Kylin Management LLC

Item 5 - Fees and Compensation

Our fees and compensation are described in the advisory contracts we enter into with our clients. All of
our clients are “qualified purchasers” (as defined in Section 2(a)(51) of the Investment Company Act of
1940, as amended (the “1940 Act”)).

Generally, we or our affiliates are entitled to receive performance-based fees or allocations from client
accounts on an annual basis in arrears and upon redemptions by investors in the Funds.

Each Fund is directly or indirectly generally responsible for its own expenses including, but not limited
to: all offering expenses; expenses related to researching and executing investment transactions;
brokerage commissions (see Item 12 “Brokerage Practices” below) and custody charges; interest expense
and commitment fees on loans and debit balances; costs of borrowing securities to be sold short; research
fees and materials (including online news and quotation services); travel expenses in conjunction with
research; costs of any outside appraisers, accountants, attorneys or other experts or consultants engaged
by us or our related persons in connection with specific transactions; bank charges; computer service
expenses; insurance costs; any legal fees and costs (including settlement costs) arising in connection with
any litigation or regulatory investigation instituted against us, the Funds or our related persons in
connection with the affairs of the Funds; any withholding or transfer taxes imposed on the Funds as a
result of their earnings, investments or redemptions; government charges and professional fees and
expenses incurred in connection with the preparation of offering and governing documents and contract
documents; blue sky fees; costs of accounting, including the audit of annual financial statements and the
preparation of tax returns; administration fees; costs of preparing and distributing reports to investors;

Kylin Management LLC Form ADV: Part 2A                                                        Page 4

fees of outside consultants involved with research and/or execution of transactions; and other ordinary
operating and out-of-pocket expenses.

Certain investors in the Funds would also be subject to redemption fees, if redemptions are made prior to
the satisfaction of agreed-upon holding periods.

The expenses that are charged to any future separately managed account clients will be determined on a
case by case basis.

We may also allocate a portion of certain clients’ capital to money market funds or exchange-traded
funds. In addition to the fees and expenses discussed above, clients will indirectly incur similar fees and
expenses if we invest their capital in such funds, as these funds in turn pay similar fees and expenses to
their investment managers and other service providers.

Management fees are generally paid by the Funds monthly in advance, and are not refundable if the
advisory contract is cancelled prior to the end of a payment period.

Item 7 - Types of Clients

We primarily provide investment advice to clients that are private funds (either through a fund-vehicle or,
at certain times, a separately managed account). Investors in such private funds are generally institutional
investors and high net worth individuals that qualify as “accredited investors” (as defined in Rule 501
under the Securities Act of 1933, as amended) and “qualified purchasers” (as defined under the 1940
Act). The minimum initial investment in the Funds is generally $1 million, subject to our discretion to
accept lesser amounts. When relevant, we will determine the minimum investment for a separately
managed account on a case by case basis, but it is generally expected to be at least $100 million.