Kristal Advisors SG PTE Ltd

Item 5 – Fees and Compensation

Advisory Fee

KASG charges clients an annual asset-based advisory fee calculated as a percentage of assets under
management (“AUM”). The standard advisory fee is typically 0.50% (50 bps) per year. KASG’s standard
advisory fee schedule is summarized below and applies uniformly across asset types unless otherwise
agreed with the client:

                     Asset Type                                               Fees
 Exchange-Traded Equity Securities                                           0.50%
 Non-Exchange-Traded Securities                                              0.50%
 U.S. Government/Agency Bonds                                                0.50%
 Mutual Funds                                                                0.50%
 Securities Issued by Pooled Investment Vehicles
 (i.e. Hedge Funds, Venture Capital Funds, and                               0.50%
 Private Equity Funds)
 Cash and Cash equivalents (including Money                                  0.00%
 Market Funds)

Advisory fees are negotiable and may vary among clients. As a result, similarly situated clients may pay
different fees depending on factors such as the size of the overall client relationship, the complexity of
the services provided, the type of investment strategy, anticipated trading activity, and other relevant
considerations. Accordingly, certain clients may pay fees that are higher or lower than those paid by other
clients for similar services.

Advisory fees are calculated daily based on the value of assets in the client’s account and are billed
monthly in arrears. For each billing period, KASG calculates the advisory fees using the daily asset values
in the account during the period. Fees are pro-rated for accounts opened or closed during a billing period.

KASG will issue an invoice for advisory fees. Pursuant to the client’s written authorization in the
investment management agreement, advisory fees are deducted directly from available cash balance in
the client’s account approximately two business days after the invoice date. If sufficient cash is not
available in the account, KASG will liquidate securities in the account, as authorized under the investment
management agreement, to satisfy the fee. Because KASG has the authority to deduct fees directly from
client accounts, KASG is deemed to have limited custody of client assets. Clients should review the
account statements they receive from their custodian to verify deduction of advisory fees.

Other Fees and Expenses

The advisory fees described above do not include brokerage commissions, transaction fees, custody fees,
or other charges imposed by the executing broker or custodian. Clients are responsible for these
additional fees and expenses.

Client accounts are maintained with independent custodians such as Pershing LLC or Interactive Brokers
LLC. These firms may charge brokerage commissions, transaction charges, custody fees, or other account-
related expenses. Such charges are separate from and in addition to KASG’s advisory fee.

In addition, clients who invest in mutual funds, collective investment schemes, hedge funds, structured
products or other pooled investment vehicles will bear their proportionate share of the fees and expenses
charged by those investment products. These expenses are disclosed in the relevant offering documents
and are separate from KASG’s advisory fee.

Additional information regarding KASG’s brokerage practices, including factors considered when
recommending or selecting brokers and custodians, is provided in Item 12 (Brokerage Practices) of this
Brochure.

Third-Party Compensation and Conflicts of Interest

KASG may receive rebates, commissions, or other forms of compensation from fund managers, product
issuers, distributors, or other third parties in connection with client investments in mutual funds,
collective investment schemes, hedge funds, structured products, or similar investment products
recommended or selected for client accounts.

These payments may include upfront commissions, ongoing trailer or servicing fees, and other revenue-
sharing or marketing-support payments that are based on the amount of client assets invested in those
products. In certain cases, such payments may be as high as 2.5% per year of the assets invested in the
applicable product.

Because KASG may receive such compensation, KASG has financial incentive to recommend or allocate
client assets to those products, or to maintain investments in those products, rather than recommending
other investments that do not provide such payments or that provide lower levels of compensation. This
creates a conflict of interest.

KASG seeks to address these conflicts through policies, procedures, and oversight designed to ensure that
investment recommendations remain consistent with its fiduciary duty to clients. These measures include:

       Policy and algorithmic separation: KASG’s internal policies and product recommendation tools
        are designed so that retrocessions and other compensation arrangements do not influence
        investment recommendations. Product selection is based on investment merit, client objectives,
        and risk tolerance.
       Product Approval Committee oversight: KASG maintains a Product Approval Committee that
        evaluates investment products for inclusion in KASG’s investment universe based on investment
        characteristics and client suitability rather than the compensation received by KASG.
       Disclosure: KASG discloses to clients, in client agreements and other disclosures, whether certain
        products may pay KASG retrocessions or other compensation.
       Supervisory review: KASG supervises and reviews investment recommendations to ensure they
        remain consistent with its fiduciary duty and client objectives.
       Periodic review: KASG periodically reviews its compensation arrangements and product selection
...

Item 7 – Types of Clients

KASG clients include private funds (including VCCs), high-net-worth individuals, family offices, and
institutional investors. U.S. investors in the Funds are typically “accredited investors” and, where
applicable, “qualified purchasers.”

KASG offers interests in the Funds in the United States in reliance on exemptions from registration under
the Securities Act of 1933 and the Investment Company Act of 1940. The Funds are not registered U.S.
investment companies. The Funds are organized as VCCs under Singapore law and supervised by the
Monetary Authority of Singapore. Legal, regulatory and investor protections regimes in Singapore differ
from those in the United States.

Account Minimums

KASG generally requires a minimum account size; however, the minimum may vary depending on the
executing broker or custodian and the services provided. For example, the minimum account size for an
account cleared through Pershing LLC is $100,000. This minimum is influenced in part by the fee schedules
and operational requirements of executing brokers and custodian and may change from time to time.

KASG may, at its discretion, accept accounts with smaller asset levels, aggregate related household
accounts to meet minimum requirements, or establish higher minimums where required by a particular
investment strategy, broker, or platform.

Each Fund’s Private Placement Memorandum describes the minimum account requirements for the Fund.