Closes Fee Reduction Effective Fee Rate First Close 10% 18% Second Close 5% 19% Final Close 0% 20% Fee reductions for those who cumulatively have $500K+ committed capital with AV and our funds. Our most loyal and long-term investors earn fee reductions on all investments after attaining eligible investment totals. Tier Lifetime Committed Capital Fee Reduction Effective Fee Rate Tier 1 $0 - $500K 0% 20% Tier 2 > $500K - $750K 1% 19.8% Tier 3 > $750K - $1M 2% 19.6% Tier 4 > $1M - $3M 3% 19.4% Tier 5 > $3M - $5M 4% 19.2% Tier 6 > $5M - $10M 5% 19.0% Tier 7 > $10M 7.5% 18.5% Fee reductions for those who invest earlier in the fundraise process. Investors joining the fund during the First or Second Close will be rewarded with a reduction of Management Fees as shown below.² We have built AV around serving the needs of our 10,000+ individual investors. Fee reductions are automatically reallocated towards additional investable capital for the relevant investments, and eligible investors can earn both types of rewards simultaneously on eligible investments. Timing Rewards 1. Each tier reward requires an investment above the threshold listed, e.g. $500,001 for Tier 2. AV may offer different fee reductions for funds offered through or in conjunction with financial partners with respect to certain bespoke funds for certain institutional investors or other specialized or new investment funds or offerings. All tier rewards remain subject to change at the discretion of AV without notice to investors. For more information, see here. 2. Eligible fund types include Alumni Funds, Focused Funds, Total Access Funds, and Community Funds. Ineligible fund types include Syndication Funds and Opportunity Funds. Timing rewards begin for eligible funds that have initial closes in December 2023 and onward. All Fee Reductions remain subject to change at the discretion of AV without notice to investors. For more information, see here. Committed Capital Rewards¹ Loyalty Rewards & Fee Reductions 20