India Capital LLC

Item 5 – Fees and Compensation

IC LLC’s advisory fees are agreed to in advance pursuant to the Sub-Advisory Agreement. ICM will pay to
IC LLC, in consideration of services performed to the Fund and ICM by IC LLC, such fees as may from time
to time be mutually agreed by ICM and IC LLC, as set forth in the Sub-Advisory Agreement, which provides
that such compensation will (i) reflect the price that independent parties would charge for the same or
similar services, (ii) be adjusted to the extent of any change in the services provided, and (iii) be subject
to a periodic review when determined to be necessary, based on the fair market value of the services
rendered. Such compensation is received in arrears. It is anticipated that ICM will generally compensate
IC LLC for its services based on the expenses of IC LLC plus an agreed profit margin. For fiscal year 2025,
ICM paid fees of US$526,997 to IC LLC. IC LLC and ICM may from time to time negotiate and amend the
fees that are paid by ICM to IC LLC under the Sub-Advisory Agreement. The Fund offers for sale several
different classes of shares that are subject to different fees. ICM and the Fund negotiate with investors

as to the class of Fund shares that will be offered and sold to investors, which effectively is a negotiation
as to the fees paid by investors in relation to their investments in the Fund. The Memorandum for each
class of Fund shares sets forth specific details on the fees paid by the Fund in relation to that class of
shares. ICM and the Fund may also negotiate with some Fund investors and enter into side letter
arrangements that provide those investors with alternative terms. The fees paid by ICM to IC LLC will not
be based upon Fund share classes or determined by any such side letters.

Investors in the Fund indirectly pay expenses associated with the Fund, which reduce the net asset value
of their respective shares and thus the return to such investors. The expenses borne by the Fund are
allocated pro rata to each class of shares of the Fund. Such expenses include, but are not limited to:
directors’ fees, custodial fees, fees and expenses payable to the Fund’s service providers, internal and
external accounting, audit and tax filing preparation expenses, interest, fees and other borrowing
expenses, the costs of obtaining or maintaining any registration with or authorization from governmental
or other competent authorities, taxes and any related interest or charges, governmental fees and charges,
banking costs, brokerage commissions, currency conversion costs, insurance premiums, payments
required under derivatives and other investment contracts, the costs of preparing and distributing reports
to investors, printing and publishing expenses (excluding the cost of preparing and circulating the
Memorandum, Fund subscription materials or other marketing materials or advertising in respect of the
relevant shares), travel and other expenses incurred by the directors in attending board of directors’
meetings, administrative expenses and valuation charges for unlisted securities and options. For more
information on brokerage transactions and costs, please see Item 12: “Brokerage Practices.”

As a general matter, IC LLC is responsible for paying all of its ordinary overhead and personnel expenses,
including rent, compliance costs (including those of maintaining its registration as an investment adviser
with the SEC), costs of any regulatory examination, investigation, or proceeding relating to IC LLC, IT
expenses, utilities, supplies, secretarial expenses, stationery, and charges for furniture and fixtures.
However, to the extent that any of the Fund-level fees or expenses described in the immediately
preceding paragraph are initially incurred and paid by IC LLC, such payments will be reimbursed by ICM or
the Fund.

The Fund pays performance-based compensation to ICM in relation to most classes of Fund shares. IC LLC
will not receive from the Fund or ICM any payments of performance-based compensation. However, Dan
Tennebaum will participate in the performance-based compensation paid by the Fund to ICM, as
discussed in further detail in Item 6 below.

Item 7 – Types of Clients

IC LLC provides investment advice to (i) the Fund, a private fund client, and (ii) ICM, an investment adviser
registered under the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”), that serves
as investment manager to the Fund. IC LLC does not expect to engage additional investment advisory
service clients, but maintains the flexibility to do so.

This brochure, and the material contained herein, is not meant to be, nor shall it be construed as, an offer
or solicitation of an offer for the purchase or sale of any shares of the Fund.