Green Owl Capital Management LLC

ITEM 5: FEES AND COMPENSATION

GOCM charges an asset-based investment management fee based on the value of the client’s assets
under management on such terms that are set forth in the applicable Fund’s confidential offering
memorandum, individual limited partnership or shareholder agreements, investment management
agreement, and/or and other governing documents applicable to each Fund (collectively the “Governing
Documents”). In addition, an affiliate of GOCM receives an allocation of profits (“performance
allocation”) that is based on a share of capital gains or capital appreciation of the assets of each Fund.

The Funds’ investors are subject to these management fees and performance allocations, as applicable,
indirectly through their investment in a Fund.

Management Fees

Management fees are charged quarterly in advance based on the value of the master fund’s assets and
the SMA assets as of the first day of the quarter and payable to GOCM. Management fees are deducted
in determining the net asset value of each Fund. The annual management fee is typically 2.00% of each
Fund’s assets under management.

Performance Allocation

The master fund is subject to an annual performance allocation as set forth in the Governing
Documents. The performance allocation is allocated from each investor’s account at the end of the
calendar year to an account established on behalf of an affiliate of GOCM, Green Owl Capital, LLC (“GO
Capital”). A performance allocation is also made at the time of an investor’s withdrawal or redemption,
as applicable.

GOCM may also charge a performance allocation to its SMA clients, as specified in the SMA agreement
with the particular SMA client. Any performance fee will only be charged to investors or clients that are
deemed “Qualified Clients” under Rule 205-3 of the Investment Advisers Act of 1940, as amended.

The management fee and/or performance allocation may be waived or modified for Fund investors that
are large or strategic investors, including employees of GOCM and its affiliates.

Early Withdrawal Fees

Investors in the GOCM Funds are subject to a withdrawal fee if they redeem or withdraw an investment
in the GOCM Funds within the first twelve (12) months from the date the initial investment in such Fund
is made. The charge is equal to 3% of the value of the redemption payable to the Fund.

Expenses

Each of the Funds will generally bear their own operating and other expenses which may include all
costs and expenses related to its investments and its operations, including, without limitation,
brokerage and other transaction costs, clearing and settlement charges, trade break fees, consulting
expenses, research expenses (including related travel expenses), legal fees and other expenses in
connection with conducting due diligence and negotiating the terms of certain investments, custodial
fees, initial and variation margin, interest and commitment fees on debit balances or borrowings, stock
borrowing fees and proxy solicitation expenses, legal expenses, audit and tax preparation expenses,
accounting fees, directors fees, the Fund’s administration expenses (including, but not limited to, fees

and expenses of an administrator), fees and expenses for risk management services, insurance expenses
including costs of any liability insurance obtained on behalf of the Fund, indemnification expenses, the
management fee, regulatory costs and expenses (including filing and license fees), costs and expenses
associated with the preparation and filing of Form PF and any other legal or regulatory filings applicable
to the Fund, trust and other fees associated with the holding of “Management Shares” issued by the
offshore fund, any issue or transfer taxes chargeable in connection with any securities transactions, any
entity level taxes and fees, costs of reporting and providing information to Limited Partners or
Shareholders, and costs of litigation or investigation involving Fund activities, and any extraordinary
expenses. Expenses related to one or more particular classes will be allocated accordingly by the
applicable Fund. Each of the GOCM Funds will also be responsible for its pro rata portion of the master
fund’s costs and expenses, the nature of which expenses are anticipated to be similar to those of the
Funds. A portion of the Funds’ and the master fund’s operating expenses may be shared with other
investment entities or accounts managed by the GOCM or their affiliates on an equitable basis.

For more information regarding GOCM’s brokerage practices and brokerage expenses discussed herein,
please see Item 12.

GOCM and its supervised persons do not accept any compensation (e.g., brokerage commissions) for the
sale of securities or other investment products, including interests or shares in the Funds, as applicable.

ITEM 7: TYPES OF CLIENTS

We provide advisory services to the Funds, which are pooled investment vehicles. The underlying
investors in the Funds typically include:

       endowments and foundations;
       family offices;
       high net worth individuals;

         funds of hedge funds; and/or
         institutional investors.

The GOCM Funds and SMA generally require a minimum subscription amount of US $5,000,000;
however, we may accept lesser amounts in our sole discretion.

Details concerning applicable investor suitability criteria are set forth in the respective Fund’s Governing
Documents. The minimum commitment for an investor is outlined in the respective Fund’s Governing
Documents, including the discretion of GOCM and its affiliates to accept less than the minimum
investment threshold. To comply with Securities and Exchange Commission regulation, we require that
U.S. Persons (as defined in Regulation S under the Securities Act of 1933, as amended (the “Securities
Act”)) meet certain suitability qualifications, such as being (i) an “accredited investor” as defined under
Rule 501(a) of Regulation D of the Securities Act and (ii) a “qualified purchaser” as defined in Section
2(a)(51) of the Investment Company Act, as amended. We reserve the right to reject any subscriptions.

ITEM 8: METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

General

GOCM employs a differentiated approach towards event-driven equity investing. At its core, GOCM
utilizes a traditional event-driven approach, analyzing companies whose shares will be revalued by a
catalyst. In implementing the strategy, GOCM pays special attention to trade structuring which takes
into consideration a multi-dimensional view of potential price moves (direction, timing, and order of
magnitude), enhances the return potential of investments, and controls downside risk to predetermined
levels. In managing the Funds, GOCM seeks to deliver above-average capital appreciation by identifying
profit opportunities in both rising and falling markets.

Our strategy is focused on deep fundamental analysis in equities and structuring investments in various
instruments that create asymmetrical payoff profiles. We focus primarily in the U.S. markets and seek
to structure a portfolio for the Funds of exchange-traded put and call options on U.S. listed equities,
indices, and ETFs, and their corresponding underliers. We may also invest in over-the-counter
derivatives, forwards, futures and other derivatives, instruments issued by non-U.S. issuers or which
otherwise are not U.S.-listed, publicly distributed or privately held bonds, debentures, notes, and other
debt, equity, and hybrid securities or instruments. We believe that this combination of assets will allow
the Funds to achieve their investment objective while at the same time providing limited protection
against market downturns. It should be noted, however, that there are no limits on the instruments or
markets in which the Funds may invest.

Fundamental Research. Our research team performs fundamental research on the proposed
investment idea to determine the fundamental value of the company and understanding of how a
catalyst will re-price the market value of the equity.

This may include analysis of a variety of factors related to specific companies, including industry issues,
company dynamics, company management, accounting issues, financial statements and valuation. Our
bottom-up research process is based on our knowledge of the companies we follow and our ability to
identify important marginal changes in the drivers of a company’s business and valuation. The process
usually involves quantitative and qualitative screening of securities to identify candidate for either long
or short positions. These candidates are then scrutinized to develop the investment thesis and
corroborate its validity.

Each underlying thesis for a trade usually includes an identifiable catalyst which is expected to cause the
market to revalue a company’s equity.

Scenario Analysis. The Portfolio Manager, Ross Berman, and the trading team may analyze the relevant
option markets to determine the market’s expectations of how the catalyst will affect the price of the
equity. The key is our team’s understanding of the market’s expectation and what is, or is not, being
factored into the price of the relevant options. The PM may perform various scenario analyses to
determine the risk/reward of the potential trade.

Risk Management. Our Portfolio Manager has final authority for the funds we manage. With input
from our Investment Team and Quantitative Risk Analyst they determine the trade structure and sizing
of the position. To aid in the proper trade structure, we utilize third-party risk systems that work in
conjunction with our internal risk system. We generally seek prudent concentration in sector and
individual securities. While we expect to adhere to these guidelines, they are not strict position or
sectors limits, and we may deviate from the guideline from time to time without notice to investors.

However, these risk management techniques may not be fully effective in mitigating the Fund’s risk
exposure in all economic or market environments or against all types of risk, including risks that GOCM
might fail to identify or anticipate. Some of GOCM's strategies for managing risk are based on the use of
observed historical market behavior as well as hypothetical scenario analysis. GOCM will apply
statistical and other tools to these observations to quantify the Fund’s risk exposure. Any failures in
GOCM's risk management techniques to accurately quantify risk exposure could limit GOCM's ability to
manage risks or to see adequate risk-adjusted returns. In addition, any risk management failures could
cause the Fund’s losses to be significantly greater than the measures indicate. GOCM's risk
management does not take all risks into account, potentially exposing the Fund to material
unanticipated losses.
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