Keywise Capital Management HK Limited

Item 5: Fees and Compensation
Management Fees for the Funds
The Funds pay the Manager annual management fees at rates ranging from 1.5% to 2% per annum. Pursuant to
Funds’ agreements with the Manager, The Manager will receive remuneration for the services provided to the
Funds calculated in accordance with the terms of the agreements.

Keywise HK may establish classes of interests in the Funds. The management fees will differ for each class of
interests in which an Investor is invested. Payment of the management fees is discussed in the respective Governing
Fund Documents. Generally, certain Funds pay management fees monthly in arrears and other Funds will pay the
management fees quarterly in advance. The management fee may be waived or reduced at the discretion of Keywise
HK or its affiliates.

Performance Fees for the Funds
Payment of the performance fees is discussed in the respective Governing Fund Documents. In general,
the Manager will be entitled to receive from the Funds an annual performance fee ranging from 15 percent to
30 percent of net profit subject to a high water mark or positive difference between NAV and the respective
benchmark.

Operating Expenses for the Funds
The Funds will bear all on-going costs (including legal, accounting and other professional fees and expenses). The
Funds will bear certain operating expenses, including stamp duties, taxes, commissions, government and fiscal
charges, foreign exchange costs, annual fees, brokerages, bank charges, registration and collection fees, insurance
and security costs, expenses connected with the issue and redemption of participating shares, management and
performance fees of the Manager, auditors, administrator and legal advisers and certain other expenses incurred in
the administration of the Funds and in the acquisition, holding and disposal of investments.

The Funds will bear the costs of preparing, printing and distributing valuations, statements, Governing Fund

                       Form ADV Part 2 Brochure Keywise Capital Management (HK) Limited

Documents, accounts and reports together with any other costs associated with providing information about the
Funds and its investments to Investors.

The Manager will render their services to the Funds at their own expense, including in respect of all overhead
expenses of an ordinary and recurring nature such as office rent, furniture and fixtures, salaries, entertainment
expenses and employee insurance.

The management fees and performance fees described above are different among certain investors in the same
Fund. Specifically, Manager has reduced the management fees and performance fees for certain employees who
have invested in a Keywise HK Fund. Notwithstanding employees will pay reduced management fees and
performance fees, employees will pay for their pro rata share of Fund expenses or the pro rata portion of such
employees’ expenses will be allocated to Manager.

Management and Incentive Fees for Separately Managed Accounts
Management and incentive fees will be separately negotiated with SMAs and subject to the agreement between
Keywise HK and the SMAs. Management fees are typically billed quarterly in arrears while performance fees are
paid on an annual basis.

It is critical that Investors/Clients refer to the relevant Fund Governing Documents or agreement for a complete
understanding of how Keywise HK is compensated for its advisory services and the associated fees and
expenses. The information in this Brochure is only a summary and qualified in its entirety by those documents.

Item 7: Types of Clients
Keywise HK provides investment management service to the Funds directly, subject to the direction and control
of the Directors of each Fund, and not individually to the Investors in the Funds. Keywise HK also provides
advisory services to institutional accounts including pension funds and sovereign wealth funds.

                        Form ADV Part 2 Brochure Keywise Capital Management (HK) Limited

The minimum commitment for an Investor in the Funds is outlined in the respective Governing Fund Documents;
however the Manager maintains discretion to accept less than the minimum investment threshold. Investors will be
required to meet certain suitability qualifications, such as being an “accredited investor” within the meaning set
forth in Rule 501(a) of Regulation D under the Securities Act. From time to time, Keywise HK and the Funds may
enter into agreements, commonly referred to as “side letters,” with investors that offer such investors reduced fee
arrangements.

Keywise HK also provides investment advisory services to SMAs subject to the terms and conditions enumerated in the
respective advisory agreement between each SMA and Keywise HK. The minimum account size for a SMA is negotiable
with the Client on a case by case basis depending on a number of factors including complexity of the mandate, the extent
and frequency of reporting requirements and operations setup.