Driehaus Capital Management LLC

Item 5 - Fees and Compensation

We offer strategy-specific standard asset-based advisory fee schedules for our
separately managed account advisory services. We also have a standard advisory
fee schedule for our affiliated pooled accounts that are privately offered to
accredited investors or qualified purchasers. We earn an asset-based advisory fee
for providing advisory services to the trustee of our privately-offered collective
investment trusts, which may be paid by the collective investment trusts or billed
to their investors. We have a separate advisory fee schedule for Driehaus Mutual
Funds, our affiliated investment company registered with the SEC. We also have
a separate advisory fee schedule for model account programs for which we
provide non-discretionary advisory services. We will consider and negotiate
advisory fee structures other than our standard advisory fee schedules, including
performance-based fees. We typically do not deduct our advisory fees from
separately managed client accounts, but we do for our affiliated pooled accounts
and Driehaus Mutual Funds.

In addition to our advisory fees, our clients incur brokerage and other third-party
transaction costs. Please refer to Item 12 for a discussion of our brokerage
practices. Our clients will also incur other types of third-party fees or expenses in
connection with our advisory services, such as custodian fees or mutual fund
expenses. Our separately managed account clients are responsible for
establishing their own custodial relationships, including negotiating custodial
fees and charges. We do not receive any compensation either directly or indirectly
from any client custodian. For our affiliated pooled accounts and Driehaus
Mutual Funds, we negotiate and establish the custodian relationships. Driehaus
Mutual Funds and our affiliated pooled accounts also pay professional fees. Our
collective investment trusts also pay custodial and professional fees.

We compensate our employees for marketing our investment strategies. This
compensation has no impact on the level of advisory fees paid by our clients. We
do not believe there are any conflicts of interest related to the receipt of this
compensation by our employees, who are also registered representatives of an
unaffiliated broker-dealer, Foreside Financial Services, LLC, an SEC registered
broker-dealer that is regulated by the Financial Industry Regulatory Authority
(“FINRA”).

For those strategies that are offered through multiple investment vehicles, our
clients decide whether to invest with us through a separately managed account,
Driehaus Mutual Funds, our affiliated pooled accounts and/or our collective
investment trusts based on what is best suited for their specific needs. Our
employees do not make recommendations as to which investment vehicle to
utilize.

Separately Managed Accounts

Our asset-based advisory fees for separately managed accounts are generally
billed at the end of each calendar quarter based upon the average market value of
the account on the last day of each month during the quarter. For periods of less
than one quarter, the fees are pro-rated to reflect the shorter period. Our clients
may negotiate other methods of computation, such as basing the quarterly fee
upon the portfolio market value as of the close of the quarter. We may aggregate
the total amount of assets that a client has invested in the Driehaus Mutual Funds
and/or affiliated pooled account(s) with client assets invested in a separately
managed account(s) in determining the rate of fee charged for the management
of those separate account(s). We also act as the investment adviser to non-
affiliated U.S. and non-U.S. pooled investment vehicles, which we consider to be
separately managed accounts. Depending on the fee structure that has been
agreed upon with these clients, we receive all or a portion of the advisory fees
charged by them to their clients.

Below are our standard asset-based advisory fee schedules for those equity
strategies that we actively market to clients. Note that we may close any of these
strategies to new clients from time to time.

      1. Micro Cap Growth Strategy Accounts
      1.25% per annum

      2. Small Cap Growth Strategy Accounts
      0.60% per annum

      3. Small/Mid Cap Growth Strategy Accounts
      0.60% per annum

      4. Life Sciences Strategy Accounts
      1.25% per annum plus an annual performance fee of 17.5%

      5. International Small Cap Growth Strategy Accounts
      1.00% per annum

      6. International Developed Equity Strategy Accounts
      0.70% per annum

      7. Emerging Markets Growth Strategy Accounts
      0.90% per annum

      8. Emerging Markets Small Cap Equity Strategy Accounts
      1.00% per annum

      9. Emerging Markets Leaders Strategy Accounts
      0.90% per annum

      10. Emerging Markets Ex-China Equity Strategy Accounts
      0.90% per annum

      11. Global Strategy Accounts
      0.65% per annum

Driehaus Mutual Funds

For Driehaus Mutual Funds, our advisory fees are computed and accrued daily at
an annual rate based on average daily net assets and are payable monthly. Our
clients that purchase shares of the Funds do not pay a separate account
management fee on the value of their assets invested in those Funds (although
the Funds pay advisory fees to us). Note that we may close any of these Funds to
new shareholders from time to time as disclosed in the Funds’ prospectus.

Below are the advisory fees for each Fund:

  1. Driehaus Micro Cap Growth Fund
     1.25% of average daily net assets

  2. Driehaus Small Cap Growth Fund
     0.60% of average daily net assets

  3. Driehaus Small/Mid Cap Growth Fund
     0.60% of average daily net assets

  4. Driehaus International Small Cap Growth Fund
     1.00% of average daily net assets

  5. Driehaus International Developed Equity Fund
     0.70% of average daily net assets

  6. Driehaus Emerging Markets Growth Fund
...

Item 7 – Types of Clients

Our clients reside within and outside the U.S. and include corporate pension
plans, public plans, endowments, foundations, single and multi-family offices,
Driehaus Mutual Funds, affiliated pooled accounts, non-affiliated U.S. and non-
U.S. registered and unregistered pooled investment vehicles, other investment
advisers and high net worth individuals.

The minimum investment amounts for our separately managed accounts are:

      $5,000,000 for all U.S. Equity Strategies except the Life Sciences Strategy
      $20,000,000 for the Life Sciences Strategy, Global Strategy and all ex-U.S.
       Strategies (International Small Cap Growth, International Developed
       Equity, Emerging Markets Growth, Emerging Markets Small Cap Equity,
       Emerging Markets Ex-China Equity and Emerging Markets Leaders
       Strategies)

At our discretion, we will accept separately managed accounts with less than the
minimum investment.

The minimum investment amounts for Driehaus Mutual Funds are:

      $10,000 for Driehaus Micro Cap Growth Fund, Driehaus Small Cap
       Growth Fund - Investor Class, Driehaus Small/Mid Cap Growth Fund,
       Driehaus International Small Cap Growth Fund, Driehaus International
       Developed Equity Fund, Driehaus Emerging Markets Growth Fund –
       Investor Class, Driehaus Emerging Markets Small Cap Growth Fund and
       Driehaus Global Fund.

      $500,000 for Driehaus Small Cap Growth Fund – Institutional Class and
       Driehaus Emerging Markets Growth Fund – Institutional Class.

Additional information about the minimum investment amounts is in the
Driehaus Mutual Funds prospectuses that are available on our website,
www.driehaus.com.

The minimum investment amount for our affiliated pooled accounts managed in
the Life Sciences strategy is $1,000,000 for Standard Class investors. The
minimum investment amount for our affiliated pooled accounts managed in the
Emerging Markets and Emerging Markets Ex-China strategies is $5,000,000.

The minimum investment amount for an investment in the collective investment
trusts is $1,000,000. Other share classes may exist or be added from time to
time that have higher minimum investment thresholds.

There is no minimum program size for which Driehaus will provide model
portfolios to other investment advisers. We will consider model participation on
a program by program basis.