Highline Asset Management LLC

Item 5. Fees and Compensation
Private Funds advised by HAM and managed by Highline Ventures 1 LLC are subject to a
variety of fees and expenses. These fees and expenses generally include management fees and
will, at times, include performance-based incentive fees; fund legal, administrative, and audit
costs; costs incurred in connection with the acquisition, ownership, financing, hedging or selling
investments; and taxes for the Private Funds and for the underlying funds in which they invest.
These fees and expenses are described in detail in each Fund’s prospectus, each Private Fund’s
confidential offering materials, and the offering materials for the underlying funds.

Each investor that invests in the Private Funds indirectly bears its proportional share of the fees
and expenses of the applicable fund. Typically, these investment management fees will either be
fixed at a flat rate or based on the assets under management. For fees based on assets under
management, HAM will charge up to one percent (1%) on the assets under management. Flat
rate fees typically range between $2,500 to $20,000. These fees are assessed in arrears, on a
quarterly or monthly basis, to the relevant Private Fund and are not billed directly to each
investor. The payment of management fees, administrative and operating expenses at the
underlying fund, and possibly sub-fund levels, as well as the payment of administrative and
operating expenses incurred by the Private Funds, may result in a layering of fees and significant
expenses. Investors in the Private Funds should review all costs and fees applicable prior to
investing.

HAM’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which may be imposed by custodians, brokers, third party managers, and other
third parties. These additional charges may include custodial fees, deferred sales charges,
transfer fees, taxes, wire transfer fees, electronic fund fees, commissions or mark-ups, and other
fees and taxes on brokerage accounts and transactions in those accounts. These fees are paid
directly to the custodian, broker and/or third party.

To the extent an advisory agreement between HAM and a Private Fund is terminated, any
monies owed shall be immediately due and payable to HAM on a pro-rated basis based upon the
number of days remaining in the applicable billing cycle.

Limitations on Services Provided

HAM will only provide advisory services in relation to those assets contained within the Private
Fund’s account(s). For investment decisions made by the Private Fund independently from
HAM, HAM will assume no liability. If the account(s) contains only a portion of the Private
Fund’s total assets, HAM will not be responsible for: (i) any of the Private Fund’s assets not
designated to HAM for management and/or (ii) the diversification of all the Private Fund’s
assets.

HAM does not provide tax and/or legal advice. Private Funds understand it is their sole
responsibility to find independent advisors in connection with such services. Accordingly, any
discussion of tax matters HAM may hold are provided for information purposes only, and no
representation, express or implied, is made with respect to the accuracy, completeness or
reliability of such information. Any such information is not intended to be solely relied upon,
nor used for the purpose of making tax decisions.

Managing Private Funds Over Time

HAM’s investment approach is to either construct a portfolio or manage single asset offerings of
predominantly private investments curated to the investment objective selected by the client.
Over time, HAM may purchase or sell any investment. On occasion, HAM may also sell
securities that were previously transferred to the account by the client. The goal is to enhance
the overall risk-adjusted performance of the funds’ portfolio over a strategic, long-term time
horizon.

The consulting and advisement to Private Funds is a dynamic process. HAM monitors current
holdings and seeks to upgrade to assets which it believes are more attractive, have greater

potential to be profitable, provide tax benefits, are in a client’s best interest whenever existing
holdings no longer meet specific risk, expected performance and other fund selection criteria, or
if a new class of fund is introduced that would be better suited, or carries lower overall expenses
to the client. Also, overall portfolio allocation adjustments may be made when, in HAM’s
opinion, changing market conditions warrant a shift in the allocation of client assets.
Special reviews may also be initiated whenever significant developments occur, when important
new information is released, and upon the input, recommendations, and judgment of the
Investment Committee.

Sub-Advisory Services

HAM charges an advisory fee for the sub-advisory services it provides to advisers. Such fee is
payable by the adviser and is not charged directly to, or paid by, the underlying client. The fee
for sub-advisory services is billed quarterly in advance, based on the AUM as determined on the
first business day of each calendar quarter, payable as of the beginning of such calendar quarter.
Upon termination, any unearned fees will be returned to the Advisor. Each quarterly fee is
generally 40 basis points (.40) annual rate based on the assets under advisement, but this fee may
vary. Each service engagement fee will be mutually agreed upon on a client by client basis and
specifically stated in each individually executed sub-advisory agreement. All fees are negotiable.

Model Management

HAM provides model portfolio management services to investment advisers. HAM is
compensated for these services pursuant to written agreements with the engaging advisers. The
Model Manager Management Fee is payable monthly in advance within 21 days of the first
business day of each month. The Model Manager Management Fee shall be adjusted for any
contributions and withdrawals during the applicable period.
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Item 7. Types of Clients

Private Funds

HAM provides discretionary investment advice and consulting services to Private Funds and
institutional clients. Item 10 provides additional information about these Private Funds.

The investment objective, strategies, and any applicable investment restrictions will generally be
described in the Private Fund offering documents, organizational documents, subscription
documents and/or investment management agreements (collectively, the “Private Fund
Governing Documents”) and may be changed in accordance with the Private Fund Governing
Documents and as permitted by law. Item 8 provides additional information on Private Fund
investment objectives and associated risks.

The Private Funds are offered to investors who are qualified purchasers, qualified clients and
accredited investors, including high net worth individuals, banks, thrift institutions, trusts,
estates, charitable organizations, pension funds, sovereign wealth funds, endowments and other
corporations. HAM provides investment advice directly to the Private Funds and does not tailor
its advice to individual investors in the Private Funds.

HAM does not have any minimum investment size or requirements for engaging the firm.

HAM also offers sub-advisory and model manager management (SMA) advisory services to
other advisers.