Rays Capital Partners Limited

ITEM 5 – FEES AND COMPENSATION

The Adviser’s Basic Fee Schedule

The specific manner in which fees are charged by the Adviser is established in each Fund’s PPM
or a client’s written agreement with the Adviser. Generally and pursuant to the contract, fees for
the management of private investment companies, such as the Funds, will be based upon a
percentage of the total assets in the account. Currently, the Adviser, among the Funds it
manages, receives management fees up to two percent (2.0%) per annum of the net asset value of
the relevant Funds. Such management fees are accrued monthly and calculated on the basis of
the net asset value of the relevant Fund as at certain valuation dates and payable monthly in
arrears.

Fund details, including the associated advisory fees, other expenses and the investment
strategies, are described in each Fund’s PPM.

If and when the Adviser provides direct investment advisory services for accredited investors
and qualified clients that are US Persons on a discretionary basis, the Adviser’s actual fees, and
minimum account sizes may also be negotiated and may vary from the fees described above. A
client may pay more or less fees than similar clients depending on the particular circumstances of
the client, size, additional or differing levels of servicing or as otherwise agreed with specific
clients. Clients that negotiate fees, including a flat fee, may end up paying a higher fee than that
set forth in the fee schedules above as a result of fluctuations in the client’s assets under
management and account performance.

Calculation and Deduction of Advisory Fees

In addition to performance-based fees described in Item 6 below, the Adviser will generally be
paid its advisory fees on a monthly basis in arrears, as specified in each Fund’s PPM.

If and when the Adviser provides direct investment advisory services for accredited investors
and qualified clients that are US Persons on a discretionary basis, clients will be billed directly
for advisory management fees under mutually agreed calculation and payment cycle.

Other Fees and Expenses

In addition to investment management fees and performance-based fees, investors in the Funds
will indirectly bear any other costs charged to the Funds. Such costs will vary and typically
include, though are not limited to, accounting, legal, fund administration, audit, directors and
other related costs. Furthermore, the Adviser’s fees exclude brokerage commissions, transaction
fees, and other related costs and expenses which are incurred by the client. The impact of mark-
ups and mark-downs are also incurred by the client. Clients may incur certain charges imposed
by custodians, brokers, third party investment and other third parties such as custodial fees,
deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees,
and other fees and taxes on brokerage accounts and securities transactions.

Item 12 further describes the factors that the Adviser considers in selecting or recommending
broker-dealers for transactions and determining the reasonableness of their compensation (e.g.,
commissions).

Prepaid Fees

The Adviser does not charge clients fees in advance.

Compensation for the Sale of Securities

Neither the Adviser nor the Adviser’s supervised persons accept compensation for the sale of
securities or other investment products, including asset-based sales charges or service fees from
the sale of investment funds.

ITEM 7 – TYPES OF CLIENTS

The Adviser primarily provides portfolio management services to private investment companies,
institutional investors, high net worth individuals and family offices.