LYGH Capital PTE Ltd

Fees and Compensation

A.     Fees and Compensation
The fees and compensation paid to LyGH in respect of each Private Fund are found in their respective
current offering documents. The Private Funds are “qualified purchasers” (as defined in Section 2(a)(51) of
the Investment Company Act).

Additional Fees and Expenses
In addition to the management and performance fees generated from Private Funds and described in Item
6, the additional expenses referenced below are payable by the Private Funds.

Private Funds
The precise expenses payable by the Private Funds are found in their offering materials, however such fees
and expenses include the following categories: transactional expenses; directors fees; investment related fees
including commissions and interest on borrowing, market data, order management, portfolio management
and execution systems, software and developers; taxes, organizational and operating costs; and fees and
expenses on which LyGH and the board of directors for the Private Funds agree.

Separately Managed Accounts
Separately Managed Accounts will define all fees and expenses as negotiated in the investment agreements
entered into with LyGH. The fees and expenses will track the categories of fees and expenses set forth above
for Private Funds

B.     Additional Compensation and Conflicts of Interest
See Item 12 for further discussion with respect to fees associated with brokerage practices. Neither LyGH
nor any of its supervised people accept compensation (e.g., brokerage commissions) for the sale of securities
or other investment products.

LyGH CAPITAL                                                                                       Item

Types of Clients
LyGH currently provides investment advice to the following types of clients:

   •   Pooled investment funds structured as limited partnerships or exempted companies
   •   Separately Managed Accounts

The underlying investors in Private Funds may include some or all of the following types of investors: high
net worth individuals, endowments, foundations, charitable organizations, sovereign wealth funds and other
sophisticated investors.

The underlying investors in separately managed accounts may include some or all of the following types of
investors: public or private pension funds, endowments, foundations, charitable organizations, sovereign
wealth funds, ultra high net worth individuals or families, and other sophisticated groups.

The constituent documents for each Private Fund or other investment product may set minimum amounts
for investment by prospective investors and reserve to LyGH the right to modify or waive, any minimum
new investment commitments from time to time. Minimum investment amounts for managed accounts will
be determined on a case-by-case basis.

LyGH CAPITAL                                                                                       Item

Methods of Analysis, Investment Strategies
and Risk of Loss Changes

LyGH is a Greater China focused fund that invests in equities and equity related securities such as warrants,
equity swaps, ETFs, index futures, options and convertible securities and credits and bonds as necessary.

The Private Funds will normally hold 20 to 50 high conviction long and/or short positions. On the long
side, the LyGH’s investment strategy focuses on stocks with the potential for strong long-term capital
appreciation. On the short side, LyGH seeks alpha opportunities in stocks with earnings and/or valuation
multiple downside due to deteriorating fundamentals. Rigorous fundamental analysis and on-the-ground
research forms the basis of a disciplined approach to select long and short ideas. The research process
incorporates identifying expectation gap and catalyst to seek alpha opportunities. LyGH will employ a wide
range of investment techniques, including leverage, stock or index short selling via stock borrow or
stock/index options or futures for hedging and alpha generation purposes.

A.      Material Risks
The full disclosure of risks facing investors in the Private Funds is found in the individual offering
documents for the relevant funds. Regarding risks that involve the investments and market strategies, which
could lead to a total loss of investment, the following are descriptive of material risks to an investment in
the Private Funds.

Liquidity

Under certain conditions liquidity of a particular market or security may be restricted, thus affecting the
performance of the Private Funds. Lack of liquidity or market depth can affect the valuation of the Private
Funds’ assets. The board of directors or the general partners (the “Directors”) for each of the Private Funds
may, in their absolute discretion, classify certain of a Private Fund's investments as illiquid on the basis that
the Directors have determined that such investments: (i) do not have a readily ascertainable market value;
and/or (ii) may be valued but are not freely transferable. Reduced liquidity may also make it difficult to
purchase or sell specific securities at a favorable or desirable price or in a sufficient quantity to meet the
investment objectives of the Private Funds. In addition, in the case of substantial redemptions, the Private
Funds may be forced to sell its more liquid positions at a disadvantageous time, resulting in a greater
percentage of the portfolio consisting of illiquid securities and assets investors that remain invested in the
Private Funds.

LyGH CAPITAL
Exchange Fluctuations

It may not be possible, or practicable to hedge successfully against currency risk exposure in all
circumstances. Further, exchange rate fluctuations and the costs of the currency hedging arrangements
utilized may prejudicially affect the per share Net Asset Value for any individual investor, even if the entire
class has positive performance.

Market and issuer volatility

Markets are volatile and can decline significantly in response to adverse issuer-specific, political, regulatory,
market or economic developments. Volatility may adversely affect investment performance.

The Private Funds will purchase securities of specific issuers. The value of an individual security or particular
type of security can be more volatile than the market as a whole and can perform differently from the value
of the market as a whole.

Price movements can occur as a result of multiple unpredictable factors such as market sentiment, as well
as economic and political conditions. Volatility can cause historical or theoretical pricing relationships to
be disrupted, causing otherwise comparatively low risk positions to incur losses. Lack of volatility can also
result in losses for certain positions that profit from price changes.

Repatriation

Repatriation of investment income, capital and the proceeds from sales of securities the Private Funds may
require governmental registration and approval in some jurisdictions in which the Private Funds invest. The
Private Funds could be adversely and materially affected by delays in or a refusal to grant required
governmental registration or approval for any such proposed repatriation.

Leverage and Financing Risk

LyGH believes that the use of leverage may enable the Private Funds to achieve a higher rate of return.
Accordingly, the Private Funds may pledge securities in order to borrow additional funds for investment
purposes. The Private Funds may also leverage investment return with options, short sales, swaps, forwards
and other derivative instruments.

While leverage presents opportunities for increasing a Private Fund's total return, it has the effect of
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