Experimental exhibition limitations question

I am working toward my glider rating and have an opportunity to purchase a
Russia AC-4A which is registered in the Experimental Exhibition Racing
Category. I am concerned about the limitations that the registration will
present as compared to a standard category glider.

Is there someone that could summarize for me what my legal and practical
limitations would be?

I spent last night attempting to navigate the FAA web site to refresh my
memory as to the letter of the law but I was unable to find any
documentation that spelled out the legal limitations of Experimental
Exhibition Racing.

I know that there is a limit to the number of miles you can travel from your
home airport but I am not sure if that applies to the airport you departed
from or if you have to declare one home airport. I would assume that any
cross country flying may be affected but I am not sure to what extent. It
was mentioned to me that there are annual reporting requirements too.

Regards,

Bob Tezyk