Hunters Moon Capital LLP

Item 5. Fees and Compensation

5.A. Adviser Compensation

Asset-Based Compensation.

The Advisory Clients are charged an investment management fee based on the value of
the client’s assets under management. The Private Funds’ asset-based investment
management fees are generally charged monthly, in arrears, based on the net asset value
of the Fund (including net unrealized appreciation or depreciation of investments and
cash, cash equivalents and accrued interest) on the opening day of the billing period.

Standard asset-based fees for the Adviser’s Private Fund clients typically range from 1 –
2% per annum, depending on the fund and the particular share class invested in. The
asset-based investment management fee paid by any particular investor is specified in
the relevant Private Fund client’s offering documentation, or as otherwise agreed with the
Adviser.

For SMA clients, asset-based management fees are calculated based on the net asset
value of the client’s account and are charged at the rate specified in the client’s
investment management agreement. For SMA clients, management fees are typically
calculated and billed on a quarterly basis, although billing frequency and fee structure
may vary by SMA client. Asset based fees for SMA clients vary depending on factors such
as the size of the account and the agreed fee structure.

Private Fund subscriptions are processed as of the first day of the month, and
redemptions are processed as of the last day of the month. If a new client SMA is
established during a billing period or a client makes an addition to its SMA during a billing
period, the investment management fee typically will be prorated for the number of days
remaining in the billing period. If a client’s SMA investment management agreement is
terminated during a billing period, absent other agreed terms in the client’s agreement,
the fees payable to the Adviser typically will be calculated based on the value of the assets
as of the date of termination, and prorated for the number of days during the billing period
in which the investment management arrangement was in effect.

Performance-Based Compensation.

The Advisory Clients also pay a performance-based fee, which is based on a share of
capital gains on, or capital appreciation of, the net asset value of a client’s portfolio. Such
compensation is paid to the Adviser or an affiliate of the Adviser, e.g., the fund’s general
partner, in addition to the asset-based compensation described above. Performance-
based compensation payable by a certain client is subject to specific agreed terms and
conditions – e.g., a high-water mark, or crystallization interval- and may be calculated on

a series basis depending on the relevant client agreement. Performance-based
compensation is charged by the Adviser only to “qualified clients”, as defined in U.S.
federal securities law and regulation.

Performance-based compensation in Private Funds generally ranges from 15 - 25%,
depending on the fund and the share class invested in. The specific terms governing
performance-based compensation, including calculation methodology, performance
periods and any applicable conditions or limitations, are described in the fund’s offering
documentation and any supplement agreements with investors.

For SMA clients, the Adviser charges a performance-based fee in addition to an asset-
based management fee. The performance-based fee for SMA clients is negotiated on an
individual client basis, is generally calculated as a percentage of account performance
over defined performance periods, and is subject to the terms set forth in the applicable
investment management agreement.

Fee Negotiation and Differing Arrangements

The amount and structure of fees charged by the Adviser may vary among clients based
on a number of factors, including the type of client, the size of the investment or account,
and strategic or relationship considerations. In the case of the SMA clients, fee
arrangements are individually negotiated and documented in the applicable investment
management agreement. In certain cases, the Adviser may agree to charge reduced fees,
waive certain fees, or apply different fee arrangements for particular clients, including for
certain affiliates, employees or partners of the Adviser, or related persons.

Additional Information

For Private Fund clients, detailed information regarding asset-based and
performance-based fees is provided in the applicable offering documents and any
supplemental agreements. For SMA clients, fee arrangements are governed by the
applicable investment management agreement. Clients should review those documents
for a complete description of the fees applicable to their investments.

5.B. Direct Billing of Fees
The Adviser or an affiliate typically directs payment of its compensation from Private Fund
client accounts held by the client’s custodian. For SMA accounts, the Adviser, directly
invoices the SMAs.

5.C. Other Fees & Expenses
In addition to paying the Adviser’s asset-based investment management fees and, if
applicable, performance-based fees or other compensation, Private Fund clients and,

where applicable, SMA clients will pay certain other expenses related to their investments
and the operation of their accounts.

Private Funds
The Private Funds generally bear their own operating and investment-related expenses. In
a master-feeder structure, the Private Fund may also bear, directly or indirectly, its pro
rata share of expenses incurred by a master fund or by portfolio investment vehicles.

These expenses may include, among others: trading and execution costs (such as
brokerage commissions, clearing and settlement fees, custody and prime brokerage
fees); research, market data and other investment-related information services;
expenses related to sourcing, evaluating, conducting due diligence on, monitoring and
consummating investments (whether or not consummated), including consulting and
...

Item 7. Types of Clients

The Adviser’s clients are privately offered pooled investment vehicles, and sophisticated,
institutional SMA clients.

The initial and additional subscription minimums for the pooled vehicle clients are
disclosed in their respective offering documentation but typically are $1,000,000, though
the stated minimum may be waived in the discretion of the fund’s Board of Directors,
general partner or manager, in accordance with applicable law.

SMA clientele is generally limited to institutions with portfolios of at least $50 million.

U.S. investors in the Private Funds are typically limited to persons who are “qualified
purchasers” as that term is defined in the Investment Company Act of 1940.