Portolan Capital Management LLC

ITEM 5 – FEES AND COMPENSATION
Portolan typically charges Clients both performance-based fees and asset-based management fees
for managing their respective portfolios. Performance-based fees are charged in compliance with
Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Clients
are typically charged other fees and expenses (e.g., commissions, administrative fees) by their
custodian and other third parties, as described in more detail below.

Private Fund Fees

          Portolan Equity Fund, LP

With respect to each Investor in the Equity Fund, Portolan receives a management fee paid out of
the assets of the Equity Fund. The Equity Fund offers three separate series of interests (“Series A
Interests,” “Series B Interests” and “Series C Interests”) each with a different management fee.
With respect to each Investor investing in Series A Interests, Portolan receives a management fee
payable quarterly in advance on the first day of each fiscal quarter at a rate equal to 0.5% (i.e., 2%
annualized) of the net asset value of each series of interests at the end of the preceding quarter
(after taking into account any subscriptions or redemptions as of such date). With respect to each
Investor investing in Series B Interests, Portolan receives a management fee payable quarterly in
advance on the first day of each fiscal quarter at a rate equal to 0.375% (i.e., 1.5% annualized) on
the net asset value of each series of interests at the end of the preceding quarter (after taking into
account any subscriptions or redemptions as of such date). With respect to each Investor investing
in Series C Interests, Portolan receives a management fee payable quarterly in advance on the first
day of each fiscal quarter at a rate equal to 0.25% (i.e., 1% annualized) on the net asset value of
each series of interests at the end of the preceding quarter (after taking into account any
subscriptions or redemptions as of such date).

In addition, as of the end of each fiscal year of the Equity Fund, the General Partner may be
allocated a special share of the profits of the Equity Fund (the “Special Allocation”) with respect
to each Investor’s Series B Interests and Series C Interests, calculated at the end of each fiscal
year. With respect to each Investor investing in Series B Interests, the Special Allocation will be
equal to 10% of the amount by which the increase (if any) in the value of the applicable Investor’s
Series B Interests exceeds the total return of the Russell 3000 Index for such period, as reported
by Russell Investments (the “Index Total Return”), reduced in accordance with traditional high
watermark treatment. With respect to each Investor investing in Series C Interests, the Special
Allocation will be equal to 20% of the amount by which the increase (if any) in the value of the
applicable Investor’s Series C Interests exceeds a 5% return for such period. Portolan may and
does, in its sole discretion, waive or reduce the management fee and/or the Special Allocation
otherwise due with respect to certain limited partners in the Equity Fund, as further described
below.

Portolan Capital Management, LLC
Form ADV Part 2A Firm Brochure

          Portolan Select Fund, LP

With respect to each Investor in the Select Fund, Portolan receives a management fee paid out of
the assets of the Select Fund. The Select Fund offers two separate series of interests (“Series A
Interests” and “Series B Interests”) each with a different management fee. With respect to each
Investor investing in Series A Interests, Portolan receives a management fee payable quarterly in
advance on the first day of each fiscal quarter at a rate equal to 0.375% (i.e., 1.5% annualized) of
the net asset value of each series of interests at the end of the preceding quarter (after taking into
account any contributions or withdrawals as of such date). With respect to each Investor investing
in Series B Interests, Portolan receives a management fee payable quarterly in advance on the first
day of each fiscal quarter at a rate equal to 0.25% (1.0% annualized) of the net asset value of each
series of interests, at the end of the preceding quarter (after taking into account any contributions
or withdrawals as of such date).

In addition, as of the end of each fiscal year of the Select Fund, the General Partner may be
allocated a special share of the profits of the Select Fund (the “Special Allocation”) with respect
to each Investor’s Series A Interests and Series B Interests, calculated at the end of each fiscal
year. With respect to each Investor investing in Series A Interests, the Special Allocation will be
equal to 10% of the amount by which the increase (if any) in the value of the applicable Investor’s
Series A Interests exceeds the total return of the Russell 3000 Index for such period, as reported
by Russell Investments (the “Index Total Return”), reduced in accordance with traditional high
watermark treatment. With respect to each Investor investing in Series B Interests, the Special
Allocation will be equal to 20% of the amount by which the increase (if any) in the value of the
applicable Investor’s Series B Interests exceeds a 5% annual return for such period. The Series B
Interests are not subject to a high water mark. Portolan may and does, in its sole discretion, waive
or modify the management fee and/or the Special Allocation otherwise due with respect to certain
Investors in the Select Fund, as further described below.

          Portolan Co-Investment Fund, LP

With respect to each Investor in the Co-Investment Fund, Portolan receives a management fee paid
out of the assets of the Co-Investment Fund. Portolan receives a management fee payable quarterly
in advance on the first day of each fiscal quarter at a rate equal to 0.1875% (i.e., 0.75% annualized)
of the net asset value of the interests at the end of the preceding quarter (after taking into account
...

ITEM 7 – TYPES OF CLIENTS
Portolan currently provides investment advisory services to Private Funds, the UCITS Fund,
Separate Account Clients and the Sub-Advised Client.

Portolan’s Separate Account Clients and Investors in the Private Funds are typically high net worth
individuals, trusts, charitable institutions, foundations and other entities.

In general, interests in the Private Funds are offered only to (i) “accredited investors” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended, (ii) “qualified
purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended,
and (iii) “qualified clients” as defined in Rule 205-3 of the Advisers Act unless otherwise
determined by Portolan. Investor eligibility requirements are set forth in each Private Fund’s
offering documents.

The standard minimum initial investment required to invest is set forth below; however, Portolan,
in its sole discretion, reserves the right to reduce these minimum amounts and has accepted such
investments in the Private Funds for related investors and in similar circumstances, all as deemed
appropriate in Portolan’s sole discretion:

     •    $2 million to invest in the Equity Fund;
     •    $1 million to invest in the Select Fund;
     •    $5 million to invest in the Co-Investment Fund; and
     •    $20 million for Separate Accounts.

Portolan’s Sub-Advised Client establishes and maintains its own investment criteria for
prospective investors.

UCITS Fund investor eligibility and investment minimums is established in the UCITS Fund
offering documents.