Jupiter Asset Management Limited

Item 5. Fees and Compensation
Management Fees – Segregated Mandates
JAM charges its segregated mandate clients a management fee which is calculated on a basis of
the net asset value of a mandate. Fees are negotiated with a prospective client prior to the
commencement of the relationship and will vary depending on the size of a mandate and the
strategy selected by the client.

See our proposed rates below:

Strategy                          £50-£149m       £150-£199m      £200m+            Minimum £m

Global Leaders                    45              40              34                £50

Origin                            45              40              34                £50

Strategic Absolute Return Bond    40              37              29                £50
Systematic Long Only              -               50              40
                                                                                    £150
Systematic Equity Market Neutral -                75+20%          75+20%
                                                                                    £150

Fee calculations are generally based on the market value of the assets under management in a
client account and will usually be billed in arrears on an annual, quarterly, or monthly basis. Fees
are due upon receipt of a billing statement and clients may choose whether to have them
deducted from assets or make payment separately.

Clients will incur brokerage and transaction costs which are described further in Item 12. There
may be further fees and expenses applicable to a client account which will depend on the
negotiation of each mandate.

Management and Performance Fees – Private Funds (GEARx)
JAM advises private pooled investment vehicles, including the Jupiter GEARx Master Fund and its
feeder funds. These vehicles are subject to a fee structure distinct from that of segregated
mandates.

Management fees for the GEARx funds range from 0.75% to 2.00%, depending on the share class
(Classes F, I, A, and T). In addition, a 20% performance fee is applied to returns exceeding a class-
specific hurdle, which is typically the prevailing cash rate in the relevant share class currency (e.g.,
Effective Federal Funds Rate (USD), ECB Main Refinancing Rate (EUR), Bank of England Base Rate
(GBP), etc.).

Fee billing is generally based on the market value of the investor’s capital account and is calculated
and billed monthly or quarterly in arrears, as specified in the relevant offering documents.
Performance fees are typically crystallised annually or upon redemption, subject to a high-water
mark or hurdle as applicable. Fees are due upon issuance of a billing statement, and investors may
elect to have fees deducted from fund assets or to settle them separately.

Redemption and exchange fees of up to 1% may also apply, as outlined in the fund’s offering
documentation.

Other Fees and Expenses
The fees and expenses relevant to a client’s separately managed account will vary and depend on
the negotiation of each mandate and the circumstances of individual clients. However, Jupiter’s
clients may be liable for costs payable under the terms of an advisory agreement, including all
reasonable expenses, liabilities, charges and costs related to the mandate including, but not
limited to, any brokerage charges (discussed further at Item 12), commissions, custodial fees,
banking charges, transfer fees, registration fees, exchange fees, settlement fees, and stamp duty,
tax or other fiscal liabilities or any other transaction related expenses and fees arising out of
transactions for an account incurred by Jupiter, its delegates or third parties in performing the
services under an advisory agreement. Further, clients may incur any costs and expenses
associated with compliance by Jupiter with any client instructions to the extent that such
instruction would require Jupiter to take any action which is outside the scope of its normal duties
and would result in Jupiter incurring material costs and/or spending a significant amount of time
in relation thereto.

JAM has engaged with Foreside Global Services LLC to provide Broker-Dealer Chaperoning services
to JAM at a cost of $40,000 per annum. JAM bears the fees and expenses of this service. The
chaperoning arrangement allows JAM to market in the U.S. to U.S Institutional Investors and Major
U.S. Institutional Investors without registering as a broker-dealer or as a registered representative.

Private Funds (GEARx) – Fund-Level Expenses
In addition to management and performance fees, investors in the Jupiter GEARx funds bear a
range of fund-level operating expenses, as outlined in the fund’s Offering Memorandum and
governing documents. These expenses are borne by the fund and indirectly by its investors and
may include, but are not limited to:
    • Fund administration and accounting fees, including services provided by the administrator
       and any sub-administrators;
    • Custody and depositary-lite services;
    • Legal, regulatory, and compliance costs, including Cayman Islands, Irish, UK, and US legal
       advice, CIMA registration and maintenance, and regulatory filing fees (e.g., under CFTC
       Rule 4.13(a)(3));

   •     Audit and tax reporting costs, including preparation of financial statements and tax
         information for investors;
     • Director fees and governance-related expenses, including costs of independent non-
         executive directors of the Fund and/or the General Partner;
     • Banking and brokerage expenses, including fees charged by prime brokers, trading
         counterparties, or other agents;
     • Costs associated with permitted use of SPVs (special purpose vehicles);
     • Expenses associated with side letters, including any class-specific servicing, reporting, or
         negotiated rights (e.g., MFN, transparency or liquidity terms);
     • Redemption and exchange fees, up to 1% as permitted in the fund documentation;
...

Item 7. Types of Clients
Jupiter provides investment management services in the U.S. to institutional clients, including
public and corporate pension plans, endowments and foundations, investment consultants, sub-
advisors, and local and state public fund entities. These services are typically provided through
segregated mandates.

Jupiter does not impose a formal minimum account size; however, it is generally unlikely to
establish a separately managed account with less than USD 100 million in assets under
management. Marketing to prospective U.S. institutional clients is conducted through a broker-
dealer chaperoning arrangement with Foreside Global Services, LLC (d/b/a ACA Foreside) in
accordance with SEC Rule 15a-6.

In addition to segregated mandates, JAM also advises privately offered pooled investment vehicles
structured as Cayman master-feeder funds. These include:

   •   Jupiter GEARx Fund LP, a Cayman Islands limited partnership offered to U.S. taxable
       investors who qualify as both accredited investors under Regulation D of the Securities Act
       of 1933 and qualified purchasers under Section 2(a)(51)(A) of the Investment Company Act
       of 1940. The fund is offered in reliance on the exemption from Securities Act registration
       under Rule 506(b) of Regulation D and is excluded from the definition of investment
       company under Section 3(c)(7) of the Investment Company Act of 1940.

   •   Jupiter GEARx Fund Limited, a Cayman Islands corporation offered to non-U.S. investors
       who are institutional or professional investors and to U.S. tax-exempt investors who qualify
       as both accredited investors and qualified purchasers. The fund is offered in reliance on
       the exemption from Securities Act registration under Rule 506(b) of Regulation D and is
       excluded from the definition of investment company under Section 3(c)(7) of the
       Investment Company Act of 1940.

These pooled investment vehicles are offered on a private placement basis and are intended for
sophisticated investors capable of evaluating the risks associated with such investments.