Cunning Capital LLC

Item 5: Fees and Compensation
  A. As compensation for its management of the Partnership, Adviser will generally receive a
     quarterly management fee, payable in arrears equal to 0.25% (1.0% per annum) of a Limited
     Partner’s capital account balance in the Partnership. The management fee will be assessed
     based on the capital account balance as of the last day of the preceding calendar quarter.

  B. The Partnership pays for all of its ordinary operating and other expenses, including, but not
     limited to, investment-related expenses (such as brokerage commissions, clearing and settlement
     charges, custodial fees, interest expenses, and expenses relating to consultants, brokers or other
     professionals or advisors who provide research, advice or due diligence services with regard to

        investments); research costs and expenses (including fees for news, quotation and similar
        information and pricing services); legal expenses (including, without limitation, the costs of
        on-going legal advice and services, blue sky filings and extraordinary legal expenses); accounting
        fees and audit expenses; administrative fees; tax preparation expenses and any applicable tax
        liabilities (including transfer taxes and withholding taxes); other governmental charges or fees
        payable by the Partnership; costs of printing and mailing reports and notices; and other similar
        expenses related to the Partnership.

    C. The Adviser’s management fee will be appropriately prorated to reflect any capital contributions to
       the Partnership which occur during a quarter. Additionally, for Limited Partners making a
       withdrawal from the Partnership on other than the last day of a quarter, such Limited Partners will
       be charged a pro rata portion of the management fee based on the number of days elapsed
       during such quarter and the portion withdrawn.

    D. Adviser does not accept any other compensation other than the fees as described above.
       Neither Adviser nor any of its supervised persons accept compensation for the sale of securities
       or other investment products.

Item 7: Types of Clients
Adviser provides portfolio management services to the Partnership only.

The minimum initial capital contribution to the Partnership is $500,000, and existing Limited Partners may
make additional capital contributions of not less than $100,000, all subject to the Adviser’s sole discretion
to accept subscriptions for lesser amounts. Interests in the Partnership are being offered for investment
by up to one hundred (100) persons who are “accredited investors” as defined in Rule 501(a) of
Regulation D under the federal Securities Act of 1933.

Note that the Adviser may enter into agreements with certain Limited Partners that will result in
different terms of an investment in the Partnership than the terms applicable to other Limited
Partners. As a result of such agreements, commonly known as “side letters,” certain Limited
Partners may receive additional benefits which other Limited Partners will not receive (e.g.,
additional information regarding the Partnership’s portfolio, different withdrawal terms, or lower
management fee rates or performance allocations). Unless required by contract or by applicable law,
generally the Adviser will not notify the other Limited Partners of any such agreement or any of the
rights and/or terms or provisions thereof, nor will the Adviser be required to offer such additional
and/or different terms or rights to any other Limited Partner.