Blue Swell Asset Management Private Limited

Item 5: Fees and Compensation

The fees, compensation, and expenses as applicable to the Fund are set forth in detail in their
respective governing agreements.

Management Fee

The Firm charges a Management Fee of one twelfth (1⁄12) of the applicable percentage (as set
out in offering documents) of the Net Asset Value (“NAV”) of the relevant Class, before
deduction of that month’s Management Fee and before making any deduction for any accrued
performance-based compensation (“Performance Fees”) as at the last Valuation Day in each
month.

The Management Fee is payable to the Firm monthly in arrears.

The Firm may, in its sole discretion, waive, rebate, or otherwise vary the Management Fee
payable in whole or in part, in respect of any particular Series or Class, or may rebate or waive
the Management Fee payable in whole or in part for certain Shareholders, including in
particular during any wind down of the Fund’s business. Any such rebate may be applied in
paying up additional Shares to be issued to the relevant Shareholder or may be paid in cash.
The Firm will also be entitled to be reimbursed for all out-of-pocket expenses properly
incurred by it in the performance of its duties for the Fund including, without limitation,
travelling and related costs of attending meetings in relation to the investments and
prospective investments of the Fund.

The Fund from time to time enters into Side Letters providing for, but not limited to, changes
in management fees and incentive fees.

No Management Fee is payable for Employee Class Shares.

Performance Based Compensation

In addition to Management Fees, the Firm is also entitled to receive a Performance Fee from
the Fund in respect of each Calculation Period. For each Calculation Period, the Performance
Fee payable in respect of each Series of:

•   Class A Japanese Yen (“JPY”) Shares will be equal to 20%;
•   Class A USD Shares will be equal to 20%;
•   Class B JPY Shares will be equal to 20%;
•   Class B USD Shares will be equal to 20%;
•   Class C JPY Shares will be equal to 20%;
•   Class C USD Shares will be equal to 20%;
•   Class D JPY Shares will be equal to 20%;
•   Class D1 USD Shares will be equal to 20%; and
•   Class D2 USD Shares will be equal to 20%

of the appreciation in the NAV of the relevant Series during the Calculation Period above its
High-Water Mark.

The first Calculation Period in respect of each Class will be the period commencing on the
Business Day immediately following the close of the Initial Offer Period and ending on the next

BLUE SWELL ASSET MANAGEMENT PRIVATE LIMITED                                Form ADV Part 2A

following 31 December. Thereafter, the Calculation Period will be a period of 12 calendar
months commencing on each 1 January.

In respect of Shares subscribed for after the Initial Offer Period, the first Calculation Period
for each Series will be the period commencing on the Subscription Day on which the relevant
Series is issued and ending on the following 31 December. Thereafter, the Calculation Period
will be a period of 12 calendar months commencing on each 1 January.

The Performance Fee will accrue monthly as at the close of business on each Valuation Day.

The Performance Fee will be accrued as at each Valuation Day and will be calculated in respect
of each Series by reference to the NAV of such Series before deduction for any accrued
Performance Fees.

The Performance Fee will normally be payable to the Firm in arrears as soon as possible after
the end of each Calculation Period. However, in the case of Shares redeemed during a
Calculation Period, the accrued Performance Fee in respect of those Shares will be payable as
soon as reasonably practicable after the relevant Redemption Day. Any such accrued
Performance Fee will be calculated as though the relevant Redemption Day was the end of a
Calculation Period. In the event of a partial redemption, Shares will be treated as redeemed
on a “first in first out” basis (unless otherwise approved by the Fund’s Directors).

No Performance Fee is payable for Employee Class Shares.

Brokerage Fees

The Fund is responsible for paying any and all brokerage fees and custodian fees, as agreed
between the Funds and the Prime Brokers and Custodians from time to time. The fees charged
by the Prime Brokers and Custodians for prime brokerage services will not exceed normal
commercial rates and will be based on a combination of transaction charges and interest costs.
The Prime Brokers and Custodians will not generally receive any separate fees for its custodial
services.

Other Costs and Expenses

The Fund pays various ongoing operational expenses, including but not limited to, accounting,
auditing, tax preparation, legal, administration, research, borrowing charges on securities sold
short and any issue or transfer taxes chargeable in connection with any securities transactions,
Directors’ fees (such as registration under The Directors Registration and Licensing Law, 2014
(as amended)) and expenses, interest on borrowings, brokerage and trading costs.

The Fund is responsible for paying the preliminary expenses of, and incidental to, the offer of
Shares during the Initial Offer Period. These preliminary expenses include, among other things,
expenses relating to the establishment of the Fund in the Cayman Islands, the registration of
the Fund, as necessary, the negotiation and preparation of the contracts to which the Fund is
a party, the costs of drafting, designing and printing the Fund’s Private Placement Memorandum
and the fees and expenses of its professional advisers (together, the “Organisational
Expenses”).

The Organisational Expenses will be amortised on a straight-line basis over a period of 60
months from the date on which the Master Fund commences business, unless the Fund’s
Directors decide that some other amortisation method should be applied. In the event that
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Item 7: Types of Clients

Investors in the Fund are primarily institutional and qualified investors which include fund of
funds, family offices, financial institutions, sovereign wealth fund, high net worth individuals and
employees.

With respect to Class A USD Shares, Class B USD Shares, Class C USD Shares, Class D1
USD Shares and Class D2 USD Shares, the minimum initial investment for each Investor of
the Fund is generally USD 1,000,000 and the minimum subsequent investment is also generally
USD 1,000,000.

With respect to Class A JPY Shares, Class B JPY Shares, Class C JPY Shares and Class D JPY
Shares, the minimum initial investment for each Investor of the Fund is generally JPY
100,000,000 and the minimum subsequent investment is also generally JPY 100,000,000.

In certain circumstances, minimum investment amounts may be amended by Fund’s Directors,
in consultation with the Firm.

The Sub-Advised Funds are private pooled investment vehicles managed by unaffiliated SEC-
registered investment advisers. The Firm has entered into IAAs with the Sub-Advised Funds
to provide investment advisory services. The Firm or its affiliate may require a minimum
account size, which will be determined on a case by case basis.

BLUE SWELL ASSET MANAGEMENT PRIVATE LIMITED                                  Form ADV Part 2A