Hunters Moon Capital US LP

Item 5. Fees and Compensation

5.A. Adviser Compensation

The Private Funds and the SMA do not pay advisory fees directly to HMC US and do not
pay any additional fees to HMCLLP for sub-advisory services performed by HMC US. HMC
US is compensated for its advisory services by HMCLLP pursuant to an internal
agreement between the advisers.

Under this agreement, HMC US receives a service fee from the HMCLLP. The amount of
the service fee paid to HMC US is determined solely at the discretion of HMCLLP, after
discussion with the HMC US personnel, taking into account the overall services provided
by HMC US to HMCLLP and its clients.

As noted above, HMC US does not charge any advisory fees in addition to the
compensation paid by HMCLLP’s clients to HMCLLP. The following information
relates to HMCLLP’s asset- and performance-based compensation practices and is
included here so that clients of HMCLLP for whom HMC US provides advisory
services can better understand how HMC US is compensated.

Asset-Based Compensation.

HMCLLP’s 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 Private 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 HMCLLP’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
HMCLLP or its affiliate, e.g., the fund’s general partner or manager.

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 additional commitment 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 HMC LLP 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.

HMCLLP’s 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 HMCLLP or an affiliate of HMCLLP, 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 HMCLLP 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, HMCLLP 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 HMCLLP 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, HMCLLP 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 Hunters Moon, or related persons.

HMC US has no authority or discretion with respect to the negotiation of advisory fees or
the establishment of differing fee arrangements among clients or investors.

Responsibility for negotiating and approving client and investor fee arrangements rests
solely with HMCLLP.

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 and investors should review
those documents for a complete description of the fees applicable to their investments.
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Item 7. Types of Clients

HMC US provides non-discretionary investment advisory services as a sub-adviser to
privately offered pooled investment vehicles and sophisticated, primarily institutional
SMA clients.

The initial and additional subscription minimums for pooled vehicle clients are disclosed
in the Private Funds’ 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.