Cederberg Capital Limited

Item 5: Fees and Compensation

Management Fees for Funds
      Cederberg Capital charges a management fee to each managed fund. For the funds, these fees are
      based on the Net Asset Value ("NAV") of each share class, as defined in the prospectus. Fees are
      deducted from each feeder fund monthly by the General Partner/Manager (as applicable) only in
      respect of the period for which the fund was managed and are payable in arrears. Once the General
      Partner/Manager deducts the management fee, it is allocated to Cederberg Limited and its related
      entities utilizing a formulaic methodology which accounts for varying levels of involvement of each
      entity related to the management of each fund. Note that this management fee allocation between
      entities does not result in fund investors paying a different fee than they would have otherwise.
      The fee schedule for the funds varies by share class within each fund (see the prospectus for more
      details). A summary of the current fund fee schedule is set out below:

             Fund                                         Fee Range

             Feeder funds                                 0% - 1.25% p.a.
     Additionally, the management of the funds includes a performance fee component, as further
     described in Item 6 (Performance-Based Fees and Side-by-Side Management).
Management Fees for Accounts
      Management fees for separately managed accounts are negotiable at Cederberg Capital’s sole
      discretion. The Firm may, in its sole discretion, charge a lesser fee within the range based on criteria
      such as anticipated future earnings capacity, related accounts, account composition, and other
      factors. The Management Fee will be prorated for any subscription or redemption by a Shareholder
      that is effective on a date other than the first day of a month or the last day of a month, respectively.
      The Management Fee will be calculated by reference to the Net Asset Value before deduction for any
      accrued Incentive Fee, or Management may consider the aggregate assets under management with
      the Firms. Cederberg Capital may charge a higher fee within the range for accounts or relationships
      with multiple objectives, specific reporting requirements, portfolio restrictions, or other complexities.
      Additionally, fees may be charged in the form of a tiered fee schedule with a range of 0.75% to 1.50%,
      a performance fee as further described below in Item 6 (Performance-Based Fees and Side-by-Side
      Management), or any combination of the two at the Firm’s sole discretion.
Fees for Recommendation Only
      For the one recommendation-only service client, Cederberg Capital receives a 0.96% p.a.
      management fee on the portion of the UK investment advisor’s assets that Cederberg Capital is
      responsible for providing recommendations on. Similar to management fees for the accounts above,
      fees are negotiable at our sole discretion, which may result in a greater or lesser fee based on criteria
      such as the anticipated scope of work, related accounts, account composition, complexity, reporting
      requirements, portfolio restrictions, and various other factors. Additionally, there is a performance
      fee component to this relationship, as further described in Item 6 (Performance-Based Fees and Side-
      by-Side Management).
Other fees
      Other fees that may be charged to fund clients are set out below:
      Administrator fees
      Fees are charged on a sliding scale depending on the value of assets managed. The Administrator will

also be reimbursed for any reasonable out-of-pocket expenses or costs necessarily incurred in
performing its duties as outlined in the Administrator Agreement.
Custodian & Prime Broker fees
Custodian and Prime Broker fees will not exceed standard commercial rates. They may also levy
transaction charges and other charges, which can include Value Added Tax where applicable.
Other fees and expenses
Other fees and expenses charged may include the following:
The Master Fund will be allocated the expenses of the Funds unless otherwise determined by the
Directors (for payment out of the assets of the Master Fund), including the costs and expenses of (i)
all transactions carried out by them or on their behalf and (ii) the administration of the Funds and/or
the Master Fund which include, without limitation (a) all of the charges and expenses of legal advisers
and independent auditors, (b) all 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, (c) all taxes and corporate fees payable to governments or agencies and registered office
fees, (d) all reasonable legal fees and expenses incurred by the Manager or Investment Advisor in
connection with its services, (e) all Directors' fees (if any) and expenses, (f) all interest on borrowings,
(g) all communication expenses with respect to investor services and all expenses of meetings of
Shareholders and of preparing, printing and distributing financial and other reports, proxy forms,
prospectuses and similar documents, (h) all of the costs of insurance (if any) for the benefit of the
Directors, (i) all litigation and indemnification expenses and extraordinary expenses not incurred in
the ordinary course of business, (j) certain Custodian and Administrator costs, and (k) all other
organisational and operating costs, expenses, levies, and taxes.
Feeder funds will ultimately bear a pro-rata share of the expenses of the Master Fund (including the
expenses allocated to the Master Fund by any feeder fund). Except as otherwise provided in their
prospectuses, any such expenses, other than the Management Fee and the Incentive Fee, will be
shared on a pro-rata basis by all of the designations of shares. Any material expenses attributable to
...

Item 7: Types of Clients

Funds

Cederberg Capital manages pooled investments ("funds") as described above under Item 4 (Advisory Business).
Each fund where the Firms act as investment advisers specifies minimum subscription limits with subscription
and redemption terms being applicable. These may vary between share classes – see the prospectus for more
details. Minimum subscription limits and redemption terms - by fund (for those currently open to new
investors) - are as follows:

 Fund                    Minimum          Notice to       Redemption Pay-out period
                         subscription     redeem
 Cederberg Greater       US$ 100,000      90-180 days     25% of outstanding shares/partial
 China Equity Fund                                        redemption requested per calendar
                                                          quarter, paid within 30 days of
                                                          redemption date
 Cederberg Greater       US$ 1,000,000    180 days        Within 30 days of the redemption
 China Equity Fund LP                                     date,subject to notice period.

Investors may subscribe to Cederberg Greater China Equity Fund and Cederberg Greater China Equity Fund
LP on the first business day of each month. Subsequent redemptions may be made on the first business day
of each month provided relevant notice has been given to the fund administrator and subject to the
redemption terms summarised in the table above – see the prospectus for pertinent details.

Accounts
In addition to managing the Cederberg Funds, Cederberg Capital also provides investment advisory services
to separately managed accounts and a third-party fund that is not open to US investors. Our separately
managed account clients currently consist of a U.S.-based Foundation. Minimum account sizes vary and are
determined at Cederberg Capital’s discretion, as described above in Item 4 (Advisory Business).