TT International Asset Management Ltd

Item 5 – Fees and Compensation
TT’s management fees and compensation are generally based on a standard fee scale charged as a
percentage of assets under management. Certain Funds and Segregated Accounts, however, may be
charged different rates and/or a performance-based fee as negotiated by TT and the Client. Any such
performance-based fees are charged in conformity with Rule 205-3 of the Investment Advisers Act of
1940.
In relation to the Funds, investors will bear their pro-rata share of all fees.
Billing
Management fees are calculated either daily, weekly, monthly or quarterly depending on the fund
structure or particular Client agreement. These fees are typically billed monthly or quarterly, in
arrears.

Performance fees, on the other hand, are charged annually in arrears, and are based on performance
returns over the pre-agreed performance period. For additional information regarding our
performance fees, please see Item 6 of this brochure.

TT does not deduct fees from Client accounts, nor does it have the authority to do so. Rather, TT will
invoice Clients (and their respective custodians) for fees owed.

Other expenses - Organizational and Operational Expenses
Clients can expect to incur brokerage and other transactions costs (including broker commissions) that
are charged by the broker in relation to executing trades. Clients can also expect to incur additional
expenses imposed by custodians, brokers, third party investment advisers and other third parties such
as fees charged by auditors, attorneys, administrators, deferred sales charges, odd‐lot differentials,
transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts
and securities transactions. Such charges, fees and commissions are in addition to TT’s fees, and TT
does not receive any portion of these commissions, fees or costs.
Please refer to Item 12 in this brochure for additional information regarding our brokerage practices.

Item 7 – Types of Clients
TT offers institutional investors the opportunity to participate in its investment strategies through
investments in Funds and through Separate Accounts that it manages on a fully discretionary basis.
Our Client base generally includes both U.S. and non-U.S. institutional investors; including, among
others, banks or thrifts, pension and profit sharing plans (ERISA plans etc.), trusts, estates or charitable
organizations, corporations or business entities, private funds (including hedge funds) and regulated
investment companies (including U.S. mutual funds), and state or municipal funds.
For long-only Separate Accounts, TT generally requires a minimum account size of US$100 million.
Separate Accounts in our long/short strategies generally require a minimum account size of US$25
million. Requirements for Separate Accounts can differ based on the applicable strategy and other
factors at the discretion of TT, and TT reserves the right to adjust account size minimum with respect
to any one Client, as deemed appropriate in light of the overall facts and circumstances.
For Funds, the minimum investment amounts vary and depend on the applicable laws of the relevant
jurisdiction. The minimum investment amount associated with each Fund can be found in the relevant
Fund’s offering document.

Item 8 – Method of Analysis, Investment Strategies and Risk of Loss
TT employs a variety of fundamental investment strategies and offers them to prospective investors
through a combination of Funds and Separate Accounts. These investment strategies are managed
pursuant to the investment objective and restrictions set forth in the relevant Fund’s offering
document or the investment management agreement in the instance of a Separate Account.
In general, TT’s investment style could be characterised as “active fundamental”. We believe that
stock selection is the single most important driver of performance, although, we also believe that
value could be obtained through country and sector factors, as well as currency management.
We select investments through a three stage process consisting of: 1) valuation of the company (to
determine whether or not a pricing anomaly exists), 2) verification (confirming why such anomaly
exists) and 3) catalyst (establishing what will release that value and when).

Risk of Loss
Investing in securities involves risk of loss that could be unpredictable, unforeseen and sudden. Clients
should be aware of and prepared to bear such risks. Prospective investors must review the prospectus
of the relevant Fund and/or the investment management agreement where extensive disclosure on
risk of loss may be made. A copy of the relevant prospectus can be obtained upon request. In addition,
Clients are encouraged to contact TT to discuss any such risks.
TT may invest in securities and other financial instruments for Clients using strategies and techniques
that have significant risk characteristics. These risks may include, among other things, the volatility of
individual securities, lack of liquidity in individual securities or potential losses from counterparty
defaults. We may utilise derivatives including options, forward and futures contracts, if permitted by
the investment management agreement, investment guidelines and/or other Fund documents. These

investments carry varying degrees of risk of loss of capital, and as such, in some instances, investors
may not get back the principal amounts originally invested.
Prospective Clients should give careful consideration to the following risk factors in evaluating the
merits and suitability of TT’s investment strategies. In addition, such risk factors should be considered
as they may relate specifically to holding interests in the Funds, in general, and as the context requires.
The following does not purport to be a comprehensive summary of all of the risks associated with the
investment strategies of TT. Rather, the following are only certain risks to which prospects, investors
in Funds and Clients are subject. Clients and investors should consult their own legal, tax and financial
advisors with regard to these risks.
Use of derivatives
Derivatives may involve leverage such as during options and futures trading. This means that a
relatively insignificant premium paid may lead to a large loss or gain. It also means that a relatively
small movement can lead to a proportionately much larger movement in the value of an investment.
Derivatives may include contingent liabilities, which require the making of a series of payments, also
known as margin, against the purchase. Contingent liabilities may carry obligations to make further
payments in certain circumstances over and above any amount paid when the contract was entered
into.
TT uses derivatives for a number of reasons, the principal aim is to hedge away market risk in the
currency and equities markets; and, as an alternative, more efficient means of obtaining exposure to
a market or to a specific security.
Liquidity risk and illiquid investments
Liquidity risk is the financial risk arising when, due to market conditions, an investment may only be
bought or sold at a significantly unfavourable price. TT typically invests in exchange traded liquid
investments, but may from time to time invest in less liquid securities. In such instances, a significant
risk exists with regards to those particular investments.
Currency risks
Also known as exchange rate risk, currency risk is the probability that the value of an investment that
is denominated in the currency of another country will rise or fall as the result of changes in the
exchange rate. This can have a positive or negative effect on the value of the investment. We attempt
to manage this risk through currency hedging, conducted by our Treasury team. However, a
prerequisite of engaging in such trading is that the Client must establish a currency hedging policy with
TT.
Investing in Emerging markets
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