Richbrook Advisors LP

Item 5 – Fees and Compensation

Items 5.A. and 5.B.

The Firm and the Fund General Partner typically receive compensation from the Funds from the
following sources: (a) management fees based on a percentage of the net asset value of each Fund; and
(b) compensation based on a percentage of the performance of each Fund. The fees applicable to each
Funds are set forth in detail in the applicable Fund's offering documents. The Funds generally pay
RichBrook a fee for investment management services at the rate between 0.4% and 1.0% per annum.
Such fee accrues daily and is calculated and payable monthly or quarterly in arrears as of the close of
business on the last day of the applicable calendar month or quarter, respectively, appropriately
adjusted to reflect contributions, redemptions and distributions during the month. The Fund General
Partner is generally entitled to an incentive allocation at the end of each fiscal year from certain Funds,
in an amount between 10% and 20% of the net capital appreciation (including realized and unrealized
gains), subject to a high-water mark for each investor. The incentive allocation accrues daily and is
credited to the incentive allocation account as of the close of business on the last day of the applicable

period. The incentive allocation may be subject to specified hurdle rates of returns as may be agreed to
by the general partner and the applicable limited partner. In the event of an intra-year redemption, any
accrued incentive allocation will be credited to the incentive allocation account upon redemption.
Fees attributable to Fund Investors are set forth in the relevant offering documents and generally are
not negotiable; however, RichBrook, has, and in its sole discretion, may in the future waive or reduce
the management fee and/or the incentive allocation for certain Investors. Prospective Investors should
refer to these documents for a full explanation of the fees to be incurred.

For the investment services provided to the Sub-Advised Fund, RichBrook receives a pre-negotiated fixed
management fee, paid either monthly or quarterly, and performance-based compensation, as
determined in accordance with the investment advisory agreement. For fees attributable to the Sub-
Advised Fund, prospective investors should refer to the relevant offering documents.

Item 5.C.

Investors in the Funds will bear not only the management fee and incentive allocation, but also other
expenses, such as, but not limited to, organizational expenses, initial and ongoing offering expenses,
clearing and settlement, brokerage, custodial, audit, tax, legal, insurance, regulatory, systems, data,
models, fund administration fees, interest expenses, and other fund related expenses. Additionally, the
Feeder Funds will bear, through investment in the Master Funds, a pro rata portion of the Master Funds’
expenses. RichBrook is eligible for reimbursement of certain expenses described in the applicable
offering memoranda, supplements, if any, and audited financial statements for details. Investors in any
funds that RichBrook may advise in the future may bear different expenses.

To the extent that fees and expenses of the Funds (including management fees) are identifiable with a
particular class of interests or class or series of shares, RichBrook charges such fees and expenses solely
to the relevant interests, class or series, as applicable. Investors bear other expenses of the Funds pro
rata in accordance with their account balances.

Regulatory expenses borne by the Funds include those incurred in the preparation, review and filing of
mandatory disclosure documents relating to the Funds, the Fund General Partner and RichBrook,
including but not limited to filings with the U.S. Securities and Exchange Commission (e.g., Form PF, Form
D and Form ADV), the Commodities Futures Trading Commission (e.g., Form PR and Form PQR), and the
Cayman Islands Monetary Authority.

The maximum annual operating expenses of the Master Funds and Feeder Funds (other than the
management fee, the initial offering and initial organizational expenses, the investment expenses,
litigation-related expenses, indemnification and contribution expenses and other extraordinary
expenses) (collectively, the “Capped Expenses”), shall not exceed (i) 0.80% on an annualized basis of the
aggregate NAV of the Master Fund, at any time that the NAV of the Master Fund is less than or equal to
$250 million, (ii) 0.65% on an annualized basis of the aggregate NAV of the Master Fund, at any time that
the NAV of the Master Fund is greater than $250 million and less than or equal to $500 million, and (iii)
0.50% on an annualized basis of the aggregate NAV of the Master Fund, at any time that the NAV of the

Master Fund is greater than $500 million. The foregoing cap on the Capped Expenses is calculated and
applied on an annual basis based on the average quarterly NAV of the Master Fund for such year
multiplied by the relevant percentage set forth above, and the Firm or the Fund General Partner will
bear the Capped Expenses in excess of such annual cap.

The maximum annual operating expenses of the Portfolio B Onshore Fund and Portfolio B Offshore Fund,
the Capped Expenses, shall not exceed $225,000. The Fund’s General Partner or the Firm will bear the
Capped Expenses in excess of such annual cap.

For expenses attributable to the Sub-Advised Fund, investors should refer to the relevant offering
documents for a full explanation of the expenses to be incurred.

Item 5.D.

As discussed above in response to Item 5.A., the management fees for the Funds are payable monthly
or quarterly in arrears.

Item 5.E.

Not Applicable.

Item 7 – Types of Clients

Currently, RichBrook provides investment advisory services to the Funds and the Sub-Advised Fund on a
discretionary basis. The underlying investors in the Funds can be corporate pension plans, charitable
institutions, endowments, insurance companies, private investment funds, family offices, and/or high
net worth individuals.

Investments in the Funds are subject to a $1 million minimum initial investment. However, the Fund
General Partner maintains the right to waive the investment minimum for the Master Funds and
Portfolio B Onshore Fund. In the case of the Feeder Funds and Portfolio B Offshore Fund , its board of
directors maintains the right to waive the investment minimum.

The Sub-Advised Fund may impose minimum initial and subsequent investment amounts as stated in
their offering documents and/or prospectus.