Ruby Capital Partners LLP

Item 5: Fees and Compensation

The Fund pays to the Investment Manager a fee for management services (the “Investment
Management Fee”), payable monthly as of the last day of each month, equal to the Management
Fee Percentage of the Net Asset Value of each series of Shares as of the end of such month.
The “Management Fee Percentage” is 0.125% (1.5% per annum) in respect of A Shares and A1
Shares, 0.104% (1.25% per annum) in respect of B Shares, 0.083% (1.0% per annum) in respect
of C Shares and B1 Shares and 0.0% (0.0% per annum) in respect of C1 Shares. The
Management Fee will be calculated and paid in arrears. Our management fees typically are not
negotiable and will not vary based upon the assets in the Master Fund account and other
factors.

In respect of each Calculation Period, an amount equal to the Incentive Percentage of the
net realised and unrealised appreciation in the Net Asset Value of each series of Shares,
adjusted for any redemption of Shares in the series made during the Calculation Period and
any accruals of the Incentive Allocation (the “Adjusted NAV”) will be allocated to X Shares
in the Master Fund; provided, however, that an Incentive Allocation will be made only with
respect to the excess of the Adjusted NAV of a series of Shares over its Prior High NAV.
“The Incentive Percentage” is 10% in respect of A Shares, 7.5% in respect of B Shares and B1
Shares, 5% in respect of C Shares, 0% in respect of A1 Shares and 20% in respect of C1
Shares.

The Fund bears its own expenses and its pro rata share of the Master Fund’s expenses.

Ruby Capital Partners LLP                                                 Form ADV Part 2A

The Master Fund would pay for its organizational expenses (if any), as well as custodial,
accounting, auditing, tax preparation, legal and trading expenses (including brokerage
commissions) incurred in connection with the management of the fund. With respect to
brokerage and other transaction costs, please see the discussion below under Item 12,

Item 7: Types of Clients

As discussed in Item 4, we provide investment advisory services to the Private Fund Clients,
and manage the Master Fund, which will be regulated by the SEC under the Company Act.