Lone Pine Capital LLC

Item 5. Fees and Compensation
A. Fees and Compensation
The Cypress Funds, Cascade Funds, and Mountain Pine Funds pay LPC a fixed asset-based
management fee payable monthly (prorated for partial months) in advance. In addition, each
Cypress Fund, Cascade Fund, Pitch Master Fund, and Mountain pays a performance-based
incentive allocation based on net capital appreciation (over the management fee and where
applicable, a "hurdle amount" as discussed below, and subject to a loss carryforward mechanism).
The Cypress Funds, Cascade Funds, Pitch Master Fund, and Mountain pay this fee and allocation
by debiting the accounts of investors in each such LPC Fund. While withdrawals are generally
permitted in the Cypress Funds, Cascade Funds, and the Mountain Pine Funds only at quarter-end,
a pro rata portion of any management fee paid in advance will be returned to the applicable fund
for distribution to any investor that is permitted to withdraw (or compulsorily withdrawn) prior to
any quarter-end. The fees and allocations applicable to each LPC Fund are set forth in detail in
each LPC Fund's organizational and/or offering document. A brief summary of such fees and
allocations is provided below. Any incentive allocations allocated to an affiliate of LPC comply
with the requirements of Section 205 of the Investment Advisers Act of 1940, as amended (the
"Advisers Act"), and Rule 205-3 thereunder. LPC or its affiliate may waive (and has done so) the
portion of the management fee and incentive allocation that is allocable to certain investors, such
as LPC's affiliates, LPC's employees, members of their immediate family and their lineal
descendants, trusts or other entities established for their benefit and family or other foundations
established by such persons (collectively, "Internal Investors").

The Cypress Funds

Generally, the Cypress Funds pay LPC a monthly management fee for investment advisory
services equal to 1/12 of 1% (1% on an annualized basis) of each investor's capital account or the
net asset value of each series of each class of shares held by an investor, as applicable, at the
beginning of each such month (taking into account, as applicable, the lower of the cost or fair
value, as determined by LPC, of DIs (as defined in Item 8) in which such investor has an interest).

Generally, at the end of each fiscal year of the Cypress Funds or upon the redemption or withdrawal
of an investor, LPA is entitled to an incentive allocation in an amount ranging from 13% to 18%
(subject to certain conditions) of the net capital appreciation of each class of partnership interest
or the increase in the net asset value of each series of each class of shares for such fiscal year
(which includes both realized gains and losses and unrealized appreciation and depreciation of
securities held in such Cypress Fund's portfolio and includes, as applicable, gains and losses in
respect of realized or deemed realized DIs allocated during the applicable fiscal year) after
deducting the management fee for such fiscal year, subject to a loss carryforward mechanism (and
in certain classes of shares or interests, only to the extent the net capital appreciation or the increase
in the net asset value of such series of each class of shares for such fiscal year was in excess of a

"hurdle amount"). To the extent that this allocation has been waived for any investor, the amount
allocated to LPA is proportionately reduced. The "hurdle amount" for any fiscal year is the amount
an account or series of shares would have earned for such fiscal year if it had received an annual
rate of return equal to that of a benchmark specified in the applicable Cypress Fund's offering
materials.

The Cascade Funds

For the Cascade Funds, investors may choose among management fee only classes or among
classes that bear both a management fee and an incentive allocation.

Generally, the Cascade Funds pay LPC a monthly management fee ranging from 1/12 of 1% to
1/12 of 1.5% (1% to 1.5% on an annualized basis) of each investor's capital account or the net asset
value of each series of each class of shares held by an investor, as applicable, at the beginning of
each such month (taking into account, as applicable, the lower of the cost or fair value, as
determined by LPC, of DIs in which such investor has an interest).

Generally, at the end of each fiscal year of each of the Cascade Funds or upon the redemption or
withdrawal of an investor, LPM is entitled to an incentive allocation of 15% (subject to certain
conditions) of the amount by which the return on the capital account or the net asset value of each
series of each class of shares for such fiscal year (taking into account, as applicable, gains and
losses in respect of realized or deemed realized DIs allocated during the applicable fiscal year)
exceeds a "hurdle amount", subject to a loss carryforward mechanism, and a "20% IA Limitation"
(as defined below). To the extent that this allocation/fee has been waived for any investor, the
amount paid to LPM is proportionately reduced. The "hurdle amount" for any year is the amount
an account or series of shares would have earned for a fiscal year if it had received an annual rate
of return equal to that of an equity index specified in the applicable Cascade Fund's offering
materials. Additionally, if applicable, the "hurdle amount" will be adjusted to take into account
any DI that is realized or deemed realized (in whole or in part) during the period for which an
incentive allocation is being determined in the manner set forth in the offering documents of the
Cascade Funds. Generally, the incentive allocation in any fiscal year will not exceed 20% of the
investor's return on its capital account (or return on its applicable series of shares) for such fiscal
year (as adjusted for withdrawals or redemptions, as applicable, during such fiscal year) (the "20%
...

Item 7. Types of Clients
LPC's clients are the LPC Funds and certain pooled vehicles not offered to U.S. investors to which
LPC provides investment advice. The LPC Funds themselves are not subject to any requirements
for opening or maintaining an account. Investors in the LPC Funds include, among others, high
net worth individuals, corporations, trusts, charitable institutions, foundations, endowments, funds
of funds and other U.S. and international institutional investors. The organizational and/or offering
documents for each LPC Fund sets forth the required minimum amounts for investment by
investors in such LPC Fund. The minimum investment amounts generally do not apply to Internal
Investors. In addition, because related persons of LPC serve as trustees to the Lone Pine Capital
LLC 401(k) Profit Sharing Plan (the "Plan"), a defined contribution plan established for the benefit
of LPC's employees, the Plan is deemed a client of LPC.