Motilal Oswal Capital Limited

Item 5: Fees and Compensation

In consideration for the non-discretionary investment advisory services provided by MOCL to the
Fund, MOCL receives compensation that has been negotiated with the Fund’s Investment
Manager. MOCL invoices the Fund for fees incurred.

In the future, MOCL may manage the assets of additional Clients on a discretionary or non-
discretionary basis. The management fee is directly deducted from the Client and is calculated
and payable monthly in advance at the rate of up to 2.5% per annum of the net asset value of the
relevant class of shares as of the first business day of each month. For the monthly calculationof
the management fees the asset base will be the opening assets of the month with respect to the
Fund, after considering the subscriptions/redemptions for the first business day of the month,
and the percentage base will be 1/12th of 2.5% (or such lower amount as decided) per month.
The management fee will be grossed up for any applicable valued added or similar tax, so that
MOCL receives the stated amount net of such tax.

For Clients that are private pooled investment funds, each such Client sets forth its specific fee
structure (including how it will charge fees) in a confidential explanatory memorandum or similar
disclosure document provided to prospective investors in each such Client. For Clients that are
not pooled investment vehicles, the management fee is set forth in management agreements
between MOCL and Clients.

Management fees are generally not negotiable, but under special circumstances other rates may
be agreed upon and changed dependent largely upon the nature and complexity of a Client’s
request. MOCL may enter into agreements with certain Clients that may provide different terms.
This means that, to the extent that fees are negotiated or changed as indicated above, some
Clients or, in the case a fund Client, investors (through side letters), may pay more, or less, than
others for the same services. Management agreements to which MOCL is or may be a party to
are terminable based on the provisions that are outlined in each relevant management
agreement, and, for Clients who are pooled investment vehicles, in each such Client’s governing
documents (typically a 30-day minimum notice period). In the event of termination of an
investment advisory contract or management agreement, all unearned, prepaid fees will be
prorated and refunded to the client based on the number of days remaining in the applicable
period. MOCL’s management fee may be waived for certain of its related persons or service
providers invested in the Clients.

In addition to management fees, Clients may also incur and pay certain expenses related to the
management and operation of such Client, as well as the purchase, sale, or transmittal of a
Client’s assets managed by MOCL. For example, Clients may pay custodian fees; government fees
and taxes; filing fees and costs of reporting; costs of fund governance activities (including, but
not limited to, expenses such as Board meetings and obtaining director and shareholder
consents); fees paid to the Client’s administrator and the registrar; accounting, auditing, and
other professional fees and expenses; legal fees; and broker or other transaction costs such as

Motilal Oswal Capital Limited
Form ADV Part 2A – Disclosure Brochure
June 2026

executing broker charges, custodial and sub-custodial fees, and tax preparation fees. Please refer
to the relevant Client’s management agreement or governing documents for further details. Also
see “Item 12—Brokerage Services” for further discussion regarding MOCL’s brokerage practices
and expenses.

Neither MOCL nor any of its supervised personnel accept compensation for the sale of securities
or other investment products to Clients, including asset based sales charges or service fees from
the sale of mutual funds, except that related persons of MOCL may from time to time act as an
underwriter of securities that may be purchased by MOCL or provide investment banking
activities. See Item 10 “Other Financial Industry Activities and Affiliations” for more detail.

Motilal Oswal Capital Limited
Form ADV Part 2A – Disclosure Brochure
June 2026

Item 7: Types of Clients

As previously described in Item 4, MOCL’s Client consists of the Fund. In the future, MOCL may
provide the same or similar services to other privately placed investment funds and/or separately
managed accounts. With respect to the Fund, any initial and additional subscription minimums
are disclosed in the relevant offering documents and may be waived or modified by the
Investment Manager (as the case may be), but not below applicable minimums set forth in the
Fund’s governing documents. The Fund is open only to certain financially sophisticated investors
who meet eligibility criteria. Generally, with respect to separately managed accounts, minimum
investment amounts are determined on a case-by-case basis. Typically, such accounts involve
significant minimum investments.

Motilal Oswal Capital Limited
Form ADV Part 2A – Disclosure Brochure
June 2026