Indus Capital Partners LLC

Item 5. Fees and Compensation

The Adviser and/or its affiliates typically charge the Advisory Clients investment management fees, and
they can earn incentive compensation from certain Advisory Clients. For the private funds, the Adviser
and/or its affiliates will deduct the fees from the client’s assets, while managed account clients are
typically billed for fees incurred. The Adviser may (and has previously) negotiated fees for strategic, large
investors from time to time. This practice creates a conflict of interest because certain investors may pay
lower fees than other investors receiving substantially similar advisory services. The Adviser addresses
this conflict through its allocation and fair treatment policies as described in Items 6 and 16. As this
brochure is offered only to qualified purchasers, investors and potential investors of the private funds
should refer to the confidential explanatory memorandum of each private fund for specific fee schedules.

The Adviser’s Advisory Clients are primarily private funds. The private funds will bear their respective
operating and other expenses, including, audit and organizational expenses. With respect to private
funds that constitute a master-feeder structure, feeder funds bear a pro rata share of the expenses
associated with the related master fund. In addition to paying investment management fees and, if
applicable, performance-based fees or other compensation, client accounts will also be subject to other
investment expenses such as custodial charges, brokerage fees, commissions and related costs; interest
expenses; research expenses (primarily through soft dollar arrangements as further described in Item
12); taxes, duties and other governmental charges; transfer and registration fees or similar expenses;
costs associated with foreign exchange transactions; other portfolio expenses. In addition, client accounts
will be subject to fees and expenses: of third-party professionals, including directors, legal, accounting,
consulting, auditing, banking, valuation services and other professionals; related to regulatory and
compliance matters; and related to the due diligence and monitoring of actual and prospective
investments, including research costs not covered by soft dollar arrangements, hardware, software and
other technology used to research investments, evaluate and manage risk, and to facilitate and manage
the order execution of securities in which the client accounts invest. Client assets will in some instances
be invested in money market mutual funds, ETFs or other registered investment companies (including
publicly traded closed-end vehicles where incentive compensation may be paid to the investment
manager of such vehicles) and/or certain structured transactions where incentive compensation may be
paid to the investment banks, brokers or placement agents involved. In these cases, the client will bear
its pro rata share of the investment management fee and other fees (including incentive compensation) of
the fund, which are in addition to the investment management fees and incentive compensation paid to
the Adviser and/or its affiliates. In addition, clients will incur brokerage and other transaction costs.
Please refer to Item 12 for a discussion of the Adviser’s brokerage practices.

The allocation of expenses by the Adviser between it and any client and among clients represents a
conflict of interest for the Adviser. The Adviser has adopted an expense allocation policy that is designed
to address this conflict. The Adviser allocates expenses to each Advisory Client in accordance with the
client's arrangements with the Adviser (including applicable client disclosures). The Adviser generally
allocates common client expenses among multiple Advisory Clients pro rata based on assets under
management at the time the expenses are paid. When considering whether to allocate in a different
manner with respect to a particular expense, the Adviser may consider such factors as transaction-related
expenses or size of the client’s investment in relation to other clients. Where the Adviser determines that
an expense disproportionately benefits a particular client, the Adviser may charge all or part of the
expense to that client, such that the allocation of the expense is fair and reasonable. The Adviser will
retain records, monitor and disclose as appropriate its adherence to its expense allocation policy.

With respect to any Advisory Client that is a private fund, provisions relating to fees and compensation
are described in the applicable private fund’s offering documents. Clients will receive a pro-rata refund of
any pre-paid management fees in the event of a mid-quarter or mid-month redemption, as applicable.
The fees and compensation applicable to any managed account client, including specific expense
provisions, are described in each investment advisory agreement entered into between the managed
account client and the Adviser.

Item 7. Types of Clients

The Adviser’s clients are primarily private funds and separately managed accounts for institutional clients.

With respect to any client that is a private fund, any initial and additional subscription minimums are
disclosed in the explanatory memorandum for the private fund.