Wolverine Asset Management LLC

Item 5 - Fees and Compensation

       WAM Funds

        As investment adviser to the WAM Funds, WAM receives a quarterly management fee of
1.75% per annum but scales down for larger investments (see below) of the quarter-end net asset
value (“NAV”) of an investor’s interest in the WAM Funds. WAM is also entitled to an annual

performance allocation ranging from 20%-30% of any new profits over a “high-water mark”
experienced by an investor’s interest in the WAM Funds. WAM deducts management fees and
performance allocations from investors’ accounts.

         In its discretion, WAM may reduce or waive some or all of its performance allocation and/or
management fee with respect to one or more investors in the WAM Funds, including, without
limitation, its affiliates, its management, and its employees and members of their respective
families. In addition, WAM has granted management fee reductions to investors for marginal
investments in the WAM Funds above three investment thresholds: $50 million, $100 million, and
$200 million. As of the date of this brochure, management fee reductions associated with marginal
investments above these thresholds are 0.25%, 0.50%, and 0.75%, respectively. The management
fee is also further reduced if aggregate investments in the WAM Funds by third-party investors
exceeds $1.75 billion. The management fee is reduced by the product of 50 basis points and the
ratio of the WAM Funds external AUM in excess of $1.75 billion over the WAM Funds external
AUM. Though the management fee may vary from month to month, it will never exceed 1.75% per
annum.

        In addition, WAM offers investors in the WAM Funds two alternative fee structures. For
investments over $200 million, the management fee is 1.25% and the performance allocation is
subject to a hurdle amount. For investments over $250 million, the fee structure is based on the
cumulative return and volatility of the investor’s performance within the WAM Funds. The details
of such fee structures are in the confidential information memorandum or are available directly
from WAM upon request.

       Investment Expenses

        The feeder funds bear their pro rata portions of all expenses related to their investment
activities, including brokerage commissions and other costs of executing transactions, “bid-ask”
spreads, mark-ups, investment expenses and all other expenses (including, without limitation, all
commissions, clearing fees, custody fees, foreign exchange fees, valuation and portfolio pricing,
interest charges, financing charges, and applicable withholding and other taxes) related to the
acquisition, disposition, and restructuring of WFFTL’s investments, the costs of trading, research
and/or data screens, as well as risk management and data services and systems (including, without
limitation, the costs of utilizing and/or supporting risk-reporting technology required by consultants
retained by or on behalf of institutional investors), investment-related legal expenses, investment
research expenses (including, without limitation, conferences, research-related travel and due
diligence expenses related to research-vendor selection, and the costs of research-related
publications and periodicals), and due diligence expenses related to maintaining service-provider
relationships with the WAM Funds (including any travel-related due diligence costs), including the
cost and expense related to organizing any special purpose vehicle operating as a subsidiary of
WFFTL and its investment activities.

       Operating Costs

        The feeder funds bear their pro rata portions of WFFTL’s operating costs. The feeder funds
pay for their own direct administrative and operating expenses as may be incurred (and their pro
rata portions of the direct administrative and operating expenses applicable to WFFTL and any
“trading company” operating as a subsidiary of WFFTL), including the administrator’s fees,

directors’ fees, legal fees, audit, appraisal, financing and accounting fees, taxes and any similar
amounts, fees, and expenses of the feeder funds’ “partnership representative,” governmental charge
and duties, costs associated with regulatory requirements including membership and filings, costs of
fulfilling bonds requirements under ERISA (as defined herein), if applicable, as well as the costs of
maintaining accounts and of preparing and distributing reports. Expenses incurred in connection
with the ongoing offering of Interests/Shares are borne by the feeder funds. The feeder funds will be
responsible for their pro rata shares of insurance WAM maintains, including, but not limited to,
directors and officers, errors and omissions, and other types of insurance. The feeder funds also will
be responsible for their non-recurring extraordinary expenses (and their pro rata shares of
WFFTL’s non-recurring extraordinary expenses), including without limitation, litigation expenses,
and related legal fees and expenses. To the extent WAM pays expenses to be borne by the WAM
Funds, WAM will be reimbursed for such expenses, unless WAM, in its sole discretion, waives
such reimbursement. WAM pays for its overhead and administrative expenses, including employee
salaries and employee benefits and expenses related to office space, utilities, computer equipment
and software.

       Overhead Expenses

         WAM provides personnel (including trading personnel, information technology personnel,
WAM Funds’ accounting personnel, operations personnel, and compliance and in-house legal
personnel), computer equipment and software, office space, utilities, and other basic “overhead”
facilities and services necessary to provide investment management and managing member services
to WFFTL. WFFTL will not generally reimburse WAM directly for the costs of providing those
services (except to the extent payment or reimbursement of any of the operating costs described
above may be considered such reimbursement).

       Administrator’s Fee
...

Item 7 - Types of Clients

        WAM serves as the discretionary investment adviser to the WAM Funds. Investments in the
WAM Funds are made available only to “accredited investors” (as defined in Regulation D under
the Securities Act of 1933, as amended, or “1933 Act”) and “qualified purchasers” (or
“knowledgeable employees”), as defined in the Investment Company Act of 1940. The minimum
investment required by the WAM Funds is $5 million US, which may be reduced in WAM’s
discretion.