Harspring Capital Management LLC

Item 5: Fees and Compensation

The fees applicable to each of the Funds are set forth in detail in the corresponding Offering Documents.
A brief summary of such fees is provided below.

Management Fees

In addition to performance-based compensation as set forth below in Item 6, Harspring is paid an
investment management fee (“Management Fee”) as a percentage of the net asset value of certain Clients,
in accordance with the applicable governing documents. Management fees generally range from 0% to
1.5% per annum. The Management Fee is based upon the Client’s net asset value on the first day of the
quarter and is payable and deducted from the assets of such client in advance.

Harspring has the right to fully or partially waive receipt of any Management Fees with respect to the
Fund without notice to, or the consent of, any Investor underlying such Fund.

Pursuant to the terms of the applicable investment advisory agreement, if the investment advisory
relationship is terminated (or funds are withdrawn or redeemed) as of any date other than the last
business day of the applicable payment period, we typically charge a prorated Management Fee based on
the ratio that the number of days for which investment advisory services were rendered bears to the total
number of days in that payment period, and we return any unearned fees to the Client.

Other Compensation and Expenses

In addition, we expect to earn performance-based compensation from time to time in connection with
certain Co-Investment arrangements involving non-discretionary consulting agreements entered into
with one or more third-party private fund managers.

Harspring is authorized to incur and pay in the name and on behalf of the Funds all expenses which they
deem necessary or advisable.

In addition to the Management Fee, the Funds will bear their own expenses, including expenses directly
or indirectly related to portfolio transactions and positions for the Funds’ account, including brokerage
commissions and custody charges, interest and commitment fees on loans and debit balances, costs of
borrowing securities to be sold short, research and due diligence fees and expenses (including any
research and/or due diligence-related travel, online news and quotation services, computer hardware and
software used for research), data access and trading software costs, initial and ongoing costs of any
outside appraisers, administrators, accountants, attorneys or other experts or consultants engaged by the
Directors or the Firm, bank charges, insurance costs (including, without limitation, directors and officers
coverage) and any legal fees and costs (including settlement costs) arising in connection with any litigation
or regulatory investigation instituted against the Harspring or the Directors in connection with the affairs
of the Funds; any withholding or transfer taxes imposed on the Funds as a result of its earnings,
investments or withdrawals (which amounts will be assessed, where applicable to particular Investors,
directly against the applicable capital of such Investors); and the costs of the audit of the Funds’ annual
financial statements and the preparation of tax returns. The Funds may also pay or reimburse the
Harspring for offering and organizational fees and expenses (including corporate and securities filing fees

Harspring Capital Management, LLC                                               Form ADV Part 2A Brochure

of the Firm and filings for FATCA, the Alternative Investment Fund Managers Directive and anti-money
laundering officer fees).

Expenses that relate to more than one Client, including among Clients involved in any Co-Investment
arrangement, will be allocated in a manner that Harspring determines to be fair and equitable and in each
case, in accordance with the advisory agreement or other governing documents of each applicable Client.

Item 7: Types of Clients

Harspring generally provides investment management services to private pooled investment vehicles,
such as the Funds, in addition to certain third-party private fund managers, including, as noted above in
connection with certain Co-Investment arrangements. While we believe that these grouping
arrangements enhance the ability of our Funds to achieve their investment objectives, the compensation
arrangements involved could also incentivize us to favor such other Clients over our own Funds.

Generally, the minimum initial investment for an Investor in the Funds is $1 million and is subject to
additional suitability and regulatory requirements. However, Harspring may, in its sole discretion, accept
smaller initial investments from time to time, and may decline to accept an investment even if a
prospective Investor otherwise meets the applicable suitability requirements.