Crow's Nest Holdings LP

Item 5. Fees and Compensation

The fees and expenses that are applicable to an investment with the Adviser are set forth and agreed to in
the Funds’ governing documents, which may include a private offering memorandum, limited partnership
agreement, subscription, and/or operating agreement, as well as other agreements (individually and
collectively, the “Offering Documents”). Prospective investors must carefully review the Offering
Documents of the Fund in which they may invest, to review the specific fees and expenses applicable to
their potential investment.

The Adviser charges certain of its Funds asset-based investment management fees based on the value of
the Funds’ assets under management. The Adviser is also eligible to receive from certain Funds an incentive
allocation, which is compensation based on a share of capital gains on, or capital appreciation of the Fund’s
assets in excess of the market benchmark and the management fee. The management fees and the incentive
allocations may be paid to the Adviser or a related person of the Adviser. Such Fund investors are subject
to the management fee and incentive allocation through their investment in the Fund.

Funds that are charged a management fee pay the fee in advance of each calendar quarter, at an annual rate
between 1.0% and 1.20% of the value of each investor’s account as of the beginning of the applicable
quarter. The management fee is subject to lower fee thresholds as set forth in the applicable Fund’s
governing documents. The management fee will be prorated for any period that is less than a full fiscal
quarter and will be adjusted for subscriptions and withdrawals.

Certain Funds pay an incentive allocation ranging from 20% to 30% of its net profits (including any realized
and unrealized gains and losses), subject to a loss carryforward provision.

In addition to paying investment management fees and incurring performance-based fees as applicable and
further set forth in the relevant Offering Documents, the Funds are subject to other investment expenses, that
may include, but are not limited to, research consultants’ fees and research fees and expenses; compliance,
administration, legal, audit and accounting expenses; regulatory compliance, filings and reporting (including,
but not limited to, Form PF) expenses; interest on margin accounts and other indebtedness; borrowing
charges; custodial fees; and any other expenses reasonably related to the purchase, sale or transmittal of Fund
assets; organizational expenses; bank services fees; and Fund-related insurance costs (including D&O and

E&O insurance for the investment manager and general partner). See additional details in Item 12: Brokerage
Practices.

While generally not negotiable, the Adviser, in its sole discretion, has and may in the future waive or modify
the management fee and the incentive allocation for principals, members, employees or affiliates of the
Adviser or any general partner to a Fund and relatives of such persons.

Item 7. Types of Clients

As described in Item 4, the Adviser’s clients, the Funds, are private investment funds suitable for
institutional and other sophisticated investors. Any initial and additional subscription minimums for
investors are disclosed in the Funds’ Offering Documents.