Selkirk Management LLC

Item 5. Fees and Compensation
The Adviser charges the Fund a quarterly fixed fee (the “Fixed Fee”) in advance computed at an annual rate of 1% (i.e.,
0.25% per quarter) of the value of the Capital Account of each Limited Partner. The Fixed Fee shall be paid promptly after
the first day of each calendar quarter based on the value of each Limited Partner’s Capital Account as of the first day of
such quarter. If contributions are made to the Fund during the quarter, the Fixed Fee will be prorated and charged to the
contributing Limited Partner’s Capital Account at the time of such contribution based on the amount of such contribution.

Selkirk GP, LLC (the “General Partner”), an affiliate of the Adviser, will be paid a performance-based fee or allocation in
addition to the Fixed Fee. Except with respect to “new issues,” any net profits and net losses of the Partnership (including
unrealized gains and losses) will be allocated to the partners in accordance with the ratio of their capital account balances.
As of the end of each fiscal year, there shall be reallocated to the General Partner from the capital account of each limited
partner a percentage specified in the Offering Document of such limited partner's share of net profits, subject to a “loss
carryforward” provision (sometimes referred to as a “highwater mark”). Under the loss carryforward provision, no
deduction from a limited partner's capital account with respect to any net profits will be made from the capital account
of a particular limited partner with respect to a fiscal year until any net loss previously allocated to the capital account of
such limited partner has been offset by subsequent net profits. In the event a limited partner makes a partial withdrawal,
a pro rata reduction in the loss carryforward (or adjustment in the computation of the Incentive Allocation) will be made
in the manner described in the Partnership Agreement.

The General Partner may, in effect, in its sole discretion, waive or reduce the Fixed Fee and/or the performance-based fee
or allocation for Limited Partners that are members, principals, employees or affiliates of the General Partner or the
Investment Manager, relatives of such persons and certain large or strategic investors.

The Adviser deducts investment management fees from the Fund by instructing the Fund’s custodian following the
administrator’s calculation of the fee for the relevant period.

The Investment Manager renders its services to the Partnership at its own expense, including the compensation of
employees necessary to render such services and all general office overhead expenses attributable to its employees.
Operating expenses of the Fund will be borne by the Fund including the Fixed Fee, fees paid to the Fund's administrator,
legal, auditing, accounting (including outsourced accounting), consulting and other professional expenses, administration
expenses, research expenses (including research-related travel), investment expenses such as commissions, trading
services and support, interest on margin accounts and other indebtedness, custodial fees, bank service fees, and other
expenses related to the purchase, sale or transmittal of Fund assets as shall be determined by the General Partner in its
sole discretion.

Investors are encouraged to refer to the Fund’s offering documents for a more detailed discussion of the various fees and
expenses associated with the Fund.

The Fund will also incur brokerage and other transaction costs. Please refer to Item 12, Brokerage Practices of this
brochure for a discussion of the Adviser’s brokerage practices.

Item 7. Types of Clients

The Adviser’s only client is the Fund which is organized as a limited partnership under the laws of the State of Delaware.

The minimum investment in the Fund is $1,000,000, subject to waiver at the discretion of the General Partner.

Interests in the Fund are offered on a private placement basis, and generally will be open to investment only by persons
that are "accredited investors" within the meaning of Regulation D of the Securities Act and "qualified clients" as defined
in the Investment Advisers Act of 1940, as amended.

This brochure is designed solely to provide information about the Fund and should not be considered to be an offer of
interests in the private fund of Selkirk Partners, LP. Any such offer may be made only by delivery to the prospective
investor of the Confidential Private Offering Memorandum.