Entrepreneurs First Investment Manager LLP

ITEM 5 - FEES AND COMPENSATION

      Fees
      EFIM typically receives a management fee (“Management Fee”) in consideration for providing discretionary
      investment management services to the EF Funds. The Management Fee structure may vary from vehicle to
      vehicle, reflecting factors such as the investment strategy, fund size, expected investment period and the
      nature of the underlying portfolio. Certain Funds may have a fixed-fee approach applied, while others may
      have a more traditional private-fund model employed involving a recurring management charge and, where
      applicable, a performance-based element.

      The Management Fee payable by each EFIM Client is determined as set out in the relevant Offering
      Documents. EFIM may, in its discretion, agree different fee terms with particular clients or investors,
      including waiving or modifying the Management Fee, as permitted by the applicable Offering Documents
      and governing provisions. Typical performance based Management Fees range from 1-2.25% depending on
      the investment period.

      Expenses
      Each EF Fund and the SMA typically bears reasonable preliminary and ongoing operating costs, including
      those associated with its establishment, regulatory compliance, professional services, administration,
      reporting, and the sourcing, management and realisation of investments.

      Preliminary expenses are typically capped at a percentage of Total Commitments (excluding VAT and taxes)
      and allocated solely to the relevant EF Fund or the SMA, while certain costs - such as the production of any
      private placement memorandum - are borne by EFIM.

      None of EFIM’s clients will bear EFIM’s or that Client’s General Partner’s overheads, costs recoverable from
      portfolio companies, regulatory capital or compliance remuneration, fees for third-party providers engaged
      by EFIM for its own investment management obligations, or any Venture Partner or Adviser compensation.

      For further information on the fees and expenses allocated to each EFIM client, investors should refer to the
      relevant Offering Documents.

​ ntrepreneurs First Investment Manager LLP (Company number OC397263) is authorised and regulated by the Financial Conduct Authority (FRN 807367)
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Registered office: International House, 64 Nile Street, London, N1 7SR

ITEM 7 - TYPES OF CLIENTS

      EFIM currently provides investment management services exclusively to Clients established and
      domiciled in the United Kingdom. The EF Funds are offered only to institutional clients and accredited or
      otherwise sophisticated investors. As indicated in Item 4, the SMA is also established and domiciled in
      the United Kingdom but has a single U.S.-domiciled investor and is reported for regulatory purposes as
      a separately managed account.

      Recipients of this Brochure should note that, although it contains general information about EFIM’s Clients,
      it does not provide a complete description of the characteristics, risks or potential conflicts associated with
      them. Investors should refer to each Client’s Offering Documents for full details. Nothing in this Brochure
      should be regarded as an offer of interests or shares in any EFIM Client or as a basis for making an
      investment decision; nor does it constitute an offer to provide advisory services to any recipient.

      This Brochure is intended solely to provide information about EFIM. In the event of any inconsistency
      between this Brochure and a Client's Offering Documents, the terms of the relevant Offering Documents
      shall prevail.

​ ntrepreneurs First Investment Manager LLP (Company number OC397263) is authorised and regulated by the Financial Conduct Authority (FRN 807367)
E
Registered office: International House, 64 Nile Street, London, N1 7SR