BP Capital Fund Advisors LLC

Item 5 Fees and Compensation

Advisory Fees

BPCFA’s investment management fees are typically calculated as a percentage of the market
value of a client’s assets under management in accordance with its contractual agreements.
BPCFA’s standard fee schedules, which are subject to change and may be negotiated, are
described below under “Fee Schedules”. Existing clients may have different fee arrangements
from those described under Fee Schedules.

BPCFA may, in its sole discretion, charge lower management fees or waive account minimums
based on certain criteria including investment strategy, client type, client domicile, services
provided, the client’s historical relationship with BPCFA, number of related investment accounts,
account composition or size, current and anticipated future assets under management,
marketplace considerations, level of client servicing required and other factors BPCFA deems
relevant.

BPCFA generally automatically deducts management fees on a quarterly basis for its investment
management fees. In any partial billing period, BPCFA pro-rates fees based on the number of
days an account is open.

Fee Schedules

The following sets forth a basic description of certain advisory fee arrangements, including
information on BPCFA’s standard fee schedules. However, fees and other compensation are
negotiated in certain circumstances, and arrangements with any particular client may vary.

Separate Accounts

BPCFA’s investment management fee for managing a separate account is determined through
negotiation with each client and are set forth in the investment management agreement with the
client. Typically, a Separate Account client will pay management fees ranging from 0.50% to
1.25% annually. Separate Account clients generally are responsible for brokerage commissions,
transfer taxes and other brokerage fees and investment expenses, if any, relating to investment
instrument transactions in the Separate Account. Separate Account clients may incur operating
and transaction fees, costs and expenses associated with maintaining their accounts imposed
by custodians, brokers, and other third parties. In such situations, BPCFA does not receive any
portion of these commissions, fees or costs.

Other Fees and Expenses

In addition to the fees described above, clients may bear other costs associated with investments
or accounts including but not limited to: (i) custodial charges, brokerage fees, commissions and
related costs; (ii) interest expenses; (iii) taxes, duties and other governmental charges; (iv)
transfer and registration fees or similar expenses; and (v) other portfolio expenses.

Item 7 Types of Clients

As discussed in Item 4 – Advisory Business of this Brochure, BPCFA currently provides
investment management services, as an investment adviser, to high-net-worth investors through
separately managed accounts on a discretionary basis.