Malabar Investments LLC

Item 5—Fees and Compensation

Types of Fees and Compensation

Feeder Funds:

Management Fee. Each Feeder Fund has two share classes: a standard share class and a long-
term share class. The Firm is generally entitled under the Fund Documents relating to the Feeder
Funds to receive an annual management fee equal to 2.0% of the positive capital account balance
of each limited partner of Malabar India Fund, LP and 1.5% of the positive capital account balance
of each limited partner of Malabar Select Fund, L.P. However, with respect to each limited
partner of Malabar India Fund, LP who holds long-term share class interests, the management

fee paid with respect to those interests is his pro rata portion of an amount equal to the sum of
(1) 2.0% multiplied by the positive aggregate capital account balance of all limited partners up to
$150,000,000, (2) 1.75% multiplied by the positive aggregate capital account balance of all
limited partners equal to or greater than $150,000,000 but less than $325,000,000, and (3) 1.5%
multiplied by the positive aggregate capital account balance of all limited partners equal to or
greater than $325,000,000. Beginning with the third quarter of 2024, the Firm ceased to collect
management fees from Malabar Select Fund, L.P.

Incentive Allocation. At the end of the fiscal year of each Feeder Fund, the Firm as general partner
typically receives an allocation in an amount equal to 20% of the difference between the net
capital appreciation of the fund and the net capital depreciation of the fund (“Net Increase”),
which Net Increase is also subject to adjustments for the management fee, partial periods, and
additional contributions and withdrawals (after these adjustments, the “Adjusted Net Increase”),
allocated to each limited partner’s capital account as a reallocation to the Firm’s capital account
as general partner (the “Incentive Allocation”). In addition, when a limited partner withdraws
capital other than at a fiscal year end, an Incentive Allocation will also be made from that capital
account with respect to the funds withdrawn. Each Incentive Allocation is subject to a high-water
mark, which means that prior years’ losses must be offset by gains before an Incentive Allocation
may be made.

Notwithstanding the calculation of an Incentive Allocation as described above, for each limited
partner in a Feeder Fund who holds long-term share class interests, the Incentive Allocation is
calculated as follows:

   Fiscal Year 1: At the end of the first fiscal year during which the limited partner holds long-
   term share class interests (“Fiscal Year 1”), the Incentive Allocation percentage with respect
   to the limited partner’s long-term share class interests is 17.5%, and the Incentive Allocation
   is calculated as described above.

   Fiscal Year 2: At the end of the fiscal year immediately succeeding Fiscal Year 1 (“Fiscal Year
   2”), the Incentive Allocation is calculated by multiplying the total Adjusted Net Increase for
   Fiscal Year 1 and Fiscal Year 2 by the same percentage of 17.5% and then multiplying by one-
   half (i.e. (NI1 + NI2) x 1/2 x 17.5%).

   Fiscal Year X: At the end of each succeeding fiscal year (“Fiscal Year X”), the Incentive
   Allocation is calculated by multiplying the total Adjusted Net Increase for Fiscal Year X and
   the two fiscal years immediately preceding Fiscal Year X by 17.5% and then multiplying by
   one-third (i.e. (NIX + NIX-1 + NIX-2) x 1/3 x 17.5%).

The Incentive Allocation for the long-term share class for each fiscal year is subject to a
cumulative ceiling, so that the total Incentive Allocation paid over the life of a limited partner’s
investment in long-term share class interests does not exceed (1) the excess, if any, of the
cumulative Net Increase allocated to his capital account with respect to long-term share class
interests over the life of his investment over the management fees debited to his capital account

with respect to long-term share class interests over the life of his investment multiplied by
(2) 17.5%.

Master Funds:

Management Fee. Like the Feeder Funds, each Master Fund has standard and long-term share
classes. As investment manager, the Firm receives an annual management fee that is calculated
according to the methodology described above for the Feeder Funds. However, no Feeder Fund
is charged a management fee with respect to its investment in the Master Fund. In other words,
investors in the Feeder Funds pay fees to the Firm only at the feeder-fund level and not at the
master-fund level. Beginning with the third quarter of 2024, the Firm ceased to collect
management fees from Malabar Select Fund.

Performance Fee. The Firm receives an annual performance fee from the Master Funds that is
calculated in the same manner as the Incentive Allocation made to the Firm as the general
partner of the Feeder Funds described above. The Feeder Funds do not pay performance fees to
the Firm as investors in the Master Funds and are responsible only for the Incentive Allocation.

SP1 and SP2:

Management Fee. No management fee is charged to the capital account balances of the
members of SP1 and SP2.

Incentive Allocation. The Firm may receive an incentive allocation from SP1 and SP2 in
connection with distributions of available proceeds, as defined in the governing documents. SP1
or SP2 may first make an annual distribution of available proceeds to its members in amounts
equal to the income tax obligations of the members resulting from the net allocable shares of
income, credits, and deductions that have passed through to the members. Any other
distributions of available proceeds are at the sole discretion of the Firm as manager and, if made,
will be distributed as follows:

   First, 100% to the members, on a pro rata basis based on their respective percentage
   interests, until the cumulative amount so distributed to the members is equal to the capital
   contributions of the members; and
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Item 7—Types of Clients

In addition to the Master Funds, the Firm manages the Feeder Funds, SP1, and SP2, whose
investors, limited partners, or members are generally institutions or high net-worth individuals.
Typically, the minimum contribution by an investor in the Master Funds or a limited partner in
the Feeder Funds is $250,000, subject to the discretion of the Firm to accept lesser amounts, but
in no event less than $100,000. The Firm may adjust the size of the Master Funds from time to
time based upon the ability of the Firm, in its judgment, to manage the Master Funds effectively.
There is no minimum contribution by a member specified in the governing documents of SP1 or
SP2.