Emancipation Capital LLC

Item 5. Fees and Compensation

Emancipation Capital offers its investment services on a fee basis, based upon the
performance of the partner’s investment.

Performance Based Fee
Emancipation Capital collects a performance-based fee in accordance with the
requirements set forth in applicable laws, rules, and regulations.

Emancipation Capital charges a performance based fee of twenty percent (20%) of the net
performance of the client’s account, subject to a high water mark.

Investment Management Fee
Emancipation Management provides investment management services for an annual fee of
up to 2.0% of the market value of the assets being managed. Emancipation Capital’s annual
fee is exclusive of, and in addition to brokerage commissions, transaction fees, and other
related costs and expenses, which are incurred through the Fund’s normal course of
investing activities. Emancipation Capital’s annual fee is prorated and charged monthly in
advance based upon the market value of the assets being managed by Emancipation Capital
at the beginning of each month.

Fee Discretion
Emancipation Capital, in its sole discretion, may negotiate to charge a different fee from
what is stated above.

Fees for Management during Partial Quarters of Service
For the initial period of investment management services, fees are calculated on a pro rata
basis.

Emancipation Capital’s fees are prorated through the date of termination and any
remaining balance is charged or refunded to the client, as appropriate. A 10% holdback is
typically applied to all redemptions of more than 90% of an investor’s account in the Fund
made throughout the year. The holdback is returned in full, upon the completion of that
year’s financial audit. This measure is in place to protect the assets of all partners of the
Fund in the event that an end-of-year adjustment is made.

Emancipation Capital LLC Disclosure Brochure

Item 7. Types of Clients

Emancipation Capital strictly enforces SEC set minimum levels of investor assets and
liquidity.

Minimum Account Size
As a condition for starting and maintaining a relationship, Emancipation Capital imposes a
minimum initial investment of $1,000,000, subject to waiver by the Registrant in its sole
discretion.

Emancipation Capital LLC Disclosure Brochure