Actusraypartners Limited

Item 5: Fees and Compensation
In relation to ARPEAMF, “Master Fund” refers to ARPEAMF and “Feeder Fund” refers to ARPEAF;
in relation to ARPAAMF, “Master Fund” refers to ARPAAMF and “Feeder Fund” refers to ARPAAF;
in relation to ARPJAMF, “Master Fund” refers to ARPJAMF and “Feeder Fund” refers to ARPJAF.

With respect to the Funds managed by the Firm, the applicable fees, allocations and expenses are
set out in the relevant Governing Documents. Prospective investors should refer to the Governing
Documents of the relevant Fund for further information with respect to fees.

A brief summary of such fees is provided below. Investors should refer to the relevant Governing
Documents for a complete understanding of how the Firm is compensated for its advisory
services.

Funds - Advisory Fee

ARP is paid an investment management fee (“Management Fee”) per month, based off the net
asset value of the relevant shares of the Funds. Such fee is referred to as an asset-based fee. The
Management Fee is up to 2% per annum of assets under management, depending on the
participating share class of each Fund.

The Management Fee will accrue monthly and will be payable by each Master Fund out of assets
attributable to the relevant Feeder Fund to the Firm monthly in arrears.

In addition, the Firm may also charge performance-based compensation together with, or in lieu
of, an asset-based fee. Typically, performance-based compensation is calculated on the
appreciation of the Fund’s net assets or performance relative to a specified benchmark. For
additional information, please refer to Item 6: Performance-based Fees and Side by Side
Management.

The Funds may issue different classes of participating shares and may permit certain shareholders
to participate in the Funds on different terms.

Funds - Other Types of Fees or Expenses

In addition to the Management Fee mentioned above, and the Performance Fee mentioned
below, the following fees are also applicable to each of the Funds: (i) Administration Fees; (ii) Audit
Fees; (iii) Director Fees; (iv) Establishment Expenses; and (v) Operating Expenses.

Administration Fees

The administrator will receive a monthly fee from the Funds, including charges and expenses of
the administrator or its affiliates for fund administration, transfer agency and middle-office
services.

Audit Fees

The auditor will be paid an annual service fee at the rates that are agreed from time to time with
the Fund on normal commercial terms.

Director Fees

The directors are entitled to remuneration as approved by the Fund on normal commercial terms.

ActusRayPartners Limited                                               Form ADV Part 2A Brochure

The directors may waive any or all such fees payable to them by the Fund. The Fund will purchase
liability insurance for the directors at the Fund’s expense.

Establishment Expenses

The Master Fund will pay expenses for the establishment of the Master Fund and the Feeder
Fund.

The Fund’s financial statements will be prepared in accordance with US GAAP which requires
organisational and establishment costs to be expensed as incurred. For the purposes of
calculating the net asset value for subscription and redemption purposes, the directors of the
Funds have decided to amortise such expenses over a period of sixty (60) months because the
Funds believe that such treatment is more equitable than expensing the entire amount during
the first year of operations, as is required by US GAAP. The directors may make necessary
adjustments in the annual financial statements in order for the financial statements to be in
compliance with US GAAP. If the Fund is dissolved within sixty (60) months of its respective
commencement, any unamortised expenses will be recognised. If a Shareholder redeems a
portion or all of their Shares prior to the end of the sixty (60) month period during which the Fund
is amortising expenses, the Directors may, but are not required to, accelerate a proportionate
share of the unamortised expenses based upon the amount being redeemed and reduce the
redemption proceeds by the amount of such accelerated expenses.

Operating Expenses

The Feeder Fund will be allocated its own and a pro rata share of the Master Fund's organisational
expenses and investment, trading and operating expenses relating to the Feeder Fund and the
Master Fund, including but not limited to, the following: (a) costs and expenses of all transactions
carried out by the Fund or on its behalf; (b) charges and expenses of the administrator or its
affiliates for fund administration, transfer agency and middle office services; (c) charges and
expenses of legal advisers, auditors and other professional advisers; (d) charges and expenses of
prime brokers, brokers' commissions, borrowing charges on securities sold short and intended to
be sold short and any issue or transfer taxes or stamp duties chargeable in connection with any
securities transactions; (e) all taxes, corporate fees, regulatory expenses and other expenses
payable to governments, agencies or supervisory authorities and any related preparation, filing
and registration costs; (f) directors' fees and expenses; (g) interest on borrowings, including
borrowings from the prime brokers; (h) communication expenses with respect to investor
services including periodic investor meetings and calls and all expenses of meetings of
shareholders and of preparing, printing and distributing financial and other reports, proxy forms,
offering documents and similar documents; (i) costs of insurance for the benefit of the directors;
(j) specific research and investment consultancy expenses; (k) risk management related expenses
including system costs; (l) litigation and indemnification expenses and extraordinary expenses
not incurred in the ordinary course of business but for the benefit of the Feeder Fund and/or the
Master Fund; and (m) all other organisational and operating expenses of the Feeder Fund and/or
...

Item 7: Types of Clients
Our “Clients” are the Funds and Sub-Advisor Pooled Vehicles, as described in Item 4 above. The
Funds are generally open to the following investors, depending on the terms of each PPM:
   • U.S. Persons, who must be Accredited Investors, Qualified Purchasers and Qualified
       Eligible Persons.
   • Non-U.S. Persons who must be a Qualified Eligible Person or equivalent Professional
       Investor in its respective jurisdiction.

The minimum initial subscription in the reference Share Series of the Funds is USD 1,000,000,
with a minimum holding of USD 250,000. Thereafter, the minimum additional capital contribution
required is USD 100,000. The board, from time to time in its sole and absolute discretion, can
accept a lesser initial or additional capital contribution amount. Complete details and terms are
defined in each PPM.