Wincoram Asset Management LLC

Item 5: Fees and Compensation

The fees and expenses applicable to each Client are set forth in detail in that Client’s Relevant
Documents. The fees that Wincoram charges to Fund Clients are non-negotiable. The fees
Wincoram charges to Managed Account Clients are individually negotiated. Wincoram’s current
practice is to deduct fees from Fund Clients from time to time and to bill fees to Managed
Account Clients’ assets on a monthly or quarterly basis. In the case of one Fund Client, the
advisory fees are payable in advance on a quarterly basis. Generally, such fees will not be
refunded or prorated.

Clients also incur other fees and expenses, such as custodial fees and expenses, audit fees and
expenses, transfer agency fees and expenses and fund accounting fees and expenses, as

  Certain assets are included in both “discretionary assets under management” and “non-discretionary assets under
management” or included twice in “discretionary assets under management” in cases where the relevant Client has
invested in other vehicles managed or advised by Wincoram. If assets under management had been calculated such
that assets invested in other vehicles managed or advised by Wincoram were deducted from the total assets within
such other vehicles, total assets under management as of December 31, 2025 would have been approximately $7.3
billion.

applicable. Clients may incur brokerage and other transaction costs as described under Item 12
herein.

Item 7: Types of Clients

Wincoram’s Clients are currently Funds, Longtail Holdings and investors in Managed Accounts.

Please refer to the Relevant Documents for detailed information on the requirements for investing
in a Fund or Managed Account.