Torma Capital LLP

Item 5: Fees and Compensation
Item 5A
Torma is compensated through management fees and incentive (performance-based) fees. The specific fees
applicable to each Client are described in the relevant Fund’s offering memorandum or, for Managed Accounts,
in the applicable investment management agreement.

Management Fees
Management fees are generally charged monthly in arrears as a percentage of net assets under management.
These fees are typically deducted directly from Client assets as they become payable. The percentage charged
varies depending on factors such as investment strategy, share class, and the size of the investment.

Incentive Fees
Incentive fees are typically up to 20% of net capital appreciation, subject to high-water marks and in some cases
hurdle rates. Incentive fees are normally calculated and charged annually in arrears, or upon redemption of an
investor’s interest.

Item 5B
Management fees are charged monthly, payable in arrears, and are deducted directly from Client assets at the
direction of the Client. Incentive fees are billed in accordance with the terms of each Client’s governing
documents, for Funds this is typically annually in arrears or upon redemption.

Item 5C
In addition to management and incentive fees, Clients bear other costs and expenses associated with their
investments. For Fund Clients, these typically include:

       brokerage commissions and related clearing, exchange, and regulatory fees
       fund administration fees, depositary fees, external valuer fees
       custodian and banking fees
       director, auditor, legal, and tax advisory fees
       costs of research, risk analytics, reporting and similar service providers
       insurance costs
       withholding, transfer, or similar taxes
       regulatory, licensing, membership, or registration fees
       costs of maintaining the registered o ice of each Fund.

All such expenses are paid out of the Fund’s assets and reduce the overall return to investors. Please see the
relevant offering memorandum for a complete description. The information contained herein is a summary only
and is qualified in its entirety by the relevant Fund’s offering memorandum.

Expenses for Managed Accounts are agreed individually and are set out in the applicable investment
management agreement. The Fund-level expense categories described above (including depositary,
administrator, director, auditor, and registered office costs) do not apply to Managed Account clients; Managed
Account clients bear only those costs expressly agreed in their investment management agreement, which
typically consist of brokerage commissions, custodian fees, and any applicable taxes or regulatory fees
attributable to their account. Where costs are shared across client types (such as research costs), they are
allocated on a pro rata basis by assets under management, so that no client cross-subsidises another.

Item 5D
Torma does not require or solicit prepayment of fees from its clients.

Item 5E
Neither Torma, nor any of its supervised persons, accept any compensation from third parties for the sale (or
purchase) of investment products.

Item 7: Types of Clients
Torma provides discretionary investment advisory services to its Clients, consisting of Funds and Managed
Accounts (each as described under Item 4).

The Funds are intended for sophisticated investors including those who qualify as accredited investors under
U.S. securities laws, and generally require a minimum initial subscription of US$1,000,000, although Torma can,
in its discretion, accept smaller investments.

Managed Accounts are typically offered to institutional investors, including endowments and other charitable
organisations. The terms and fees applicable to Managed Accounts are negotiated individually with each client
and generally require a substantial minimum account size, which Torma can, in its discretion, waive.