Totus Alpha Management PTY Ltd

Item 5: Fees and Compensation

Fees payable to us for investment management services are set out in the applicable
offering documents and IMAs, and will include an asset-based management fee (the
“Management Fee”) and a performance-based fee (the “Performance Fee”).

Pooled Funds

Management Fees for the pooled funds are expected to be charged up to 1.62% per
annum of net assets, which is charged monthly. Performance Fees for the pooled funds
are charged at between 15% and 20% per annum. Performance fees may be subject to
a hurdle and are subject to a high watermark.

Separately Managed Accounts
For the SMAs, the management and performance fees are individually negotiated and
take into account the investment mandate and the investment amount.

Other Types of Fees or Expenses

The Adviser shall be responsible for all internal operating expenses of the Firm,
including, without limitation, rent, utilities and employee salaries. The SMAs shall bear
all ordinary, direct trading costs relating to its trading activities, including brokers’
commissions, borrowing charges on securities sold short, interest on margin accounts
and other reasonable and customary out-of-pocket transaction charges payable to third
parties, which shall be charged to the Account as transactions occur. In addition to the
fees and expenses described above, a SMA will bear its pro rata share (determined based
on notional capital relative to the total assets under management of the Adviser to which
such expenses are attributable) of all expenses incurred by the Adviser that it allocates
across other funds or accounts implementing substantially the same investment strategy
as the Adviser implements for the SMA, including a reference fund (collectively, the
“Totus Funds”). To the extent that any such expenses to be borne by the SMA hereunder
are also attributable to one or more other Totus Funds managed by the Adviser, the SMA
shall not bear more than its pro rata share of such expenses.

Neither the Firm nor its employees accept compensation, including sales charges or
service fees, from any person for the sale of securities or other investment products.

Item 7: Types of Clients

As described in Item 4 above, our clients are Pooled Funds and SMAs in which the
investors include, without limitation, funds of funds, family offices, foundations, private
wealth and financial advisory clients, distributor platforms and high net worth
individuals. Totus and its employees also invest in the funds.

The minimum investment and other requirements for investing in each fund are set out
in the relevant offering documents. The minimum account size to establish a Separately
Managed Account is generally $50 million. However, the Firm, in its sole discretion, may
accept a lower minimum investment amount from time to time.