Fairview Constitution Management IV LLC

Item 5 – Fees and Compensation

The specific manner in which management fees are charged to the Funds is established in
the Limited Partnership Agreement for each Fund. Each Fund’s management fee structure
is negotiated between the Advisers and the Investors prior to each Fund’s commencement.
The management fees for three of the Funds are charged on a semi-annual basis, payable in
advance of each calendar semi-annual period. The management fee for the remaining Fund
was charged on a quarterly basis, payable in advance of each calendar quarter. All fees are
paid directly out of each Fund’s assets. In the event of an account termination, in
accordance with the Funds’ Limited Partnership Agreements, the management fee will be
refunded on a pro-rata basis.

Because Fairview Constitution IV is an SEC-registered investment adviser, and the Relying
Advisers are eligible to be registered with the SEC, and this Brochure is delivered only to
“qualified purchasers” as defined in section 2(a)(51)(A) of the Investment Company Act of
1940, the Advisers are not required to provide a fee schedule.

Since the Funds are structured as fund-of-funds, in addition to the Advisers’ management
fees, the Funds also pay their share of fees and operating expenses charged by the
underlying investment funds as well as brokerage commissions, custodian fees, and/or
other related costs and expenses incurred by the Funds and the Investors. The Advisers do
not receive any portion of the aforementioned fees and charges. Please consult Item 12 for
further information about the Funds’ use of brokers.

Item 7 – Types of Clients
The Advisers provide investment advisory services to four (4) Funds: Fairview
Constitution II, LP, Fairview Constitution III, LP, Fairview Constitution IV, LP and
Constitution Fund V, LLC, all of which are Delaware limited partnerships. Investors in the
Funds are “accredited investors” as defined in the 1933 Act and are comprised of state
pension plans. Each Fund consists of a single Investor.

In general, for the Funds in which there is only one Investor, the minimum investment
commitment required of an Investor to participate in the Fund is negotiated by the Investor
and the Adviser.