Hull Capital Management LLC

Item 5 - Fees and Compensation

Investment Fund

The Investors in the Hull Capital Funds are generally charged an annual management fee
payable quarterly in advance, based on the fair market value of the assets under management
which may range from .50% to 1.25%. For investments in the Affiliated Underlying Fund on a
standalone basis, the management fee of 2.5% is payable quarterly in advance, based on the
fair market value of the assets under management. Please note Hull Capital waives payment
of the management fee for their employees.

Hull Capital Management, LLC                                              Form ADV Part 2A

Fees may be negotiable and some Investors may pay less than others. We will deduct
management fees from the Hull Capital Funds and additionally, the Investors will incur all
brokerage and transaction costs from their particular fund. Please see Item 12 for additional
information on Brokerage Practices.

It should be noted that Hull Capital is currently entered into side letter agreements with
certain strategic Investors that provide these Investors with a different fee arrangement.

Item 6 - Performance Fees

The Hull Capital Funds are generally charged an annual profit allocation or performance fee,
generally 10%, which is calculated based upon a percentage of the net capital appreciation of
an Investor’s investment at the end of each year. The performance fee is paid to an affiliate
of Hull Capital, Hull Capital Advisor, LLC. For investments in the Affiliated Underlying Fund
on a standalone basis, an annual profit allocation or performance fee of 20% is calculated
based upon a percentage of the net capital appreciation of an Investor’s investment at the
end of each year.

With respect to profit allocations or performance fees, any loss in an account is carried
forward so that no profit allocation or performance fee is charged to an Investor’s account
unless the losses have been recouped. Profit allocation and performance fees are charged in
compliance with Rule 205-3(b) promulgated under the Investment Advisers Act of 1940, as
amended, whereby each Investor must be a “qualified client.” Therefore, Investors in the
Hull Capital Funds who reside in the United States and who are charged performance fees
are required to be “qualified clients.”

We, in our sole discretion, may reduce, rebate, waive or modify all or part of the
management or performance fees for Investors that are relatives or affiliates of Hull Capital,
and for certain other Investors, without entitling any other Investor to a reduced fee, rebate
or waiver or modification. Or they may pay all or part of such fees to third parties, including
other Investors in the Hull Capital Funds, for assisting in the placement of Interests in such
Hull Capital Funds. In particular, Hull Capital waives payment of performance fees for their
employees.

Item 7 - Types of Clients

As noted above, Hull Capital provides investment management services to a number of Hull
Capital Funds organized to invest in a diversified group of Underlying Funds. In addition,
Hull Capital’s Affiliated Fund was organized to invest in a warrant trading and hedging
strategy. Investors in the Hull Capital Funds may include high net worth individuals and a
variety of institutional Investors (e.g. trusts, employee benefit plans, endowments,
foundations, and other types of entities, including private funds of funds and other
corporations or businesses)

The Hull Capital Funds are privately offered only to financially experienced and sophisticated
Investors who are able to bear the risk associated with such investment, can afford to lose
such investment and who have limited need for liquidity in their investment. All Investors
must be (i) “accredited investors” under Rule 501 of Regulation D of the Securities Act of
1933, as amended, and (ii) “qualified purchasers” under Section 2(a)(51)(A) of the
Investment Company Act of 1940, as amended.

Hull Capital Management, LLC                                               Form ADV Part 2A

Hull Capital has not established a specific minimum amount to provide advisory services to a
Hull Capital Fund. The Hull Capital Funds, however, require Investors to make a minimum
initial investment of US$500,000 (subject to reduction at the sole discretion of Hull Capital).
The minimum amount of an additional investment in the Hull Capital Funds is US$100,000
(subject to reduction at the sole discretion of Hull Capital).