Durable Capital Partners LP

Item 5 – Fees and Compensation

The fees and compensation applicable to the DCP Funds are set forth in detail in their respective
Governing Documents. A brief summary of such fees and compensation is provided below.

Management Fee and Performance-Based Compensation

DCP is paid an investment management fee (the “Management Fee”) generally on a quarterly basis in
advance from the DCP Funds ranging from 0% – 1.60% per annum based on the net asset value,
capital commitment or invested capital (and is prorated for partial quarters). In certain instances, the
Management Fee will be reduced by an amount equal to Transaction Fees (as defined below) in
accordance with the applicable Governing Documents. The Management Fee rates vary among the
different Investors in the DCP Funds based on the series of interests/shares acquired in accordance
with the applicable Governing Documents. Certain series of interests/shares in a DCP Fund may not
be subject to a Management Fee.

In addition, the General Partners will be entitled to performance-based compensation (the
“Performance-Based Compensation”) ranging from 17.5% – 22.5%. Pursuant to the Governing
Documents of the applicable DCP Funds, the Performance-Based Compensation will be based on
the amount of excess capital appreciation (subject to certain exclusions such as unrealized gains in
respect of special investments) or profit above a specified threshold (e.g., a benchmark or preferred
return), and is either determined at the end of each performance allocation period (which ranges from
one to five years and ends in connection with a withdrawal or redemption) or upon the distribution
of investment proceeds from realized investments after returning capital contributions by Investors
and Investors receiving a preferred return thereon. The Performance-Based Compensation
calculations vary among the different Investors in the DCP Funds based on the series of
interests/shares acquired in accordance with the applicable Governing Documents.

Generally, the Management Fee and the Performance-Based Compensation are not negotiable.
However, DCP or the General Partners, as applicable, may, in their sole discretion, waive, reduce or
modify the Management Fee or the Performance-Based Compensation at any time, including with
respect to current and former partners, members, affiliates, advisors or employees of the General
Partners or DCP and/or their affiliates, family members of such persons, trusts or other entities
created for estate planning purposes of such persons and/or charitable organizations or foundations
of such persons.

Additional Fees and Expenses

The DCP Funds will bear their own expenses and, in respect of the Feeder Funds, their pro rata share
of the applicable Master Fund’s expenses, including, without limitation, the applicable Management
Fee; transaction-related expenses (which include all transaction-based expenses incurred in executing
investments as well as expenses related to any special purpose vehicle (and its subsidiaries, if
applicable) for making or holding investments, including brokerage commissions, expenses relating to
short sales, clearing and settlement charges, expenses associated with dealer spreads, custodial fees,
bank service fees, interest expenses, investment-related software and legal expenses associated with
any potential transaction); investment-related travel expenses, including all accommodation, meal,
transportation, entertainment and other similar costs and expenses including, without limitation, the
use of private aircraft, business and/or first-class travel-related expenses that may represent a premium

over comparable expenses for similar services (in each case, which are travel expenses related to the
purchase, sale or transmittal of, or due diligence regarding the applicable DCP Fund’s investments,
whether or not such investments are consummated, incurred by the Adviser or the applicable General
Partner; provided, that the DCP Funds shall not pay (or reimburse) the Adviser or the applicable
General Partner for the portion of the cost of private aircraft in excess of the cost of first-class
commercial air travel, as determined in good faith by the Adviser); professional fees (including,
without limitation, expenses of consultants (including consulting and retainer fees and other
compensation or expense reimbursement paid to consultants performing investment or research
initiatives and other similar consultants in specializations such as executive talent and human
resources, sustainability and environmental, social and governance matters, management, operations,
finance, accounting, valuation, manufacturing, procurement, technology, sales, marketing, acquisition
due diligence, integration/rationalization and/or other types of operations), investment bankers,
attorneys, accountants and other experts and third party liquidation service specialists) relating to
investments; fees and expenses relating to software tools, programs or other technology, including
portfolio risk management and accounting services, investment data management and analytics and
trading-related operations and compliance, utilized in managing the applicable DCP Fund(s)
(including, without limitation, third-party software licensing, implementation, data management and
recovery services, database packages, all costs and expenses associated with Bloomberg terminals and
customized development and implementation costs); expert networks; research (e.g., all costs and
expenses of research reports, surveys, subscriptions to research services, research calls and meetings
and research or industry conferences) and market data, including alternative data (including any
computer hardware, software and connectivity hardware (e.g., telephone and fiber optic lines)
incorporated into the cost of obtaining such research and market data, including third-party vendors
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Item 7 – Types of Clients

DCP provides discretionary investment management services to the Master Funds and administrative
services to the Feeder Funds. Investment in the DCP Funds will generally be open to, among others,
institutions, pension plans, endowments, high net worth individuals, family offices, trusts and other
sophisticated investors, all of which are either (a) non-U.S. persons invested in certain designated
offshore funds or (b) persons that meet the definition of both (i) “accredited investor” as defined in
Regulation D of the Securities Act and (ii) “qualified purchaser” as defined in the Investment
Company Act of 1940, as amended.

The minimum investment in a DCP Fund is set forth in such DCP Fund’s Governing Documents.
However, the General Partners and/or the Adviser, as applicable, may accept investments below these
minimums at its discretion.

The minimums required for any separately managed account, if any, will be determined on a case-by-
case basis.

                Item 8 – Method of Analysis, Investment Strategies, and Risk of Loss

The descriptions set forth in this Brochure of specific advisory services that DCP offers to Clients,
and investment strategies pursued, and investments made by DCP on behalf of its Clients, should not
be understood to limit its investment activities in any way. DCP may offer any advisory services,
engage in any investment strategy and make any investment, including any not described in this
Brochure, that it considers appropriate, subject to each Client’s investment objectives and guidelines.
The investment strategies DCP pursues are speculative and entail substantial risks. There can be no
assurance that the investment objectives of any Client will be achieved. Past performance is not
indicative of future returns.

Investment Strategy

DCP pursues a primarily long-only equity investment strategy with a focus on investments in both
early-stage growth and durable growth small- and mid-cap equities (which DCP believes could
compound and become mid- or large-cap issuers over time) across public and private markets. DCP
also invests in larger companies that fit its investment criteria in its discretion. DCP expects that
Clients will be concentrated in certain core positions that will be held for a long duration. In certain
circumstances, the Clients may invest opportunistically in controlled private equity positions as well
as special situation investments that generally align with the Clients’ investment objectives.

DCP believes that wealth creation in the U.S. equity markets is concentrated in a small number of
compounding stocks and that these stocks are far more prevalent in small- and mid-cap markets than
in the balance of the equity markets. The Adviser defines “compounders” as companies that generate
20% annualized returns over a decade. The crux of DCP’s strategy is to identify and to hold these rare
compounding stocks. Key to the execution of the investment program is durable capital in order to
hold compounders for a long duration.

The Adviser believes that investing in both early-stage and durable growth companies is self-
reinforcing and enhances the probability of identifying compounders. Understanding systematic
change and disruption that benefit early-stage growth businesses provides a perspective into the forces
that can undermine historically durable businesses. Conversely, understanding the challenges of scale
(people, process and systems), the ability to layer on additional growth curves, and the nature of facing
threats from scaled competitors informs whether an early-stage growth company can itself become
durable. DCP pursues a strategy of investing in both early-stage and durable growth businesses. When
evaluating an early-stage growth business, the goal is to understand whether the company can scale
into something durable, as opposed to gaining a shorter-term and potentially unsustainable advantage.
When evaluating a durable growth business, DCP believes that it is critical to understand potentially
disruptive forces and competitive threats from early-stage growth businesses that can weaken long-
term advantage.

The Adviser’s investment philosophy is fully integrated across the public and private markets. The
distinction between public and private investing, in DCP’s view, is primarily one of timing rather than
underwriting approach. In the private markets, DCP seeks to engage earlier with management teams,
build ownership deliberately, and increase exposure as conviction strengthens and business risk
declines. Durable focuses on companies it believes are likely to transition to the public markets and
compound over long durations. DCP believes that knowledge of durable growth investing is key to
successful private market growth investing. Durable growth companies have faced the challenges of
scale and provide guidance as to the people, processes and systems required for early-stage growth
companies to scale their advantage. The data set gained by investing in early-stage growth in the private
markets informs how historical sources of long-term advantage may be challenged, which benefits
public durable growth investing.

Investments will undergo various levels of review and diligence. DCP’s investment team conducts
qualitative evaluations of the company, management, and the products offered, as well as quantitative
evaluations of the financial status of the company and the markets in which it operates to assess the
company’s competitive advantages. DCP’s investment team will frequently review this research and
discuss the merits of the company in a collaborative setting. These discussions may relate to the data
and information that has been collected and may draw on each individual’s past experience following
similar companies or positions. Additionally, the DCP investment team has developed certain
frameworks to analyze companies to invest in and address the multitude of possible situations that
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