Brilliance Asset Management Limited

Item 5: Fees and Compensation

Brilliance is compensated for the investment advisory services provided to the funds according to the written fee
arrangement negotiated and agreed between Brilliance and the funds.
In addition, the funds pay a performance fee in respect of each interest of the relevant class and series of interests
in the funds.
Management Fee
Brilliance charges fees as a percentage of assets under management (a management fee). The management fee
charged by the funds is based upon a percentage of assets under management.
Varying management fee (up to 2.25% of the net asset value per annum for the Brilliant Partners Fund and up to
1.75% of the net asset value per annum of the China Core Fund) may be applied for classes of interests imposing
differing investment amount.
The management fee paid by the funds is calculated on a monthly basis and payable monthly in arrears as soon as
practicable after the end of each calendar month. The management fee is debited from the value of the funds and
applied pro-rata across all investors in the funds.
Brilliance may, in its sole discretion, waive, rebate or decrease the management fee that is payable in whole or in
part, in respect of each, or any one or more class and/or series, or for certain shareholders within each class and/or
series at any time including in particular during any wind down of the fund's business.
Performance Fee
In addition, the funds’ investors may pay a performance fee. Such performance fee is paid in respect of each
interest of the relevant class and series in the funds.
For each calculation period, the performance fee in respect of each interest is equal to the performance fee
percentage of the realized and unrealized appreciation in the net asset value per interest during the applicable
calculation period above the base net asset value per interest or benchmark performance. The performance fee
percentage will vary depending on the class of the interests but is expected to be not more than 20% (although the
funds may establish a class of interests with a higher performance fee applicable).
Other Fees and Expenses
The funds will also bear the costs incurred by the funds of the following:
(a)   transaction costs;
(b) charges and expenses of the legal advisers, the administrator and Auditor;
(c)   all taxes and corporate fees payable to governments or agencies;
(d) Directors’ fees and expenses (including the fees for registration with the Authority);
(e)   communication expenses with respect to investor services including periodic investor meetings and all
      expenses of meetings of Shareholders and of preparing, printing and distributing financial and other
      reports, proxy forms, prospectuses and similar documents;

(f)   the cost of insurance (if any) for the benefit of the Directors;
(g) litigation and indemnification expenses and extraordinary expenses not incurred in the ordinary course
    of business;
(h) costs incurred with respect to investor identification;
(i)   brokers’ commissions (if any), borrowing charges on securities sold short and any issue or transfer
      taxes or stamp duties chargeable in connection with any securities transactions;
(j)   interest on borrowings, including borrowings from the prime brokers;
(k) AEOI compliance costs;
(l)   Any registration, licensing and filing fees and expenses in respect of the funds in connection with the
      funds’ maintenance, operations or investment activities;
(m) all other fund organizational and operation expenses attributable to the funds.

Item 7: Types of Clients

Clients
Brilliance’s clients are the funds, which are collective investment vehicles.
The prospective investors in each of the funds include high-net worth individuals, corporate plans, foundations
and endowments, trusts, estates, non-profit organizations, public plans, governments, private investors, multi-
employer plans, financial institutions, intermediaries, sub-advised funds and pooled investment vehicles, including
both affiliated and unaffiliated US and non-US registered funds and US and non-US unregistered funds, among
others.
Brilliance selects the investments and initiates trades on behalf of the funds, at its discretion, without prior
consultation of underlying investors.