Hudson Park Management LLC

Item 5. Fees and Compensation
  A. Detailed information with respect to how Hudson Park is compensated for the advisory
     services it provides is contained within the Offering Documents for each Client. Generally,
     Hudson Park is compensated by the receipt of management fees, as described below. Clients
     should carefully review the Offering Documents prior to retaining Hudson Park as an
     investment adviser.

     It should be noted that certain advisory fees are negotiable in that Hudson Park has waived
     (in whole or in part) the fees paid by certain SMAs and may enter into a different fee
     arrangement with different Clients, in its discretion.

     As compensation for its services, Hudson Park will generally receive a management fee in
     accordance with the Offering Documents. For SMAs, the fee is based on the market value of

       assets under management at the end of each calendar quarter. Such fees range from 1.25% to
       0.5% based on the specific amount of SMA client assets under management.

       Hudson Park does not charge performance-based fees for its investment advisory services.
       Fees charged to the SMAs are not based on the capital appreciated of the funds or securities
       held in the SMAs.

   B. Management fees are payable to Hudson Park quarterly in arrears. The management fee is
      allocated to the capital accounts of the Client accounts and paid to the Firm by the Client.

   C. Aside from administration, legal, audit and tax expenses, Hudson Park generally bears the
      expenses of its Clients.

   D. As discussed above, the management fees will be payable in arrears on a quarterly basis on the
      first day of each fiscal quarter.

   E. Except as otherwise disclosed, neither the Firm nor any of its supervised persons receive,
      directly or indirectly, any compensation from the sale of securities or other investment
      products.

Item 7. Types of Clients
Hudson Park offers services to individuals, personal trusts and estates, non-profit charities,
corporations and other types of clientele as the Firm deems appropriate. Hudson Park generally
impose a minimum investment of $100,000, but the Firm may agree to accept smaller commitments
in its sole discretion. Hudson Park may also aggregate the portfolios of family members or related
accounts to meet the minimum portfolio size. Hudson Park only accepts Clients with less than the
minimum portfolio if, in the sole opinion of the Firm, the smaller portfolio size will not result in a
substantial increase of investment risk beyond the identified risk tolerance.