Dragoneer Investment Group LLC

Item 5. Fees and Compensation

        Detailed below is a brief summary of certain costs, fees and expenses paid by Clients.
Investors and prospective investors in a Fund should review the relevant Fund’s offering materials
and other constituent documents for an additional discussion of costs, fees and expenses with
respect to that Fund. Neither Dragoneer nor any of its supervised persons accepts compensation
for the sale of securities or other investment products, including asset-based sales charges or
service fees from the sale of mutual funds.

       Funds

        Advisory Fees. Dragoneer generally charges asset-based investment advisory fees (which
in other contexts are commonly referred to as “management fees”) to Funds pursuant to their
applicable investment management agreements (each, an “IMA”). Advisory fees paid by a Fund
are indirectly borne by its investors. Such advisory fees are deducted from Fund assets and
generally payable quarterly in advance or in arrears, depending upon the Fund. Advisory fees
are negotiated with each Client, are compensation, and are not tied to Dragoneer’s overhead
expenses or any other costs incurred by it, and Dragoneer has in the past and likely will in the
future receive and retain advisory fees in excess of any such expenses and costs. The amount of
any investment advisory fee is prorated for periods of less than a full billing cycle at the beginning
or end of our provision of investment advisory services, and any prepaid amount in excess of the
prorated fee will be returned upon termination of the relevant IMA. Our IMAs generally impose
some restrictions on a Fund’s ability to terminate the IMA. The specific restrictions may vary
depending on the Fund.

       Dragoneer establishes and negotiates with investors in the applicable Fund the precise
amount of, and the manner and calculation of, the advisory fees. Such Fund’s IMA and limited
partnership agreement or other constitutional and/or offering documents (collectively,
“Governing Documents”) received by each investor prior to its investment in the Fund set forth
the amount of, and the manner and calculation of, the advisory fees. For many Funds, these
advisory fees are and may in the future be charged on the aggregate amount of capital
contributions that are invested by a Fund in one or more portfolio investments, and are charged
on such aggregate amount until a complete disposition of such applicable portfolio investment by
such Fund, without regard to any partial dispositions of such applicable portfolio investment or
changes in the value of the underlying portfolio investments.

      Certain investors in a Fund, including, for example, the Fund’s general partner, and
Dragoneer’s affiliates, members, partners, officers, employees and other personnel (including

family members and any related entity established by any of the foregoing, such as trusts, donor-
advised funds, charitable programs, endowments or related programs, family investment vehicles
and other estate planning vehicles) (collectively, “Dragoneer Personnel”), strategic investors, and
certain “friends and family,” pay reduced or no advisory fees or carried interest at the discretion
of the Fund’s general partner (though these investors generally pay their pro rata share of certain
Fund expenses, subject to any expense caps or other contractual limitations applicable to such
investors that were agreed to by the applicable general partner in its sole discretion).
Furthermore, Dragoneer has established and may, from time to time in the future, establish certain
investment vehicles through which such investors or other third parties invest alongside or
through one or more Funds in one or more investment opportunities, which may (in Dragoneer’s
sole discretion) and frequently will pay reduced or no advisory fees or carried interest.

        Unless otherwise agreed with a Fund’s investors, advisory fees will continue to be payable
during any term extension. In addition, the Governing Documents of certain Funds generally do
not provide for the reimbursement or refund of management fees in the event of realizations,
dispositions, partial write-downs or write-offs occurring mid-calculation period or if the
methodology for calculating such fees changes during the term (e.g., because of the occurrence
of a stepdown in the management fee).

        In addition, certain fees and expenses allocated to a portfolio company at the time of
investment, including transaction fees and other fees and expenses, will under certain
circumstances be capitalized into the cost of an investment. Accordingly, given that management
fees after the applicable Client’s commitment period are generally calculated based on invested
capital for certain Clients, and invested capital is equal to the cost of an investment, this would
increase the amount of management fees paid to Dragoneer. Please see “Fee Structure” in Item
11 below for a further discussion of advisory fees and associated conflicts of interest.

        Please see Item 11 for a description of some of the types of side letter agreements we and
our related advisers enter into with certain investors in the Funds that provide such investors with
customized terms, including with respect to reduced advisory fees.

       Please see Item 6 for more information on incentive compensation.

        Expenses. As discussed in more detail below, each Fund generally is responsible for all
costs, fees and expenses incurred in the organization of, the administration and operation of, and
the offering of interests in, the Fund including without limitation, all investment, legal, consulting,
accounting, marketing, printing, administrative, filing, travel and travel-related expenses.

        As used throughout this Brochure, “travel”, “travel-related” and similar expenses shall be
deemed to include, without limitation, (a) commercial and noncommercial transportation costs,
...

Item 7. Types of Clients

        Dragoneer intends to provide investment advice to Funds and the Managed Account
Clients, as discussed in Item 4 above. Dragoneer may advise different types of clients in the future.

         Each investor in the Funds must generally be an “accredited investor” as defined in
Regulation D promulgated under the Securities Act of 1933, as amended (“1933 Act”), and either
(1) a “qualified purchaser” under the 1940 Act, (2) a “qualified client,” as defined in Rule 205-3
under U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”), or (3) a
“knowledgeable employee” as such term is defined in Section 2(a)(51) of the 1940 Act. Additional
restrictions may apply, and are set forth in the Governing Documents for each Fund.

      Some (but not all) of the Funds impose a minimum initial investment requirement of up to
$25 million, which may be, at any time and from time to time, waived at the discretion of
Dragoneer.

       Each Managed Account will typically be structured to accommodate the investment
guidelines and control requirements of its particular investors. The conditions for starting and
maintaining a Managed Account will vary with the circumstances of each Managed Account and
be negotiated and set forth on an individual basis in the relevant Managed Account Agreement.