FH International Asset Management LLC

Item 5 - Fees and Compensation

The management fee schedule is as follows:

FH Emerging Markets Debt Fund, LP
FH Emerging Markets Debt Fund Onshore, L.P.
FH Emerging Markets Debt Fund Offshore, Ltd.:

   •    1.5% management fee per annum
   •    payable quarterly in arrears
   •    based on the end of quarter value of each Investor's capital account, before
        reflecting any redemptions or repurchases made as of such date.

FH International Asset Management, LLC                                      Form ADV Part 2A

FH Emerging Markets Short Term Debt Master Fund, L.P.
FH Emerging Markets Short Term Debt Fund, L.P.
FH Emerging Markets Short Term Debt Fund, Ltd.:

    •   1.0% management fee per annum
    •   payable monthly in advance
    •   based on the end of month value of each Investor's capital account, before reflecting
        any redemptions or repurchases made as of such date.

FH, in its sole discretion, may waive or reduce the management fee for Investors in the
above listed FH Funds that are employees or affiliates of FH and for certain large or strategic
Investors.

The Nordic Funds

    •   1.75% management fee per annum
    •   payable monthly in arrears
    •   based on the net asset value of each of the Nordic Funds

Fees are deducted from the Client accounts. Expenses of the FH Funds are paid directly by
the FH Funds, including brokerage fees, custody fees and other fund expenses. FH and its
employees do not accept compensation, including sales charges or service fees, from any
person for the sale of securities or other investment products.

Item 6 - Performance Fees

FH also receives a performance based allocation with respect to the FH Funds. The typical
performance allocation structure is as follows:

FH Emerging Markets Debt Fund, LP
FH Emerging Markets Debt Fund Onshore, L.P.
FH Emerging Markets Debt Fund Offshore, Ltd.:

    •   15% of the net profits for each fiscal year (including unrealized net gains).
    •   performance compensation is subject to a “loss carry-forward” provision, which
        means that FH receives performance compensation only on increases in the net
        asset value (NAV) of the fund in excess of the highest net asset value it has
        previously achieved.
    •   Investments also are subject to a “hurdle” rate; FH will not receive performance
        compensation until the fund’s annualized performance exceeds a benchmark rate.

FH Emerging Markets Short Term Debt Master Fund, L.P.
FH Emerging Markets Short Term Debt Fund, L.P.
FH Emerging Markets Short Term Debt Fund, Ltd.:

    •   10% of the net profits for each fiscal year (including unrealized net gains).
    •   performance compensation is subject to a “loss carry-forward”.

FH, in its sole discretion, may waive or reduce the performance compensation for Investors
in the above listed FH Funds that are employees or affiliates of FH and for certain large or
strategic Investors.

FH International Asset Management, LLC                                     Form ADV Part 2A

The Nordic Funds

    •   20% annual performance compensation (including unrealized net gains).
    •   performance compensation is subject to a “loss carry-forward” provision.
    •   performance compensation is subject to a “hurdle rate”.

In measuring Investor or Client account assets for the calculation of performance-based fees,
FH shall include realized and unrealized capital gains and losses.

NOTE: Investors should refer to each FH Fund’s Offering Memorandum, Subscription Agreements
and other offering documents for addition/supplementary information regarding the FH Funds as
well as the fees and expenses paid by the FH Funds.

Item 7 - Types of Clients

As stated, FH’s Clients are the FH Funds.
Investors in the FH Funds generally include:

    •   Qualified Individuals
    •   Fund of funds
    •   Pension and profit-sharing plans
    •   Trusts, estates, foundations/endowments and other charitable organizations
    •   Corporations and business entities other than those listed

The required minimum investment in the FH Funds ranges from $250,000 - $500,000;
however, we have the authority to accept subscriptions for a lesser amount. Additionally,
unless FH consents, partial withdrawals may not be made if they would reduce an Investor’s
account balance below $100,000. Investors should refer to each FH Fund’s Offering
Memorandum for additional information regarding account investment minimums.