Hillview Capital Advisors LLC

Item 5. Fees and Compensation

Pursuant to the Client Agreement, clients pay HCA an annual fee based on a percentage of the
market value of the assets being managed by HCA. HCA may provide certain of its clients with
comprehensive financial planning and consulting services (which may include other non-investment
related matters) as part of its investment management services. As discussed in response to Item

Item 7. Types of Clients

HCA provides investment supervisory services and financial planning services, to individuals,
collective investment vehicles (including limited partnerships), pension and profit sharing plans,
trusts, estates, charitable organizations, corporations and business entities. As a condition for
starting and maintaining a relationship, HCA generally imposes a minimum annual fee of $50,000.
This minimum fee may have the effect of making HCA’s service impractical for clients, particularly
those with portfolios less than $10,000,000 under HCA’s management. HCA, in its sole discretion,
may waive its minimum annual fee based upon certain criteria including anticipated future earning
capacity, anticipated future additional assets, dollar amount of assets to be managed, related
accounts, account composition, pre-existing client, account retention, pro bono activities and such
other factors that HCA determines in its discretion. In addition, HCA, in its sole discretion, may
aggregate related accounts, such as accounts related by personal or organizational relationships.

Clients who allocate assets to the Funds are required to satisfy the suitability criteria set forth in the
offering memorandum for each such Fund. The minimum investment in a Fund is $500,000,
subject to the discretion of HCA to accept lesser amounts.

Hillview Capital Advisors, LLC                                                                          6

Additionally, certain Independent Manager(s) may impose more restrictive account requirements
and varying billing practices than HCA. In such instances, HCA may alter its corresponding
account requirements and/or billing practices to accommodate those of the Independent
Manager(s).

HCA provides non-discretionary investment advice to investment advisors and financial
intermediaries as stated in Items 4 and 5 above.