RJA Asset Management LLC

Item 5 - Fees and Compensation
  A. Advisory Fees and Compensation
  Given the range of specialized services offered, RJA does not maintain a static fee schedule. RJA works with
  each prospective client to determine the scope of the engagement and advisory fees are based on the level
  of service to be provided. Advisory fees vary depending on a client’s strategy mandate size, a client’s total
  mandate size across multiple strategies, and/or whether or not a given mandate is a seed investment. Fees
  are negotiable.
  Fees without a performance fee component are generally up to 1% per annum of the notional exposure
  (economic exposure) of the risk characteristics that are being altered or created, or on the amount defined
  in the client agreement. The client agreement may specify a minimum fee which could result in a higher fee
  rate.
  Fees that contain a performance fee component are comprised of (i) a portion of non-performance fees as
  described above, and (ii) a performance fee generally in the range of 10% to 20% of strategy performance
  above a specified hurdle rate defined in the client agreement.
  For certain Funds that RJA advises, seed investors could and have received preferential treatment with
  regard to advisory fees charged.

  B. Payment of Fees
  For RJA managed Funds, advisory fees are deducted from the Limited Partners’ Capital Accounts, as stated
  in the Fund’s offering memorandum, typically monthly in advance. For other clients, RJA either invoices the
  client directly or deducts advisory fees from the client’s account(s), typically quarterly in arrears.

  C. Additional Fees and Expenses
  Clients are responsible for paying custodial fees, brokerage account fees and expenses, transaction costs
  and fees associated with trading, and any other fees and expenses associated with RJA advisory services.
  These fees and expenses are in addition to RJA advisory fees.
  See Item 12, below, for a discussion of RJA brokerage practices.
  For RJA managed Funds, which are typically set up as Limited Partnerships, the General Partner or its
  affiliates bear ordinary office overhead expenses, and the Partnership pays for organizational and operating
  expenses and other expenses as outlined in the Fund’s offering memorandum.

  D. Prepayment of Fees
  Fees are charged to the client either in advance or in arrears as specified in the client agreement (typically
  quarterly or monthly). Specific provisions may vary depending upon the terms negotiated with each client. If
  the agreement is terminated prior to the end of a billing cycle and fees are paid in advance, the client will
  receive a pro-rated refund of any fees paid from the date of termination until the end of the billing cycle,
  provided that any minimum fee, as set forth in the client agreement, has been met.

                                                                                                      8|Page

RJA Asset Management LLC                                                                         February 20, 2026

Item 7 - Types of Clients
  RJA clients are private funds, endowments, outsourced CIOs, defined benefit pension plans, and investment
  advisors (including family offices). RJA typically requires the minimum size of the underlying notional assets
  for which RJA implements a strategy to be $1MM to $150MM, depending on the type of strategy. This
  requirement is negotiable depending on strategy type and the overall client relationship.

                                                                                                      10 | P a g e

RJA Asset Management LLC                                                                           February 20, 2026