A16Z Perennial Management LP

Item 5.         Fees and Compensation

A.        Advisory Fees and Compensation

Detailed information with respect to how the Adviser is compensated for the advisory services is
contained in the governing documents for the Funds (which may include, but are not limited to,
the limited partnership agreement, subscription agreement and private placement memorandum,
collectively “Fund Governing Documents”) and the Investment Management Agreements in the
context of Managed Account Clients (collectively with the Fund Governing Documents, the
“Governing Documents”).

Managed Account Client Fees

In exchange for its investment management services, a16z Perennial charges Managed Account
Clients fees at the investment level. As a result, the fee will vary based on (i) investment approach
(i.e., the Funds, third-party managed accounts and other investments) and (ii) the allocation of a
Managed Account Client’s assets, as determined by the Adviser. Investment level fees will
generally include a tiered fee, generally equal to an annual percentage of assets under management
(“Advisory Fee”) ranging from 0% to 0.5% depending on the strategy, third-party manager and
other variables, and fees and other expenses as detailed in each Fund’s Governing Documents,
when assets are allocated to Funds.

a16z Perennial charges Advisory Fees to Managed Account Clients at rates consistent with the
amount of effort required to build customized portfolios. a16z Perennial may charge a lower
Advisory Fee to Managed Account Clients with higher amounts of assets under management (or
lower portfolio complexity) or a higher Advisory Fee if additional services are, or are expected to
be, provided. Managed Account Clients in certain circumstances can receive a reduction or waiver
of Advisory Fees and other fees otherwise payable by such clients. Advisory Fees charged by a16z
Perennial are detailed in the relevant Investment Management Agreement with each Managed

Account Client and will generally be deducted directly from accounts in arrears on a quarterly
basis.

Managed Fund Fees

In general, a16z Perennial receives investment management fees (“Investment Management Fees”)
and performance fees from the Funds (and therefore each of the Limited Partners in the Funds),
generally based on a percentage of the value of the securities owned by each Fund as further
described in the Fund Governing Documents. In the case of the DI Fund, in lieu of carried interest
or other performance-based compensation, a16z Perennial receives compensation which, at a
Limited Partner’s election, may take the form of either a traditional Investment Management Fee
or a priority profit allocation (i.e., a preferential allocation of available fund profits (without capital
account credit to a16z Perennial)). Where a Fund invests in an Affiliate Fund, the Fund will not be
subject to an Investment Management Fee or a performance fee on the net asset value of such
investments, as the Fund will generally be subject to the fees of the Affiliate Fund. Where Funds
or other Clients invest in Managing Entities (as defined and further described below), the Adviser
may, and in the case of Master Fund B (as defined below) does, receive an Investment Management
Fee and/or performance-based compensation with respect to such investments. The Governing
Documents of certain Funds allow a16z Perennial to accept alternative Investment Management
Fee arrangements on a case by case basis with particular Limited Partners and affiliates of the
applicable general partner. The Funds will also allow personnel of the Adviser and/or its affiliates
to invest in the Funds on a fee free basis. The Governing Documents for certain Funds provide for
temporary waivers of Investment Management Fees for early investors while the Governing
Documents for certain other Funds provide for different Investment Management Fee rates for
different classes of interests.

The accrual and billing of Investment Management Fees varies between the Funds. The Investment
Management Fee for the DI Fund accrues monthly and is generally payable at the end of each
fiscal year (but may be payable monthly for investors electing to pay a traditional management
fee). The Investment Management Fee for the VC Fund is payable quarterly in advance. The
Investment Management Fee for the RA Fund is generally payable at the end of each fiscal year.
The precise amount and the manner of calculation is established in each Fund’s Governing
Agreement. With respect to Funds with prepaid Investment Management Fees, upon redemption
or liquidation (as applicable), an investor’s prepaid Investment Management Fee will be returned
on a prorated basis. For information about the Funds’ performance fees, see Item 6 below.

B.      Other Client Fees and Expenses

Managed Account Clients pay fees and expenses, directly or indirectly, in addition to the Advisory
Fee described above. These other fees and expenses can include, among others, expenses incident
to the organization of the Managed Account Client’s account, custodial fees, brokerage fees,
transaction fees, mutual fund expenses, fees for third-party managers and other expenses incurred
by the Adviser in connection with the operation of the Managed Account Client’s portfolio. Such
expenses are more fully described in the applicable Investment Management Agreement. The
Adviser also may charge fees for services that are not advisory in nature, such as charitable giving
planning donor advised fund administration services or investment administration services, that
the Adviser offers to Managed Account Clients that will be detailed in agreements that address

such non-advisory services. For information about brokerage and other transaction fees, please see

Item 7.         Types of Clients

a16z Perennial’s clients are the Funds and the Managed Account Clients who receive the Adviser’s
investment management services (each, a “Client”). Managed Account Clients are typically, but
not limited to, families, family offices and high-net worth individuals. The Adviser does not have
a minimum account size for Managed Account Clients, but targets those who typically will have
greater than $100,000,000 in investable assets. a16z Perennial generally requires certain minimum
initial investment and capital commitment amounts for Limited Partners in the Funds. The initial
investment and capital commitment minimums for the Funds are subject to reduction or waiver at
the discretion of the Adviser.

The Adviser maintains investor qualifications, including that investors be “Accredited Investors,”
“Qualified Purchasers” and “Qualified Clients,” as set forth in the applicable Investment
Management Agreements and Fund Governing Documents.