Expect Equity LLC

Item 5.     Fees and Compensation

General

The Firm or its affiliates receive compensation from the Funds based on a percentage of called capital
commitments (“Management Fee”). For a complete description of specific compensation arrangements,
including the applicable Fund’s fee schedule, investors should carefully review their Governing
Documents.

All of the Firm’s investors are “qualified purchasers” (as defined in Section 2(a)(51) of the Investment
Company Act of 1940).

Fees and Expenses

The Firm deducts Management Fees from the Funds quarterly in advance. Management Fees are
calculated based on an investor’s called capital, not their full commitments to the applicable feeder fund
(unless all capital has been called from that investor). The Firm prorates the Management Fee for any
period that is less than a full calendar quarter. The General Partner, with the consent of the Firm, may
waive or modify the Management Fee payable with respect to any investor, including for employees and
affiliates of the Firm.

Expect Equity LLC                                                                           Form ADV Part 2A

The Firm bears its own overhead expenses (e.g., rent, utilities, office supplies, salaries of Firm personnel
and associated payroll taxes and personnel benefits), while the Funds bear their own organizational and
operating expenses, including but not limited to expenses attributable to: the purchase, sale or transmittal
of fund assets including brokerage commissions; fund legal, administration, tax and audit; research and
data including research-related travel; fund-related filings and regulatory reporting; a portion of the Firm’s
D&O and E&O insurance premiums; and custodian and bank service fees, and other expenses as more
fully described in the Funds’ Governing Documents. Investors should carefully review the relevant
Governing Documents for a complete description of expenses.

Any expense that benefits a single Fund is allocated solely to such Fund. In general, expenses that benefit
multiple Funds are allocated on a fair and reasonable basis, as determined by the Firm. Such allocation
may be based on one of the following methodologies or such other methodology as is determined to be
fair and reasonable under the circumstances by the Firm in its sole discretion: (1) a pro rata allocation of
general expenses, typically based on net asset value, across all Funds that benefit from such expenses; or
(2) the relative use of the item or service to which the expense is attributable.

In the event that an expense benefits the Funds and the Firm, such expense is allocated between them
on a fair and reasonable basis as determined by the Firm in its sole discretion.

The SPVs execute all trades with the respective Fund’s prime broker, Goldman Sachs & Co. (the “Prime
Broker”). The Funds bear the associated brokerage and transaction-related expenses. For a more detailed
discussion of brokerage and transaction costs, see Item 12 - Brokerage Practices.

Other Compensation Arrangements

Pursuant to written agreements with each Portfolio Manager, the Firm and certain Fund investors retain
a revenue sharing interest in any investment management firm or fund subsequently launched by a
Portfolio Manager following the conclusion of their employment with the Firm. This revenue sharing
arrangement could create an incentive for the Firm to make decisions that benefit a Portfolio Manager’s
prospects for a future independent launch, including with respect to the duration and management of a
Portfolio Manager’s SPV investment period. The Firm seeks to address this potential conflict through its
governance, oversight and compliance policies and procedures, as well as through disclosure to investors
in the Funds’ offering documents.

Item 7.     Types of Clients

The Firm manages private funds that are offered solely to qualified purchasers. Investors in the Funds are
high net worth individuals and institutional investors. The minimum initial investment in the Funds is set
forth in the Funds’ Governing Documents. The General Partner may waive such minimum in its own
discretion.

Expect Equity LLC                                                                             Form ADV Part 2A