Vintage Ventures Advisors Ltd

Item 5: Fees and Compensation

As compensation for its investment management services, the Firm receives “Management
Fees” and an affiliated entity of the Firm receives “Incentive Distributions” (as defined below).
Investors should refer to each Fund’s LPA for additional information regarding the fees paid
by the Funds.

Management Fees

In accordance with each Fund’s LPA, the Firm generally receive a management fee (the
“Management Fee”) which varies by Fund, but is generally calculated as a percentage of
investor capital committed to each Fund during the investment period and adjusted to the
cost of the remaining portfolio thereafter. This percentage and the method of calculating
capital commitments over the life of each fund may vary, as described in each fund’s LPA.
Management Fees generally initially range between 0.25% and 2% of committed capital.

Management Fees are generally paid on a quarterly basis at the beginning of each quarter.

Vintage Investment Partners                                                    Form ADV Part 2A

Incentive Distributions

Certain Vintage affiliates serve as the general partners to the Funds (the “General
Partners”) and receives incentive distributions from the Funds (the “Incentive
Distributions”) based on the net cash proceeds distributed to investors by the Funds. The
calculation of the Incentive Distributions to the General Partners is described in each Fund’s
LPA. Incentive Distributions generally range between 10% and 20% of capital distributed after
certain threshold returns to investors (the “Limited Partners”) and General Partners are
met.

Incentive Distributions are paid out from the net cash proceeds generated from dividends,
interest and dispositions of portfolio investments of the Funds.

At our discretion, we have in the past and could in the future allow certain Limited Partners
to participate in a portion of our Management Fees and Incentive Distributions.

Expenses

The Funds generally bear all legal and other expenses incurred in the formation of the Fund
and the offering of interests (the “Organizational Expenses”) up to an amount not
exceeding the threshold established in each Fund’s LPA.

The Funds generally pay all costs, expenses and liabilities in connection with their operations
(the “Operational Expenses”), including, but not limited to, reporting and administration
expenses (including software), fees, costs and expenses related to the purchase, holding and
sale of portfolio investments; brokerage fees, taxes, fees and expenses of accountants, counsel
and regulatory advisors; costs of cybersecurity consultants or audits, costs and expenses of
any investment advisory committee, any strategic advisory board, annual meetings, litigation
expenses, indemnification, insurance and other extraordinary expenses. In addition, the Funds
generally bear all third-party expenses incurred in connection with transactions not
consummated.

The Firm generally pays all normal operating expenses incidental to the provision of the day-
to-day administrative services to the Fund, including its overhead (the “Management
Expenses”). To the extent the Funds invest in other funds, the Funds will also bear the
expenses of the underlying funds, which may be significant.

Item 7: Types of Clients

Vintage’s clients are the Funds it advises. Investors in the Funds consist primarily of institutional
investors, including endowments and pension funds, financial institutions, other investment

Vintage Investment Partners                                                 Form ADV Part 2A

funds, and high net worth investors. We require prospective Fund investors to make
representations concerning their financial sophistication and ability to bear the risk of loss of
their entire investment.

The minimum investment required in a Fund is $1,000,000; however lesser amounts are
accepted at the General Partners’ discretion.