. Fees are billed directly to
the respective client. In addition to the fixed fees or asset-based fees, the Managed Account
clients may be charged performance fees, as explained below in Item 6. In general, where
an investment advisory agreement is in place for less than a full calendar quarter or month,
as applicable, advisory fees are pro-rated.

Special Project or Consulting Based Compensation

V3 may enter into a form of consulting services agreement with private investments and/or
operating companies held as investments by clients of Sub-Advisory Clients or Managed
Account Clients. V3 may also be engaged by third parties directly to perform consulting
services related to their direct private investments that may or may not be investments held
by Sub-Advisory or Managed Account Clients. Consulting fees are typically based on a
fixed fee basis, or the time spent and billing rate for a particular engagement or a percentage
of the applicable assets when investment reporting services are provided and may include
a performance-based fee, as explained below in Item 6.

Other Fees and Expenses

Some or all of the advisory fees charged by V3 to its Sub-Advisory Clients may ultimately
be charged by such Sub-Advisory Clients to their own clients. In addition to such fees, the
clients of V3’s Sub-Advisory Clients may incur additional investment and administrative
related expenses including, but not limited to, advisory fees charged by the V3 Sub-
Advisory Client for its investment advice, their pro-rata share of management and/or

                                                                          V3Limited LLC
                                                                Form ADV Part 2A Brochure

general partner fees charged by the general partner of pooled investment vehicles,
custodian charges, brokerage fees, commissions and other related reporting and
administrative costs.

In addition to the advisory fees charged by V3 to its Managed Account Clients, Managed
Account Clients may incur additional investment and administrative expenses including,
but not limited to, their pro-rata share of management and/or general partner fees charged
within a pooled investment vehicle in which Managed Accounts Clients invest, custodian
charges, brokerage fees, commissions and other related reporting and administrative costs.

Depending on each client’s objectives, risk tolerance and/or restrictions, V3 may
recommend other investment advisers to assist Managed Account Clients determine
appropriate asset allocation, investment strategies and portfolio construction. Managed
Account Clients enter into separate agreements with such investment advisers in addition
to their advisory agreement with V3. In addition to the advisory fees charged by V3 to its
Managed Account Clients, Managed Account Clients that enter into separate agreements
with other investment advisers are charged investment advisory fees or investment
management fees by such other investment advisers for their investment advice. Managed
Account Clients may incur additional third-party investment and administrative related
expenses including, but not limited to, fees charged by separate account managers for their
investment management services, their pro-rata share of management fees charged by
funds and pooled investment vehicles, custodian charges, brokerage fees, commissions and
other related reporting costs.

Item 7.        Types of Clients
V3’s clients are its Sub-Advisory Clients and the Managed Account Clients. V3’s clients
are not the clients serviced by the Sub-Advisory Clients except in the event that there is a

                                                                           V3Limited LLC
                                                                 Form ADV Part 2A Brochure

separate agreement signed between V3 and the clients of the Sub-Advisory Clients that
provides, among others, the payment of a Performance Fee as explained in Item 6.

Sub-Advisory Clients

As outlined in Item 4, V3 provides investment advisers and family offices advisory services
on a non-discretionary basis.

Managed Account Clients

As outlined in Item 4, V3 provides advisory services to Managed Accounts Clients that
would, at minimum, be Qualified Clients, as defined in the Advisers Act. In that respect,
Managed Account Clients may include high net-worth individuals, single family offices,
pension plans, trusts, estates, charitable organizations, foundations, and business entities.

Consulting Clients

V3 may enter into a form of consulting services agreement with private investment funds
and/or operating companies held as investments by a Client or may be engaged by third
parties directly to perform consulting services related to their fund and direct private
investments. The scope of these consulting services may involve direct investment
program design, due diligence, risk monitoring, investment reporting or value creation
services including operating company level restructurings, operational transitions, serving
as interim management of underlying operating companies, limited partner advisory
committee and/or board members or observers of private investments.