Newlands Investment Management PTE Ltd

ITEM 5: Fees and Compensation

Newland charges fees in the form of an annual management fee based on assets under management
and an incentive fee based on investment performance.

SMA Accounts

        The client account (a “Portfolio”) shall pay the Manager a management fee, calculated by
        the Custodian and payable monthly in arrears, at an annual rate of between 1.0% - 1.5%
        ("Management Fee") of the Portfolio’s month-end value prior to reduction for the
        Management Fee being calculated. The management fee will begin at 1.5%. That fee will
        then be reduced to a minimum of 1.0% based on quarterly revenue outcomes laid out in the
        corresponding client agreements. We reserve the right to negotiate fees with each client.

 The Kusaso Holdings Limited organization is owned 100% by the Monterosso Trust, of which Mark Ross and
his family are beneficial owners.

Newlands IM PTE LTD                       Form ADV Part 2A                                 March 2024

        Each Client account will be liable for all commissions and other charges on transactions
        entered into by the Manager in relation to the Portfolio. In addition, certain transactions
        may be subject to stamp duty (or similar charges) which will be charged to the Portfolio.

Dempsey Hill Asia Fund
      The Fund pays to the Manager a monthly Management Fee based on the net asset value of
      the fund at a rate of:

                (i) 1.0% per annum for the first $500,000,000

                (ii) 0.85% on amounts exceeding $500,000,000

        The fund may also assess an incentive fee that is described below in Item 6.

        Investors in the Fund should refer to the Fund's placing memorandum for important
        information regarding fees and expenses related to an investment in the Fund. These
        documents are only available directly from the issuer/sponsor of the Fund. Newlands
        reserves the right to negotiate Fund fees and expenses with investors in its sole discretion.

        Expenses incurred by the Fund:
        The Fund pays all expenses reasonably incurred in the formation and organization of, and
        offer and sale of investments in, the Fund, including external legal and accounting expenses,
        directors' fees, other professional fees and expenses, printing costs and out-of-pocket
        expenses incurred by the Manager, its affiliates and their respective employees and agents
        (excluding travel expenses and any placement agent fees or expenses), and the Fund's pro
        rata share of the expenses relating to the incorporation and organization of the Fund, if any.
        Organizational and offering expenses were paid by the Fund and amortized over a period of
        60 months from the Business Day immediately after the Initial Closing Date. The Manager
        pays for all expenses incurred in its formation and organization.

Newlands reserves the right to waive fees for principals of Newlands. For more details on fees, please
consult the Fund’s private placement memorandum or the SMA’s managed account agreement.

Neither Newlands nor its supervised persons accept compensation for the sale of securities or other
investment products. Newlands does not participate in wrap fee programs.

ITEM 7: Types of Clients

We provide discretionary investment management services to SMAs and the Private Fund. SMA clients
include institutional and charitable endowments. Investors in the Fund are “accredited investors” as
defined in Regulation D under the Securities Act of 1933 (“Securities Act”) and qualified purchasers.

We do not have formal minimums for Separately Managed Accounts and reserve the right to evaluate
clients based on their specific circumstances. The minimum investment in respect of the private fund
is set out in the Fund’s constitutional documents.