Kotak Alternate Asset Managers Limited

Item 5 Fees and Compensation
Non-Discretionary Investment Advisory Services
Our fee for non-discretionary investment advisory services is based on a percentage of the assets
under management by KAAML and is set forth in the following annual fee schedule. This fee is
negotiable on a case to case basis.

                                      Annual Fee Schedule

         Assets Under Management           Annual Fee (exclusive of applicable taxes)
            Up to USD 12 million                               0.50%
         USD 12 million to 30 million                          0.40%
         USD 30 million to 60 million                          0.30%
           Above USD 60 million                                0.25%

Our periodic investment advisory fee is billed and payable, as invoiced, based on the average
daily balance in the account during the billing period. Fees are typically billed and paid quarterly
in arrears based on the average daily balance of the previous quarter. The specific billing
arrangement for your account is listed in your advisory agreement. All quarterly fees are
calculated based on the actual number of days in the quarter (or other billing period). Details are
provided on your invoice.

If the investment advisory agreement is executed at any time other than the first day of the
calendar quarter (or other agreed upon billing period), our fees will be calculated based on the
number of days remaining in the quarter (or billing period). Our advisory fee is negotiable,
depending on individual client circumstances.

At our discretion, we combine the account values of family members or related entities living in
the same household to determine the applicable advisory fee. For example, we may combine
account values for you and your minor children, joint accounts with your spouse, and other types
of related accounts. Combining account values may increase the asset total, which may result in
your paying a reduced advisory fee based on the available breakpoints in our fee schedule stated
above.

We will send you an invoice for the payment of our advisory fee before deducting our fee directly
from your account through the custodian holding your funds and securities. We will deduct our
advisory fee only when you have given our firm written authorization permitting the fees to be paid
directly from your account. This authorization is a part of the agreement signed with the qualified
custodian or your agreement with KAAML. You also have the option of paying our advisory fees
within two weeks of receipt of your invoice to avoid deduction from your account. You will receive
an account statement from time to time from your selected custodian. You should review all
statements for accuracy.

                               This is a Confidential document.

We encourage you to reconcile our invoices with the statement(s) you receive from time to time.
If you find any inconsistent information between our invoice and the statement(s) you receive,
call our main office number located on the cover page of this brochure.

You may terminate the investment advisory agreement upon 30 days' written notice. You will
incur a pro-rata charge for services rendered prior to the termination of the investment advisory
agreement, which means you will incur advisory fees only in proportion to the number of
days in the billing period for which you are a client. If you have prepaid advisory fees that we
have not yet earned, you will receive a prorated refund of those fees. The 30-day notice begins
the day after your written notice is received by KAAML.

Private Funds
Fees charged to our private fund clients may include a fixed annual fee, a performance-
based fee and/or a set-up fee. All fees charged to the private fund clients are outlined in the
Private Placement Memorandum or subscription agreements of the specific private fund.

Private funds registered in India offer two share classes: direct and regular. The direct share class
has no distribution commission which is paid out to the distributor. Regular share classes do
impose a commission which is paid to the distributor.

For our non-discretionary Investment advisory clients, we always recommend the direct share
class. The Investment advisory fee is not charged on the KAAML funds subscribed by the
Advisory client. Though the practice of recommending private funds and other products managed
by KAAML by advisory services professionals represents a conflict of interest, however KAAML
or such advisory professionals do not receive any compensation for the sale of KAAML Funds.

Additional Fees and Expenses
As part of our investment advisory services to you, we may recommend that you invest in mutual
funds, exchange traded funds, other pooled investment vehicles or any other investment
instruments mentioned above. The fees that you pay to our firm for investment advisory services
are separate and distinct from the fees and expenses charged by mutual funds or exchange
traded funds or other products (described in each fund's prospectus) to their shareholders. These
fees will generally include a management fee and other fund expenses such as legal charges,
taxes, audit, fund administration expenses amongst others. You will also incur transaction
charges and/or brokerage fees when purchasing or selling securities. These charges and fees
are typically imposed by the broker-dealer or custodian through whom your account transactions
are executed. KAAML does not receive any portion of the brokerage fees/transaction charges
imposed by the broker-dealer or custodian.

                                This is a Confidential document.

Item 7 Types of Clients
We offer investment advisory services to high-net-worth individuals, trusts, partnership firms,
companies, LLPs, and pooled investment vehicles (other than investment companies).

In general, we require a minimum of USD 5 million to open and maintain an advisory account.
At our discretion, we have waived, and may in the future waive, this minimum account size.
For example, we may waive the minimum if you appear to have significant potential for
increasing your assets under our advisory services. Investments you choose to make in
private funds managed by KAAML are included in your account minimum.

At our discretion, we may also combine account values for you and your minor children, joint
accounts with your spouse, and other types of related accounts to meet the stated minimum.