Light Street Capital Management LLC

Item 5.        Fees and Compensation

The Hedge Funds and the Long-Only Fund charge a quarterly management fee (other than Series
D interests in the Long-Only Fund) and an annual special profit allocation. The broadly available
VC Funds pay an annual management fee and a special profit allocation after all contributed
capital has been returned to limited partners. Some of the Closed-End Funds make a quarterly
management allocation and a profit allocation upon the occurrence of a liquidity event, and
others make only a profit allocation upon the occurrence of a liquidity event. Management fees
are paid, and management allocations are made, if applicable, quarterly in advance. Certain
Closed-End Funds pay no compensation to Light Street. The special profit allocations of the
Hedge Funds and Long-Only Funds are made annually, and the profit allocations of the Closed-
End Funds are made upon the occurrence of a liquidity event. The Sub-advised Fund pays a
management fee monthly in arrears and a special profit allocation is made annually.

As a result of the fees and allocations payable to Light Street, returns realized by Fund investors
are substantially less than the returns they would realize from engaging in the same activities
directly. Light Street, its members, and employees do not pay any management fees or profit
allocations with respect to their investments in the Funds.

Light Street deducts management fees, management allocations, profit allocations, exit fees and
catch-up fees, if any, directly from investors’ capital accounts.

Light Street complies with Rule 205-3 of the Investment Advisers Act of 1940, as amended (the
“Advisers Act”) to the extent required by law. Performance allocations create an incentive for
Light Street to make more risky and speculative investments than it would otherwise make.

Funds that invest in mutual funds or other private funds also pay, indirectly, investment advisory
fees to the managers of those funds and their share of those funds’ expenses. The value of any
such fund’s investments is controlled by its manager. Light Street has no control over such
decisions.

                                                                     Light Street Capital Management, LLC
                                                                                Part 2A of Form ADV - Page 2

Each Fund is generally responsible for its own expenses, including trading expenses (such as
brokerage commissions, expenses of short sales, and clearing and settlement charges), ongoing
legal, accounting and bookkeeping fees and expenses, and the fees and expenses charged by any
fund administrator for its accounting, bookkeeping and other services. Light Street bears its own
operating, general, administrative, and overhead costs and expenses, other than the expenses
described above. All or part of these costs and expenses may be paid, however, by brokers that
execute the Funds’ trades as discussed in Item 12.

If a Fund terminates or an investor is permitted to withdraw or redeem, the investor bears
expenses, the pro rata portion of any management fee, and the profit allocation through the date
of termination or withdrawal/redemption, except that an investor that withdraws or redeems
does not receive a refund of any management fee previously paid.

Light Street believes its fees are competitive with fees charged by other investment advisers for
comparable services, but comparable services may be available from other sources for lower fees.

The disclosure in this Item 5, together with the disclosure in Item 12, allow a plan that is subject
to the Employee Retirement Income Security Act of 1974 and that invests with Light Street to use
the “alternative reporting option” to report Light Street’s compensation as “eligible indirect
compensation” on Schedule C of the plan’s Form 5500 Annual Return/Report of Employee
Benefit Plan.

Item 7.        Types of Clients

Investors in the Hedge Funds must invest a minimum of $10,000,000, except that the minimum
for certain series of those Funds offered through UBS Financial Services, Inc. and J.P. Morgan
Securities LLC and their affiliates is $250,000. Investors in the Photon Funds must invest a
minimum of $2,000,000. Investors in the Long-Only Fund must invest a minimum of $5,000,000.
Investors in the VC Funds must invest a minimum of $250,000 or $500,000, depending on the VC
Fund. Investors in the Closed-End Funds were generally required to invest a minimum of
$100,000, except the minimum for the first Closed End Fund was $500,000; the minimum for one
Closed End Fund was $10,000,000, and the minimum for the most recent Closed End Fund was
$1,000,000. Light Street may waive the minimum for any investor in any Fund, subject only to
applicable law. Light Street does not have a minimum opening amount for separately managed
or sub-advised accounts. The minimum would be as Light Street and the client agree.

                                                                      Light Street Capital Management, LLC
                                                                                 Part 2A of Form ADV - Page 3