HM International LLC

Item 5 - Fees and Compensation

A. Advisory Fees

HM International is compensated through fees paid by the Funds. The type and amount of fees
payable to HM International is negotiated between the Firm and each Fund.

Management Fees

Each of the Funds the Firm advises pays a management fee (the “Management Fee”) to the
Firm. The Management Fee to which HM International is entitled is in an annual amount equal
to the product of (i) a specified number of basis points and (ii) the assets under management (as
defined by the applicable Fund documents) at the beginning of the calendar year. The
Management Fee is paid in advance in quarterly installments equal to one-fourth of the annual
amount described above on the first day of each calendar quarter, or as otherwise agreed to
between a Fund and the Firm.

Performance Fees

Currently, the Firm is not entitled to a performance fee for any Fund it advises. It is expected,
however, that the Firm will charge a performance fee to one or more Funds in the future, as
agreed to between the Firm and such Funds.

Family Office Service Fees

The fee charged by the Firm for the family offices services is a fixed fee for each Fund and
other entities owned by members of the Meinig Family and the Hojel Family to which such
services are provided. The amount of the fixed fee is determined on a case-by-case basis and
is intended to approximate the general and administrative costs incurred by HM International
in providing family office services. HM International reserves the right to waive the fee for the
family offices services in its entirety on a client-by-client basis.

B. Payment Method

HM International notifies each Fund of the amount of the fees due and payable to HM
International pursuant to the Firm’s advisory agreement with such client. Each Fund then
directs its qualified custodian to pay such fees to HM International to defray the applicable fees
for investment management, investment advisory or family office services, as the case may be.
The fees are typically paid on a quarterly basis as agreed upon with each client.

C. Additional Fee Information and Expenses

Fees Negotiable

Subject to limitations in its advisory agreements with each client, HM International retains the
right to modify fees in its sole and absolute discretion, on a client-by-client basis. Factors
considered include the complexity and nature of the advisory services provided, anticipated
amount of assets to be placed under management, anticipated future additional assets, related
accounts, portfolio style, and account composition. The specific fee schedule is identified in the
advisory agreement entered into with the client.

Miscellaneous Expenses

HM International’s Management Fee with respect to each Fund does not include certain other
charges and expenses to be paid by its clients, including (a) brokerage and other transactional
charges, which are paid on a transactional basis, (b) dealer mark-ups or mark-downs on
securities purchased or sold for an account through third party dealers, (c) custodian fees and
(d) taxes.

Professional Fees

The investment advisory, investment management and family office fees charged by the Firm
do not include the costs, fees or expenses associated with the services of any co-fiduciaries,
accountants, broker-dealers or attorneys. Accordingly, the fees of any additional professionals
engaged on behalf of a client will be allocated among the Funds in a manner that HM
International considers to be reasonable.

Fund Fees and Expenses

HM International provides investment advice to the Funds. To the extent permitted under the
applicable Fund’s governing documents, each Fund bears its own expenses, including, but not
limited to, the investment advisory fee; investment expenses (e.g., expenses that the general
partner or manager of the Fund reasonably determines to be related to the investment of the
Fund’s assets, such as brokerage commissions (see Item 12 for more information on brokerage
expenses), research expenses, interest on margin accounts, administration fees, expenses
relating to short sales, clearing and settlement charges, custodial fees, bank service fees and
interest expenses); legal expenses; insurance expenses; compliance expenses; professional fees
(including, without limitation, expenses of consultants) relating to investments; accounting
expenses (including the cost of accounting software packages); auditing and tax preparation
expenses; applicable outside director fees, costs of printing and mailing reports and notices;
entity-level taxes; corporate licensing; regulatory expenses (including filing fees);

organizational expenses; indemnification payments and insurance expenses and other similar
expenses related to the Funds; and extraordinary expenses. Please refer to the governing
documents for each Fund for additional information.

Third-Party Investment Managers Fees and Expenses

All fees paid to HM International for its investment advisory, investment management and
family office services are separate and distinct from the fees and expenses that may be charged
by third-party investment managers.

Each third-party investment manager used involves different custodial, administrative, and fee
arrangements, and may require certain minimum initial account investments. These fees may
include performance-based fees, management fees and possible other fees. The fees charged by
third-party investment managers may differ from and be higher or lower than the fees charged by the
Firm.

D. Termination and Refunds

Clients should consult the applicable advisory agreement with respect to any termination rights.
As a general matter, if an account is terminated during a calendar quarter, fees will be adjusted
pro rata based upon the number of calendar days in the calendar quarter that the investment
management agreement was effective.

When possible, HM International will credit a client’s account for the amount of the refund.
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Item 7 - Types of Clients

A. Clients

HM International provides investment advisory services to the Funds as described in Item 4,
above. Interests in the Funds are offered only to sophisticated and qualified investors, all of
whom are members of the Meinig Family or the Hojel Family. It is not expected that interests
in the Funds will be offered to persons who are not members of the Meinig Family or Hojel
Family, with the possible exception of one or more professionals who are employed by HM
International.

Investors are generally required to be sophisticated in financial matters, “accredited investors”
within the meaning of Regulation D under the Securities Act of 1933, as amended, and
“qualified purchasers” under the Investment Company Act of 1940, as amended, and the
regulations thereunder.

B. Engaging the Services of HM International

Any new clients that engage HM International for investment management or other services
must first sign the applicable advisory agreement and other required documentation provided
by the Firm. The advisory agreement will describe the services and responsibilities of HM
International to the client. The advisory agreement will also outline HM International’s fees in
detail.

C. Conditions for New Clients

HM International intends to continue to limit its clients to entities owned by the Meinig Family
or Hojel Family. As a condition for starting and maintaining a relationship, HM International
or its affiliates may impose a minimum requirement for assets under management. If such a
requirement is imposed, HM International may, in its sole discretion, require a larger amount or
accept a smaller amount of initial assets from a potential client depending on the complexity
and nature of the investment advisory or investment management services provided, or for any
other reason deemed appropriate by HM International.