IBEX Investors LLC

Item 5. Fees and Compensation

As compensation for our advisory services, the Firm receives an investment
management fee based on assets under management (the “Management Fee”) and/or
a performance-based incentive allocation or carried interest, which may be paid and/or
allocated to either the Firm or an affiliated entity serving as the general partner of an
Ibex Fund (the “Performance Fee”). Such Management Fees and Performance Fees are
charged to the Investors in the Ibex Funds. The Ibex Funds also bear each of their own
operating expenses. As described generally below, and more specifically in each Ibex
Fund’s Governing Documents, the fees are as follows:

The Management Fee, which ranges from 0.0% to 2.0% per annum depending on the
Ibex Fund, is calculated and collected either monthly, quarterly or annually, in advance
or in arrears depending on the Ibex Fund. Depending on the Ibex Fund and strategy,
the Management Fee is based either on (i) the net asset value of each Investor’s capital
account as of the first day (when paid in advance) or as of last day (when paid in
arrears) of each month or quarter, as applicable, (ii) the capital commitment of an
Investor, or (iii) the Investor’s pro rata portion of the aggregate capital deployed in an
Ibex Fund. Fees are prorated for any partial period. The Management Fee is deducted
from each Investor’s capital account in the applicable Ibex Fund and paid to the Firm
directly from the Ibex Fund’s brokerage or custody account. Ibex has the right to waive
or reduce Management Fees in its sole discretion with respect to any Investor, including
employees of the Firm who do not pay any fees with respect to personal investments

Firm Brochure (ADV, Part 2A)                                                             6

in an Ibex Fund. Management fees are not refunded in the event of a withdrawal during
any month.

For certain of the Ibex Funds, the Performance Fees range from 0.0% to 50.0% of the
net increase, if any, in the net value of an Investor’s capital account in the applicable
Ibex Fund on an annual basis for the preceding year, subject to a loss carry-forward
commonly referred to as a “high-water mark.” In certain Ibex Funds, the Performance
Fee is also subject to an annual performance hurdle, below which no Performance Fee
is made. The Performance Fee is generally earned and allocated at year end, upon a
liquidity event, and/or or upon withdrawals by an Investor. With respect to certain
other Ibex Funds, the Performance Fee is in the form of a carried interest based on
distributable proceeds of the Ibex Fund. In these Ibex Funds, a carried interest is
received by the general partner after the Investors have received distributions in an
amount equal to their cumulative capital contributions and thereafter net proceeds
are split between the Investor and general partner with the general partner receiving a
carried interest between 17.5% to 50%. In certain Ibex Funds, the carried interest is
subject to a performance hurdle rate. If the hurdle rate is exceeded, the general
partner will receive a carried interest on the full amount of distributions, not solely on
the distributed amount in excess of the hurdle rate. Performance Fees in the Ibex
Funds are allocated to the Firm or an affiliated entity through a re-allocation from the
capital accounts of Investors in the applicable Ibex Funds to the capital account of the
Firm or the affiliated entity, as applicable. The Firm, or the affiliated entity, as
applicable, has the right to waive or reduce its Performance Fee with respect to any
Investor in its sole discretion, including employees of the Firm who do not pay any fees
on personal investments in an Ibex Fund. Investors in some of the Ibex Funds benefit
from a “clawback,” calculated and due upon the Ibex Fund’s liquidation that, subject
to certain limitations, requires Ibex to restore to the Investors amounts by which the
Performance Fees Ibex receives over the life of the Ibex Fund exceed the stated
Performance Fee percentage.

Certain Ibex Funds in the Select Co-Investment strategy that do not charge fees or
charge reduced fees, also charge investors a withdrawal fee which is applicable if the
investor withdrawals from one of the other fee-paying Ibex Funds. These withdrawal
fees result in the investor being charged Management Fees between 1.5% to 2% and
Performance Fees between 15% to 20% instead of the reduced fees in effect prior to
the trigger of the withdrawal fee. Investors should refer to the Ibex Fund Governing
Documents for more information as to the circumstances when there may be an early
withdrawal fee in a particular Ibex Fund.

Other fees and expenses that the Ibex Funds may pay directly, or reimburse the Firm
or its affiliated entity for, include, without limitation: (i) organizational expenses; (ii) all
expenses incurred in connection with the ongoing offer and sale of Ibex Fund interests,
including, but not limited to, the preparation and printing of Governing Documents and
any supplements and exhibits thereto, marketing expenses (including travel and travel-
related expenses) and documentation of performance and the admission of Investors;
(iii) investment expenses related to the purchase, sale, trade, custody or transfer of
Ibex Fund assets, including brokerage costs and commissions, finders’ fees, clearing
and settlement charges, custodial fees, investment advisory fees, markups and
markdowns, transfers, capital and other taxes, duties and costs and interest expense;
(iv) expenses related to consultants, brokers and other professionals, and advisors who

Firm Brochure (ADV, Part 2A)                                                                   7

provide research, advice or due diligence services (including fees for research and
investment reports, studies and analyses); (v) research-related costs and expenses
(including fees for news, market data, data feeds, software and databases (including
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