Investor Fee Schedule

Fee Structure Overview

Emit Capital Asset Management (Emit Capital) manages five thematic global equity Separately Managed Accounts (SMAs) for wholesale investors, accessed via the Interactive Brokers (IBKR) adviser platform. The following fees apply to all Emit Capital portfolios unless otherwise agreed in writing.

* GST = Australian Goods and Services Tax (10%). All fees quoted exclusive of GST unless stated otherwise.

Management Fee

The management fee is calculated on the closing net asset value of the investor's portfolio at each month-end, prorated for the number of calendar days in the month. The fee is deducted directly from the investor's IBKR account by Emit Capital in its capacity as Adviser of Record.

• Fees are charged monthly in arrears.
• The deduction date is within 10 business days of each month-end.
• Investors will receive a fee statement concurrent with each monthly portfolio report.

Emit Capital may, at its discretion, negotiate a reduced management fee for portfolios above certain asset thresholds. Any such variation will be agreed in writing prior to implementation and will supersede the standard rate. Fee variations are available upon request and subject to a minimum investment threshold.

Performance Fee

The applicable performance benchmark and reporting structure are determined by how the investor has chosen to invest across Emit Capital's portfolios. Two arrangements apply:

Where an investor allocates capital across all four Core Portfolios in accordance with Emit Capital's dynamic model allocation, the investment is reported and managed as the Global Opportunities Portfolio. The applicable benchmark is the iShares MSCI ACWI ETF (Total Return, USD), reflecting the blended global equity exposure achieved through the combined four-portfolio allocation.

Investors who invest directly in the Global Opportunities Portfolio (standalone) are subject to the same benchmark and reporting structure.

Where an investor allocates capital to one or more Core Portfolios using their own desired weighting, each portfolio is reported and assessed individually against its specific benchmark.

Each portfolio is assessed independently. HWM is tracked per portfolio. Benchmark returns are converted to AUD at prevailing exchange rates where the investor's account is denominated in AUD.

The Performance Fee is calculated and accrued monthly within each Performance Period. At the end of each Performance Period, the Performance Fee is payable only if both of the following conditions are met:

The monthly accrual within each Performance Period is calculated as follows:

• Portfolio Return and Benchmark Return are the actual returns for that calendar month.
• Closing NAV is the portfolio's net asset value at the end of the relevant month.
• If the portfolio underperforms the benchmark in a given month, the accrual for that month is negative and reduces the running quarterly total.
• The running quarterly total is floored at zero — a negative quarter does not create a credit to the investor.

The High Water Mark is the portfolio's Net Asset Value at the date the investor commences investment, or if higher, the closing Net Asset Value at the end of the most recent Performance Period in which a Performance Fee was paid.

• The HWM is never reduced, including in periods of underperformance.
• The HWM is reset upward at each quarter-end at which a net Performance Fee is charged to the investor's account. Monthly accruals do not constitute a reset — the HWM remains unchanged until an actual quarterly charge is made.
• If no Performance Fee is payable at the end of a Performance Period — because the portfolio underperformed its benchmark or the closing NAV did not exceed the HWM — the HWM remains unchanged and the shortfall must be recovered in a subsequent Performance Period before any Performance Fee applies.
• On full redemption, any accrued but unpaid Performance Fee is crystallised as at the redemption date and submitted to IBKR at that time. The redemption date is treated as a quarter-end for crystallisation purposes.

The Performance Fee is calculated externally by Emit Capital and submitted to IBKR via the Performance Fee Manual Invoicing function in the IBKR Adviser Portal (Fee Administration > Configure Client Fees). This allows Emit Capital to apply its own benchmark and HWM calculations independently for each client.

• Submitted within 10 business days of each quarter-end (31 March, 30 June, 30 September, 31 December).
• A detailed fee calculation statement — showing each monthly accrual, benchmark comparison, and HWM position — is provided to the investor at the same time as the IBKR debit.
• Investors have 10 business days from receipt of the fee statement to raise any queries prior to the fee being submitted to IBKR.

Assume an opening portfolio NAV of $500,000 in the Global Opportunities strategy at the start of the quarter. HWM = $500,000. Closing NAV compounds each month as returns are applied.

Opening NAV $500,000 → Month 1 close $515,000 → Month 2 close $520,150 → Month 3 close $540,956. HWM confirmed exceeded each month-end. HWM resets to $540,956 at quarter-end as a fee was charged. Example is illustrative only — past performance is not indicative of future returns.

Brokerage & Transaction Costs

Emit Capital does not apply any markup to brokerage costs. All transaction costs are passed through to the investor at Interactive Brokers' published rates. IBKR's brokerage schedule is tiered based on monthly traded volume.

The following rates reflect IBKR's standard tiered commission schedule for shares and ETFs (Fixed Tiered Pricing plan). These rates are set by IBKR and subject to change; Emit Capital passes these through at cost with no additional margin.

Source: IBKR published commission schedule (US Stocks & ETFs). International market rates vary — refer to interactivebrokers.com for non-US markets.

• Exchange fees and regulatory fees (e.g. SEC Transaction Fee, FINRA Trading Activity Fee)
• Market data surcharges where applicable
• FX conversion costs where trades are executed in a currency other than the investor's base currency — charged at IBKR's prevailing spot rate with no Emit Capital markup

How Fees Are Charged on IBKR

Emit Capital utilises the Interactive Brokers Adviser Fee functionality to debit management and performance fees directly from the investor's IBKR account. The investor authorises this arrangement as part of the onboarding process by executing a Fee and Adviser Agreement.

• Charged monthly in arrears via IBKR's automated adviser fee system.
• The fee is calculated by Emit Capital and submitted to IBKR for processing within 10 business days of each month-end.
• Deducted in the investor's base currency (typically AUD or USD).
• Investors will receive a fee deduction notification via IBKR and a fee statement from Emit Capital.

• Calculated monthly by Emit Capital using actual portfolio returns versus actual benchmark returns for that month, applied to closing NAV × 15%, subject to the monthly HWM check (see Section 3.4).
• Monthly accruals are netted across the quarter — underperformance months reduce positive accruals; the quarterly total is floored at zero.
• At each quarter-end, Emit Capital submits the net accrued dollar amount to IBKR via the Performance Fee Manual Invoicing function (Fee Administration > Configure Client Fees), allowing Emit Capital to apply its own benchmark and HWM calculations independently for each client.
• IBKR debits the amount directly from the investor's cash balance. The charge appears as a line item on the investor's IBKR account statement.
• Emit Capital simultaneously provides the investor with a detailed fee calculation statement — outside of IBKR — showing each monthly accrual, outperformance calculation, benchmark comparison, and HWM position.
• Investors have 10 business days from receipt of the fee statement to raise any queries. The IBKR fee submission is made following this review window.
• On full redemption, any accrued but unpaid performance fee is crystallised and submitted to IBKR at the time of exit.

• Transaction costs are charged by IBKR directly at the time of trade execution.
• Appear on the investor's IBKR trade confirmation and monthly statement.
• No separate invoice is issued by Emit Capital for brokerage.

GST Treatment

Emit Capital is registered for GST in Australia. GST applies to management fees and performance fees charged to Australian resident investors at the standard rate of 10%. Where an investor is entitled to a Reduced Input Tax Credit (RITC), Emit Capital will apply the relevant RITC treatment in its fee calculations and invoicing.

Brokerage, exchange fees, and other third-party transaction costs charged by Interactive Brokers are not subject to Australian GST and are passed through at cost without GST adjustment.

Important Notes & Disclosures