Beehouse LLC

Item 5: Fees and Compensation

The Beehouse Fund

Management Fee

As an investment adviser to the Beehouse Fund, as further described in the relevant Offering
Documents, Beehouse receives a management fee generally equal to 1.5%. The management fees are
paid by the Beehouse Fund quarterly in advance on the first day of each calendar quarter, depending
upon the net asset value of the Beehouse Fund and each particular investment by an Investor in the
Beehouse Fund. Management fees are generally pro-rated for partial periods. Once paid, management
fees are non-refundable.

The Firm or its affiliates may reduce, waive or calculate differently the management fee for certain
Investors, including but not limited to, members, employees and affiliates of Beehouse.

Other Fees and Expenses

The Beehouse Fund will bear its own expenses and their pro rata share of the Beehouse Fund’s
expenses, including, but not limited to: organizational expenses (e.g., the costs of preparing any
agreements and documents relating to the formation of the General Partner and the Beehouse Fund
and the initial offering of interests; expenses relating to the offer and sale of the interests (including,
without limitation, legal, travel and lodging, printing and mailing expenses); any taxes imposed on the
Beehouse Fund; all fees and expenses incurred in connection with credit facilities (e.g., without
limitation, commitment fees incurred in connection with such facilities and accounting and legal fees
and expenses incurred in connection with such facilities and accounting and legal fees and expenses
incurred in connection with negotiating such facilities); accounting, auditing, tax and tax preparation
expenses; the costs of holding any meetings of the Investors; investment expenses (e.g., expenses that
the General Partner reasonably determines to be related to the investment of the Beehouse Fund’s
assets, such as brokerage commissions, expenses relating to short sales, clearing and settlement
charges, exchange transaction fees, bank service fees and interest expense, the costs of researching
and investigating actual or potential investments, including travel expenses, and other third-party fees
(including, without limitation, the Beehouse Fund’s share of expenses, due diligence and other costs
related to the acquisition, holding, or disposition, bankruptcy of or restructuring of investments
(whether or not the related transaction is consummated)); exchange, board of trade or other trading
or execution facility membership, participation and/or access fees and expenses; systems fees
(including, but not limited to, Bloomberg), market data, newswire and data processing expenses;
computer, printer, scanner and other telecommunication hardware and systems expenses; fees and
expenses of any administrator; fees and expenses of custodians, outside counsel, accountants
(including with respect to all outsourced accounting matters), consultants and other professional
service providers (e.g., the costs of any third-party valuation agents or pricing services); expenses of
the investor committee, if any; the cost of procuring and maintaining insurance; the costs of printing
and mailing, or transmitting or otherwise making available electronically, reports and notices;
directors’ and officers’ liability insurance and other insurance coverages; the costs and expenses of any
litigation involving the Beehouse Fund and the amount of any judgments or settlements paid; the costs
and expenses of any regulatory filings related to the Beehouse Fund; the Beehouse Fund’s pro rata
share of any expenses incurred by the Investment Manager and/or the General Partner in connection
with satisfying their compliance obligations under the Advisers Act and/or any other rules or
regulations applicable to the Investment Manager and/or the General Partner (including, without
limitation, costs of compliance programs, third-party compliance consultants, actual and “mock”
examinations, regulatory and governmental inquiries, subpoenas and proceedings, regulatory reporting

Beehouse, LLC                                                             Form ADV Part 2A

costs (e.g., Schedules 13D, 13F and 13G and Form PF), filing costs and expenses, as well as EDGAR
formatting and filing costs (in each case, whether involving the Beehouse Fund, the General Partner
or the Investment Manager)); non-U.S. tax and related withholdings; the cost of any future
restructuring of the Beehouse Fund and/or updates to the Beehouse Fund’s organizational and Offering
Documents; extraordinary expenses, which may include, without limitation, taxes, indemnification
costs, litigation costs, trade errors or damages; and such other expenses necessary to perform the
operation of the Beehouse Fund, as determined by the General Partner in its sole discretion.

The Beehouse Fund does not have a pre-determined limit on its ordinary or extraordinary operating
expenses. The Beehouse Fund’s actual annual operating expenses will be disclosed in the Beehouse
Fund’s year-end audited financial statements, which are provided to each Investor in the Beehouse
Fund.

Beehouse remains responsible for its overhead expenses of an ordinary and recurring nature, such as
rent, supplies, charges for furniture and fixtures, salaries and bonuses of its employees, employee
insurance, employee benefits and payroll taxes.

Beehouse has adopted policies and procedures intended to address trade errors to ensure that the
Funds are treated fairly. Subject to any contractual limitations set forth in each Fund’s Offering
Documents, Beehouse has discretion to resolve a particular error in a manner that it deems
appropriate and consistent with Beehouse’s policies and procedures.

For information on the Firm’s brokerage and transaction costs, please see “Item 12 – Brokerage
Practices.”

The SPVs

As an investment adviser to the SPVs, as further described in the relevant Offering Documents,
...

Item 7: Types of Clients

Currently, Beehouse provides investment advice to the Fund, SPVs and SMAs. Initial and additional
subscription minimums are disclosed in the Offering Documents for each Fund, SPV or SMA, which
may be waived at the discretion of Beehouse.

Each Investor generally must be (i) an “accredited investor”, as defined in Regulation D under the U.S.
Securities Act of 1933 (the “Securities Act”), and (ii) either a “qualified purchaser”, as defined in the
U.S. Investment Company Act of 1940 (the “Company Act”), or a “knowledgeable employee”, as

Beehouse, LLC                                                               Form ADV Part 2A

defined under Rule 3c-5 of the Company Act, and must meet other suitability requirements. Interests
may not be purchased by non-resident aliens, foreign corporations, foreign partnerships, foreign trusts
or foreign estates, all as defined in the Internal Revenue Code. The Subscription Agreement contains
representations and questionnaires relating to these qualifications.

The minimum investment for an Investor in the Beehouse Fund is $1,000,000, subject in each case to
Beehouse’s or the General Partner’s discretion to accept initial subscriptions in lesser amounts or to
establish different minimum amounts in the future.