Variant Equity Advisors LLC

Item 5. Fees and Compensation

Management Fees

Variant is able to receive a management fee (“Management Fee”) for providing investment advisory
and administrative services to its Funds.

The Management Fee is typically a specific percentage of each Investor’s aggregate capital
commitment or invested capital in the applicable Fund, but is sometimes a flat fee. The percentages

of the Management Fee may vary for each Fund and are set forth in the applicable Fund’s Governing
Documents.

Variant may, in its discretion, elect to waive or defer all or any part of the Management Fee with
respect to any Fund, including its Investors. Generally, the Management Fee will be payable
quarterly in advance from disposition proceeds, operating income and capital contributions from
Investors, as well as Fund-level reserves, as set forth in the applicable Governing Documents.
Management Fees payable with respect to the first and last fiscal quarter of a Fund will be prorated
based on the number of days in the applicable quarterly period. Any excess Management Fees paid
in respect of the last quarterly period would be refunded to the Fund’s limited partners (or similar
equity owners).

Carried Interest

Typically, the general partner (“General Partner”) or special limited partner (“SLP”) of a Fund is
entitled to receive a share of the profits (“Carried Interest”) generated by the respective Fund,
subject to certain terms and conditions as more fully described in such Fund’s Governing
Documents. Further, the precise amount of, and the manner and calculation of, the Carried Interest
for each Fund is disclosed in the Governing Documents of each respective Fund. The General
Partner or SLP of the Fund may waive or reduce the amount of Carried Interest borne by any Fund,
including its Investors.

Fee Income and Management Fee Offset

The Firm, the General Partner of the applicable Fund, and their respective members and affiliates
may, from time to time, receive transaction fees, advisory fees, break-up fees and other similar fees
(collectively, “Transaction Fees”), as well as monitoring fees, director fees and other similar fees
(collectively, “Monitoring Fees”), from the Funds’ portfolio companies (each, a “Portfolio
Company,” and collectively, the “Portfolio Companies”) and prospective investments. Depending
on the terms of the relevant Fund’s Governing Documents, a percentage of the Fund’s allocable
share of Transaction Fees and Monitoring Fees may offset the Management Fee payable to Variant.
A Fund’s allocable share of Transaction Fees and Monitoring Fees is typically based upon such
Fund’s respective ownership (or proposed ownership) of each actual or proposed Portfolio
Company relative to the actual (or proposed) ownership of such Portfolio Company by such Fund
and all other persons investing in such Portfolio Company at substantially the same time as part of
the same transaction or series of related transactions.

The General Partner and the Firm have discretion over whether to charge Transaction Fees,
Monitoring Fees or other similar fees or to require other compensation from a Portfolio Company,
as well as the rate, timing and/or amount of such compensation. Such compensation may give rise
to conflicts of interest between one or more Funds, on the one hand, and the Firm and/or its affiliates
on the other hand. Any such conflicts of interest are addressed in the applicable Fund’s Governing
Documents.

As part of the management of the Portfolio Companies held by the Funds, Variant may appoint, and
Portfolio Companies may engage, executives with expertise in certain areas (“Operating Partners”)
as directors, consultants or for other assignments. Operating Partners are independent contractors

of the Portfolio Companies but may also be employees or affiliates of the Firm. In such
circumstances, any fees and expense reimbursements paid by the Portfolio Company to the
Operating Partner may not reduce (or “offset”) the Management Fee payable to Variant by such
Fund as set forth in the applicable Fund’s Governing Documents.

Other Fees and Expenses

The Funds shall bear certain organizational and syndication costs, fees, and expenses incurred by
or on behalf of the respective Fund by the General Partner and/or the Firm in connection with the
formation and organization of the Fund and its General Partner (“Organizational Expenses”) and
the offering of the interests in the Fund as set forth in its Governing Documents. Organizational
Expenses incurred in respect of a Fund in excess of an established expense cap will typically reduce
the Management Fee otherwise payable by such Fund as set forth in the applicable Fund’s
Governing Documents.

The Funds shall also bear certain costs, fees and expenses related to operation of the Funds, their
respective businesses and investments or prospective investments (whether or not consummated) as
set forth in each applicable Fund’s Governing Documents. With respect to each applicable Fund,
such costs and expenses may include without limitation, legal, auditing, consulting, financing,
administration, accounting and custodian fees and expenses; expenses associated with the
preparation of financial statements and tax returns; the Management Fees; reimbursable costs and
expenses of Variant or its affiliates; indebtedness; all costs and expenses related to indemnification
obligations; expenses incurred in connection with (potential) transactions not consummated;
expenses related to the members of the advisory committee; the costs and expenses associated with
any litigation; director and officer liability or other insurance; all expenses incurred in liquidating
such Fund; any taxes, fees or other governmental charges and all expenses incurred in connection
with any tax return, audit, investigation, settlement or review; other expenses associated with the
acquisition, holding and disposition of investments; and all other liabilities of such Fund of
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Item 7. Types of Clients

Variant’s only clients are the Funds. The Funds are typically Delaware limited partnerships that are
exempt from registration as an investment company under the Investment Company Act, and whose
interests are not registered under the Securities Act. The minimum investment required for each
Fund is outlined in each Fund’s Governing Documents.