Emerging Sovereign Group LLC

Item 5 – Fees and Compensation
Asset-Based Compensation

The Adviser receives an asset-based investment management fee (a “Fixed Fee”) that ranges from
0% to 1.25% per annum and is described in the offering memorandum or other governing
document of each Advisory Client, as applicable.

Fixed Fees are generally charged each month or quarter in advance (although some Fixed Fees are
charged in arrears) and are based on the value of (i) the net assets of each Advisory Client
(without accrual of any performance-based compensation) and/or (ii) the cost basis of investments
held by the Advisory Client, as applicable and as defined in the governing documents. In respect
of Fixed Fees that are charged quarterly, if additional contributions are made during the quarter,
the Fixed Fee will be prorated and charged at the time of such contribution. Further, the Fixed
Fee will be prorated for any period that is less than a full fiscal quarter.

In the case of Funds structured as a “master-feeder” fund, the Adviser will typically receive the
Fixed Fee at the master fund level. To the extent the Fixed Fee is paid to the Adviser at the
master fund level, no Fixed Fee will be paid at the feeder fund level. Furthermore, any prepaid
but unearned Fixed Fee will be refunded to an Investor in the applicable Fund. The Adviser
generally determines the amount of the relevant refund on a pro rata basis, based upon the portion
of the relevant period during which it provided services.

The Fixed Fee charged to a particular Advisory Client is described in such Advisory Client’s
offering memorandum, investment management agreement or other applicable governing
document.

Performance-Based Compensation

The Adviser (or an affiliated entity) may also receive a performance-based fee or allocation
(“Performance Compensation”) based on a share of realized and/or unrealized net profits of an
Advisory Client. Performance Compensation ranges from 0% and 20% of the net profits and may
be subject to (i) “loss carryforward” or “underperformance carryforward” provisions, (ii) hurdles
or preferred returns and/or (iii) “clawback” provisions.

Performance Compensation is generally payable as of the end of each year and upon withdrawals.
Performance Compensation is charged by the Adviser (or an affiliated entity) in compliance with
Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

The performance-based compensation charged a particular Advisory Client is described in such
Advisory Client’s offering memorandum, investment management agreement or other applicable
governing document.

Payment of Fees

With respect to the Funds, a third party administrator calculates and confirms the Fixed Fee and
Performance Compensation. Once calculated, the fees and allocations are deducted from the
applicable Funds’ accounts. The Adviser generally bills the Separate Accounts for the Fixed Fee

and Performance Compensation at such times and in such manner as agreed upon with each
Separate Account.

As noted above, Separate Accounts may also be subject to fee and/or expense arrangements and
other terms that are individually negotiated with each such client. These relationships generally
involve significant account minimums.

Further, the Adviser, in its sole discretion, may offer different fees to qualified Investors that are
members, principals, employees or affiliates of the Adviser or relatives of such persons, and for
certain large or strategic investors.

Other Expenses

In addition to the Fixed Fee and Performance Compensation, Advisory Clients, including the
Funds, typically will also be subject to other investment and operational fees and expenses. The
specific fee structure (including how fees are charged) along with any additional expenses are set
forth in each Advisory Client’s offering memorandum, investment management agreement or
other applicable governing document. Fees and expenses that are typically borne by Advisory
Clients, and therefore indirectly the Investors, generally include, without limitation, (i) fees paid
to the Adviser, (ii) fees paid to a third-party administrator, (iii) independent directors’ fees, (iv)
legal, accounting, auditing (including financial statements) and other professional expenses, (v)
certain compliance and reporting expenses and expenses attributable to regulatory filings which
are made with respect to the assets of the Funds (including Section 13, Section 16 and non-U.S.
position reporting filings), (vi) certain out of pocket fees, costs and expenses, if any, incurred in
connection with legal and regulatory compliance with U.S. federal, state, local, non-U.S. or other
law or regulation (including for example, The Foreign Account Tax Compliance Act), (vii) cost of
insurance (including D&O insurance) and other professional expenses, (viii) research expenses
(including research-related travel and paid subscriptions and research consultants such as expert
network firms), (ix) investment expenses such as commissions, trading and portfolio services and
support (including software and applications), (x) interest on margin accounts and other
indebtedness, (xi) taxes, and (xii) custodial fees, bank service fees and other expenses related to
the purchase, sale or transmittal of the Advisory Client’s assets as shall be determined by the
applicable Fund in its sole discretion. Fees and expenses paid to third parties in connection with
the acquisition or disposition of investments are borne by the Advisory Clients. The brokerage
fees and expenses are also discussed in more detail in Item 12 “Brokerage Practices” below.

The Funds are generally organized in a “master-feeder” structure, so feeder funds will bear a pro
rata share of the expenses associated with the related master fund.

Common expenses frequently will be incurred on behalf of one or more Advisory Clients. The
Adviser seeks to allocate those common expenses among the Advisory Clients in accordance with
...

Item 7 – Types of Clients
The Adviser provides investment advice to Funds and Separate Accounts, as stated in the
“Advisory Business” section above.

The Funds are pooled private investment funds that are offered to high-net-worth, financially
sophisticated individual investors and institutional investors. Interests in the Funds are not
registered under the Securities Act of 1933, as amended (the “Securities Act”), and such Funds are
not registered under the Investment Company Act of 1940, as amended (the “Investment
Company Act”). Accordingly, interests in the Funds are offered and sold exclusively to Investors
satisfying the applicable eligibility and suitability requirements either in private transactions
within the United States or in offshore transactions.

As noted above, the Funds are generally organized in a “master-feeder” structure, where certain
“feeder funds” (for example, an onshore private investment Delaware limited partnership and an
offshore Cayman Islands exempted company) invest substantially all of their assets into a related
“master fund,” although the feeder funds may make direct investments for tax, legal or regulatory
reasons.

Subject to the discretion of the Fund to accept a lesser amount, each Fund sets forth the minimum
investment threshold in an offering memorandum or similar offering document provided to
prospective investors.

The Adviser and the Funds have entered into and may in the future enter into additional letter
agreements or other similar agreements with one or more Investors of a Fund whereby such
Investor may be subject to terms and conditions that are additional and/or different than those set
forth in the offering memorandum for the given Fund. For example, such terms and conditions
may provide for special rights to make future investments in the Fund; special
withdrawal/redemption rights, relating to frequency or notice; a waiver or rebate in fees to be
paid; rights to receive reports from the Fund on a more frequent basis or that include information
not provided to other Investors and such other rights, standards, waivers or modifications as may
be negotiated by the Fund and such Investors. The Adviser will not be required to notify any or
all of the other Investors of any such written agreements or any of the rights and/or terms or
provisions thereof, nor will the Adviser be required to offer such additional and/or different rights
and/or terms to any or all of the other Investors. Investors may, upon request, obtain increased
transparency with respect to a Fund, which may include information about such Fund’s portfolio
and positions. This increased transparency may occur in various forms including, but not limited
to, more frequent meetings or conferences that the Investor schedules with the Adviser, at which
more in-depth discussions regarding the Fund will typically occur.

In connection with subscriptions by Investors in the Funds, the Funds may accept subscriptions
from Investors who also provide services to the Funds, including brokers or individuals who are
affiliated with such brokers. Relationships such as these could be viewed as creating a conflict of
interest. The governing documents for the Funds do not prohibit the Adviser from engaging in
any business activities with Investors who are brokers or individuals who are affiliated with
brokers. As a result, the Adviser, subject to the Adviser’s best execution policy, may from time to
time place trades with brokers who are Investors in the Funds or individuals who are affiliated

with such brokers.