Gaoteng Global Asset Management Limited

Item 5 - Fees and Compensation

Fund’s Fees and Compensation

The fees paid to GAOTENG are detailed in each Fund’s investment management/advisory
agreement and in each Fund’s EM, Prospectus or PPM. The fees generally include:

    -   an annual or annualized management fee expressed as a percentage of the Fund’s assets
        under management with GAOTENG; and

    -   incentive or performance-based fees or compensation calculated based:

        a.     in the case of Private Funds, on absolute performance, will be calculated in respect
               of the High Water Mark; or

        b.     in the case of SFC Authorized Funds, on absolute performance, typically calculated
               by reference to the highest net asset value achieved by the relevant SFC Authorized
               Fund as at the end of a performance period.

See the “Fee Schedules” below and in Item 6 for more information on the range of these fees and
information regarding fees.

Investors bear subscription and redemption charges that are separate payments due at the time of
subscription to and redemption from a Fund, respectively. Investors in Funds also bear indirectly
as charges against Fund assets expenses relating to securities transactions, account custody and
administrative fees. Investors should refer to each Fund’s EM, Prospectus or PPM for details prior
to investing and fees are applied fairly to all investors of the same class.

Funds may maintain multiple class structures with different fees paid by each class. Additionally,
investors in a Fund that employs a sub-manager or investment adviser may be required to pay fees
which are higher than the fees paid to GAOTENG by that Fund.

        Fee Schedules for Funds

        a.     Private Funds

               Management Fee: up to 2% annually
               Performance Fee: up to 20% of new net gain

        b.     SFC Authorized Funds

               Management Fee: up to 2% annually

Segregated Accounts’ Fees and Compensation

With respect to Segregated Accounts, fees charged to Clients may be negotiated depending on a
number of factors including, but not limited to: the type of Client, size of the account, the complexity
of the mandate, the extent of reporting requirements, the potential for additional account deposits,
the nature, longevity and size of the overall client relationship and other business considerations.
These fees are agreed upon by the Client and GAOTENG prior to account opening. GAOTENG
generally receives management fees and incentive fees. Management or advisory fees are typically
calculated as a fixed percentage of the assets under management in the relevant Segregated Account
at the valuation date(s) specified in the investment management/advisory agreement. These fees are
typically paid monthly or quarterly.

Upon Client agreement, an incentive or performance fee may be charged that permits GAOTENG to
receive a share of the capital appreciation of the assets within a Client’s account. Performance fees
are typically calculated as a percentage of an account’s positive investment performance for the
relevant quarter or year and are subject to the highest asset value achieved by the account as at the
end of a performance period.

Clients also bear other expenses such as expenses relating to securities transactions and account
custody. Clients can refer to the relevant investment management/advisory agreement for details.
See the “Fee Schedules” below for more information on the range of these fees.

Fees may change over time and different fee schedules may apply if GAOTENG accepts Clients
other than those described herein. Additionally, fees may be negotiated and GAOTENG may in its
sole and absolute discretion, waive or reduce fees charged to Clients by rebate or otherwise, for any
reason, such as a significant investment in the Fund. Consequently, some Clients may pay more or
less than other Clients for the same or similar investment management services.

         Fee Schedule for Segregated Accounts

Management/Advisory Fee: up to 0.4% annually
Performance Fee: up to 20% of new net gain

Fund Manager Compensation

The remuneration for fund managers is mainly structured by fixed monthly salary and a year-end
variable compensation component. To ensure the alignment of interest, the year-end variable
compensation is based on, but not limited to, portfolio performance measurements, and the adoption
of high conviction ideas in respective portfolios.

Fees and Compensation upon Termination for Funds

A Fund may terminate on a certain date or upon the occurrence of specified events, as described in
the relevant EM, Prospectus, or PPM. Specific requirements, procedures and restrictions apply to
withdrawals and terminations by an investor in the Funds. GAOTENG, may impose minimum
redemption amount and require the maintenance of a minimum capital account size in the event of
a partial withdrawal by an investor in the Funds. Typically, an investor in a Fund may withdraw all
or part of its interest in the Fund on a daily (for SFC Authorized Funds) and monthly basis (for
Private Funds), on a date specified in the Fund’s EM, Prospectus or PPM and subject to prior written
notice (generally 0 to 30 days). In addition, where the withdrawal requests exceed 10% of the total
Net Asset Value of the relevant Sub-Fund, such withdrawal may be deferred to the next dealing

day. However, GAOTENG may, in its sole discretion, allow for withdrawals at other times and/or
waive any applicable notice requirements and may also require an investor to redeem all or part of
its interest in a Fund upon provision of reasonable notice, or without such notice if necessary to
ensure that the Fund remains in compliance with applicable law.

Fees and Compensation upon Termination for Segregated Accounts

GAOTENG’s investment management agreements for Segregated Accounts generally provide for
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Item 7 – Types of Clients

Private Funds

Investors in the Private Funds generally include non-US investors.

In respect of potential U.S. investors, only Permitted U.S. Persons may invest in US Private Fund
managed by GAOTENG for whom an investment in GAOTENG does not constitute a complete
investment program and who fully understand and are willing to assume the risks involved in the
investment program of the company. The investment practices of GAOTENG, by their nature, may
be considered to involve a substantial degree of risk. Each Permitted U.S. Person must be an
Accredited Investor and a Qualified Purchaser.

GAOTENG generally prefers a minimum initial investment in Private Funds from US$100,000 to
as specified in the Fund’s PPM. For certain Funds, GAOTENG may, in its sole discretion, waive
such minimum investment requirements.

SFC Authorized Funds

Investors in the SFC Authorized Funds generally include non- US investors. GAOTENG mainly
distributes these products through local financial intermediaries, including banks, licensed
corporations and distributing agencies by means of distribution agreements. GAOTENG generally
prefers a minimum initial investment in SFC Authorized Funds ranging from Nil as specified in the
SFC Authorized Fund’s EM or Prospectus. For certain Funds, GAOTENG may, in its sole
discretion, waive such minimum investment requirements.

Segregated Accounts

Segregated Account Clients generally include institutions, corporations, and individuals.

The terms and conditions of investment in Segregated Accounts are negotiated with the Segregated
Account Client on a case-by-case basis depending on the size of the Segregated Account, the
complexity of the mandate, the extent of reporting requirements and other factors.