Neumann Advisory Hong Kong Limited

Item 5: Fees and Compensation

The Firm will receive payment from the Fund for providing investment advisory services. The
fees, compensation, and expenses as applicable to the Fund are set forth in detail in their
respective Governing Agreements.

Management Fee

Investors in the Fund are charged a fee for investment management services based on assets
under management (the “Management Fee”), which is set forth in the Fund’s offering
documents. The management fee is calculated based on the following formulae.

The “Management Fee Rate” is a percentage that changes depending upon the aggregate Net
Asset Value of the Fund together with the net asset value of any collective investment scheme
and managed accounts managed by the Firm which pursue an identical or similar investment
strategy to the Fund (“Total AUM”) before deduction of any accrued management fee and
performance fee, as at the close of business on each Valuation Day as set forth in the table
below:

          Total AUM                  Management Fee Rate                 Formula

 Less than or equal to $100     2%
 million

 More than $100 million and     Blended rate between 2%        The sum of (a) 2%*($100
 less than or equal to $200     and 1.9%                       million/Total AUM) plus (b)
 million                                                       1.8%*((Total AUM minus
                                                               $100 million)/Total AUM).

 More than $200 million and     Blended rate between 1.9%      The sum of (a) 1.9%*($200
 less than or equal to $300     and 1.8%                       million/Total AUM) plus (b)
 million                                                       1.6%*((Total AUM minus
                                                               $200 million)/Total AUM).

 More than $300 million and     Blended rate between 1.8%      The sum of (a) 1.8%*($300
 less than or equal to $400     and 1.7%                       million/Total AUM) plus (b)
 million                                                       1.4%*((Total AUM minus
                                                               $300 million)/Total AUM).

 More than $400 million and     Blended rate between 1.7%      The sum of (a) 1.7%*($400
 less than or equal to $500     and 1.6%                       million/Total AUM) plus (b)
 million                                                       1.2%*((Total AUM minus
                                                               $400 million)/Total AUM).

 More than $500 million and     Blended rate between 1.6%      The sum of (a) 1.6%*($500
 less than or equal to $600     and 1.5%                       million/Total AUM) plus (b)
 million                                                       1.0%*((Total AUM minus
                                                               $500 million)/Total AUM).

 More than $600 million and     Blended rate between 1.5%      The sum of (a) 1.5%*($600
 less than or equal to $700     and 1.4%                       million/Total AUM) plus (b)
 million                                                       0.8%*((Total AUM minus
                                                               $600 million)/Total AUM).

NEUMANN ADVISORY HONG KONG LIMITED                                           Form ADV Part 2A

 More than $700 million and       Blended rate between 1.4%       The sum of (a) 1.4%*($700
 less than or equal to $800       and 1.3%                        million/Total AUM) plus (b)
 million                                                          0.6%*((Total AUM minus
                                                                  $700 million)/Total AUM).

 More than $800 million and       Blended rate between 1.3%       The sum of (a) 1.3%*($800
 less than or equal to $900       and 1.2%                        million/Total AUM) plus (b)
 million                                                          0.4%*((Total AUM minus
                                                                  $800 million)/Total AUM).

 More than $900 million and Blended rate between 1.2%             The sum of (a) 1.2%*($900
 less than or equal to $1 and 1.1%                                million/Total AUM) plus (b)
 billion                                                          0.2%*((Total AUM minus
                                                                  $900 million)/Total AUM).

 More than $1 billion             Blended rate between 1.1%       1.1%*($1 billion/Total AUM)
                                  and 0%

The management fee for any period shall be calculated as at the close of business on each
Valuation Day and will be an amount equal to the product of (i) the Net Asset Value of Class A
Shares, Class B Shares and Class S Shares before deduction of the management and performance
fee, if any, as at the close of business on each Valuation Day, (ii) the Management Fee Rate and
(iii) 8.33%. This fee is payable monthly in arrears and will be paid within 30 calendar days after
the relevant Valuation Day falls and on a pro rata basis for any shorter period, including on
termination of the Investment Management Agreement (i.e., the Firm will refund a portion of the
Management Fee to the relevant Share Classes proportionately if it does not serve as the
investment manager for the entire pre-paid calendar month).

A particular class of shares or interests available to employees is not subject to a Management
Fee.

The Fund may from time to time enter into Side Letters providing for, but not limited to,
changes in management fees.

Performance Based Compensation

In addition to Management Fees, the Firm is entitled to receive performance based
compensation in the form of a performance fee or performance allocation (the “Performance
Fee”) at the end of each Performance Period, which is set forth in the Fund’s offering
documents. The Firm therefore will be remunerated directly from the Performance fee it
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Item 7: Types of Clients

The Firm currently provides delegated investment management and advisory services to the
Fund through the Investment Management Agreement. Investors of the Fund primarily consist
of institutional, corporate and individual investors. The Firm also provides investment
management and advisory services to SMAs.

Investors in the Fund primarily consist of largely institutional and qualified investors which
include, family offices, financial institutions, University Endowments, qualified/accredited
individuals and employees.

The minimum initial subscription amount is (i) US$200,000 (or the equivalent in in specie
investments) for Class A Shares, (ii) US$20,000,000 (or the equivalent in in specie investments)
for Class B Shares, (iii) US$100,000 (or the equivalent in in specie investments) for Class C
Shares, and (iii) such amount as may be determined by the Fund Directors for Class S Shares,
except that the Board, in its sole discretion, may permit lower initial investments (but not less
than US$100,000 or such minimum amount for exemption from the licensing requirements for
mutual funds as may be prescribed under the laws of the Cayman Islands from time to time).

The minimum subsequent investment is generally US$100,000, or a lesser amount as the
Fund’s Board may, in their sole discretion, permit.

Clients with SMAs will be required to enter into a separate IMA with the Firm or affiliate.
The Firm or its affiliate may require a minimum account size, which will be determined on
a case by case basis.

NEUMANN ADVISORY HONG KONG LIMITED                                               Form ADV Part 2A