Ovata Capital Management LLC

Item 5: Fees and Compensation

Ovata LLC will receive payment from Ovata HK for providing management services to the Ovata Funds.
The fees, compensation, and expenses applicable to the Funds are set forth in detail in the respective
Governing Documents.

Management Fee

Ovata HK receives management fees and performance fees from the Ovata Funds based on assets under
management (the “Management Fee”), which is set forth in the Governing documents. Annual
management fee is in range of 1.75 to 2% per annum of the net asset value. The Management Fee is
payable monthly in arrears after the end of each calendar month. The Firm may, in its sole discretion,
waive, rebate or decrease the Management Fee that is payable in whole or in part, in respect of each
share class at any time. The Funds may from time to time enter into Side Letters providing for changes
in management fees and performance allocation.

Performance Based Compensation

In addition to Management Fees, Ovata HK receives performance-based compensation in the form of
a performance fee (the “Performance Fee”), which is set forth in the Ovata Funds’ Governing
Documents. The Performance Fees are collected after the end of each calculation period (end of each
calendar year) for the appreciation above the performance benchmark.

The Funds and Ovata HK, in their sole discretion, may reduce, waive, rebate or modify the
Performance Fee with respect to certain investors.

Other Costs and Expenses

The Ovata Funds bears all expenses and costs related to their investments and operations, including
but not limited to, transaction costs, commissions, annual fees, brokerage charges, bank charges,
registration fees, clearing and settlement charges, interest and commitment fees on debit balances or
borrowings, borrowing charges on securities sold short, custody fees, research and investment
consultancy expenses, accounting, auditing, tax, legal, administration, research, trading costs, fees and
expenses of the Board of Directors, regulatory costs, any issue or transfer taxes chargeable in
connection with any securities transactions, regulatory filing and license fees, all fees payable to third
party service providers in connection with trade confirmation, holdings and order reconciliation,
communication or information expenses with respect to Investor services and expenses of meetings of
Investors and of preparing, printing and distributing financial and other reports, proxy forms, offering
memoranda and similar documents. Such expenses are generally shared by all of the Investors, Front
Office expenses (any fees, costs and expenses incurred in connection with organizing, recruiting,
employing, retaining and compensating front office staff employed or to be employed by Ovata
group; provided that certain expenses related to a particular class of shares or interests will only be
applied to such class.

Sales Compensation

The Firm and its employees do not receive directly or indirectly any compensation from the purchase
or sale of securities or investments for the Ovata Funds. Ovata and its employees do not receive
directly or indirectly sales commissions in connection with sales of interests in the Funds.

Ovata Capital Management LLC                                                        Form ADV Part 2A

Item 7: Types of Clients

Ovata LLC provides investment management services for the Ovata Funds through the sub-advisory
Agreement. Investors in the Funds primarily include but are not limited to institutional investors.

The Funds have minimum initial subscription amounts as set forth in the Governing Documents, such
minimums range from $100,000 to $1,000,000. Subject to applicable law, the minimum investment
thresholds may be waived by the respective boards of the Funds, in its discretion, in consultation with
Ovata HK.

Ovata Capital Management LLC                                                        Form ADV Part 2A