Rimrock Capital Management LLC

Item 5 – Fees and Compensation

The description below of Rimrock’s fees and compensation summarizes the typical fees incurred by
Rimrock Funds and Accounts, but is not intended to describe every scenario where such fees may differ.
Rimrock generally is compensated for its advisory services based on a percentage of assets under
management (“management fee” or “advisory fee”). Additionally, Rimrock Funds and Managed Accounts
generally pay performance-based fees (“performance fees” or “incentive fees”).

Investors and prospective investors in a specific Fund should refer to the prospectus or private placement
memorandum for that Fund for detailed information on the management and performance fees associated
with investing in the Fund. The incentive fees for certain Private Funds and Managed Accounts are subject
to a hurdle rate. Most Private Funds do not have a hurdle rate but do maintain a loss recovery account as
described below. Managed Account management and/or incentive fees are described in individually
executed investment management agreements.

At the end of each calendar year, for most Funds, Rimrock will receive an annual incentive fee up to 20%
of the net profit allocated to each Fund investor’s capital account (including net realized and unrealized
gains and losses of net income). These Funds will maintain a loss recovery account for each investor (“Loss
Recovery Account”). Each Loss Recovery Account will be debited with any net capital depreciation (taking
into account an investor’s share of the management fee, where applicable) allocated to the capital account.
Rimrock will not receive any incentive fee regarding a capital account until the investor has recovered all
amounts debited to its Loss Recovery Account (as adjusted for withdrawals or additions of capital).
Performance fees will meet all requirements for such fees as specified under Rule 205-3 of the Investment
Advisers Act.

Similarly, Rimrock will maintain a contingent loss account for Managed Account clients with a
performance fee (a “Contingent Loss Account”). The Contingent Loss Account will be debited with any
net loss incurred in such Managed Account. Rimrock will not receive any performance fees with respect
to a client’s account until the client has recovered all amounts debited to the client’s Contingent Loss
Account (as adjusted for any withdrawals or additions of capital). This Contingent Loss Account
effectively imposes a “high water mark” on the client’s account so that Rimrock is not paid a performance
fee for recovering past losses experienced by the client.

Rimrock Funds

With regard to the Private Funds, Rimrock generally receives an annual management fee of up to 1.25% of
the net asset value of committed capital for fixed income investment strategies. Certain Private Funds have
two or more classes of units or shares. As described in more detail in the private placement memoranda
for those Funds, investors in those multi-class Funds can choose a class with lower management fees and
performance fees in return for more restrictive redemption provisions. The management fee is paid monthly
in advance. At Rimrock’s discretion, Rimrock may waive all or a portion of the management fee or may
agree to other changes to the management fee on an individual investor basis. Rimrock currently does not
charge management fees to Rimrock employees who are investors in Rimrock Funds.

                                                  –6–

Rimrock Managed Accounts

Generally, advisory fees for Rimrock Managed Accounts are based upon a percentage of assets under
management and vary depending upon the nature of the portfolio to be managed. Managed Account
advisory fees range from 0.25% to 2.00% of client assets under management. Most Managed Accounts
also pay an incentive fee, which may be up to 30%. In general, investors in Managed Accounts can
negotiate lower management fees in return for more restrictive withdrawal provisions and/or higher
incentive fees.

With regard to Rimrock Managed Accounts, Rimrock calculates management fees on a monthly basis and
invoices the Managed Account clients on a quarterly basis, mainly in arrears. The Managed Account client
must instruct and approve the payment from the custodian to pay Rimrock directly. Rimrock does not
deduct fees directly from Rimrock Managed Accounts.

General Information

Fee Comparison

The Private Funds’ expenses, including our Firm’s performance fees and management fees, constitute a
higher percentage of average net assets than would be found in mutual funds and certain other investment
vehicles providing similar services. In addition, since performance fees, determined on an annual basis,
are generally calculated on a basis which includes unrealized appreciation of a Private Fund’s assets, it is
greater than if such allocations were based solely on realized gains.

Different Fee Schedules

Rimrock’s management fee and the performance fee in a Private Fund or Managed Account may be
discounted or waived with respect to any investor for any particular period of time at the sole discretion of
the Firm (or the General Partner, as applicable). This discounted rate or waiver is not available to all or
even most investors in the Private Funds or Managed Accounts.

Other Fees and Expenses

In addition to fees paid to our Firm (or the Fund’s General Partner, as appropriate), investors will also be
responsible for the fees and expenses charged by custodians, spreads and expenses charged by brokerage-
dealers or other counterparties with whom Rimrock effects transactions, and other transaction-related
expenses. Please refer to Item 12 of this brochure for additional information regarding brokerage.

Investors in Private Funds generally invest through a feeder fund into a related master fund (a “Master
Fund”). A feeder fund is responsible for all its direct and its pro rata share of its Master Fund’s, operating
...

Item 7 – Types of Clients

Rimrock serves as the General Partner and investment adviser to various private investment funds and
Managed Accounts that are available to pension and profit sharing plans, endowments, foundations, trusts,
estates, charitable organizations, corporations, and other business entities, as well as high net worth
individual investors.

Rimrock has filed a Form CRS (also called a “Form ADV Part 3”), with the SEC. Form CRS provides a
summary of Rimrock’s services, fees, conflicts of interest, any disciplinary history, and other matters, as is
available directly from Rimrock upon request to ir@rimrockcapital.com

Generally, each investor in one or more of our Private Funds, and each Managed Account client must be
an “accredited investor,” as defined in the Securities Act of 1933, as amended, and be eligible to enter into

                                                    –14–

a performance fee arrangement. In addition, each investor is required to make representations concerning
its sophistication as an investor and its ability to bear the risk of loss for its entire investment. To invest in
the Funds and Managed Accounts, an investor must also be a “qualified purchaser” or “qualified client” as
defined in the Investment Advisers Act of 1940, as amended. Finally, if a Managed Account or Fund
invests in futures or certain swaps, the Fund investor must be a “qualified eligible person” as defined in the
Commodity Exchange Act, as amended. Rimrock may, in its discretion, waive all or part of any admission
standard or requirement where such waiver is consistent with regulatory requirements. Our minimum
subscription for Private Fund investors and certain Managed Accounts is $1,000,000. Most Managed
Accounts have higher minimum subscriptions. However, Rimrock may waive the minimum subscription
requirement at our discretion on a case-by-case basis.

Conditions for Investment
Rimrock generally requires a minimum investment of $1,000,000 for our Private Funds. Investors may be
subject to disqualification provisions for investment in the Private Funds under Rule 506(d)(1) of the
Securities Act of 1933. You must also be an accredited investor (under Regulation D) and qualified to
participate in a performance fee arrangement (under the California Corporate Securities Law of 1968 and/or
the Investment Advisers Act of 1940, as amended) by having a net worth of more than $2,200,000 or
investing at least $1,100,000 in the private investment fund. For Private Funds open only to “qualified
purchasers,” investors must have investments of at least $5,000,000 ($25,000,000 for most entities) at the
time of investment.