Somerset Capital Management Singapore PTE Ltd

ITEM 5: FEES AND COMPENSATION

A.      Advisory Fees and Compensation

Fee Schedules - All U.S. clients of SCMS are “qualified purchasers” as defined in Section 2(a)(51) of the
Investment Company Act of 1940, as amended. Consequently, SCMS is not required to include specific
fee information in this brochure relating to its clients. An investor in a pooled investment vehicle advised
by SCMS should review the governing documents of such pooled investment vehicle in conjunction with
this brochure for more complete information on the fees and compensation payable with respect to such
pooled investment vehicle.

Deduction of Fees - Management fees and performance allocations charged to an SCMS Fund are
typically deducted directly from the assets of such SCMS Fund.

B. Payment of Fees – SCMS’s fees for its investment advisory services are generally payable monthly or
quarterly in arrears. SCMS does not allow clients to elect that SCMS deduct its fee directly from their
account.

Upon termination of SCMS’s investment advisory services with respect to a client account, any earned,
unpaid fees will be immediately due and payable by the applicable client.

Please refer to the governing documents of the applicable SCMS Fund for more complete information on
the timing of advisory fee payments by such SCMS Fund.

C. Other Fees and Expenses - In addition to paying investment management fees, client accounts will
also be subject to other investment expenses such as custodial charges, brokerage fees, commissions and
related costs; interest expenses; taxes, duties and other governmental charges; transfer and registration
fees or similar expenses; costs associated with foreign exchange transactions; other portfolio expenses;
and costs, expenses and fees associated with products or services that may be necessary or incidental to
such investments or accounts. In addition to the expenses set forth above, each of the private funds
managed by SCMS also pay legal fees, research fees and expenses, fees charged by accountants and
administrators for their professional services and other expenses related to the fund as described in greater
detail in the private fund’s offering documents. Client assets may be also invested in money market
mutual funds or other investment funds. In these cases, the client will bear its pro rata share of the
investment management fee and other fees and expenses of the fund, which are in addition to the
investment management fee paid to SCMS.

To help ensure that the SCMS Funds and therefore the investors in these funds are not charged undue
costs, SCMS’s policy is (i) to make adequate disclosure in the offering documents of the SCMS Funds in
relation to the nature of fees and expenses charged to the funds and (ii) not to charge the SCMS Funds
any fees and expenses that do not directly benefit the funds and their investors and to pay for such costs
itself.

The section below entitled “Brokerage Practices” describes the factors that SCMS considers in selecting
or recommending broker-dealers and determining the reasonableness of their compensation.

D. SCMS’s clients do not pay fees in advance.

E. Neither SCMS nor its supervised persons will receive any form of compensation as broker or agent for
the sale of securities or other investment products by any client account.

ITEM 7: TYPES OF CLIENTS

Types of Clients - As noted under Item 4 – Advisory Business above, SCMS provides discretionary and
non-discretionary advisory services to: (i) the SCMS Funds; (ii) separately managed accounts; and (iii)
Somerset London. SCMS’s clients and the investors in the SCMS Funds may include corporations,
endowments, foundations, trusts, estates, charitable organizations, pension and profit sharing plans and
high net worth individuals. The SCMS Funds are offered exclusively to investors who qualify as
“accredited investors” as defined in Regulation D under the Securities Act of 1933, as amended, and
“qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as
amended, (the “Investment Company Act”) and are therefore not required to register as investment
companies under the Investment Company Act in reliance upon certain exemptions available to funds
whose securities are not publicly offered.

Minimum Investment Requirements – SCMS generally requires that a client invests a minimum of
$50,000,000 to open a managed account. However, SCMS may accept a lesser initial investment in its
sole discretion.

The minimum investment in respect of each SCMS Fund is set out in the SCMS Fund’s governing
documents. The Manager (Somerset Capital Management (Cayman) Ltd.) of each SCMS Fund may, in
its discretion, waive the minimum investment amount.