Brahma Management LLC

Item 5. Fees and Compensation

Compensation received by the Adviser from the Clients is comprised of fees based on percentage
of assets under management or committed capital and performance-dependent fees.

The following is a schedule of asset based fees:

         “Hedge Fund” Clients                          Depending on the class offered, up to 2%
                                                       (per annum) of the NAV
        “Private Equity Fund” Clients                  Depending on the class offered, up to 2%
                                                       (per annum) of capital committed

   Brahma Management, LLC Form ADV Part 2A (“Firm Brochure”) 2026

For hedge fund Clients, performance-based compensation generally ranges up to 20% of the net
realized and unrealized profits of each year, depending on the class of shares offered. In some
cases, the performance-based compensation is subject to a high watermark.

For private equity fund Clients, the Adviser is entitled to receive 20% of distributable net proceeds
after each Investor, in a certain class, has received, through the date of such distribution, aggregate
distributions amounting to 100% of that Investor’s capital contributions.

The Adviser, at its discretion, may waive all or a portion of the performance-based allocation.

In general, with a performance-based fee arrangement the Adviser receives compensation based
on a share of the capital gains or capital appreciation of the portfolio of the Clients. Performance-
based fees may create an incentive for the Adviser to make investments that are riskier or more
speculative than would be the case in the absence of a performance fee.

The fees paid by the Clients have not been established on the basis of an arm’s-length transaction
between the Clients and Adviser. Fees are generally negotiable by an Investor prior to investment
in the Client.

The method of deducting fees varies between Clients. For hedge fund Clients, asset- based fees
are typically paid monthly in advance and are deducted directly from the Clients’ accounts. For
private equity Clients fees are typically paid quarterly in advance and are deducted directly from
the Clients’ accounts. In situations where capital contributions are made on a date other than the
first day of a calendar month, the asset-based fees will be pro-rated for the stub period.

Performance-based compensation is generally calculated as of the end of each fiscal year for hedge
fund Clients and is deducted shortly thereafter. For private equity Clients the performance-based
compensation is calculated and deducted at the time of distribution of the proceeds of an
investment.

In general, the Clients do not have the option of being billed for fees or having them deducted
automatically by the Adviser.

In addition to Adviser’s asset and performance-based fees, Clients will bear any other costs
charged to the investment vehicle. Such costs will vary and typically include, though are not
limited to, the following: legal, compliance, audit and accounting fees; administrative fees;
custodial fees; research and due diligence costs; brokerage fees and transaction costs paid to
custodians, brokers, dealers, or any other third parties. Detailed information regarding brokerage
fees and expenses can be found under Item 12 of this brochure.

The Adviser’s asset-based fee must be paid in advance. In some cases, dependent upon the terms
of the specific Client’s agreement, it may not be possible to terminate an advisory contract within
a monthly or quarterly period, but in general, if an advisory contract were to be terminated before

   Brahma Management, LLC Form ADV Part 2A (“Firm Brochure”) 2026

the end of a billing period, pre-paid fees would be returned to the Clients on a prorated basis based
on the remaining number of days in the monthly or quarterly period in question.

Item 7. Types of Clients

The Adviser provides investment advice to various investment vehicles which the Adviser
describes as hedge fund Clients and private equity fund Clients. The specific details of each Client
vary. The Adviser has set a minimum account size of $1mm per Investor for its hedge fund Client;
however, the Adviser can waive this minimum at its discretion.