Hawkins Capital LP

FEES AND COMPENSATION

   Currently, the Firm charges each Fund a fee based in part on such Fund’s assets under
   management and in part on the performance of such Fund. (Please see the section
   below entitled “Performance-Based Fees and Side by Side Management” for more

                                                        Part 2A of Form ADV: Firm Brochure
                                                                     Hawkins Capital L.P.
                                                                              January 2017

detailed information on performance fees.) Fees charged by each Fund to Investors,
including performance fees, vary and are subject to waiver and/or negotiation. It is
possible that different Investors will pay different management or performance fees.

Management Fees

The Firm charges each Fund a fee for management services rendered by it to the Fund
of up to 1.0% per annum. Currently, the HIP management fee accrues monthly in an
amount equal to 0.02083% of the total market value of HIP’s net assets attributable to
each Limited Partner as of the end of each month (0.25% per annum) and is paid
quarterly, in arrears. Currently, the HJR management fee accrues monthly in an amount
equal to 0.083% per month of the total market value of HJR’s net assets attributable to
each Limited Partner as of the end of each month (1.00% per annum) and is paid
quarterly, in arrears. The Firm may, in its sole discretion, waive or share, in whole or in
part, with another person all or any part of the management fee.

Other Fund Fees and Expenses

   (a) Hawkins Investment Partnership

In addition to the Management Fee, other fees and expenses borne by the Investors
include (1) custodial fees and expenses; (2) taxes and duties; (3) other expenses
associated with buying, selling or holding investments; (4) audit and tax preparation fees
and expenses; and (5) third-party fund administration expenses directly related to
HIP. Additionally, the expenses that are currently borne by the Firm that could be borne
by the Investors in the future are (1) legal fees; (2) certain other third-party expenses
directly related to HIP; (3) the costs of quarterly and annual statements as well as
communications from the Firm; (4) governmental and regulatory charges; (5) insurance
costs and premiums; (6) registration fees and valuation agent fees; and (7) wire transfer
and bank service fees.

   (b) HJR Energy Partnership

In addition to the Management Fee, other fees and expenses borne by the Investors
include (1) custodial fees and expenses; (2) taxes and duties; (3) other expenses
associated with buying, selling or holding investments; (4) legal, audit, and tax
preparation fees and expenses; (5) third-party fund administration and market data
expenses directly related to HJR; (6) governmental and regulatory charges; and (7) wire
transfer and bank service fees. Additionally, the expenses that are currently borne by
the Firm that could be borne by the Investors in the future are (1) the costs of quarterly
and annual statements as well as communications from the Firm; (2) insurance costs
and premiums; and (3) registration fees and valuation agent fees; and (4) certain other
third-party expenses directly related to HJR.

In addition, brokers’ trading commissions and other transaction costs are generally
charged to the Funds separately from the management and other fees. Please see the
section below entitled “Brokerage Practices” for more detailed information on brokers’
trading commissions and other transaction costs.

                                                        Part 2A of Form ADV: Firm Brochure
                                                                      Hawkins Capital L.P.
                                                                               January 2017

Generally, all costs of each Fund other than the expenses outlined above will be borne
by the Firm and are intended to be covered by the Management Fee, as described
above. However, under certain limited circumstances and as permitted by law, the Firm
may use “soft dollars” to pay for these costs. The Firm’s potential use of “soft dollars” is
discussed below under the section entitled “Brokerage Practices”.

Valuation

The Firm is compensated based on the value of each Fund’s assets under management
as well as the performance of each Fund. As a result, the Firm would benefit from an
increase in securities valuations over market value (or fair value with respect to difficult
to value securities). Additionally, where an Investor purchases or redeems interests in a
Fund at a net asset value (“NAV”) that is impacted by a discrepancy in valuation, such
Investor may receive a greater or lesser interest in (or increased or decreased
redemption proceeds from) such Fund than would have been the case absent the
discrepancy. Similarly, existing and continuing Investors may suffer dilution or enjoy
accretion as a result of such purchases or redemptions.

Generally, asset valuation is based on market prices (as determined by the Funds’
administrator, Stone Coast Fund Services); however, with respect to difficult to value
securities (e.g., distressed securities), the Firm may, in its discretion, determine
valuation in good faith by polling one or more relevant market makers in the particular
security to be valued. While this method (and others that may be employed by the Firm
in the event that the Firm is unable to obtain sufficient, reliable quotes) is intended to
yield a good faith approximation of the value of an asset, no fair valuation method can,
ex ante, be guaranteed to have reflected the actual or empirical value of any asset, as
might be determined with the benefit of hindsight (particularly in periods of market
distress). Thus, the fair value assigned to an asset may not match the next available
and reliable market price or, in retrospect, have been the price at which that asset could
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TYPES OF CLIENTS

    The Firm currently provides investment advice only to the Funds, which are organized as
    limited partnerships under the laws of the State of Delaware. The Firm serves as

                                                             Part 2A of Form ADV: Firm Brochure
                                                                           Hawkins Capital L.P.
                                                                                    January 2017

    general partner and investment manager to HIP and as investment manager to HJR. An
    affiliate of the Firm, HJR Capital LLC, serves as general partner to HJR. The Firm
    expects the Funds will each qualify for exemption from the definition of “investment
    company” under the Investment Company Act of 1940, as amended (“1940 Act”) under
    1940 Act Section 3(c)(7) and to offer interests to Investors pursuant to Regulation D
    under the Securities Act of 1933, as amended (“1933 Act”). As a result, this disclosure
    brochure (“Brochure”) may discuss information relevant to such Investors, as necessary
    or appropriate.      Nonetheless, this Brochure is designed solely to provide
    information about the Firm and should not be considered to be an offer of
    interests in the Funds. It is also not an offer of, or agreement to provide, advisory
    services directly to any recipient. Rather, this Brochure is designed solely to provide
    information about the Firm for the purpose of compliance with certain obligations under
    the Advisers Act and, as such, responds to relevant regulatory requirements under the
    Advisers Act, which may differ from the information provided in the POMs. To the extent
    that there is any conflict between discussions herein and similar or related discussions in
    a POM, the relevant POM shall govern.

    The Funds generally require a minimum investment of between $1 million to $2 million.
    The Firm may, in its sole discretion, waive any such minimums.

    Investors in the Funds include high net worth individuals and institutional investors
    (meeting the qualifications of those exceptions and exemptions under which the Fund
    operates) wishing to invest in accordance with each Fund’s respective investment
    objective. Investors in each Fund must meet the requirements for “accredited investors”
    under the Securities Act of 1933, as amended, and are also required to be “qualified
    purchasers”, as defined for the purposes of Section 3(c)(7) of the 1940 Act.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

    In managing the Funds, the Firm utilizes various investment strategies and methods of
    analysis, as described below. This section also contains a discussion of the primary
    risks associated with these investment strategies. However, it is not possible to identify
    all of the risks associated with investing, and the particular risks applicable to each Fund
    will depend on the nature of such Fund, its investment strategy or strategies and the
    types of securities held by the Fund, as discussed more fully in each Fund’s POM.

    While the Firm seeks to manage each Fund so that risks are appropriate to the return
    potential for the strategy, it is often not possible or desirable to fully mitigate risks. Any
    investment includes the risk of loss and there can be no guarantee that a particular level
    of return will be achieved. Investors should understand that they could lose some or all
    of their investment and should be prepared, including through diversification, to bear the
    risk of such potential losses.

    Investors should be aware that, while the Firm does not limit its advice to particular types
    of investments, mandates may be limited to certain types of securities (e.g., publicly
    traded equity securities and debt securities) and may not be diversified. Investors are
    responsible for appropriately diversifying their assets to guard against the risk of loss.

                                                         Part 2A of Form ADV: Firm Brochure
                                                                       Hawkins Capital L.P.
                                                                                January 2017

The Firm’s Investment Program

HIP generally follows a value oriented investment strategy and employs a fundamental,
long-term approach in evaluating securities. In doing so, HIP typically seeks to achieve
a market-related return while maintaining low volatility. HIP may raise cash reserves
during periods of unusual market risk. In addition, securities will be selected for long-
term investment (generally, a three to five year period), resulting in low portfolio turnover
(less than 40% per annum, except in periods of extraordinary market turbulence).

HJR typically seeks to purchase energy assets at low or reasonable valuations. The
investment process includes fundamental and financial analysis of individual companies,
supplemented by a macro overlay of the current global energy environment.
Fundamental analysis will include analyzing the industry as a whole and individual sub-
sectors of the energy industry.

The Firm pursues relative value strategies by taking long positions in securities believed
to be undervalued and short positions in securities or indices believed to be overvalued.

The investment strategies Hawkins Capital uses include the following:

      Long-term purchases (securities held at least a year)
      Short-term purchases (securities sold within a year)
      Trading (securities sold within 30 days)
      Short sales
      Margin transactions
      Swaps
      Futures
      Options, including covered options, uncovered options or spread strategies

The Firm generally seeks to provide an enhanced rate of return through a strategy of
investing in a concentrated group of equity, debt, and other securities, typically holding
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