TIND Asset Management as

Item 5: Fees and Compensation

The Fund

In consideration for investment management services provided to the Fund, TIND Asset Management
receives a management fee. Each class shall pay an investment management fee to the Firm. The fee shall be
calculated as a percentage (set out below) per annum of the net asset value attributable to the relevant class
(plus VAT if any):

 Share Class Category                                   Fee Rate
 Class A                                                1.5%

The management fee shall accrue and be calculated on each valuation day and be payable monthly in arrears.
The Firm will also be entitled to be reimbursed out of the assets of the Fund, for reasonable out of-pocket
costs and investment related expenses incurred in discharging its duties as alternative investment fund
manager. The Firm will be responsible for the fees and expenses of any sub distributors. The Firm, in its sole
discretion, retains the right to waive or modify the management fee for certain investors.

In addition, TIND Asset Management applies a share series methodology in calculating performance fees.
The custodian and transfer agent of the TIND Discovery Fund, BNP Paribas, is responsible for the
calculation.

A performance fee may be awarded by the Fund to the Firm as set out below. A performance fee may be paid
with respect to a given series when the net asset value of the relevant series exceeds the product of (i) the
prior high net asset value of that series and (ii) performance amount of 6% per annum (together, the
“Hurdle”). The performance fee will be equal to the percentage set out below of the amount by which the net
asset value (after the accrual of all other costs but before the deduction of accrued but unpaid performance
fees, provided that this is in shareholders’ best interests), of the relevant series exceeds the Hurdle.

 Share Class Category                                   Performance Fee Percentage
 Class A                                                20%

Shareholders should note that Hurdle is re-assessed at the start of each performance evaluation period (one
calendar year). Where a performance fee was paid in respect of the prior performance evaluation period, the
prior high net asset value is reset and, for the coming performance evaluation period, the 6% per annum rate
is applied to that new prior high net asset value. Where a performance fee was not paid in respect of the prior
performance evaluation period, the prior high net asset value is not reset and, for the coming performance
evaluation period, the 6% per annum rate is re-applied. For example, if the prior high net asset value at the
start of Year 1 is NOK 100, the Hurdle at the end of that year is NOK 106. If a performance fee is not paid
at that point, the 6% per annum rate is applied to NOK 106, resulting in a Hurdle, at the end of Year 2, of
NOK 112.36. Shareholders should note that the 6% rate described above is a per annum rate, i.e., it is 6% per
calendar year and it applied pro-rata for periods other than a calendar year.

The performance fee will be calculated and accrued on each valuation day. The calculation of the performance
fee is structured so as not to be open to the possibility of manipulation and the calculation shall be verified
by the Depositary.

Both the management fee and performance fee, as well as other terms, are more fully described in the
governing documents of the Fund. Potential investors should review such governing documents, and any
applicable supplements, for full details as to how the management fees and performance fees are calculated
and collected. All investors in the Fund are under the same fee schedule described above.

The Fund’s management fees are billed to the Fund’s account monthly, in arrears, as of the last calendar day
of each calendar month. Performance fees will crystallize and become payable on the first Dealing Day of
each calendar year, provided that, with respect to shares redeemed, the performance fee will crystallize and
become payable on the date of such redemption. The performance fee is normally payable in arrears within
14 calendar days of the relevant date.

The fees and expenses of the Fund, including the fees of the Firm, the administrator, the depositary, and the
performance fee (if any), are set out in the Fund’s governing documents.

The Fund shall pay its allocable share of any expenses incurred by the ICAV in its operation, including without
limitation, the fees of the Directors (not to exceed, in aggregate, €55,000 per annum or such other sum as the
Directors may from time to time determine and disclose to the Shareholders), the expenses properly incurred
by Directors in attending and returning from meetings of the Directors or any other meetings in connection
with the business of the ICAV and the fees of the auditor and ICAV secretary. All expenses relating to the
establishment of the ICAV (including expenses relating to the negotiation and preparation of material
contracts, the costs of preparing and printing the prospectus and the related marketing materials and the fees
and expenses of professional advisors) will be borne as set out in the supplement(s).

Fees and Expenses of Other Service Providers
The Administrator is entitled to receive, out of the assets of the Sub-Fund, an annual fee which shall accrue
daily and be payable quarterly in arrears at an annual rate which shall not exceed 0.06% (six basis points) of
the Net Asset Value of the Sub-Fund, subject to an annual minimum fee of €60,000 (discounted to €30,000
for a period of up to 12 months from the launch of the Sub-Fund). The Administrator may also receive fees,
at commercial rates, for the preparation of financial statements and, on a per Class basis, for the provision of
transfer agency services.

The Depositary is entitled to receive, out of the assets of the Sub-Fund, an annual fee which shall accrue daily
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Item 7: Types of Clients

TIND Asset Management provides investment advice to its Fund, which is a pooled investment vehicle
operating as a private investment fund. Investment advice is provided directly to the Fund and not individually
to investors in the Fund. The Fund’s governing documents provide the eligibility criteria and minimum
investment requirements of the Fund. Investors in the Fund are generally required to make a minimum initial
investment of at least EUR 100,000.

The underlying investors in the Fund, while not considered Clients of the Firm under the Investment Advisers
Act of 1940, as amended, are persons that are parties that qualify to invest into a 3(c)1 fund as an “accredited
investors” within the meaning of the Securities Act of 1933, as amended. The Fund's investors may include,
but are not limited to, fund of funds, institutions, businesses, pensions, trusts, government entities and
individuals meeting certain net worth requirements. The interests or shares in the Fund are offered privately
pursuant to Regulation D of the Securities Act and, as such, are not registered under the federal securities laws
and regulations. Accordingly, interests or shares in the Fund are offered and sold only to those investors that
meet the eligibility requirements for private placements and/or offshore transactions.

As mentioned above, the Firm also sub-advises a non-U.S. private fund and manages a U.S. separately
managed account, classified as a charitable organization, in addition to the Fund.

In the future, the Firm may also provide advisory services directly to institutional investors in other investment
vehicles or separately managed accounts.