Jasper Ridge Partners LP

Fees and Compensation

Overview

Fee and expense arrangements are described in detail in limited partnership agreements,
investment advisory agreements, private placement memoranda, subscription documents, and
other agreements we negotiate with Clients (collectively, “Governing Documents”). Terms reflect
the particular needs and characteristics of the services we provide to each Client, and as a result,
are negotiable. We have previously and may in the future waive or modify provisions of a specific
investor’s or limited partner’s Governing Documents, including the fees charged to the respective
investor or limited partner without obtaining the consent of any other investor or limited partner.
Additionally, the Private Investment Vehicles, Pooled Funds (collectively, “Client Vehicles”), and
accounts we manage may all have differing fees, fee structures, and expense arrangements.

Advisory Fees
In connection with providing advisory services to Clients, Jasper Ridge Partners charges Clients
a management fee, generally equal to a percentage of the assets held in a Client account.
Additionally, as described in more detail in the following section (entitled Performance-Based
Fees and Side-By-Side Management), Jasper Ridge Partners may also charge Clients a
performance fee based on a percentage of capital appreciation in a Client account. In all
instances, fees and expenses will be deducted from Client accounts, either in advance or arrears
depending on the Client agreement, on a quarterly basis. In the event an advisory relationship

is terminated, any unearned fees beyond agreed-upon minimum fees, will be refunded on a pro
rata basis to the applicable Client.

Fee and expense arrangements between Jasper Ridge Partners and a Client Vehicle are
determined by the applicable Governing Documents. Fees for management or advisory services
provided to individuals depend on the services being provided and are negotiated separately with
each Client.

In calculating fees, Jasper Ridge Partners values the investments in accordance with generally
accepted accounting principles in the United States (“GAAP”). Valuations under GAAP generally
rely on third parties to value Client assets. Such third parties may include market data vendors,
external pricing services, the Client’s custodian, broker/dealer(s), or other discretionary
investment managers (e.g., separate account managers or the managers/general partners of
private investment partnerships). In addition, some assets may be fair-valued by our internal
valuation committee or marked-to-market, in accordance with GAAP when third party valuations
are not readily available or where we cannot rely on third party audited financial statements.

In addition to our fees, Clients typically incur fees charged by the general partner or manager of
underlying investments into which we invest on behalf of Clients, as well as the expenses noted
below.

Allocation of Expenses

General Policy

Jasper Ridge Partners bears its own direct administrative and overhead expenses, including all
expenses for rent, salaries, wages, bonuses and other employee benefits, office costs and
expenses, business development costs, non-client related outside legal expenses, and non- client
related travel and entertainment. Expenses incurred by Jasper Ridge Partners that are for the
direct benefit of Clients, including expenses incurred in connection with the sourcing, evaluation,
acquisition, monitoring or disposition of Client investments are allocated to Client accounts.

Jasper Ridge Services, LLC, is a separate entity and affiliate of Jasper Ridge Partners. It provides
accounting, record-keeping, reporting, tax services, legal, technology and other support services
for the benefit of Clients. It also provides similar support services, as well as regulatory compliance
services, to Jasper Ridge Partners. It employs the Chief Financial Officer, the General Counsel,
the Chief Compliance Officer, the Chief Technology Officer, the Controller, the Director of Human
Resources, attorneys, accountants, tax professionals, compliance professionals, technology
professionals, client and investor support personnel, paralegals, records clerks, administrative
professionals, and other operations personnel. Since it primarily provides support services for the
benefit of Clients, most of the expenses incurred by Jasper Ridge Services are borne by Clients,
with the remainder (including the cost of regulatory compliance services) borne by Jasper Ridge
Partners.

Specifically, Clients bear Jasper Ridge Services’ expenses incurred to service Client accounts.
Jasper Ridge Services' expenses allocated to Clients include, but are not limited to, employee
salaries, bonuses, benefits, insurance, health and wellness incentives; rent, office costs and
expenses (including the costs of team-building initiatives and incentives); computer software,
other subscriptions and equipment; professional fees; related third‐party services; and other
overhead costs and expenses.

Jasper Ridge Partners bears Jasper Ridge Services’ expenses incurred to service the investment
adviser and its affiliates. Jasper Ridge Services’ costs and expenses (including personnel and
overhead costs) for accounting, legal and administrative support provided to Jasper Ridge
Partners, as well as regulatory compliance and marketing costs, are allocated to Jasper Ridge
Partners only and are not borne by Clients.

Some expenses are borne by a single Client; however, in certain cases, expenses are allocated
among multiple Clients. Such allocations may create a conflict of interest for us, since managing
multiple accounts with varying fee structures may create the incentive to favor accounts with
higher fees over accounts with lower fees—potentially resulting in a higher allocation of expenses
to low-fee paying Clients. Jasper Ridge Partners and Jasper Ridge Services have established an
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Types of Clients

Jasper Ridge Partners’ Clients are the Private Investment Vehicles created to manage assets for
individuals and institutional Clients, the Pooled Funds, and the individuals who receive our
comprehensive wealth management services. Certain Clients, such as Pooled Funds, have
minimum investment amounts as set forth in their Governing Documents; however, Jasper Ridge
Partners has the discretion to waive such minimum investment amounts.

Methods of Analysis, Investment Strategies and Risk of Loss

Our professionals monitor the markets on both a macro and micro level. We employ fundamental,
technical, and cyclical analysis. In constructing and managing portfolios, we consider expected
investment returns and risks, covariances among different asset classes, risk tolerances of our
Clients, tax considerations, liquidity factors, and leverage constraints.

The strategies we employ depend on the Clients’ objectives. We manage some Clients’ assets
with the goal of creating a diversified, endowment-style portfolio. Other Clients have given us
more limited mandates, such as constructing portfolios comprised solely of private equity
investments or managing their existing liquid and illiquid portfolios in conjunction with investments
in our Pooled Funds. In addition to long-term model portfolios, tactical tilts may be employed,
reflecting our views on short-term market dislocations or special investment opportunities that
may materialize.

We select and monitor investments, including investments in managers of pooled funds or other
investment vehicles or accounts in which our Clients may invest, based on research, interviews,
and our analysis and assessments. Jasper Ridge Partners selects and monitors these
investments based on our diligence, which, for primary fund investments, includes, but are not
limited to, available market data, investment performance, risk management techniques,
performance volatility, investment philosophies and factors relating to their senior managers and
investment professionals such as experience, industry relationships, insight, and commitment.
Secondary investments are analyzed based on the quality of the portfolios’ assets and their
management teams, discounts to net asset value, our competitive advantages in the bidding
process, the ability to invest on favorable economic terms, the amount of unfunded commitments,
and other related factors. Direct investments or co-investments are analyzed based on a risk
adjusted approach of the particular investment opportunities, including their risk adjusted return
profile in comparison to other investment opportunities. Hedge fund investments are based on
numerous factors, including the investments’ risk-return profile, fees and expenses, market beta,
and fund terms, among other factors. Direct investments in publicly traded, liquid market securities
are based on multiple factors, including their betas to underlying asset classes, performance,
costs, and liquidity. This description of factors considered for each investment is not exhaustive.
In addition, we regularly monitor Client accounts to assess whether rebalancing or reallocations
are warranted.

While we seek to produce superior, risk-adjusted investment returns, there can be no guarantees.
Investments in securities involve risk of loss that Clients should be prepared to bear. We may
underperform the overall stock market and/or specific indices or benchmarks. We may not be able
to select the best third-party managers for our Clients’ investments. Portfolio construction or
security selection decisions may also result in negative performance. We may be unsuccessful
in attempts to hedge risks with options, futures, swaps, and currency hedges and investments in
such derivative instruments can pose greater risks than investments in securities. We may not be
able to access sufficient quantity of certain investments (such as secondaries, co-investments,
and certain oversubscribed managers) to satisfy all of our Clients’ demand for such investments.

Investments in foreign securities may be riskier than investments in U.S. securities due to:
changes in currency rates versus the dollar, higher transaction costs, political risks in foreign
countries, the existence of smaller or less liquid markets, and the possibility of less rigorous
accounting and reporting standards for foreign companies. Investments in real assets, natural
resources, hedge funds, private equity and venture capital present liquidity risk – the risk that the
investments may be difficult to buy or sell in the markets, potentially resulting in unfavorable
prices. Similarly, investments in fixed income securities pose a number of unique risks, including
interest rate risk, credit risk, and prepayment risk. In short, we invest in a wide range of
instruments, each of which poses unique risks. All of the risks cannot be thoroughly explained
here, but we manage assets on behalf of sophisticated investors. They generally have a solid
understanding of the markets and the risks involved in our methods and strategies, which we
discuss in more detail with Clients at periodic meetings or at their request. Furthermore, for
investors in the Client Vehicles, a more comprehensive description of risks is contained in the
Governing Documents for the Client Vehicles.

Environmental, Social and Governance Factors

In addition to the considerations discussed above, we also seek to integrate review of
environmental, social and governance (“ESG”) factors into our processes for selecting
investments whenever we determine applicable and reasonably possible, consistent with our ESG
policies and processes. When making investments, our ability to influence and exercise control
over investments will vary based on the investment structure and terms. For example, when we
make blind pool commitments to third-party funds, we rely on the fund’s managers to use
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