Holowesko Partners Ltd

Types of Clients

HPL currently acts as an investment advisor to the following private fund clients:

Holowesko Global Fund Ltd.
       a)     Domicile: Cayman Islands
       b)     Structure: Corporation
       c)     Investor Base: Non-U.S. investors and tax-exempt U.S. investors

Holowesko Global Fund LLC
       a)     Domicile: State of Delaware, USA
       b)     Structure: Limited Liability Company (tax status: partnership)
       c)     Investor Base: U.S. taxable investors

Holowesko Global Equity Fund LLC
       a)     Domicile: State of Delaware, USA
       b)     Structure: Limited Liability Company (tax status: partnership)
       c)     Investor Base: U.S. taxable investors

Holowesko Global Equity Fund (Segregated Portfolio), a segregated portfolio of the
       Holowesko Global Funds SPC Ltd.
       a)     Domicile: Cayman Islands
       b)     Structure: Corporation
       c)     Investor Base: Non-U.S. investors and tax-exempt U.S. investors

Holowesko Growth Fund (Segregated Portfolio), a segregated portfolio of the
       Holowesko Growth Funds SPC Ltd.
       a)     Domicile: Cayman Islands
       b)     Structure: Corporation
       c)     Investor Base: Non-U.S. investors

Farrington Growth Fund Ltd.
        d)     Domicile: Cayman Islands
        e)     Structure: Corporation
        f)     Investor Base: Non-U.S. investors

The minimum initial investment by an investor in a private fund client is $3,000,000, however, HPL in its
sole discretion may waive this minimum amount.

Each private fund client has a separate and distinct trading strategy and may trade at different times in
the same securities. Holowesko Global Fund Ltd. and Holowesko Global Fund LLC have a long/short
global equity strategy and generally invest in the same securities allocated on the basis approximating
their relative net asset values. Holowesko Global Equity Fund LLC and Holowesko Global Equity Fund
(Segregated Portfolio) have a long global equity strategy and generally invest in the same securities also
allocated on the basis approximating their respective net asset values. The Holowesko Growth Fund
(Segregated Portfolio) and Farrington Growth Fund Ltd. both have a long global equity strategy.

A managed account client may employ a strategy that is similar to one of the strategies of a private fund
client and if so, will generally invest in the same securities of that strategy on a basis approximating its
relative net asset value to that of the private fund client(s).

M ethods of Analysis, I nvestm ent Strategies, and R isk of Loss

HPL employs a bottom-up, fundamental company analysis. HPL uses a variety of methods to identify and
evaluate opportunities. HPL uses its own internal research and analysis as well as research and analysis
received from third parties. Sources of information include corporate financial reports, investment
publications of brokerage firms and statistical information and research from research providers. In
addition to written materials, HPL analysts attend company-sponsored meetings, security analysts
meetings and broker-sponsored meetings and conferences. HPL may consider in its evaluations factors
that include, but are not limited to, market value, free cash flow analysis, asset values and earnings
growth over full market cycles, and also seeks to identify catalysts for valuation changes and utilizes
upside/downside targets. HPL may employ leverage in its client portfolios such as short selling and the
use of swaps, forward currency contracts and other forms of leverage.

HPL applies its investment philosophy consistently across regions, sectors and business cycles, and
focuses on absolute, not benchmark, returns.

HPL provides investment advisory services that cover a variety of investment instruments, however, the
primary instruments used in all of the strategies are as follows:
    a)      exchange-listed securities (equities, put options, call options)
    b)      over the counter options and contracts for differences
    c)      United States government securities
    d)      forward foreign currency contracts

Investing in securities involves a risk of loss that clients should be prepared to bear. Specific risks
associated with the primary instruments used as listed above include, but are not limited to, the
following:

General: Markets in which the clients may invest are subject to fluctuations, and the market value of any
particular investment may be subject to substantial variation. Notwithstanding the existence of a public
market for particular financial instruments, such instruments may be thinly traded or may cease to be
traded after an investment is made in them. In addition to being relatively illiquid, such instruments may
be issued by unstable or unseasoned issuers or may be highly speculative. No assurance can be given
that a client’s investments will appreciate in value. Further, new legislation or changes in government
regulations could adversely affect the clients. No assurance can be given that the transactions entered
into will result in profitable investments for the clients or that the clients will not incur substantial losses.

Economic conditions: Changes in economic conditions, including, for example, interest rates, inflation
rates, industry conditions, competition, technological developments, political and diplomatic events and
trends, tax laws and innumerable other factors, can affect substantially and adversely the business and
prospects of issuers in which HPL invests or is otherwise exposed to. These economic conditions may be
particularly prevalent in countries that are considered emerging markets. None of these economic
conditions, among other things, will be within the control of HPL.

Market risks: Investments in securities issued by companies and governments of different nations
involves certain risks. These risks include international and regional political and social developments
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