New Vernon Advisers LP

Item 5 – Fees and Compensation

Fund Clients

       India Fund

The Registrant generally receives a management fee from the India Fund, payable quarterly in
advance, equal to 2% (annually) of the value of each investor’s capital account. Fees are based on
the fair market value of assets in the account as of the last day of the preceding quarter, except with
respect to Designated Investments, in which event fees are based on the lower of cost of investment

or fair market value (or, in the event of permanent impairment, the lower of cost or permanent
impairment). While fees are generally deducted in advance, the India Fund generally will invoice
investors with respect to Designated Investments in the event that an individual investor does not
maintain sufficient liquid capital in the India Fund to pay such fees.

With respect to that portion of the India Fund invested in securities other than Designated
Investments, the General Partner generally receives a performance allocation in the amount of 10%
of any increase (excluding any increase or decrease attributed to Designated Investments) over the
investor’s net asset value at the end of the previous fiscal year (or other measurement period),
which allocation is paid at the end of the fiscal year or upon certain other measurement periods,
such as investor withdrawal. With respect to that portion of the India Fund invested in Designated
Investments, the General Partner generally receives a 20% performance allocation on any gains
from Designated Investments when such gains are deemed realized. The performance allocation
is subject to (i) an investor’s high-water mark and (ii) offsets and netting with respect to increases
and decreases in the investor’s net asset value in all securities (though for Designated Investments,
such increases and decreases are based solely on deemed realized gains or losses).

       Select Fund

       The Registrant generally receives a management fee from the Select Fund, payable
quarterly in advance, equal to 2% (annually) of the net asset value of each investor’s interest in the
Select Fund.

        The Registrant is entitled to a performance allocation from the Select Fund of either (as
selected by an investor) 10% of any increase over the investor’s net asset value at the end of the
previous fiscal year (or other measurement period) or 20% of the investor’s outperformance, if
any, in excess of the Indian NSE Nifty Index, which allocation is paid at the end of the fiscal year
or upon certain other measurement periods.

       Matrix Fund

       The Registrant generally receives a management fee from the Matrix Fund, payable
quarterly in advance, equal to 0.3125% (1.25% per annum) on the portion of an investor’s capital
account (including any sub-account) that is equal to or less than $5 million and 0.25% (1.0% per
annum) on the portion (if any) of a capital account in excess of $5 million. In 2019, the Registrant
amended the terms of the Matrix Fund to eliminate the performance allocation.

       DI Fund

       The Registrant generally receives a management fee from the DI Fund, payable quarterly
in advance, equal to 1% (annually) on unfunded capital commitments through the investment
period of the DI Fund and 2% (annually) on any funded capital commitments during the DI Fund’s
term. The investment period for the DI Fund has terminated.

        The General Partner is generally entitled to a 20% performance allocation from the DI Fund
on distributed profits.

       FinSec Fund

         The Registrant generally receives a management fee from the FinSec Fund, payable
quarterly in advance, equal to 2% (annually) of the net asset value of each investor’s interest in the
FinSec Fund. The management fee will be reduced by 0.125% per quarter (0.50% per annum) for
any limited partner that has invested (and not withdrawn) at least $5 million with the Fund
(“Minimum Investment Reduction”). The amount invested by a limited partner with respect to all
Interests held by such limited partner (but not related or affiliated limited partners) will be
aggregated for purposes of determining the Minimum Investment Reduction. The Minimum
Investment Reduction is based on invested capital and does not include capital appreciation on any
Interest, provided that, solely for purposes of determining the $5 million invested capital threshold
and for no other purposes, any permitted withdrawal will be applied first to the capital appreciation,
if any, on any Interest(s), and not to invested capital. In addition, the management fee will be
reduced by 0.125% per quarter (0.50% per annum) on any Interest or portion thereof held by a
limited partner who commits to not withdraw all or any portion of such Interest for a three-year
period (“Three-Year Commitment”). A Three-Year Commitment may be made on an Interest-by-
Interest basis, and a limited partner with more than one Interest may elect to have the Three-Year
Commitment apply to some or all Interests held by such limited partner. A limited partner may
elect (i) on thirty (30) days’ notice to the General Partner, to make a Three-Year Commitment on
an existing Interest that is not then-subject to a Three-Year Commitment to take effect as of the
next fiscal quarter of the Fund and (ii) to renew any existing Three-Year Commitment upon notice
to the General Partner no less than thirty (30) days prior to the expiration of the then-current Three-
Year Commitment. For the avoidance of doubt, any renewed Three-Year Commitment will be
applied on a consecutive three-year basis (i.e., three years, six years, nine years, etc.). Both
management fee reductions may be applied to a single limited partnership interest (e.g., a limited
partner with invested capital of $5 million who agrees to a Three-Year Commitment on a limited
partnership interest will be subject to a management fee of 1.0% on such interest).
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Item 7 – Types of Clients

        The Registrant’s Fund Clients are not registered or required to be registered under the
Investment Company Act of 1940, and the securities of each Fund are not registered or required to
be registered under the Securities Act of 1933 and are privately placed to qualified investors in the
United States and elsewhere. Investors in the Funds and Select Strategy Clients must be both
Accredited Investors and Qualified Purchasers. The minimum investment for each Fund is as
follows: India Fund, $3,000,000; DI Fund, $1,000,000; each of the Select Fund and Matrix Fund,
$200,000; and the FinSec Fund, $250,000. In each case, the minimum is subject to modification
or waiver at the General Partner’s or Board’s discretion, as applicable.