Ram Active Investments Sa

Item 5. Fees and Compensation

RAM is compensated by various combinations of fixed asset-based fees and performance-
based fees. As more fully described below, RAM may bill Clients according to the terms of the
pertinent investment contract or prospectus. Under certain circumstances, the fees are
negotiable.

The basic fee schedule for the Funds includes an annual fixed fee ranging from 0.00 % to 2.40%
of assets under management (including, but not limited to, cash balances, equities, closed end
funds, and ETFs), typically payable quarterly in arrears. The fee schedule may also include a
performance fee of up to 20%. A performance fee is a fee representing an asset manager’s
compensation for managing an account which is based upon a percentage of the net profits
of the account being managed. When calculating net profits performance may be based on
absolute or benchmark relative returns and may be subject to high water marks. Investors in
certain Funds may be subject to initial “lock-up” periods with respect to
withdrawals/redemptions and may incur withdrawal/redemption fees, in accordance with the
provisions of the applicable fund documentation. RAM reserve the right to enter into
agreements with investors in Funds to waive or modify the standard terms of such Funds and
fees paid therefore may differ between investors in the funds. Fees charged to individual
investors in Funds may also deviate from the standard fees disclosed in a Fund’s offering
documents.

RAM may deduct the management and/or performance fee from a Fund by instructing the
Fund’s administrator and custodian.

Detailed information concerning the RAM Funds is contained in each Fund’s prospectus or
private placement memorandum.

RAM also provides advisory or sub-advisory services to certain European collective investment
schemes pursuant to the Undertakings for Collective Investment in Transferable Securities
Directive – commonly known as UCITS funds – managed by RAM. RAM manages the following
UCITS funds: the RAM (Lux) Systematic Funds, RAM (Lux) Tactical Funds, and RAM (Lux)
Tactical Funds II. Advisory fees for the RAM UCITS range from 0% to 1.92% of assets under
management. The RAM UCITS funds are not currently open to subscriptions from US persons.

RAM’s fees are exclusive of brokerage commissions, transaction fees, service provider fees,
and other related costs and expenses which will be incurred by Funds. Execution of

                                                     RAM Active Investments S.A. 2026

transactions typically requires payment of brokerage commissions by the Funds. Please see

Item 7. Types of Clients

RAM provides investment management services to pooled investment vehicles including but
not limited to Luxembourg domiciled UCITS funds. The investors in these Funds are
predominantly institutional investors, including, but not limited to, banks, wealth managers,
pension funds, trusts, family offices, charitable organizations, corporations, and other
business entities.

                                                    RAM Active Investments S.A. 2026

RAM’s investment minimums vary according to product and strategy. The minimum
investment required to invest in a RAM Fund is described in each Fund’s prospectus or offering
memorandum.

Item 8. Method of Analysis, Investment Strategies and Risk of Loss

Since the end of October 2025, RAM has launched a new strategy, the Hyperfold strategy,
which is designed as a multi-strategy, liquid alternatives approach that seeks to deliver
diversified returns with low correlation to traditional equity markets. The strategy combines
systematic and discretionary investment processes, implemented primarily through
transferable securities and other financial instruments, and is supported by RAM’s proprietary
technology and risk management framework.

RAM Systematic Equity Approach

RAM enhances traditional methods of stock picking by applying a systematic and disciplined
investment process. The choice of a systematic approach allows RAM to generate high risk-
adjusted returns through a broad diversification of lines and investment styles, and to control
on a constant basis the liquidity of the portfolio leaving no room for the managers’ emotions.

RAM’s original investment philosophy contains a dual fundamental and behavioral approach,
on the basis of which a stable allocation is established among three bottom-up strategic
“blocks” for our long-only strategies: Value, Defensive and Momentum. These blocks have the
potential to produce outperformance in distinct market phases. Their relative weighting is
based on their respective long-term return profile and volatility, as well as their correlation,
as observed over the last three economic cycles, significantly limiting the possibility of market
timing errors.

For our Long/Short strategies the objective is to achieve mid to long-term capital appreciation
through investments in equities using bottom-up fundamentally driven stock picking
strategies applied systematically. Our proprietary model seeks to maximize risk-adjusted
returns by trading securities of companies on the long and short side as well as index futures.
The final portfolio is the result of an optimal allocation between our long only value, defensive
and momentum approaches with our individual bottom-up short strategies and short on liquid
futures.

RAM Tactical Bond Approach

RAM’s investment process in the area of Fixed Income is flexible and discretionary,
fundamental based and non-benchmarked. The Company looks to extract value from both
carry and price under-valuations and sees no benefit from benchmark replication, as the
methodology used in bond indices is mainly debt-weighted. Instead, RAM’s preference is to
select investments based on fundamentals and valuations.

                                                      RAM Active Investments S.A. 2026

As such, rather than sticking to a rigid benchmark structure, RAM adjusts its tactical allocation
according to current positioning in the three global cycles: macro, interest rates and credit.
Scenario analyses are used to identify investment themes, before selecting specific sectors,
issuers, and bonds with an in-depth credit analysis. Portfolio construction reflects the latter
stage, where diversification, optimization and risk management shape the optimal blend of
identified opportunities.

Long-only - designed to provide a regular total return and a mid to long-term capital
appreciation, using flexibility to adjust the risk positioning through economic and financial
cycles. The investment policy is usually to hedge the currency risk.

Long/Short - achieve positive absolute returns independent from the market conditions by
investing in a diversified portfolio of transferable securities, primarily bonds and other debt
securities. The fund will use a combination of long and short positions within the broad
universe of fixed or variable-rate transferable securities without any restrictions or limitations
in terms of the geographical breakdown, sector breakdown or maturity.

Multi asset credit strategy - it will seek to achieve its objective by dynamically allocating capital
to the following four credit asset classes: ABS, Corporates, Financials and Structured Credit.
Each credit asset class is focused on bottom-up credit selection and the themes within each
asset class at any time vary depending on opportunities and risk targets. The strategy strives
for well-balanced and diverse sources of return including the choice of the types and quantum
of asset class beta, weightings within an asset class, issuer weightings, stock and investment
selection combined with an efficient targeted hedging strategy. Rate, duration is expected to
be fully or partially hedged and foreign exchange risk is expected to be fully hedged

RAM implements its strategies primarily through the use of the following investment
techniques and investment tools.

Hedging. Certain of RAM’s strategies utilize a variety of financial instruments, including
options, interest rate swaps, and futures and forward contracts for risk management
purposes.

Leverage. Certain of RAM’s strategies utilize varying amounts of leverage, which may involve
the borrowing of funds from brokerage firms, banks, and other institutions in order to be able
to increase the amount of capital available for securities investments. Leverage may also be
embedded in financial instruments, including futures and short sales, as well as OTC
derivatives like options, swaps, and forwards, which enable investors to gain exposure to
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