Kayak Investment Partners LLC

Item 5: Fees and Compensation

The following is a summary of the fees and expenses applicable to our Clients. The information provided below
is both supplemented and superseded by the relevant Fund Documents or Governing Documents, as applicable.

Management Fee. The Funds pay an asset-based management fee to Kayak monthly in advance. The
management fee is generally 2% per annum of the value of the Fund’s assets under management.

Similarly, Sub-Advised Accounts typically pay an asset-based management fee, the amount of which is
negotiable and may thus vary, and are more fully described in the relevant Governing Document(s).

Performance Compensation. In addition, we generally receive through our affiliate a special allocation of the
net profits of each Fund’s Investors and from each Sub-Advised Account (“Incentive Allocation”). The
Incentive Allocation is generally calculated and paid annually, generally in an amount equal to 20% of the net
profits (realized and unrealized), if any, from the performance of the Funds. An incentive allocation is also
calculated and allocated upon an Investor’s withdrawal or redemption from a Fund, but only on the amount
withdrawn or redeemed. The Incentive Allocation to Kayak is typically subject to a “high water mark,” and paid
only after losses, if any, have been recovered.

As a general matter, fees and other compensation are negotiable in certain circumstances, including with respect
to Sub-Advised Accounts, and arrangements with particular Investors or Clients may vary.

Kayak deducts management fees monthly from the Fund’s assets, and Incentive Allocations annually and when
Investors withdraw. Investors generally do not have the ability to choose to be billed directly for fees incurred.
Each Fund typically pays management fees in advance, based its assets at the beginning of the month. In general,
we do not refund any pre-paid fees.

Kayak Investment Partners LLC                                                               Form ADV Part 2A

Redemption Fee. Under certain circumstances detailed in the applicable Fund Documents, Investors are subject
to redemption fees. Redemption fees are paid back into the Funds and not to Kayak.

Expenses. In addition to Kayak’s investment management fees and Incentive Allocations, Funds and Sub-
Advised Accounts also generally bear all expenses incurred in connection with their respective investment
activities. Expenses include administrator fees; legal, accounting and audit fees and expenses; governmental
fees and taxes; bookkeeping and other professional fees; directors’ fees; costs of Investor meetings and other
communications with Investors; and all other reasonable costs related to the management and operation of the
Funds and Sub-Advised Accounts.

Please see Item 12: Brokerage Practices in this Brochure for further information on arrangements that may
relieve Kayak from certain costs and expenses.

Neither Kayak nor any of our supervised persons accept commissions or other compensation for the sale of
securities or other investment products.

Item 7: Types of Clients

We provide our services to the Funds and Sub-Advised Accounts. Investments in the Funds are generally subject
to a minimum initial investment of $1,000,000. Prospective Investors are encouraged to read the eligibility
criteria and minimum investment requirements specific to each Fund in the relevant Fund Documents.

For Sub-Advised Accounts, the minimum account minimum is generally negotiable and may be more fully
described in the applicable Governing Documents.