Yiheng Capital Management LP

Item 5 – Fees and Compensation

Management Fee

For its services to the Funds, Yiheng generally receives management fees at a rate of 1% per annum
for Class A and, 1.5% annum for Class B, and 2% per annum for Class C investors of the balance
in an investor’s capital account. Additionally, Class G Limited Partner interests have been
established to enable the General Partner to offer investors the opportunity to make Capital
Contributions that are designed to take advantage of a particular event, market condition,
Partnership performance or other triggers. These Class G interests may be subject to extended
conversion periods. Investors should make sure to read the applicable offering documents for their
respective Class(es).

Management Fees are calculated and paid quarterly in advance. As to capital contributed on a date
other than the first day of a month, the Yiheng will be paid a prorated Management Fee. Beginning
July 1, 2020, the quarterly management fee percentage for a capital contribution to a Fund by an
investor is reduced by 6.25 basis points (approximately 25 basis points annually) on the third
anniversary of the date of the capital contribution and by an additional 6.25 basis points
(approximately 25 basis points annually) on the sixth anniversary of the date of the capital
contribution.

Yiheng may vary the Management Fee as to particular investors in its Funds by separate agreement.

Special Profit Allocation

Generally, Yiheng’s affiliate, Yiheng Capital, LLC, receives a “Special Profit Allocation” with
respect to each investor in the Funds. The Special Profit Allocation is equal to 20% of the amount
by which the Profits (including realized and unrealized gains and losses) otherwise allocable to
each limited partner’s Capital Account during that Fiscal Year exceed the Unrecouped Losses of
the limited partner’s Capital Account. The Special Profit Allocation is made at the end of each
Fiscal Year (and on any redemption by or distribution of funds to a Shareholder during a Fiscal
Year). Investors in the Offshore Fund are subject to the Special Profit Allocation indirectly at the
Master Fund level.

No Special Profit Allocation is charged to a limited partner’s Capital Account until any
“Unrecouped Losses” of the limited partner’s Capital Account has been recouped. “Unrecouped
Losses” of a limited partner’s Capital Account are all Losses allocated to it reduced (but not below
zero) by all Profits allocated to that limited partner’s Capital Account in that Fiscal Year and
subsequent Fiscal Years. This is what is sometimes referred to as a “high water mark.” Thus,
Losses allocated to a limited partner’s Capital Account must be recouped before a Special Profit

Yiheng Capital Management, L.P.                                      Form ADV Part 2A: Brochure

Allocation is made with respect to that the limited partner’s Capital Account. If a limited partner
withdraws or a shareholder redeems, the Unrecouped Losses attributable to that investor are
reduced proportionately.

The Special Profit Allocation is made only with respect to investors who are qualified clients and
in accordance with Rule 205-3 under the Investment Advisers Act of 1940.

Expenses

The Funds bear all costs of organization and operation, including all trading costs and expenses
(for example, brokerage commissions, expenses related to short sales, and clearing and settlement
charges), and all ongoing legal, accounting, tax, bookkeeping, professional, expert and consulting
fees and expenses arising in connection with the Funds’ business (including the fees and expenses
of the Administrator, the Funds’ auditors and attorneys for Yiheng).

The Funds pay the Administrator an asset based fee, subject to a minimum monthly amount, under
the Administration Agreement. These fees are based on the Administrator’s standard fee schedule.
The Feeder Fund also pays each Director an annual fee and reimburses the Directors for their
reasonable out-of-pocket expenses.

Please refer to Item 12 – Brokerage Practices for more information on brokerage transactions and
costs.

Item 7 – Types of Clients
Currently, Yiheng’s clients consist entirely of private pooled investment vehicles. Yiheng’s clients
include Yiheng Capital Partners, L.P., a Delaware limited partnership, Yiheng Capital Offshore
Partners, Ltd., a Cayman Islands exempted company, which invests its assets in Yiheng Capital
Partners, L.P..

The minimum investment into a Fund is $10,000,000 and the minimum additional investment is
$100,000. Yiheng may waive or reduce these requirements in particular cases or change them as to
new investors in the future.