New Silk Route Advisors LP

FEES AND COMPENSATION

        In general, the Management Company and NSR Mauritius each receive a management fee
from the Funds and the General Partner is eligible to receive a carried interest in connection with
the provision of advisory services provided to the Funds. The Advisers or other affiliates are
permitted to receive additional compensation in connection with management and other services
performed for portfolio companies of the Funds and such additional compensation will, depending
on the circumstances, offset in whole or in part the Management Fees (as defined below) otherwise
payable to the Management Company and/or NSR Mauritius. Investors in each Fund also bear
certain Fund expenses. The summary of fees and compensation below is a general overview of the
fees and compensation and is subject to the more detailed provisions of the Governing Documents.
Investors should review the relevant Fund’s Governing Documents for additional detail regarding
the fee structures summarized below.

Management Fees

         In general, each of the Funds pays the Management Company and NSR Mauritius an
aggregate management fee (the “Management Fee”) equal to 2% on an annual basis of aggregate
Fund investor capital commitments (“Commitments”) for the term specified in the Governing
Documents. Following the semi-annual period in which the commitment period of each of the
Funds expires, the Management Fee will be reduced and will equal 2.0% of the aggregate funded
Commitments less the cost basis of any realized investments to the extent they have been written
off to zero and aggregate distributions constituting returns of capital. As of January 1, 2025, limited
partners were offered a choice between the Management Fee or an “alternative fee,” consisting of
each limited partner’s pro rata share of an annual fixed fee of approximately $1.2 million and a
contingent fee equal to (i) a percentage of realized proceeds of sales of certain portfolio companies,
plus (ii) a fixed fee upon the dissolution of certain portfolio companies and portfolio holding
companies, as further described in the Governing Documents. The Management Fee will be
payable until all portfolio investments are distributed or until the Management Company’s
relationship with the applicable Fund is terminated for other reasons (as described in the Governing
Documents). Installments of the Management Fee payable for any period other than a full
Management Fee payment period are typically adjusted on a pro rata basis according to the actual
number of days in such period. The Management Fee payable by each Fund will be reduced by all
of such Fund’s share of directors’ fees and employment compensation paid by portfolio companies
to partners or personnel of the Advisers. The Management Company or its affiliates will be
permitted to retain certain supplemental fees and other amounts, without offset against the
Management Fee, including 20% of all breakup, transaction, closing, monitoring and similar fees,
net of unreimbursed expenses paid to the Management Company. The remaining 80% of such fees
will be credited as an offset against the Management Fee. To the extent that such an offset credit
would reduce the Management Fee for the relevant Management Fee payment period below zero,
the credit will be carried forward for future application against payable Management Fees and if a
credit remains upon liquidation.

        The Advisers and/or their affiliates generally have discretion over whether to charge
transaction fees to a portfolio company and, if so, the fee rate or amount. The receipt of transaction
fees is expected to give rise to conflicts of interest between the Funds, on the one hand, and the
Advisers and/or their affiliates on the other hand.

        Certain Governing Documents, however, permit the Management Company and NSR
Mauritius to waive or agree to reduce the Management Fee, including without limitation,
Management Fee reductions or other revisions agreed to in connection with a Fund extension and,
in certain instances, the Management Company has done so. Any such waived, reduced or revised
portion of the Management Fee reduces the amount of capital the General Partner would otherwise
be required to contribute to a Fund. The limited partners of a Fund would, in such circumstances,
be required to make a pro rata contribution according to their respective Commitments to fund
any contribution that would otherwise be required of the General Partner in connection with any
such waiver or reduction as described above and, as a result, the exercise of such waiver may result
in an acceleration (or delay) of investor capital contributions. Due to waived or reduced
Management Fees by the Management Company and NSR Mauritius and/or the timing of receipt
of compensation subject to offsets (as described above), it is possible that Management Fee offsets
will not be fully realized by investors in the Funds, resulting in a net additional benefit to the
Advisers unless otherwise agreed by the Advisers and investors in the Funds.

Carried Interest

        The General Partner typically is eligible to receive a carried interest equal to 20% of all
realized profits and the investors in the current Funds negotiated a hurdle return, as more fully
described in the Governing Documents. Future private investment funds may or may not be subject
to such a hurdle return. The carried interest distributed to the General Partner is typically subject
to a potential clawback or giveback at the end of life of each Fund if the General Partner has
received excess cumulative distributions.

Other Information

       The General Partner, the Management Company and NSR Mauritius are permitted to
exempt certain investors in the Funds from payment of all or a portion of Management Fees and/or
carried interest. The relevant Affiliate reserves the right to make any such exemption from
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TYPES OF CLIENTS

       The Advisers provide investment advice solely to their Fund clients, and references
throughout this Brochure to “clients” and to the Advisers’ related duties to and practices on behalf

of their clients and/or investors should be construed accordingly. The Funds generally include
investment partnerships or other investment entities formed under U.S. or non-U.S. laws and
operated as exempt investment pools under the Investment Company Act of 1940, as amended.
Future clients may include U.S. or non-U.S. funds or separate accounts. The investors participating
in the Funds or any future funds or separate accounts generally include, without limitation, U.S.
and non-U.S. high net worth individuals, family offices, banks or thrift institutions, other
investment entities, university endowments, sovereign wealth funds, family offices, pension and
profit-sharing plans, trusts, estates or charitable organizations or other corporations or business
entities and include, directly or indirectly, principals or other personnel of the Advisers and their
affiliates, as well as executives of portfolio companies.

       The Funds generally have a minimum investment amount of $5 million for third-party
investors, and interests in the Funds are offered and sold solely to qualified purchasers and/or
accredited investors (or qualified knowledgeable personnel of the Advisers). The Advisers
generally are permitted to waive such minimum investment amount.

            METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

General

        The Management Company and NSR Mauritius provide discretionary investment advisory
services in connection with making primarily private equity investments (however, such
investments are permitted to include debt and other types of securities, typically, but not always,
with a private equity component) in companies located primarily in the Indian subcontinent, other
countries in Asia and other emerging markets, as well as the United Kingdom and Europe. The
Advisers provide day-to-day investment advisory services to the Funds, subject to the supervision
of the General Partner. The General Partner retains ultimate decision-making authority for the
Funds. There can be no assurance that the Advisers will achieve the investment objectives of any
Fund and loss of investment is possible.

Investment and Operating Strategy

         The Funds are primarily focused on making private equity investments in companies most
frequently located in or having a nexus with, the Indian subcontinent. In addition to these
investments, the Funds also make investments in companies located in other countries throughout
Asia that provide attractive investment opportunities, although the Funds may opportunistically
invest in companies that are not located in, or have a current nexus with, a country in Asia. When
investing the Funds, the Advisers intend to seek out a wide range of opportunities, subject to the
restrictions set forth in the Governing Documents. The Funds typically invest in growth companies
with markets that are large (or have the potential for significant growth) and have the opportunity
for sufficient earnings and sales growth to generate significant value. While each investment may
vary, the Advisers’ investment activity includes, without limitation, investments in the consumer
services, infrastructure, telecommunications/information technology, manufacturing/engineering
and financial services sectors.

       Specifically, the Advisers seek to leverage their large number of relationships in the Indian
subcontinent and in Asia and other emerging markets in order to source investments they believe

are attractive. Once investment opportunities are uncovered, the Advisers engage with appropriate
experts (either from outside the staff of the Advisers or within) in order to thoroughly evaluate and
due diligence prospective investments. Once the decision has been made to proceed with an
investment, the Advisers typically will seek to structure investments to meet the investment
objectives of the Funds, including, without limitation, attempting to secure appropriate rights and
influence over the prospective portfolio companies. Once the Funds have made an investment, the
Advisers intend to stay actively involved in the Funds’ portfolio companies, typically as a board
member or otherwise. Finally, the Advisers will seek exit opportunities for the Funds’ investments.
These exit opportunities can be diverse and may include, without limitation, strategic sales of all
or a portion of the portfolio companies or potentially an exit through an initial public offering.

        The Management Company also has historically had a group of operating partners. The
operating partners are business professionals in their fields who have agreed to assist the Funds’
portfolio companies. While the operating partners only provide non-discretionary advice to the
Funds’ portfolio companies, their experience is a valuable resource.

Risks of Investment and Conflicts of Interest

        The Funds and their investors bear the risk of loss that the Advisers’ investment strategy
entails. Below is a summary of certain risks and conflicts of interest involved with the Advisers’
investment strategy and an investment in a Fund. Investors should review the Governing
Documents for further information regarding risks of investment in the Funds.

       General Risks:

        Non-U.S. Investments. The Funds intend to primarily invest their aggregate commitments
in portfolio companies that are typically organized, headquartered and/or have substantial sales or
operations outside of the United States, its territories, and possessions. Such investments may be
subject to risks due to, among other things, potentially unsettled points of applicable governing
law, the risks associated with fluctuating currency exchange rates, capital repatriation regulations
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