Hillhouse Investment Management Ltd

5, “Fees and Compensation” above for information regarding how HIM is compensated by its
clients, the conflict of interest created by allocating investment opportunities among clients, and
how HIM addresses such conflict of interest.

HIM does not recommend or select third-party investment advisers for its clients. None of HIM,
HHLR, or any other affiliate receives compensation, directly or indirectly, from any of the others
for any recommendation of the other.

However, in certain circumstances, clients could enter into joint ventures with third-party
managers or other persons with respect to the management of specified portfolio investments or
categories of portfolio investments and in connection therewith, such third-party managers or other
persons could receive management fees and/or performance-based compensation such as a carried
interest in vehicles through which such joint ventures invest. Any compensation of such third-
party managers or of joint venture partners that will reduce a client’s returns from the relevant
portfolio investments will not offset carried interest or management fees paid to HIM and will
increase the cost of the investors’ investment in clients.

Warehoused Investment. During the term of a client, the general partner (or similar controlling
entity) of such client or any of its affiliates could initially purchase all or part of an investment
intended to be made by such client or fund the purchase of, make a cornerstone investment in
connection with or provide financing in connection with, all or part of an investment made by such
client if, in each such case, the general partner (or similar controlling entity) of such client
determines that it would be necessary or appropriate, including from a legal, tax or regulatory
standpoint, in order to facilitate the making of such investment by such client. In such situations,
it is generally expected that, (a) the general partner (or similar controlling entity) of such client or
its affiliate (as applicable) could transfer the relevant warehoused investment to such client or (b)
such client could repay the general partner (or similar controlling entity) of such client or its
affiliate (as applicable) for such funding or financing, typically at a price or in an amount (as
applicable) generally equal to the cost of such warehoused investment plus interest thereon or on
such other terms as permitted under such client’s governing documents. In such cases, such client
will pay all closing costs in connection with such warehoused investment, including costs incurred
in connection with the transfer of such warehoused investment to such client (if applicable). There
is no guarantee, however, that such warehoused investment will be transferred to such client at all
(due to legal, tax, regulatory or other reasons), or that the price paid by such client for such
warehoused investment would represent the price that would have been obtained in a transaction
negotiated at arm’s length.

Prior to the initial investment or initial closing of the applicable client, the general partner (or
similar controlling entity) of such client or any of its affiliates could purchase, fund the purchase
of, make a cornerstone investment in connection with or provide financing in connection with one
or more investments to temporarily warehouse such investments for such client. Following the
initial investment or closing of such client, the general partner (or similar controlling entity) of
such client will use commercially reasonable efforts to procure that the general partner (or similar
controlling entity) of such client or its affiliate (as applicable) transfers each such pre-investment
or -closing investment to such client at a price equal to the cost of such investment plus interest
thereon or on such other terms as permitted under such client’s governing documents. In
connection with, or in lieu of, the foregoing, HIM could enter into arrangements with one or more
non-affiliated persons (including any existing investors of any client and potential investors in a
client) whereby such persons agree to initially fund all or a portion of the cost of such pre-initial
investment or pre-closing investments.

There is no guarantee, however, that such pre-initial investment or pre-closing investments will be
transferred to a client at all (due to legal, tax, regulatory or other reasons), or that the price paid by
such client for each such pre-initial investment or pre-closing investment would represent the price
that would have been obtained in a transaction negotiated at arm’s length.

Other conflicts not discussed above are expected arise in connection with HIM’s advisory
business. Investors are urged to consult the offering and other governing documents of the relevant
clients.

ITEM 7: TYPES OF CLIENTS

HIM serves as an investment adviser to pooled investment vehicles whose underlying investors
are “accredited investors” (as defined in Rule 501(a) of Regulation D under the U.S. Securities
Act of 1933, as amended) and/or “qualified purchasers” (as defined in Section 2(a)(51) of the U.S.
Investment Company Act of 1940, as amended) and/or “knowledgeable employees” (within the
meaning of Rule 3c-5 under the U.S. Investment Company Act of 1940, as amended). Underlying
investors in the pooled investment vehicles HIM advises include endowments, foundations, non-
profit organizations, pensions, corporates, government entities, family offices, trusts, and other
businesses or institutions. As noted in Item 4, HIM and the other Hillhouse Investment Group
entities also advise non-U.S. accounts and vehicles (including co-investment vehicles) that are not
deemed advisory clients under the Advisers Act and not discussed in this Brochure.

HIM could also provide investment advice to institutional clients such as endowments,
foundations, non-profit organizations, pensions, corporates, government entities, family offices,
trusts, and other businesses or institutions.

Minimum Account Size

Certain of the Funds require a minimum capital commitment or investment amount, but the general
partners of such Funds may accept capital commitments or investment amounts in lesser amounts
in their sole discretion. HIM generally does not require clients or investors to maintain a minimum
investment to continue an advisory relationship or to remain invested in the Funds.

Advisory Agreements

HIM’s clients typically enter into a written investment management, advisory, or similar
agreement (and/or enter into or become subject to a limited partnership or similar organizational
agreement with HIM or one of its affiliates) in establishing an advisory relationship with HIM or
its affiliates. HIM will not assign any advisory agreements without client consent.