Tages Capital LLP

Item 5. Fees and Compensation
For multi-manager solutions, depending on the investment advisory agreement, Tages will charge a fund a monthly or
quarterly management fee of up to 1% per annum of net assets under management. Tages also charges a performance-
based incentive fee of up to 15% of the net profits of certain Funds which may be subject to a loss carry forward
provision, hurdle rate and/or high-water mark. Fees may be charged in arrears.

The funds or managers in which the multi-manager solutions invest will have their own fees, which are in addition to
fees charged by Tages. Performance fees may be payable in respect of underlying investments even when the multi-
manager solutions managed by Tages are experiencing losses.

For Engadine, Tages charges management fees and performance fees. Tages will charge a management fee of up to 2%
per annum of assets under management which is payable monthly in arrears. Tages also charges a performance-based
incentive fee of up to 20% of the net profits.

For Global Rates, depending on the investment advisory agreement, Tages will charge an annual management fee of up
to 2% per annum of assets under management in arrears. Above a hurdle rate high-water mark, Tages also charges a
performance-based incentive fee of up to 20% of the net profits.

For Paladin Defensive, the advisory fee can be charged a management fee up to 2% per annum of assets under
management. Tages may also charge a performance-based incentive fee of up to 20% of the net profits. These fees
are charged in arrears.
Advisory services provided to third-party investment managers in respect of their funds, fees are typically calculated
on the average net assets of the funds covered by the relevant investment advisory agreement. The advisory fee can
be charged as bps on the net assets or as a percentage of the management fee received by the third-party manager.
An incentive fee may also be charged.
Fees for separately managed account clients are negotiated on a case-by-case basis and set forth in the applicable
investment advisory agreement or other similar agreement.
Other Fees

Clients pay other expenses in addition to the fees paid to Tages. For example, clients may bear the cost of administrative
expenses, brokerage commissions, investment expenses including relation to investment opportunities, legal expenses,
audit and tax preparation expenses, clearing and settlement charges, custodial fees, as well as research and market data.
For additional details about the fees incurred by the Funds and expenses that may be allocated to the Funds (which may
vary from Fund to Fund), please see the offering documents of the Funds.

Please see Item 12, “Brokerage Practices” for a discussion of Tages’ brokerage practices.

Side Letters

Tages may occasionally enter into agreements with one or more investors in a Fund, in consideration for investing in the
Fund, commonly known as “side letters”. Pursuant to any such side letter, an investor may receive, among other
benefits, a payment (or rebate) out of any fees earned by Tages or an affiliate. These benefits are typically not available
to all investors.

Negotiation of Fees; Waivers

Management fees, performance-based incentive fees and administrative fees payable by investors in the Funds generally
will not be negotiable, but under certain circumstances Tages, in its discretion, may waive or modify all or a portion of
the management fees, performance-based incentive fees and/or administrative fees for particular investors, including
partners, officers, employees and affiliates of Tages, provided that doing so does not, in the Firm’s reasonable
judgement, adversely affect other investors.

Tages Capital LLP                                                                                       Form ADV Part 2A