Graticule Asset Management Asia PTE Ltd

FEES AND COMPENSATION

Most of GAMA’s Clients bear some or all of the following fees:

      (i) a management fee that is generally equal to 0.5% to 2.0% of the total capital under
management for the relevant Client (a “Management Fee”); and

         (ii) a performance fee (or in the case of certain other Clients, an “incentive allocation”; the
phrase “Promote” is used throughout this brochure to refer to either a performance fee or an incentive
allocation) that is generally equal to 10% to 30% of the net capital appreciation of such Client’s account
at the end of the relevant fiscal period.

GAMA's Clients pay fees to GAMA US; they do not pay fees directly to GAMA Singapore. GAMA US pays
GAMA Singapore certain fees in respect of the sub-advisory services it provides to GAMA or to GAMA's
Clients.

Generally, fees are not negotiable; however, in certain cases, GAMA has waived or reduced Management
Fees and Promote for certain investors including, for example, employees and certain affiliated entities.

In limited circumstances, certain Clients or investors may also pay withdrawal fees in accordance with the
applicable Client’s Offering Documents.

GAMA generally deducts fees and Promote from Clients’ assets on a monthly, quarterly, semi-annual or
annual basis, or upon the termination of a particular account or strategy, depending on the Client and the
nature of the fee or Promote.

More detailed information about specific fees and expenses that Clients may bear is provided in the
Offering Documents.

Certain Clients pay Management Fees on a monthly/quarterly/semi-annual basis in advance. In such
cases, Clients may be entitled to a refund of Management Fees that are paid in advance, depending on
the facts and circumstances. If such a situation arises, however, GAMA will determine in its sole discretion,
on a case-by-case basis, whether to rebate such fees and, in all cases, will do so in accordance with the
relevant Offering Documents.Additional information related to the timing of the fees GAMA charges its
Clients (and the manner in which they are calculated) is provided in the relevant agreement between
GAMA and the relevant Client or in the Offering Documents provided to investors in the Private Funds, as
applicable.

Additional Fees and Expenses

In addition to those fees described above, Clients may bear additional fees and expenses such as the
following non-exhaustive list of items:

•     brokerage commissions                                •    valuation and appraisal expenses
•     expenses relating to short sales                          (including the cost of third-party valuation
•     hedging expenses                                          agents)
•     clearing and settlement charges                      •    organizational expenses (including the
•     custodial fees                                            cost of the offering and ongoing sale of
•     bank service fees                                         fund interests)
•     administrative expenses                              •    costs of winding-up a fund

GAMA ADV 2A 03.2025

•     interest expenses                                   •    insurance premiums and expenses
•     ticket charges                                           (including for director and officer liability
•     financing costs, including interest owed                 insurance)
      on loans, if any, advanced by GAMA                  •    fees and expenses of sub-advisors
•     due diligence, research and investment-             •    cost of software in connection with
      related travel expenses                                  investments (including fees of third party
•     risk management expenses                                 software developers)
•     legal and compliance expenses (including            •    fees and reimbursable expenses to
      with respect to the filing of Form PF and                members of a Private Fund’s Board of
      similar regulatory filings)                              Directors
•     auditing and tax preparation expenses               •    expenses associated with advisory boards
•     accounting and operations expenses                       and meetings of the limited partners
      (including the cost of accounting software          •    expenses relating to quantitative analysis
      packages)                                                and software management services
•     extraordinary expenses (including                   •    fees and expenses of servicers of specific
      litigation, indemnification and                          assets owned by a Private Fund
      contribution expenses)                              •    costs of research, information systems,
•     expenses associated with the distribution                software and hardware
      of reports to investors                             •    permissible overhead expenses, as
•     taxes and duties                                         applicable
•     expenses related to unconsummated                   •    professional fees relating to investments
      investments                                              (including expenses of consultants and
•     expenses of asset management personnel                   experts)
•     third party administrator expenses

To the extent that GAMA or an affiliate performs all or a portion of certain of the services listed above,
the costs of such services may be reimbursed by the Client to GAMA. Such costs would generally be
comparable to the costs that GAMA believes would be borne by the Client had such services been
provided by third parties. To the extent that a third-party performs such services and GAMA incurs all or
a portion of the corresponding expenses listed above, the Client will reimburse GAMA for the amount it
incurs.

More detailed information about the types of fees and/or expenses that a particular Client may pay in
...

TYPES OF CLIENTS

As described in Item 4, GAMA currently offers investment advisory services to its Private Funds and
Managed Accounts. The underlying investors in Clients are typically institutional and high net worth
investors.

GAMA’s Clients generally have $100 million or more in assets under management. With limited exception
where permitted by applicable law, GAMA requires that the underlying investors in the Private Funds and
Managed Accounts be “qualified purchasers” as that term is defined in Section 2(a)(51) of the Investment
Company Act (with the exception of certain GAMA personnel who qualify as “knowledgeable employees”
under Rule 3(c)-5 of the Investment Company Act). GAMA also generally requires, with some exceptions
granted at the discretion of GAMA, that the underlying external investors in the Private Funds and
Managed Accounts invest no less than $5,000,000 and, in some cases, as much as $25,000,000 in the
applicable Client.

GAMA ADV 2A 03.2025