CDAM UK Ltd

ITEM 5 FEES AND COMPENSATION

CDAM is generally paid an asset-based investment management fee ranging from 1
to 1.5% per annum of the net assets of a Client, however, certain Client Accounts
may be subject to other fee arrangements as specified in their governing
documents.

Investment management fees are generally charged each month in arrears based
on the total market value of the assets of the Client (including net unrealized
appreciation or depreciation of investments and cash, cash equivalents and
accrued interest) on the last day of the month, however, certain Client Accounts
may be charged investment management fees on a different schedule as specified
in their governing documents. If a new Client Account is established during a month
or a Client makes an addition to its account during a month, the investment
management fee will be prorated.           If a Client’s investment management

agreement is terminated or a withdrawal is made from a Client Account during a
month, the fee payable to CDAM will be calculated based on the value of the
assets on the termination date or withdrawal date and prorated for the number of
days during the month in which the investment management arrangement was in
effect or such amount was in the account.

CDAM is also entitled to receive performance-based compensation, which is
compensation based on the net increase (i.e., capital gains on, income derived
from or appreciation of investment) in each investor’s shares of the Fund or
Managed Account, as applicable. The performance-based compensation is
structured as a performance fee in an amount typically ranging from 15% to 25% of
the net increase, generally payable as of the end of each calendar year. Under
certain circumstances, receipt of the performance fee is subject to a high-water
mark and a non-cumulative hurdle rate (equal to the greater of 5% or the U.S. dollar
three-month Libor plus 100 basis points i.e., 1%). Notwithstanding the foregoing,
certain Client Accounts may be subject to other performance-based compensation
arrangements as set forth in their governing documents.

Under certain circumstances the management fee and performance fee are
negotiable.

CDAM generally deducts the investment management fee from Client Accounts on
a monthly basis and the performance fee on an annual basis, subject to the
qualifications described above pursuant to instructions given to the Client’s
custodian (which may be given by CDAM or a Client’s third-party administrator).
Certain Client Accounts may pay fees on a different schedule than that described
in the preceding sentence in accordance with their governing documents. In
addition to paying investment management fees and, if applicable, performance-
based compensation, Client Accounts are also subject to other investment
expenses such as custodial charges, brokerage fees, commissions and related costs;
taxes, duties and other governmental charges; costs associated with foreign
exchange transactions; other portfolio expenses; legal expenses; internal and
external accounting, audit and tax preparation expenses and costs, expenses and
fees associated with products or services that may be necessary or incidental to
such accounts or their investments. For a more complete description of the fees and
expenses of the Client Accounts, please see the relevant governing documents.
CDAM will ensure that for Client Accounts that may not pay an allocation of fees
that certain other Client Accounts may pay, those associated fees would be
captured by the management company.

ITEM 7 TYPES OF CLIENTS

As of March 31, 2026 CDAM’s clients consist of the Fund and the Managed
Accounts, which include state/municipal government entities.

The minimum initial and subsequent investment amounts for the Fund are set forth in
the Fund’s offering documents, which may be waived by the board of directors of
the Fund in its discretion. The minimum initial amount to establish a managed
account with CDAM is generally £20,000,000.

CDAM is exploring the idea of launching a new investment strategy. In order to build
the track record of the new strategy, CDAM may open a trading account made up
of assets belonging to CDAM. This would be CDAM’s first proprietary vehicle and
therefore, while not officially launched, CDAM has updated its Brochure to reflect
potential risks and disclosures surrounding a potential proprietary account.