Vulpes Investment Management Private Limited

Item 5: Fees and Compensation

The fees, expenses, and/or allocations as applicable to the Clients are set forth in detail in their
respective governing, offering, and other relevant agreements. Any applicable fees, expenses
and/or allocations are deducted from an Investor’s assets as described in the Clients’ offering
document.

Vulpes Investment Management Private Limited                    FORM ADV, PART 2A: Firm Brochure

Item 7: Types of Clients

Vulpes manages private pooled investment vehicles and separately managed account as described
above in Item 4: Advisory Business. In the future, the Firm may provide investment management
and advisory services to other clients, including other private funds and separately managed
accounts.

Investors in the Clients are primarily institutional and qualified investors which include fund of
funds, family offices, financial institutions, sovereign wealth fund, high net worth individuals and
employees. In order to subscribe for Shares, each investor must be Non-US Persons or Permitted
US Persons and must qualify as an “accredited investor” (or an investor in an equivalent class
under the laws of the country or territory in which the offer or invitation to subscribe for Shares is
made) or as an “institutional investor”, each as defined in the Singapore Securities and Futures
Act. Permitted US Persons must satisfy the requirements for an “accredited investor” as defined
in Regulation D under the US Securities Act and a “qualified purchaser” as defined under the US
Company Act.

The minimum initial investment for each Investor in the Client is generally US $200,000,
dependent on the relevant Series of Shares in the Client, as outlined in the respective Client’s
Private Placement Memorandum (“PPM”).

Vulpes Investment Management Private Limited                   FORM ADV, PART 2A: Firm Brochure