Regis Management Company LLC

Item 5.          Fees and Compensation

Separately Managed Account Fees and Termination

Regis’ compensation for Separate Accounts is negotiable and varies, but typically Regis charges
an asset-based fee per the following schedule with a targeted minimum $150,000 annual fee:

                                     Beginning assets
                                     under management             Ending AUM
            Fee Percentage           (“AUM”) Tier Level           Tier Level
            0.60%                    $0                           $25,000,000
            0.50%                    $25,000,001                  $50,000,000
            0.25%                    $50,000,001                  $100,000,000
            0.20%                    $100,000,001                 $500,000,000
            Negotiable               Above
                                     $500,000,000

Except as may be otherwise negotiated in particular cases, the holder of an individually managed
account may terminate the account by giving 30 days’ prior written notice. In all cases, expenses,
the pro rata portion of the management fee and the performance allocation or fee through the date
of termination are charged to the account. All prepaid but unearned advisory fees are refunded on
termination of a Client’s account.

Regis Partners Fund, L.P.

Investors in the Partners Fund pay an annual fee of 0.85% of assets under management to the
fund’s general partner, which amount is payable quarterly at the beginning of each quarter based
on the net market value of the investor’s capital account balance on the date the fee accrues and
becomes payable.

Investors in the Partners Fund may withdraw from that fund on the last day of a calendar month
with 30 days’ prior notice.

Fees Generally

Regis typically deducts management fees and performance allocations directly from Clients but
may bill a Client for such amounts on request. Management fees are generally determined on a
quarterly basis and charged in advance of the quarter. In the event a Separate Account terminates
their advisory agreement with Regis, management fees will be refunded / adjusted pro rata
according to the period from the start of the current calendar quarter through the termination date
specified by the Client.

Separate Accounts that invest in mutual funds also pay, indirectly, investment advisory fees to the
managers of those funds.

Regis believes that its fees are competitive with fees charged by other investment advisers for
comparable services. Comparable services may be available, however, from other sources for
lower fees.

An investor who withdraws from a Fund on a date other than the last day of a month, however,
does not receive a refund of the management fee previously paid.

Each Client is responsible for its own costs and expenses, including trading costs and expenses
(such as brokerage commissions, expenses related to short sales, and clearing and settlement
charges), ongoing legal, tax, audit, and bookkeeping fees and expenses, and the fees and expenses
charged by any fund administrator for its accounting, bookkeeping and other services. Regis bears
its own operating, general, administrative and overhead costs and expenses, other than the
expenses described above. All or part of these costs and expenses may be paid, however, by
securities brokerage firms that execute clients’ securities trades, as discussed in Item 12 below.

Item 7.        Types of Clients

Regis provides investment advice to the Funds and Separate Accounts. The minimum investment
for each fund is set forth across from its name below:

 Fund                         Minimum
 Regis Partners Fund, L.P.    $1,000,000

As stated in item 4, the India Opportunities Fund is no longer accepting new investors. Regis may
waive the minimum for each Fund. Regis generally requires a minimum of $25,000,000 to open
a Separate Account but may waive this minimum. Regis’ Separate Accounts may include high-
net-worth individuals, institutions, foundations, trusts, endowments and pension plans.