Dorsey Asset Management LLC

ITEM 5 – FEES AND COMPENSATION

Separately Managed Account Fees
For Separately Managed Accounts, Dorsey generally charges an annual fee of 1% of client assets under
management, depending upon the client’s investment restrictions and the size of the account, among other factors.
All fees are subject to negotiation. Some earlier clients may have more favorable fee terms. The final fee schedule
is attached as an exhibit to each client’s investment advisory agreement.

Generally, Dorsey does not have the ability to directly debit client accounts for advisory fees. Instead, the firm
sends invoices to clients quarterly in accordance with the fee schedule and obtains client approval prior to wiring
funds. Clients are advised to carefully review their account statements to ensure the fees are accurate. In the event
an advisory agreement is terminated prior to the conclusion of a billing period, the fee for any period that is less
than a full quarter shall be determined by daily pro-ration.

Private Fund Fees
As described below and in the offering documents of the Funds, Dorsey receives a management fee for the
advisory services it provides to the Funds. The management fee is generally charged in arrears on a monthly basis
and at a rate of one-twelfth of the annual fee. Dorsey pro-rates the management fee for any period that is less than
a full month. The standard management fee is generally 1.25% per annum for those investors with capital account
balances at the end of the applicable month equal to or less than $5 million, and 1.00% per annum for those
investors with capital account balances at the end of the applicable month greater than $5 million. Fund investors
are encouraged to consult the offering materials of the relevant Fund for more information on the fees paid by the
Fund.

Dorsey reserves the right to apply a different management fee to different investors in a Fund and to waive any
management fee, in whole or in part, for particular investors. Dorsey may launch or manage other Funds with
higher or lower fees and/or different compensation structures, such as performance-based compensation.
Different facts and circumstances, including but not limited to the investor’s liquidity profile and prevailing market
terms, will be considered in determining applicable fees.

Additional Fees and Expenses
Dorsey’s fees are exclusive of brokerage commissions, custodial fees, transaction fees and other investment
related costs and expenses. These charges and fees are typically imposed by the broker-dealer or custodian
through whom client account transactions are executed. Please refer to Item 12 for a description of the factors
Dorsey considers in selecting or recommending broker-dealers for client transactions and determining the
reasonableness of their compensation.

The Funds and Separately Managed Accounts may also be subject to administrative, legal, audit and other
professional expenses, including certain software and other licensing costs. Dorsey does not share in any portion
of these commissions, fees and expenses. Please refer to the applicable Fund offering memorandum or the
advisory agreement for a separate account client for more information.

Client costs and expenses are the responsibility of, and may be paid directly by, the applicable client. However,
where Dorsey has the ability to do so in respect of Dorsey’s clients, Dorsey may pay client costs and expenses
directly out of Dorsey’s own account for and on behalf of the client, and in those cases, Dorsey is entitled to

reimbursement from the client. Certain costs and expenses may be incurred for the benefit of, or be shared by,
multiple clients which may include clients which do not bear any responsibility for such costs and expenses. Such
shared expenses generally will be allocated across the applicable clients pro rata or in such other manner as we
deem appropriate. Dorsey may directly bear the responsibility for the portion of such shared costs and expenses
otherwise allocable to clients which benefit from, but which are not directly responsible for, such shared costs and
expense.

ITEM 7 – TYPES OF CLIENTS

Dorsey provides investment advisory services to the following types of clients:
       Private Funds;
       Individuals;
       High-Net-Worth Individuals;
       Charitable Organizations; and
       Institutions

Investment in the Funds generally requires a minimum investment of $1,000,000, although Dorsey may accept
lesser amounts in its discretion. In addition, investment in the Funds is currently limited to “qualified purchasers,”
as defined in Section 2(a)(51) under the Company Act. Each Fund’s private offering memorandum or
organizational documents includes a complete discussion of the eligibility requirements applicable to that Fund,
including any applicable lock-up period.

Dorsey generally requires a minimum account size of $20,000,000 for the establishment of a Separately Managed
Account. Dorsey may waive this requirement at its discretion. Dorsey may aggregate related client accounts to
meet this account minimum at its discretion.