PROA Partners PTE Ltd

Item 5 - Fees and Compensation
Clients are generally charged a fee consisting of: (1) an asset based “management fee”;
and (2) an annual “performance fee”.

Fees are agreed with clients in the IMA. Unless otherwise indicated in the IMA the
management fees are paid quarterly in arrears after the last day of each quarter based on
the net market value of the Account as of the last business day of the quarter. The
Firm bills clients for fees incurred.

Performance fees are non-negotiable, but overall some clients may pay less than other
clients depending on the inception date of their investment with Proa Partners.

All the IMAs of the Firm contain a most favored nation clause which states that if a client
has been given rights or benefits that are more favourable than other clients, other clients
of the Firm will receive rights or benefit no less than those given to that client.

Clients will incur all investment expenses related to trading or dealing in the assets of the
account including custodial fees, brokerage commissions, bank service fees, and interest
on account related loans and debit balances.

Item 7 - Types of Clients
The Firm serves only accredited and institutional i n v e s t o r s a s s e t o u t i n t h e
M A S C a p i t a l M a r k e t S e r v i c e s L i c e n c e on a segregated account basis and also
the Fund. At the date of this filing, the Firm has 13 clients and 17 segregated accounts.

Clients must be qualified investors under both applicable regulations in the US and in
Singapore. Clients must meet other suitability requirements under the laws relating to anti
money laundering and client identification in Singapore and the US.

All clients are required to enter into an IMA with the Firm. The minimum account size for

Proa Partners Pte. Ltd.                                                 Form ADV Part 2A

each client is US$50 million, although the Firm will consider initially lowering the
minimum amount on a case by case basis.