Karma Capital Advisors PVT Ltd

ITEM 5: FEES AND COMPENSATION

Karma Capital’s discretionary investment advisory services are provided on a
“fee-only” basis, which means that it charges a fee based on the value of the
assets that it manages for a client. In addition, Karma Capital collects and
remits to applicable third parties fees for services required under Indian law.
Karma Capital does not charge commissions or other transaction-based fees.
Karma Capital may charge the following types of fees:

Asset-Based Fees - Asset-based fees for investment management range up
to 2.5% annually. This fee is typically collected in arrears on a quarterly
basis and is calculated as a percentage of the value of assets in a client’s
account. Quarterly management fees are pro rated if Karma Capital provides
management services for less than a full quarter. Karma Capital may change
the frequency of this charge from quarterly to monthly at its discretion.

Performance-Based Fees - In addition to or instead of asset-based advisory
fees, Karma Capital may charge performance-based fees to certain clients in
compliance with Rule 205-3 promulgated under the Investment Advisers Act
of 1940, as amended (the “Advisers Act”). Specifically, Karma Capital may
charge those clients a periodic (either a quarterly or an annual) performance-
based fee equal to a percentage of the realized or unrealized appreciation of
the client’s account value.

Firm Brochure –Part 2A of Form ADV      5                   June 29, 2026

Fee Billing

Generally, fees are debited directly from specified client accounts unless
other arrangements are made and mutually agreed to in writing (e.g., Karma
Capital provides the client an invoice for direct payment outside of the
client's accounts). Clients must consent in advance in writing to direct
debiting from their investment accounts. Karma Capital will provide clients
with a detailed invoice including the time period covered, fee amount, assets
on which the fee was calculated and the formula used to calculate the fee.

Other Fees or Expenses

Consistent with Indian practices, Karma Capital may collect the following
additional fees associated with creating and maintaining a client’s account:

      Accounting fee, which covers assistance needed for establishing and
       maintaining a client's account;
      Audit fee, which covers an independent audit or verification of a
       client's account (generally required under Indian or U.S. law);
      Custodian fee, which covers the costs associated with maintaining a
       client's account with a custodian; and
      Legal/notary fee, which covers certain stamp and notary charges
       associated with preparing a client's account.

In addition to Karma Capital’s fees, clients may also pay other fees or
expenses to third parties. These third parties can include custodians, brokers
and others. Third party fees can include commissions on securities
transactions, custodial fees, deferred sales charges, and other fees and taxes
on brokerage accounts and securities transactions. Clients will also incur
expenses associated with the mutual funds or ETFs held in their account.
Additional fees may include account service fees and fund transaction fees.
In the case of SMAs, we charge these fees directly to clients, and in case of
pooled investment vehicles, these fees are charged at the pooled investment
vehicle level. We do not benefit from any such fees.

Subject to the terms of any Investment Management Agreement entered into
between a client and Karma Capital, the upper limit for operating expenses
(excluding brokerage expenses and tax) borne by an account is 0.5% per
annum of the assets under management in the case of SMAs. Karma Capital
will bear any expenses in excess of such amount. In the case of a pooled
investment vehicle, operating expenses are charged at the pooled investment
vehicle level, subject to the limits set forth in the private placement
memorandum (PPM) of the pooled investment vehicle. Charges beyond the
limit mentioned in the PPM will be borne by Karma Capital.

Firm Brochure –Part 2A of Form ADV      6                  June 29, 2026

Participation or Interest in Client Transaction

Neither Karma Capital nor any of its supervised persons accepts
compensation for the sale of securities or other investment products,
including asset-based sales charges or service fees from the sale of mutual
funds.

ITEM 7: TYPES OF CLIENTS

Karma Capital offers investment advisory services to separately managed
accounts for institutions, individuals and entities, including pension and profit
sharing plans, trusts, estates, charitable organizations, and corporations.
Karma Capital also provides advisory services to pooled investment vehicles.
Karma Capital only provides SMA services to US clients who invest a

Firm Brochure –Part 2A of Form ADV       7                    June 29, 2026

minimum of INR 5 Million (approximately USD 52,824 (as per USD to INR
forex rate of March 31, 2026)) and the minumum investment amount for US
investors in private funds managed by Karma Capital is INR 10 Million
(approximately USD 105,648).