White Wolf Capital Advisors LLC

Item 5 Fees and Compensation
Management Fee

White Wolf charges Management Fees to evergreen Funds in accordance with the terms disclosed
in the Governing Documents, and these fees are typically between 0.6% and 2%, per annum, of
Investors’ capital balances (based on total asset value) for Funds focused on Private Funds, Private
Equity and Private Credit strategies, respectively. These fees are generally paid monthly in
advance. White Wolf or a White Wolf-affiliated entity receive the management fee.

SPVs managed by White Wolf, that include certain legacy, institutional, and/or single-platform
Funds, are typically not subject to Fund-level Management Fees.

Administration Fee

White Wolf charges certain SPVs an Administration Fee in connection with services relating to
providing fund accounting, investor reporting, data processing, and other fund-related
administrative tasks. This fee typically ranges from $5,000 to $10,000 per quarter.

Portfolio Company Fees

White Wolf provides several other services to portfolio companies owned by the Funds (“Portfolio
Companies”) and in connection with those services, it charges fees respectively.

A Portfolio Company Management Fee, charged for management services that include creating
and implementing financial plans and monthly financial reporting; sourcing, evaluating and
management of target acquisitions, and several other services, is paid by the Portfolio Companies
but is subject to Fund-level Management Fee offsets for Funds that have such fee. The Portfolio
Company Management Fee could be fixed or variable, often subject to a formula that takes into
consideration Portfolio Companies’ annual earnings before interest, taxes, depreciation and
amortization. In limited circumstances, Management Fees for similar services could be charged to
unaffiliated Portfolio Company sponsors, instead of Portfolio Companies directly.

Other services provided to Portfolio Companies include debt advisory (in connection with White
Wolf’s efforts to source, facilitate and secure successful financing of Portfolio Company
acquisitions), serving on company boards, and may include other services in the future, all of which
result in fees charged by White Wolf, Employees, or affiliates and are separate from Management
Fees, not subject to any offsets.

WWC Operations LLC, a White Wolf affiliate, charges a separate Consulting Fee in connection
with other services not covered under the scope of Portfolio Company management, or other,
services described above and include on-demand finance, accounting, information technology, and
other consulting services. The Consulting Fee is normally charged at hourly rates for time dedicated
to specific projects. In addition to the Consulting Fee, Portfolio Companies are generally billed for
travel and other out of pocket expenses in connection with providing consulting services.

White Wolf’s ability to select service providers, particularly those in connection with the Consulting
Fee and the Fund-level Administration Fee, creates a conflict of interest because it incentives White
Wolf to engage affiliates over unaffiliated third parties for the performance of such services.
Notwithstanding, White Wolf believes this is for the benefit of the Funds and Investors considering
fees for these services generally available in arm’s length transactions from experienced and
unaffiliated parties could be significantly higher, therefore ultimately resulting in cost savings for
the Funds and/or Portfolio Companies.

Performance Fee or Carried Interest

The General Partners are entitled to collect performance-based fees or carried interest to certain
Funds and, ultimately, their Investors. Performance-based, or carried interest, fees are based on a
share of capital gains or capital appreciation of a Fund, can range from 10% to 30%, but are
typically 20% and normally subject to hurdles, waterfall and high watermark calculations, and are
described in more detail in the Governing Documents. See Item 6. Performance-Based Fees and
Side-By-Side Management herein for additional information.

White Wolf has exempted, and can in the future exempt, certain Investors from payment of any or
all or a portion of fees, including Management Fees and/or Carried Interest. These Investors are
typically Employees and/or other affiliates of White Wolf.

The General Partner, or Fund, at its discretion may enter into letter agreements or similar
agreements ("Side Letters") with a member or limited partner of the Fund that provide the member
or limited partner with certain rights that are not available to other members or limited partners

or otherwise benefiting such member over the other members or limited partners.

Fund Expenses

In addition to Management, Performance and other fees previously described, Funds bear certain
expenses, including to expenses related to: (a) the organization and offering expenses of the
Funds; (b) all costs and expenses incurred in calculating NAV and Assets Under Management
(including the cost and expenses of any independent valuation firm); (c) fees and expenses
incurred by White Wolf payable to third parties, including agents, consultants or other advisors, in
monitoring financial and legal affairs for the Funds and in conducting research and due diligence
on prospective investments and equity sponsors, analyzing investment opportunities, structuring
the Funds’ investments and monitoring investments and Portfolio Companies on an ongoing basis
(including travel and meal expenses as further described in the Governing Documents); (d) any
and all fees, costs and expenses incurred in connection with the incurrence of any leverage and
indebtedness of the Funds, including borrowings, dollar rolls, reverse purchase agreements, credit
facilities, securitizations, margin financing and derivatives and swaps, and including any principal
or interest on any such borrowings and indebtedness (including, without limitation, any fees, costs,
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Item 7 Types of Clients
We offer investment advisory services to the Funds, and not individually to Investors. Investors
may include, but are not limited to, high-net worth individuals, family offices, pension funds,
advisors, consultants and other institutions.

White Wolf typically requires that each Investor is an “Accredited Investor” as defined in Regulation
D under the Securities Act, and either a “Qualified Purchaser” or a “Knowledgeable Employee”
within the meaning of the Investment Company Act.

Unaffiliated Investors are subject to a minimum capital commitment or initial investment of
$100,000 for certain Funds. The minimum investment may be modified by General Partners at their
sole discretion. Complete details concerning applicable Investor eligibility criteria are set forth in
Funds’ governing documents.