Range Rock Capital LLC

FEES AND COMPENSATION

Range Rock charges both asset-based “management fees” and performance-based “performance fees” to
the Client Accounts. The amount of these fees (and other expenses as noted below) are negotiated between
Range Rock and each client and is set out in the applicable investment advisory agreement. As Range
Rock’s brochure is intended to be delivered solely to “qualified purchasers,” as such term is defined in
Section 2(a)(51)(A) of the Investment Company Act of 1940, Range Rock is not required to publish a fee
schedule in this brochure.

Client Account Management Fees. Range Rock may, in its sole discretion, waive or reduce the
management fee with respect to any Client Account. Notwithstanding the foregoing, these management
fees may be negotiated by Range Rock with respect to certain Client Accounts based on a variety of factors,
including, but not limited to, the size, composition and complexity of the Client Account, length

and nature of Range Rock’s relationship with the client, special services agreed upon with the client or
other factors deemed relevant by Range Rock.

Other Fees and Expenses. Client Accounts will incur other expenses in connection with Range Rock’s
advisory services. Client Accounts may bear a portion of Range Rock’s operational expenses. Other
expenses incurred by Client Accounts may include, but are not limited to: transaction fees, brokerage
commissions, custody fees; government charges, taxes and duties; transfer fees and registration fees;
withholding taxes payable and required to be withheld by issuers or their agents; and other related costs and
expenses that will be incurred by a client with respect to the transactions for its Client Account. Clients will
also bear the investment management or other fees charged by any mutual funds or ETFs in which Range
Rock may invest on behalf of the Client Account.

              PERFORMANCE BASED FEES AND SIDE-BY-SIDE MANAGEMENT

Range Rock receives performance-based compensation from Client Accounts:

Client Account Performance Fee. As compensation for its advisory services, Range Rock may be entitled
to receive performance fees, as agreed between Range Rock and the Client Account. The amount and
payment terms associated with any performance will be negotiated between Range Rock and the Client
Account and will be set out in the applicable investment advisory agreement.

Conflicts of Interest Related to Performance-Based Compensation. A significant percentage of the
appreciation (if any) which would otherwise be allocated to Client Accounts may be paid to Range Rock.
This performance-based compensation is based upon unrealized, as well as realized, gains, and such
unrealized gains may never be recognized by the client. As noted above, the amount of performance fee
charged is privately negotiated between the client and Range Rock. This gives rise to a potential conflict
of interest, as Range Rock may have an incentive to favor the accounts of clients for which it (or its
affiliates) receives a higher percentage of performance-based compensation. For example, Range Rock
may seek to allocate more profitable investment opportunities to the accounts for which Range Rock
receives a higher percentage of performance-based compensation. However, Range Rock has implemented
aggregation and allocation procedures to allocate the securities bought or sold between the Client Accounts
on a fair and equitable basis over time. See “Brokerage Practices” below.

TYPES OF CLIENTS

As described above, Range Rock presently offers its investment management services to private funds
sponsored by third parties and to other institutional investors, but may in the future offer its services to
one or more other clients, including, for example, private funds sponsored by Range Rock or other
parties, registered investment companies and separately managed accounts. Client Accounts are subject a
minimum initial investment, as negotiated between Range Rock and the Client Account.

         METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Range Rock’s main investment objective is to generate attractive risk adjusted absolute returns for its Client
Accounts. Range Rock utilizes a long short equity strategy primarily based on fundamental industry and
company specific research. Range Rock’s investment process is combined with risk-controlled portfolio
construction which helps to generally constrain exposure to broad equity markets and systematic risk
factors.

Range Rock primarily invests long and short in U.S. listed equities markets, with a focus on consumer-
related companies within the consumer discretionary, consumer staples, communication services
sectors and other consumer related companies in other sectors. Long and short positions are
predominantly single stock securities, but Range Rock may also invest in equity indices on both the long
and short side. The Firm actively covers consumer companies it intends to invest in, and primarily
invests in highly liquid, mid to larger capitalization companies. The Firm may utilize options, typically
on a short-term expiration basis to manage tail risk around expected news events or catalysts related to its
long or short positions.

The Firm’s fundamental research process is iterative and includes: ongoing assessment of a firm’s
competitive, product and industry position and long-term opportunities; firm-level modeling and
forecasting of financial performance; interviews with management, competitors and suppliers, as
appropriate; review of industry publications and conferences; and analysis of absolute and relative valuation
compared to a firm’s history and peer firms.

Range Rock’s investment strategy includes proprietary investment models, that among other things, utilize
a dynamic expected return analysis (e.g., automatically adjusting risk-reward assessments as price and
issuer fundamentals change) and are applied to its active coverage universe.

Range Rock believes that consumer related securities tend to have significant dispersion which creates a
profit and loss “rich” environment. Range Rock may seek to exploit this opportunity by using a slightly
longer duration when compared with shorter-term/high frequency trading strategies.

Portfolio Construction. Range Rock expects to maintain a relatively high level of idiosyncratic risk in its
investment portfolio by seeking to hedge out and reduce systematic risk including style factors, industry
tilts, and overall market exposure. The selection of and sizing of security positions in Range Rock’s
portfolios are influenced by the probability that a security will outperform or underperform across many
different fundamental and market scenarios. The Firm’s security positions often consist of companies with
multiple ways to outperform or underperform across a medium to longer term investment horizon.

Certain Risk Factors

The identification of attractive investment opportunities is difficult and involves a significant degree of
uncertainty. Although Range Rock’s methodology seeks to minimize some of the risks and volatility
associated with investing in securities and other financial instruments, there can be no assurance that Range
Rock will be successful in doing so and, accordingly, clients will be subject to those market risks

common to investing in all types of financial instruments, including market volatility, which could result in
a substantial loss in a Client’s account. In addition to the risks described above with respect to the Firm’s
investment strategy and methods of analysis, potential clients should consider the following additional risks
before engaging Range Rock to manage their accounts.

General Economic and Market Conditions. The success of Range Rock’s investment activities may be
affected by general economic and market conditions, such as interest rates, availability of credit, inflation
rates, economic uncertainty, climate change, local epidemics and global pandemics, national and
international political circumstances (including wars, terrorist acts or security operations), and changes in
laws that could have a negative impact on the national, regional or global economy and thereby adversely
affect the performance of such Client Account’s investments. These factors may affect the level and
volatility of securities prices and the liquidity of the Client Account’s investments. Unexpected volatility
or illiquidity could impair the Client Account’s profitability or result in losses.

Reliance on Fundamental Analysis. Range Rock’s investment strategy is based, in whole or in part, on
fundamental analysis. Fundamental investment programs consider many factors, such as inflation, trade
balances, inventories and interest rates, which do not have an impact on traditional technical trading
systems, in an attempt to identify investment opportunities. To the extent that such factors provide mixed
or conflicting signals, a fundamental investment program may not be able to detect and/or accurately predict
price trends. There can be no guarantee that the fundamental investment program utilized by Range Rock
will enable it to accurately value the financial instruments in which the Firm invests on behalf of Client
Accounts or that any anticipated price trends will materialize with respect to such investments.

Reliance on Quantitative Analysis. Range Rock’s investment strategies and risk monitoring rely, in part,
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