Doyle Fund Management LLC

ITEM 5        FEES AND COMPENSATION

The Fund offers a variety of share classes, each with its own combination of management and
performance fee rates. The Fund pays Doyle Fund Services a management fee based on net
assets under management (in a range from 0.25% to 1.25% annually depending on the share
class) not including the incentive fee, if any. Quarterly performance fees received by Doyle Fund
Services are based on 5% of New Appreciation (as defined below) in respect of each series of
Shares. The incentive fees are subject to a loss carry forward provision (‘High Water Mark”),
whereby no incentive fee shall be paid until prior net losses, if any, have been recouped.

The term “Appreciation” means (i) the value of the Fund’s net asset value allocated to such sub-
series of series of Shares as of the last day of each calendar quarter (before reduction for the
current performance fee, if any), minus (ii) the highest value of net asset value allocated to such
sub-series as of the last day of any preceding calendar quarter (or the initial net asset value,
whichever is higher). “New Appreciation” equals Appreciation increased by (A) dividends of
profits or withdrawals and redemptions paid or payable, and decreased by (B) contributions to
the Fund as a result of the continuing offering of the Shares, with each item of increase and
decrease determined from the date of such highest value of net asset value or initial net asset
value, as the case may be, to the last day of the calendar quarter as of which such incentive fee
calculation is being made.

In addition to the above mentioned management and incentive fees, investors in the Fund will
also bear their pro-rata share of the following operational expenses: recurring costs such as
monthly administration and accounting fees, custodial, audit, legal and compliance fees,
directors’ fees, registration and licensing fees. To the extent that the Fund accesses its
Investment Managers by investing in sub-funds, the Fund will incur two levels of fees and greater
expense than would be associated with a direct investment in any sub-fund. The Fund also
bears brokerage and other transaction costs primarily through expenses of the sub-funds. See

ITEM 7       TYPES OF CLIENTS

Doyle Fund Management provides investment management services to the Fund, a private
investment fund that is currently Doyle Fund Management’s sole client. The minimum initial
investment accepted by the Fund is $500,000. This minimum may be waived at the discretion
of Doyle Fund Management, but in no event may the initial investment be less than $100,000.
There is no minimum necessary to keep an account open. Investor suitability requirements are
detailed in the Fund’s offering documents.