Rings Capital Management LLC

Item 5   Fees and Compensation

 Fees and Compensation of Framtiden

 With respect to an Investor in Framtiden, the Registrant receives an annual Incentive Allocation (“IA”) of 25% of
 the amount by which the net profits allocated to an Investor in a year exceeds the amount that would have been the
 return on the Investor’s capital account balance for such year at a rate equal to the one-year U.S. Treasury rate (the
 “FLP Hurdle Rate”) as quoted by the Federal Reserve Bank of St. Louis Economic Research in the first week of
 the year. An IA is also made as to amounts withdrawn, as of the effective time of the withdrawal. For capital
 contributions made in the second, third and fourth quarters, the following FLP Hurdle Rates are respectively used:
 pro-rata one-year U.S. Treasury, six-month U.S. Treasury, and three-month U.S. Treasury. In all three cases, the
 IA determination is made effective 12/31 at 25%. Net profits include net realized and unrealized capital gains. A
 “high water mark” procedure is used – an Investor’s net losses must be recouped, and the compounded FLP Hurdle
 Rate return exceeded before the Registrant may receive an IA with respect to that Investor. Once made, an IA is
 not reversed if there is a subsequent loss. The Registrant may vary the FLP Hurdle Rate at its sole discretion as to
 particular Investors by agreement with those Investors.

 Other Framtiden expenses deducted from the Investors’ capital accounts include audit, tax, legal and clerical fees,
 taxes, and regulatory filing fees. These expenses total less than ten basis points of assets annually. Brokerage
 transaction fees are included in the cost of securities and are nominal in the aggregate as de minimis online trading
 costs and low turnover offset higher fees for securities purchased on foreign exchanges.

 Fees and Compensation of First Framtiden

 With respect to an Investor in First Framtiden, the Registrant receives a management fee (“MF”) as to each Investor
 calculated at a rate of 1% per annum of the Investor’s capital account. For capital contributions made in the second,
 third and fourth quarters, the MF is adjusted on a pro rata basis. The MF is paid annually in arrears based on the
 value of each Investor’s capital account balance as of 12/31, as adjusted for each Investor’s share of net profit or
 loss. Net profit or loss includes net realized and unrealized capital gains and losses. The Registrant may vary the
 MF rate at its sole discretion as to particular Investors by agreement with those Investors.

 Other First Framtiden expenses deducted from the Investors’ capital accounts include audit, tax, legal and clerical
 fees, taxes, and regulatory filing fees. These expenses total less than ten basis points of assets annually. Brokerage
 transaction fees are included in the cost of securities and are nominal in the aggregate as de minimis online trading
 costs and low turnover offset higher fees for securities purchased on foreign exchanges.

 Although the Registrant believes its fees are competitive, lower fees for comparable services may be available from
 other investment advisers.

 Fees and Compensation for Framtiden Holdings

 With respect to an Investor in Framtiden Holdings, the Relying Adviser receives a management fee (“MF”) as to
 each Investor calculated at a rate of 20 basis points (1/5th of 1%) per annum of the Investor’s capital account. The
 MF is paid quarterly (5 basis points) in advance based on the value of each Investor’s capital account balance as of
 the beginning of each quarter. The Relying Adviser may vary the MF rate at its sole discretion as to particular
 Investors by agreement with those Investors.

 With respect to an Investor in Framtiden Holdings, the general partner (Framtiden Capital Company, LLC) receives
 an annual Incentive Allocation (“IA”) if certain criteria are met. The IA, if it is earned, is 25% of the amount by
 which net profits allocated to an Investor exceeds the S&P 500 total return (the “FHLP Hurdle Rate”). Two criteria
 must be met in order to assess an IA: 1) net profits allocated to the Investor must exceed the FHLP Hurdle Rate 2)
 the net return to the Investor after the IA must be positive. The IA is determined and assessed, if earned, on 12/31
 of each year. If an IA is not assessed, the measurement period rolls forward to the next 12/31 (and cumulative net
 profit allocations are compared to the cumulative FHLP Hurdle Rate at that point). Effectively, a “high water
 mark” procedure is used – an Investor’s net losses or net underperformance relative to the FHLP Hurdle Rate must

be recouped, and the compounded FHLP Hurdle Rate return exceeded before the general partner may receive an
IA with respect to that Investor. Once made, an IA is not reversed if there is a subsequent loss. The general partner
may vary the FHLP Hurdle Rate at its sole discretion as to particular Investors by agreement with those Investors.

Other Framtiden Holdings expenses deducted from the Investors’ capital accounts include audit, tax, legal and
administration fees, taxes, and regulatory filing fees. Brokerage transaction fees are included in the cost of
securities and are nominal for domestic trades and modest for foreign trades. Low turnover limits trading expenses.

Although the Relying Adviser believes its fees are competitive, lower fees for comparable services may be available
from other investment advisers.

Please see Item 12 of this brochure regarding brokerage.

Item 7       Types of Clients

 The Registrant and the Relying Adviser provide investment advice to the Partnerships. The Registrant and the
 Relying Adviser may in the future provide the same or similar services to other privately placed investment funds
 and/or separately managed accounts. Each of the Partnerships are offering Interests to Investors as described below.

 The Registrant intends to restrict the number of Investors and will offer Interests in the Partnerships only through
 non-public transactions in order to maintain the Partnerships’ exclusion from “investment company” status under
 the Investment Company Act of 1940, as amended (the “1940 Act”). FLP and FFLP are exempt from registration
 under Section 3(c)(1) of the 1940 Act, and FHLP is exempt from registration under Section 3(c)(7) of the 1940
 Act.

 The Partnerships
 Prospective Investors in the Partnerships’ must meet eligibility criteria and are subject to certain withdrawal
 requirements and limitations. Each Investor generally must be an “accredited investor” (as defined in Regulation
 D under the Securities Act of 1933, as amended) and must meet other criteria as specified in each Partnership’s
 constituent documents. For example, Investors in Framtiden must also be “qualified clients” (as defined in Rule
 205-3 of the 1940 Act), and Investors in Framtiden Holdings must also be “qualified purchasers” (as defined in
 Section 2(a)(51)(A) of the 1940 Act).

 FLP and FFLP primarily serve individual investors and individual retirement accounts. FHLP primarily serves
 institutional investors such as endowments, foundations, and large family offices (it also serves individuals and
 individual retirement accounts in select cases). Investors are admitted to the Partnerships at the discretion of the
 Registrant or Relying Adviser, and contributions by current investors to the Partnerships are accepted solely at the
 discretion of the Registrant or Relying Adviser.

 Investors in the Partnerships are subject to minimum investment amounts (which vary by Partnership), subject to
 waiver at the discretion of the Registrant or Relying Adviser.