H Barton Asset Management LLC

ITEM 5 – FEES AND COMPENSATION

Item 5.A Describe how you are compensated for your advisory services. Provide your fee schedule.
Disclose whether the fees are negotiable.

Any new Fund launched by HBAM may have materially different terms than those summarized below.
The fees paid by the Funds are negotiable by Investors only prior to an investment in the Fund, at the
discretion of the Managing Member.

With respect to the Funds of Funds, HBAM is generally compensated for its advisory services through
asset-based management fees of 1% of the aggregate amount contributed by the Fund of Fund to the
Portfolio Funds, subject to certain limitations as described in the applicable Operating Agreement. The
management fee is typically paid quarterly in arrears.

For each Direct Fund, the management fee is generally 2% of the aggregate capital commitments of the
Fund, payable quarterly in advance.

In addition, with respect to the Direct Funds, and as described in more detail in Item 6 below, the
Managing Member generally receives a performance allocation (commonly referred to as “Carried
Interest”) in each Direct Fund (pursuant to the terms in each Operating Agreement).

HBAM may, in its sole discretion waive or reduce the fees and expenses detailed in this Item 5.

Item 5.B Describe whether you deduct fees from clients’ assets or bill clients for fees incurred. If clients
may select either method, disclose this fact. Explain how often you bill clients or deduct your fees.

HBAM deducts the management fees applicable to the appropriate Fund directly from the Fund’s assets.
Performance based compensation described in Item 6 below is paid to the Managing Member upon the
satisfaction of certain conditions as set forth in the applicable Operating Agreement. Funds do not have
the ability to choose to be billed directly for fees incurred.

Item 5.C Describe any other types of fees or expenses clients may pay in connection with your advisory
services, such as custodian fees or mutual fund expenses. Disclose that clients will incur brokerage and
other transaction costs, and direct clients to the section(s) of your brochure that discuss brokerage.

As set forth in the Operating Agreement, each Fund of Fund shall bear all costs and expenses associated
with the formation, operation, dissolution, winding-up, or termination of the Fund of Fund, including: (i)
all out-of-pocket expenses associated with the organization of the Managing Member or the Fund of
Fund or the syndication of interests therein; (ii) legal, accounting, audit, custodial and other professional
fees as well as consulting fees relating to services rendered to the Fund of Fund that could not reasonably
have been rendered by the Managing Member or its members; (iii) banking, brokerage, broken-deal,
registration, qualification, finders, depositary and similar fees or commissions; (iv) transfer, capital and
other taxes, duties and costs incurred in acquiring, holding, selling or otherwise disposing of Fund of
Fund assets; (v) insurance premiums, indemnifications, costs of litigation and other extraordinary

expenses; (vi) costs of financial statements and other reports to members as well as costs of all
governmental returns, reports and other filings; (vii) costs of meetings of the members and the advisory
committee (including the reasonable travel and other out-of-pocket costs incurred by the Managing
Member and the advisory committee members in attending such meetings); (viii) interest expenses; (ix)
the management fee and all costs associated with the liquidating trust; (x) advertising and public notice
costs; and (xi) any other expenses not listed in the preceding clauses (i) through (x) that are not normal
operating expenses of the Managing Member. In addition each Portfolio Manager will charge “carried
interest” (typically, between 20-25% of the Portfolio Funds net profit) and a management fee (typically,
between 2-2.5% per year of the Portfolio Fund’s aggregate committed capital).

Direct Funds expenses are detailed in the respective Operating Agreement. In general, each Direct Fund’s
costs and expenses include: (i) organization and syndication costs; (ii) legal, accounting, audit, custodial,
consulting and other professional fees; (iii) banking, brokerage, broken-deal, registration, qualification,
finders, depositary and similar fees or commissions; (iv) transfer, capital and other taxes, duties and costs
incurred in acquiring, holding, selling or otherwise disposing of Direct Fund assets; and (v) costs of
financial statements and other reports.

The above is just a general description. Expenses may vary from Fund to Fund and Investors are
encouraged to refer to the applicable Operating Agreement.

We believe transparency is an important element of a strong relationship with our Investors. Although
partnership expenses are disclosed in each Fund’s annual financial statements we have provided a
summary of additional expenses below.

Allocation of Expenses

Expenses pertaining directly to a Fund will be charged to that Fund. If any expenses are associated with
two or more Funds, such expenses will be allocated equitably among the applicable Funds by the
Managing Member in its reasonable discretion.

It is important that Investors refer to the relevant governing documents for a complete understanding of
expenses and fees they may pay through an investment in the Funds. The information contained herein
is a summary only and is qualified in its entirety by such documents.

Item 5.D If your clients either may or must pay your fees in advance, disclose this fact. Explain how a
client may obtain a refund of a pre-paid fee if the advisory contract is terminated before the end of
the billing period. Explain how you will determine the amount of the refund.

As described in Item 5.B, management fees applicable to each Direct Fund are paid quarterly in advance
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ITEM 7 – TYPES OF CLIENTS

Describe the types of clients to whom you generally provide investment advice, such as individuals,
trusts, investment companies, or pension plans. If you have any requirements for opening or
maintaining an account, such as a minimum account size, disclose the requirements.

HBAM provides investment advisory services to the Funds, described in Item 4, above. Investment advice
is provided directly to the Funds and not individually to Investors. Interest in the Funds is offered
pursuant to applicable exemptions from registration under the Securities Act and the Investment
Company Act of 1940. In general, Investors in the Funds are accredited investors (as defined in
Regulation D under the Securities Act of 1933) and qualified clients (as defined in Rule 205-3 of the
Investment Advisers Act of 1940). The minimum initial investment by Investors ranges between $50,000
- $5,000,000 and subject to waiver at the discretion of HBAM.

Any new Fund launched by HBAM may have different terms than those summarized above.