Cypress Point Investment Management LP

Item 5.        Fees and Compensation

A. Fee Schedule

Cypress Point delivers this brochure to prospective investors and clients that are qualified purchasers
as defined in section 2(a)(51)(A) of the Investment Company Act of 1940, as amended. Therefore,
information on how Cypress Point is compensated for its advisory services and its fee schedule with
respect to its clients and funds are not included here.

B. Payment of Fees

Cypress Point deducts management fees and performance fees or allocations directly from client
accounts.

Relationships with a Fund are terminable on expiration of the Fund’s term, dissolution of the Fund
or on Cypress Point’s withdrawal as general partner or termination as investment adviser of the

Fund. Relationships with other clients are terminable on the termination of the investment
management agreement. Each investor may withdraw capital from a Fund on specified prior written
notice, on the last day of any calendar quarter, subject to certain withdrawal limitations and fees as
specified in the applicable Fund’s governing documents. Investors should refer to the Funds’
offering documents for specific information.

Except as may be otherwise negotiated in particular cases, the holder of an individually managed
account may terminate the account by giving 60 days prior written notice.

In all cases, expenses, the pro rata portion of the management fee and the performance fee or
allocation through the date of the investor’s withdrawal or termination of the client account are
charged to the investor or client. All prepaid but unearned advisory fees are refunded on termination
of a client’s account. An investor who withdraws from a Fund on a date other than the last day of a
quarter, however, does not receive a refund of the management fee previously paid.

Cypress Point believes that its fees are competitive with fees charged by other investment advisers
for comparable services. Comparable services may be available, however, from other sources
for lower fees.

C. Third-Party Fees

Each client is responsible for its own costs and expenses, including trading costs and expenses (such
as brokerage commissions, expenses related to short sales, and clearing and settlement charges),
ongoing legal, accounting and bookkeeping fees and expenses, and the fees and expenses charged
by any Fund administrator for its accounting, bookkeeping and other services. In addition, certain
of Cypress Point’s own costs and expenses may be paid by securities brokerage firms that execute
clients’ securities trades, as discussed in Item 12 below.

Accounts that invest in mutual funds also pay, indirectly, investment advisory fees to the managers
of those funds.

Item 7.        Types of Clients

Cypress Point provides investment advice to the Funds and other clients. Individual and institutional
investors in the Funds are required to invest a minimum of $1 million or $5 million, respectively,
but Cypress Point may waive these minimums. Cypress Point generally requires a minimum of $50
million to open an individually managed account, but may waive this minimum. Cypress Point’s
clients are expected to include sovereign wealth funds, endowments, pension plans and other
institutional investors.