Nine Ten Capital Management LLC

Item 5 – Fees and Compensation
Capital Accounts

The Fund maintains a book capital account (a “Capital Account”) for each Limited Partner and the
General Partner (collectively, the “Partners”) to reflect contributions, withdrawals, distributions and
allocations of net profit and net loss. The initial balance of each Partner’s Capital Account is equal
to the amount of cash or net value of any property contributed to the Fund by such Partner.

Management Fee

For its services to the Fund, the Adviser is entitled to management fees at an annual rate of 1% of
each Limited Partner’s Capital Account balance, calculated and paid each calendar quarter in
advance. If and when the Fee Paying Asset (as defined below) of the Fund exceed $450 million,
the General Partner will implement a tiered management fee schedule applicable to the portion of
the Fee Paying Assets of the Fund above $450 million. The applicable management fee rates are as
follows:
•Class A1 Interests: 1.00% per annum
•Class A2 Interests: 0.90% per annum
•Legacy Interests: 0.80% per annum
(classes of interest description defined in PPM)

Fee Paying Assets means the aggregate net assets of the Fund attributable to all Limited Partner
Capital Accounts that are subject to the Management Fee, as determined by the General Partner in
accordance with the Fund’s valuation policies and procedures.

Capital contributions accepted after the commencement of a calendar quarter will be subject to a
prorated Management Fee. Pro rata refunds of the Management Fee will also be made with
respect to capital withdrawn prior to the end of the relevant calendar quarter.

The management fee is calculated by the Fund’s administrator Opus Fund Services (“Opus”). The
Adviser may reduce or eliminate the management fee with respect to any Limited Partner in its sole
discretion.

Opus uses independent pricing sources such as Bloomberg and IDC to value the Fund and therefore
calculate the management fee. Any non-marketable or illiquid securities the Fund holds will be
valued for the Fund in accordance with Governing Documents and the Adviser's valuation policy.

The Fund (and indirectly the Limited Partner investors) is also required to pay the General Partner
of the Fund, an affiliate of the Adviser, performance fees based upon a percentage of the Fund’s
return on invested capital. For additional details about such performance-based compensation,
please refer to Item 6 – Performance-Based Fees and Side-by-Side Management.

The Fund bears all costs and expenses directly related to its investment program. This can include
custody fees, underwriting and private placements, interest on debit balances or borrowing, any
withholding or transfer taxes imposed on the Fund, costs of any litigation or investigation involving
the Fund’s activities, and any costs or expenses of winding up and liquidating the Fund. However,
the General Partner may, in its sole discretion, choose to absorb any such expenses incurred on
behalf of the Fund. The Fund will incur brokerage and other transaction costs. Please refer to Item

Item 7 – Types of Clients
The Adviser provides discretionary investment advisory services to the Fund, which is a pooled
investment vehicle exempt from registration under the Investment Company Act. Fund investors
are comprised of individuals who qualify as “accredited investors” under Regulation D promulgated
under the Securities Act of 1933, as amended (the “1933 Act”), and/or “qualified purchasers” as
defined under Section 2(a)(51) of the Investment Company Act. As such, the Fund is not required
to register with the SEC as an investment company in accordance with the exemptions set forth in
Sections 3(c)(1) or 3(c)(7) of the Investment Company Act. There is a minimum initial investment
of $250,000 in to the Fund.