Protium Capital Limited

Item 5 – Fees and Compensation

Performance and Management Fees

With respect to all Clients, the Company generally receives a management fee based on a
percentage of assets under management, and a performance fee based on net capital appreciation.
Where the Company is directly appointed in its role as manager or adviser, it generally receives a
management fee per annum and a performance fee based on returns. In very limited circumstances,
the Company may negotiate specific terms of investment for certain prospective investors of the
Fund that will differ from the terms applicable to other Clients.

Fees are deducted from Client assets. Management fees are deducted monthly (or on such other
frequency as is agreed with the relevant Client) from Clients' respective accounts, in arrears.
Performance fees are paid by the Clients in arrears.

Separately Managed Accounts

With respect to SMAs, the Company generally charges a management fee expressed as a
percentage of assets under management, as set forth in each SMA client's investment management
agreement. Management fees for SMAs are negotiated individually and may differ from the fees
charged to the Fund. The Company may also charge performance-based compensation to certain
SMA clients who qualify as "qualified clients" under Rule 205-3 of the Advisers Act. Management
fees for SMAs are generally deducted directly from the client's account with prior written
authorization as agreed in the applicable investment management agreement.

Neither we nor any of our "supervised persons" (as defined in the glossary of terms to SEC Form
ADV) accept compensation for the sale of securities or other investment products, including asset-
based sales charges or service fees from the sale of mutual funds.

Management and performance fees are based on the valuations of portfolio holdings. The
Company maintains written valuation policies and engages independent third-party pricing sources
to mitigate related conflicts of interest.

We may, in our sole discretion, waive all or part of any fees or expenses payable by or attributable
to Clients. The Company and/or its personnel may invest in the Fund and are not subject to
management fees or performance-based fees with respect to their investments therein.

Expenses

Clients bear the ordinary operating expenses of the Fund, including but not limited to brokerage
commissions, custodian and administrator fees, legal and audit fees, taxes, and other expenses as
set forth in the Fund's governing documents.

SMA clients generally bear transaction costs (including brokerage commissions), custody fees,
and any other expenses incurred in connection with the management of their accounts, as set forth
in each SMA client's investment management agreement. Unlike investors in the Fund, SMA

Protium Capital Limited                                      Form ADV, Part 2A Brochure | March 2026

clients do not bear a proportionate share of the Fund's organizational or operating expenses.

Please see Item 12, “Brokerage Practices,” below for a discussion of certain brokerage expenses.
We have no affiliated broker-dealers.

Item 7 – Types of Clients

The Company provides investment advisory services to the Fund and to clients through separately
managed accounts. SMA clients are institutional investors.

With respect to the Fund, the minimum initial capital contribution is USD 1,000,000, subject to
reduction at the Company's sole and absolute discretion.