HFR Asset Management LLC

Item 5 – Fees and Compensation

The management fee charged to a Trust on the HFR Managed Account Platform is generally
between 0% and 3.50 % per year (depending on the strategy), accrued each valuation day,
and payable monthly or quarterly in arrears. For the Trust, a portion of the management
fee is retained by HFR, and the balance paid to the third‐party Trading Manager of the
Trust (if applicable) according to the written agreement with the Trading Manager. HFR’s
management fee for bespoke managed account platforms is generally between 0% and .87.
HFR reserves the right to retain Trading Managers where the fees charged by the Trust
will be in excess of those described herein. HFR’s annual management fee for fund of funds
ranges from 0% to 0.85% of the Net Asset Value of the client’s fund interests. HFR may
waive or adjust the management fee, incentive fee or fund expenses charged to investors.

The fees payable by an investor in respect of Customized Advisory Services or a
Customized Portfolio may be negotiated on a case-by-case basis. Such fees may differ from
the management and incentive fees charged by the HFR Managed Account Platform or fund
of funds. All or a portion of the fees payable by investors for these services may, in HFR’s
discretion, be waived or modified for investors for a specified time frame or indefinitely.
This Brochure is delivered only to qualified purchasers as defined in section 2(a)(51)(A) of
the Investment Company Act of 1940.

Item 7 – Types of Clients

HFR provides investment advisory and investment management services, primarily on a
discretionary basis, to hedge fund vehicles structured as exempt investment companies
under section 3(c)(7) of the Investment Company Act of 1940.

HFR typically requires a minimum of $15 million for a separately managed account to be
opened. Smaller accounts may be opened at HFR’s discretion.