Z2 Investment Management LP

Item 5:       Fees & Compensation
The following is a general description of the fees, compensation, and other expenses of the Funds. Each
Fund’s Governing Documents will generally describe fees, compensation and expenses in greater detail.
Investors should refer to such Governing Documents of the applicable Fund for a complete understanding of
how Z2 is compensated for its advisory services.

With respect to each Fund, the respective General Partner, in its sole discretion, is permitted to enter into
side letters and other agreements granting more favorable rights or terms to specific investors. These rights
or terms may include among other items: special rights with respect to future investment capacity, rights to
receive additional, more frequent or specialized reports, and rights to reduced or waived performance fees,
breakpoints, limits, co-investments and/or management fees.

Management Fee Payable to Z2

The Funds generally compensate Z2 for its advisory services through the payment of a management fee (the
“Management Fee”) as detailed in each Fund’s Governing Documents. The Management Fee for Z2
Opportunities Fund I, LP is equal to 2.0% per annum of the Fund’s invested assets (or other relevant
percentage as set forth in the applicable Governing Documents); other Funds may bear a larger or smaller
Management Fee. The Management Fee is payable in quarterly installments in arrears throughout the term
of each Fund. The Management Fee is waivable by the applicable General Partner in its sole discretion, in
respect to any investor.

Certain Funds and/or direct or indirect investors in such Funds may bear higher or lower or no Management
Fee from time to time. Investors should refer to the Governing Documents of the applicable Fund for a
complete understanding of how Z2 is compensated for its advisory services; the information contained herein
is a summary only and is qualified in its entirety to those documents.

Carried Interest

As more fully described in the applicable Governing Documents, a Fund’s General Partner will generally
receive a carried interest (the “Carried Interest”) with respect to such Fund generally, while subject to change,
equal to 20% of realized profits in excess of a set compound preferred return. The Carried Interest distributed
to the General Partner would usually be subject to a potential clawback at the end of a Fund’s life if such
General Partner has received excess cumulative distributions, and at certain interim intervals as provided in
the Governing Documents. Each Fund’s Carried Interest arrangement differs and is further described in full
detail in the relevant Fund’s Governing Documents.

Certain Funds and/or direct or indirect investors in such Funds can incur higher or lower or no Carried Interest
from time to time. Firm personnel, as well as partners, members, employees, officers, directors, business
associates and their respective affiliates of Z2 (and its affiliates) may invest in the Funds indirectly through
the Funds’ General Partners (or other affiliates), and in certain cases may not pay Carried Interest with respect
to their indirect investments in the Funds.

Expenses

Z2 and/or the relevant General Partner will generally, in accordance with and subject to each Fund’s

Governing Documents, bear all ordinary administrative and overhead expenses incurred in connection with
maintaining and operating its offices, including compensation for employee salaries, rent and equipment
expenses and utilities.

The Funds will generally, in accordance with and subject to a Fund’s Governing Documents, bear all costs and
expenses incurred in purchases, sales or exchanges made in connection with the Funds’ investment activities.

In good faith and in its fair and reasonable discretion, Z2 determines on a case-by-case basis whether an
expense should be borne by the Firm, a Fund, multiple Funds or a portfolio company, if applicable and in
accordance with the Governing Documents. To the extent that the Governing Documents do not expressly
provide for a method of allocation or to the extent that an invoice does not relate to a specific Fund, Z2 will
typically allocate common expenses among multiple Funds on a pro rata basis and in accordance with its
policies and procedures on expense allocation, unless another method is more equitable in Z2’s discretion.

Item 7:       Types of Clients
Z2 provides investment advisory services to pooled or other investment vehicles. Z2 may also provide
investment or other advisory services to persons, entities or to pooled investment vehicles on a managed
account basis and in such cases, the “Funds” will include such managed accounts to the extent applicable.
The Funds are offered privately to a limited number of qualified investors, which may include institutional
investors and individuals qualified to invest in the Fund (depending on the applicable exemptions under the
federal securities and other applicable laws). Each Fund’s minimum capital and investor qualification
requirements are set forth in the Fund’s Governing Documents and each investor is furnished with a copy of
the partnership agreement (or equivalent - e.g., operating agreement) and other Governing Documents
which detail the terms, conditions and risks regarding the investment.

Z2’s Clients may include investment vehicles designed to aggregate third-party investments, alongside a
Fund, directly into a single portfolio asset. The General Partner may offer co-investment opportunities in its
sole discretion, to one or more (but not necessarily all or even any) Fund investors, affiliates of Z2, and/or
third parties if it determines that (i) an investment requires additional capital, (ii) all or a portion of the

applicable opportunity is not required to be offered to a Fund, (iii) the full investment opportunity is not
appropriate for a Fund, whether due to concentration restrictions contained in a Fund’s Governing
Documents or otherwise or (iv) Z2 believes a Fund will benefit from the participation of the co-investor(s).
Please refer to the “Co-Investments” description in Item 8.

In determining whether to offer any portion of an investment opportunity as a co-investment, Z2 will take
into account its fiduciary duties of loyalty and care to its Funds and Fund investors. Furthermore, co-
investment opportunities are made available to select Fund investors and third parties, including, without
limitation, management or founders of the applicable portfolio company, cosponsors, strategic investors,
lenders, investment bankers, deal sources (including finders and consultants), other sponsors (including other
private equity or venture capital Firms), sector experts, strategic advisors, other persons or entities affiliated,
associated or otherwise known to Z2 or its personnel. Also, certain service providers, including lenders and
individuals who source transactions, may in the future negotiate co-investment rights or co-investment
priority rights as a component of their compensation in connection with the services provided.