North Wall Capital LLP

Item 5. Fees and Compensation
The fees applicable to each SMA are set out in the corresponding investment management or advisory agreement. The
fees applicable to each of the Funds are set forth in detail in the corresponding Offering Documents. A brief summary of
such fees is provided below.

Management Fee

NorthWall’s fees and compensation are described in the Investment Management Agreement (“IMA”) or equivalent,
entered into with each Client. NorthWall typically charges Clients a fee in advance based on committed and/or invested

NorthWall Capital LLP                                                                                   Form ADV Part 2A

capital (the “Management Fee”) pursuant to an agreed upon schedule. Management fees are charged at rates ranging
from 0% to 2.5% based on each investor or limited partner share of the fund vehicle. The Firm may also receive
performance-related compensation.

At NorthWall's sole discretion, the Management Fee may be waived, reduced, or calculated differently with respect to
certain investors or Limited Partners. Reasons for differing management fee terms may include the quantum of the funds
invested, the duration for which the funds are entrusted to the Firm, the terms of performance-based fees agreed to by
the investor, and reasons deemed to be strategic in the sole discretion of the Firm.

The frequency with which a Client will be charged a Management Fee, and whether the Management Fee will be
deducted from the account or the Client will be billed, either in advance or arrears, will be subject to the terms of the
IMA between NorthWall and the Client.

Other Types of Fees or Expenses
In addition, each Client is responsible for custody fees, administration fees, legal, operational expenses, audit expenses,
research expense and brokerage fees in addition to NorthWall’s Fees and Compensation.

The Firm is responsible for and shall pay, or cause to be paid, all their own ordinary administrative and overhead
expenses, including, without limitation, all costs and expenses related to rent, furniture, fixtures, equipment, office
supplies, clerical expenses and all salaries, bonuses and benefits paid to, or on behalf of, personnel of the Firm.

Generally, NorthWall may have a pre-determined limit on its ordinary or extraordinary operating expenses. In such
instances Client approval will be sought for excess expenditure. NorthWall’s and Client’s actual annual operating
expenses are provided to each Client or Investor, as required.

Neither the Firm nor its employees accept compensation, including sales charges or service fees, from any person for
the sale of securities or other investment products.

Please also see Item 12: Brokerage Practices below.