Sands Capital Horizons LLC

Item 5 – Fees & Compensation

Horizons or its affiliates generally receive Management Fees (as defined below), and/or incentive allocation
or similar performance-based remuneration from Clients (“Incentive Fees”). A Fund may also make other
payments to Horizons or its affiliates for services provided to the Fund, which, in certain circumstances,
consistent with the Client Documentation, would reduce the Management Fees payable to Horizons.
Consistent with the Client Documentation, the Fund typically bears certain out-of-pocket expenses
incurred by Horizons in connection with the services provided to the Fund. Further details about certain
common fees and expenses are set forth below.

Management Fees

Horizons Funds and Manager-Led Directs

Investors in a Horizons Fund are typically subject to an investment management fee (a “Management Fee”)
payable by the Fund to Horizons as the investment manager of the Fund. Investors in Manager-Led Directs
are subject to a Management Fee, which is generally waived at the discretion of Horizons for Horizons’
affiliates, employees of Horizons or its affiliates, and other “friends and family” of Horizons (together,
“Adviser Investors”), Advisory Clients, and Horizons Funds. The Management Fee is calculated in accordance
with the Client Documentation. The precise amount of, and manner and calculation of, the Management
Fee are set forth in the Client Documentation provided to an investor prior to investment in a Fund. The
Management Fee is typically not open to negotiation. Additionally, Management Fee rates currently and
may in the future differ from one Fund to another, and certain Funds grant investors the ability to choose
among different Management Fee rate options that may correspond to different incentive allocation
percentages or other terms of the Fund. Consistent with the Client Documentation, Management Fees are
expected to differ within each series of a Fund and not all investors will be eligible to invest in each series.
Horizons may waive the Management Fee for certain investors (if consistent with the Client
Documentation). Generally, in the case of an investor admitted to the Fund after the first day of a
calculation period, the Management Fee will be pro-rated based on the admission date of such Fund
investor. Generally, the Management Fee is payable until an investor withdraws their full investment in the
Fund or until Horizons’ relationship with the Fund is terminated for other reasons as described in the
Client Documentation. The Management Fee may be lowered or offset by certain fees received by Horizons
or its affiliates as described in the Client Documentation. The Management Fee structures described herein
may be modified from time to time. Upon termination of an advisory agreement, Management Fees that
have been pre-paid are generally returned on a prorated basis.

Generally, Adviser Investors who invest in a Fund will not be subject to a Management Fee or will receive
a reduction in Management Fees. However, Adviser Investors (or Horizons, or its affiliates on their behalf)
will generally bear their pro rata share of Fund expenses. In addition, and in accordance with the Client
Documentation, as applicable, Horizons anticipates entering into letter agreements or other similar
agreements (collectively, “Side Letters”) with one or more investors that provide such investors with
additional and/or different rights (including with respect to Management Fees) than provided in the Client
Documentation.

The Management Fee paid by a Fund may be reduced by an amount and in the manner set forth in the
applicable Client Documentation. To the extent a reduction relates to more than one Fund, Horizons will
allocate the reduction fairly among the Funds at its discretion. To the extent a reduction relates to a Fund
Investment held by more than one Fund, Horizons shall allocate the resulting Management Fee reduction
among the applicable Fund in proportion to their respective interest (or prospective interest) in the Fund
Investment(s) to which the reduction relates. As some Fund investors may not pay Management Fees, any
such reduction will not benefit such Funds or investors, as applicable. Generally, the portion of fees
allocable to capital invested by a Fund or Fund investor that does not pay Management Fees will be retained
by Horizons and such amount will not offset any Management Fee.

Investment Advisory Services to Advisory Clients

Horizons is generally compensated by Advisory Clients for its investment advisory services with an annual
fee (“Retainer Fee”) payable monthly in advance, although certain Advisory Clients may have different
arrangements, consistent with each Advisory Client’s Client Documentation. The precise amount, manner,
and calculation of the Retainer Fee is set forth in the Client Documentation. The Retainer Fee is determined
by several factors, including, but not limited to, the complexity and breadth of the engagement with each
Advisory Client. Retainer Fees are not calculated as a percentage of assets under management or as a
function of the value of a Client’s portfolio. Changes in the market value of a Client’s assets, whether
managed on a discretionary or non-discretionary basis, do not in themselves result in an increase or decrease
in the Retainer Fee. Additionally, Retainer Fees currently and will likely continue to differ from one
Advisory Client to another. Horizons, in its sole discretion, may waive or reduce the Retainer Fee for certain
Advisory Clients. Retainer Fees for Advisory Clients are invoiced, and Horizons does not deduct such fees
directly from Advisory Client accounts. If Retainer Fees have been pre-paid and an Advisory Client
terminates its advisory relationship with Horizons, consistent with the Client Documentation, Horizons
will pro-rate such pre-paid Retainer Fees and refund the amount relating to any period following the
termination of the Client Documentation.

Other Fees
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Item 7 – Types of Clients

Horizons provides investment advisory services to Clients as described above in Item 4 – Advisory Business.
Interests in the Funds are offered pursuant to applicable exemptions from registration under the Securities
Act and the 1940 Act. Investors in the Funds are generally: (i) “accredited investors” (as defined in Regulation
D under the Securities Act) and (ii) “qualified purchasers” (as defined in the 1940 Act) or are otherwise
qualified to invest in a “3(c)(7) fund,” and that meet other qualifications established by Horizons, and may
include high net worth individuals, principals, or other knowledgeable employees of Horizons and its
affiliates (including the Advisory Affiliates), trusts (including collective investment trusts and their trustees),
estates, charitable organizations, university endowments, limited partnerships, limited liability companies,
or other entities. Subscription and capital commitment minimums are disclosed in the Client
Documentation of the Funds and are, at times, waived for certain investors at Horizons’ discretion.

Horizons is also generally permitted to establish Funds that are alternative investment vehicles in order to
permit certain investors to participate in one or more particular investment opportunities in a manner
desirable for tax, regulatory, or other reasons. Alternative investment vehicle sponsors generally have
limited discretion to invest the assets of these vehicles independent of limitations or other procedures set
forth in the Client Documentation of such vehicles and the Client Documentation of the related Fund.

Investment advisory services for Advisory Clients are tailored based on the Advisory Clients’ individual
investment objectives, guidelines, and/or limitations on the types of securities and other instruments in
which the given Advisory Client may invest. Horizons provides such investment advisory services primarily

to families with multi-generational wealth and to their foundations and investment vehicles, including trusts,
estates, charitable organizations, corporations, limited partnerships, limited liability companies, or other
entities. Horizons generally imposes a minimum portfolio size of USD 100,000,000 for Advisory Clients,
but may, in its sole discretion, lower or waive the minimum requirement. It is expected that there will be
Advisory Clients who also invest in the Funds and/or Manager-Led Directs.