Select Equity Group LP

Item 5   Fees and Compensation

 We receive the following types of fees for our advisory services:

 We, or our affiliates, receive asset-based management fees and/or performance-based compensation, discussed
 below, for our advisory services. Please note that we reserve the right to enter into alternative fee arrangements
 with institutional clients or other clients that meet specific minimum size or other characteristics.

 The following is our fee schedule:

 For Our Individual Clients

 For Our Individual Clients in Our U.S. Long-Only Strategy

 We offer the foregoing services in conjunction with several fee arrangements at the option of the client. Certain
 fee arrangements are based on a percentage of assets under management; others include an asset-based fee and a
 performance-based fee. The performance-based fee arrangement is available only to clients who meet certain
 financial and/or sophistication requirements, as hereinafter described.

 As discussed in Item 4 above, we often provide asset management services for clients on an asset-based fee basis.
 We generally charge an annual management fee between 0% (for employees, principals and certain affiliates) and
 2% of assets under management paid (on a prorated basis) at the end of every calendar quarter. Fees are based on
 the fair market value of the portfolio under management, generally at the closing date of each calendar quarter
 (March 31, June 30, September 30, December 31) after all fees (other than the management fee) and commissions.
 In the event that the client terminates the managed account between quarterly billing cycles or adds or withdraws
 funds between quarterly billing cycles, the client is billed on the prorated annual fee rate applicable to its account
 based on the assets under management as of the termination date or addition or withdrawal date, as appropriate.

 For individual clients, generally, we will submit to that client or its custodian a bill for management fees each
 quarter. Where the client’s custodian receives the bill for management fees, such custodian will generally deduct
 our management fees from those individual clients’ custodial accounts. Certain clients have requested that we send
 them a bill for management fees each billing cycle and they, in turn, either request that the custodian deduct our
 fee from their account or otherwise settle the invoices outside of their account. Fees are based on the fair market
 value of the portfolio under management, generally at the closing date of each calendar quarter (March 31, June
 30, September 30, December 31) after all fees (other than the management fee) and commissions.

 We have agreed and may continue to agree to provide asset management services for clients on a performance fee
 basis, provided that such clients meet the “qualified client” standards established by the SEC under the Investment
 Advisers Act of 1940 (the “Advisers Act”). In such cases, the fees may be individually negotiated and will typically
 involve both a performance-based fee and an asset-based fee. All performance-based fees will comply with Section
 205 of the Advisers Act and Rule 205-3 thereunder, as applicable. In certain cases, the performance fees are subject
 to a 5% performance hurdle. In other cases, the performance fees are subject to the outperformance of a particular
 index. In such cases, because the performance fee is determined based on the outperformance of an index, it is
 possible that the performance fee would be payable even if such client’s account had depreciated in value or that
 the performance fee could exceed the appreciation in the value of such client’s account. For individual clients with
 performance-based compensation arrangements, the performance compensation is generally assessed at the end of
 the calendar year based on the portfolio’s fair market value as of the applicable year-end (inclusive of any portfolio
 contributions within the given period, which are treated as individual tranches), or, as appropriate, the date of
 portfolio withdrawals or portfolio termination. Typically, we will submit a bill for performance-based fees, if any,
 annually to the client or its custodian. The client may choose whether to have its custodian deduct our performance-
 based fees from those individual clients’ custodial accounts or to settle the bill outside of their custodial accounts.

 If a client’s assets are invested in a money market mutual fund (which in some cases has been selected as a cash
 management option by the client) or exchange traded funds, such assets will be subject to management and other
 fees charged by such fund, as well as the advisory fee charged by us. As a result, the client will in effect be paying
 two advisory fees with respect to the assets invested in the money market fund or exchange traded fund.

For Our Other Individual Clients

The fee schedules described above relate to our U.S. Long-Only Strategy. We manage and offer other strategies
with different or negotiated fee schedules and terms, including accounts that are similar in strategy to certain of the
Private Funds. Those fee schedules may include an asset-based fee component and/or (provided that the client
meets the “qualified client” standards established by the SEC under the Advisers Act) a performance-based fee
component and vary based on the relevant account’s strategy in addition to any other terms negotiated with each
client.

For Our Private Fund Clients

Certain Private Fund clients pay a management fee in an amount equal to 0.0% to 2.00% per annum of net asset
value. Each Private Fund may have multiple classes of limited partnership interests (“Interests”) or shares
(“Shares”). The classes differ in terms of fees, liquidity rights or other features as described in the Offering
Memorandum for the Private Fund or applicable supplements thereto. Certain classes of Interests or Shares of the
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Item 7       Types of Clients

 The clients of the Firm include individuals, banking and thrift institutions, pension and profit sharing plans, trusts,
 estates, charitable organizations, corporations or other business organizations, state or municipal government
 entities, other investment advisers, sovereign wealth funds and foreign official institutions, and pooled investment
 vehicles. In addition, the Firm provides advisory or sub-advisory services to certain UCITS sub-funds, COLs sub-
 funds and 1940 Act Funds. Generally, there is a $250,000 minimum for separately managed accounts in our U.S.
 Long-Only Strategy and between $100,000 and $5,000,000 minimum for investments in our Private Funds (though
 we reserve the discretion to accept lesser amounts). Managed accounts in strategies other than the U.S. Long-Only
 Strategy may have higher minimums as determined by the Firm in its sole discretion.