Zephyr Management, L.P.

Zephyr provides investment advisory services to Funds pursuant to relevant Governing Documents. The PE Funds normally pay a management fee equal to a percentage of a Fund’s capital commitments during a Fund’s investment period, and thereafter equal to a percentage of capital invested. The PE Funds also pay a performance allocation equal to a percentage of a PE Fund’s profits after a preferred return to the Investors (“Carried Interest”). Each ZW Fund will pay to Zephyr monthly in arrears as of the first business day of each calendar month, a fixed management fee equal to 1/12th of the annual rate of 0.75% or 0.90% of the respective ZW Fund’s net asset value, as of the last day of the preceding calendar month. In connection with Zephyr Wealth’s ZW SMA services, Zephyr Wealth clients pay an ongoing asset-based fee for services, which is calculated based upon the market value of the assets in the client’s account on the last day of the previous month . ZW SMA services may also have account/investment minimums .