TB Alternative Assets Ltd

Item 5: Fees and Compensation

General

With respect to the Funds, pursuant to the offering documents and advisory agreements, TBAA
receives an annual management fee of 1.5% of the assets under management attributable to Class A
shares (no management fee is payable out of the assets attributable to Class B shares). This fee is
deducted from the account. We are generally paid management fees on a monthly basis in arrears
based on the end market value of the assets in the account as of the end of each month.

With respect to the SMAs, pursuant to the advisory agreements, TBAA may receive an annual
management fee of around 1% to 2% of the Client’s assets under management. This fee is deducted
from the Client’s account. We are generally paid such management fees on a quarterly basis at the
end of each calendar quarter based on the end market value of the assets in the account as of the
end of each calendar month.

Neither we nor any of our “supervised persons” accept compensation for the sale of securities or
other investment products.

Performance-Based Compensation

With respect to the Funds, pursuant to the offering documents and advisory agreements, we receive
performance-based fees/allocations equal to 20% of the Fund’s investment return above certain benchmark.
We are generally paid performance-based fees on an annual basis at the end of each calendar year based on
the end market value of the assets in the account as of the end of each calendar year.

With respect to the SMAs, pursuant to the advisory agreements, we generally receive performance-based
fees/allocations equal to 15% of the Clients’ investment return above certain benchmark. We are generally
paid performance-based fees on an annual basis at the end of each calendar year based on the end market
value of the assets in the account as of the end of each calendar year.

We charge all of our Clients both asset-based fees and performance-based fees/allocations. We do not
participate in side-by-side management arrangements. TBAA’s policy is to allocate investment
opportunities fairly and equitably on the basis of various factors including the Client’s investment objectives
and strategies; existing portfolio composition; net asset value; cash levels and cash availability; market
exposure; industry sector exposure; and the suitability of investments for each of our Clients.

Refunds and Fee Waivers

In the event of the termination of a Client’s advisory contract during a quarterly period, the Client,
without request, will receive a pro rata refund of the portion of the asset management fee paid in
advance for the remaining balance of the quarter. Additionally, we assess a pro rata fee to any Client
account created on any date other than the first day of any calendar quarter.

TB Alternative Assets Ltd.                                                        Form ADV Part 2A

We may, in our sole discretion, waive all or part of any fees or expenses payable by or attributable
to the Funds or any Fund investor.

Other Costs

Clients will incur brokerage and other transaction costs. Please see Item 12, “Brokerage Practices”
below for a discussion of certain brokerage expenses.

Clients are also responsible for other third-party expenses, including, but not necessarily limited to,
administrative fees, accounting costs and expenses, and legal fees incurred for the benefit of such Client.

Item 7: Types of Clients

We serve as the IM to the Funds which are pooled investment vehicles whose underlying investors are
exclusively “accredited investors” (as defined in Rule 501(a) of Regulation D under the U.S. Securities Act
of 1933) and “qualified purchasers” (as defined in Section 2(a) (51) of the U.S. Investment Company Act
of 1940). Underlying investors of the Funds are generally endowments, foundations, nonprofit
organizations, pensions, family offices and trusts.

Advisory Agreements

All SMAs will enter into a written Investment Management Agreement (“IMA”) before establishing an
advisory relationship with the IM. We may not assign such agreements.

Minimum Account Size

As related to the Funds, there is an initial minimum capital contribution requirement of US$5,000,000 for
Class A Shares and US$100,000 for Class B Shares. However, we reserve the right to accept a less or
subscription amount at our sole discretion.

We generally do not require SMAs to maintain a minimum investment to continue an advisory relationship,
but we do reserve the right to terminate an account based on its size if the account has decreased because
of substantial investor withdrawals.

TB Alternative Assets Ltd.                                                     Form ADV Part 2A