Cannae Portfolio Advisors LLC

ITEM 5 – FEES AND COMPENSATION

With respect to the Cannae Fund, the Governing Documents set forth in detail the fee structure relevant
to the Cannae Fund but in general, our firm expects to receive compensation from our fund client based
on both the percentage of assets we manage, and performance-based allocation/fees based on capital
appreciation or realized gains. All investors and prospective investors in the Cannae Fund should review
the Governing Documents in conjunction with this Brochure for complete information on the fees and
compensation payable with respect to the Cannae Fund.

ITEM 7 – TYPES OF CLIENTS

The Adviser provides investment advice solely to the Cannae Fund and not the individual Limited Partners
or Investors. As mentioned in Item 4, interests in the Cannae Fund are exempt from registration under the
Securities Act, and each Fund relies on an exclusion from registration as an investment company pursuant
to Sections 3(c)(1) or 3(c)(7) under the Investment Company Act. Accordingly, interests in the Cannae Fund
are offered exclusively to investors satisfying the applicable eligibility and suitability requirements either
in private placement transactions within the United States or in offshore transactions.