Hawkeye Capital Management LLC

Item 5: Fees and Compensation
Management Fees
Hawkeye receives fees for investment advisory services based on assets under management as
disclosed in the respective Fund’s offering documents. Investment advisory fees are payable
monthly in advance. Investment advisory fees for the Funds are calculated by a third-party
administrator (“Administrator”), approved by Hawkeye and deducted from each investor’s capital
account.

Hawkeye has the discretion to waive all or a portion of the investment advisory fee. Hawkeye has
entered into side letters with one or more investors in the Funds which have established different
rights or privileges with respect to various items, including but not limited to, management fees,
performance-based fees, capacity, foreign investments, most favored nation, and key man.
Hawkeye has the discretion to enter into such side letters without approval from, or notice to, any
investor.

Investment management services may be terminated in accordance with the terms outlined in the
offering documents for each Fund.

                         Hawkeye Capital Management, LLC

Other Fees
In addition to the investment advisory fee, each investor bears its allocable share of expenses
associated with the operations of the Funds. These may include, among others:

    •   All investment expenses, including brokerage and commission expenses, fees and expenses
        of open and closed-end funds, margin, premium and interest expenses, fees and
        disbursements of transfer agents, registrars, custodians, sub-custodians and escrow agents
        and all other investment related expenses of any type;
    •   Legal expenses and external accounting expenses related to the Funds and their
        investments, including any expenses incurred by any consultants to the Funds and
        investment research related expenses;
    •   Extraordinary expenses such as litigation and indemnification; and
    •   Due diligence and related travel expenses.

Potential investors should review the appropriate offering documents for complete disclosure of the
Funds’ expenses.

Item 12 further describes the factors that Hawkeye considers in selecting or recommending broker-
dealers for transactions and determining the reasonableness of their compensation (e.g.,
commissions).

Item 7: Types of Clients
Hawkeye provides portfolio management services to privately offered pooled investment vehicles.
A minimum initial investment of $1,000,000 is generally required to invest in the Funds. However,
Hawkeye has discretion to decrease or waive the minimum initial investment for one or more
investors (or prospective investors) as long as they qualify to invest based on all other suitability
and regulatory requirements.

Generally, investors in the Funds must each be (i) an “accredited investor,” as that term is defined
in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended, and (ii) a
“qualified client,” as that term is defined in Rule 205-3 under the Advisers Act. Investors in
Hawkeye Capital Institutional, L.P. must each be a “qualified purchaser” as that term is defined
under Section 2(a)(51) of the Investment Company Act of 1940, as amended. Investors in the Funds
include, but are not limited to, high net worth individuals, family offices, funds of hedge funds,
endowments, foundations, trusts, estates, charitable organizations, pension plans, limited
partnerships, limited liability companies and similar entities.

Hawkeye has discretion to decline to accept an investment even if the proposed investor satisfies
such suitability and regulatory requirements.