Hong Kong Investment Platform Overview

Offshore model US taxable investors Non-US & US tax exempt investors Participants Occasional travel outside HK Carried Interest Vehicle (Non-HK) • High set up & Feeder Fund (Non-HK) General Partner (Non-HK) Fund (Non-HK limited partnership) Investment Manager (Non-HK company) SPVS Sub Manager (HK company) Investments • maintenance cost Intensifying burden on audit, valuation, substance Tax & regulatory risks Local Sub-Advisor (Investment jurisdictions) 13

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