## Management fees

** QUERCUS Short Duration**

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of the following:

a) a fixed amount no higher than 0.8% on an annual basis computed based on the Subfund’s Net Asset Value on a given day,

b) a variable amount no higher than 20% of the increase in the Subfund’s Net Asset Value per participation unit above the reference rate equal to the WIBID 6M + 25bps annual value.

2. The maximum Distribution Fee amounts to:

1.5% of the payment made by the participant.

** **** QUERCUS Capital Protection**

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of the following:

a) a fixed amount no higher than 1% on an annual basis computed based on the Subfund’s Net Asset Value on a given day,

b) a variable amount no higher than 20% of the increase in the Subfund’s Net Asset Value per participation unit above the reference rate equal to the WIBID 6M + 40bps annual value.

2. The maximum Distribution Fee amounts to:

1.5% of the payment made by the participant.

**QUERCUS Treasury Bonds**

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of the following:

a) a fixed amount no higher than 1.0% on an annual basis computed based on the Subfund’s Net Asset Value on a given day,

b) a variable amount no higher than 20% of the increase in the Subfund’s Net Asset Value per a participation unit above the reference rate equal to the change in the Treasury Bond Spot Poland index value.

2. The maximum Distribution Fee amounts to:

1.5% of the payment made by the participant.

**QUERCUS Stable**

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of the following:

a) a fixed amount no higher than 2.0% on an annual basis computed based on the Subfund’s Net Asset Value on a given day,

b) a variable amount no higher than 20% of the increase in the Subfund’s Net Asset Value per participation unit above the reference rate equal to the the highest valuation of a participation unit (HWM-alltime).

2. The maximum Distribution Fee amounts to:

2.5% of the payment made by the participant.

QUERCUS Global Balanced

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of the following:

a) a fixed amount no higher than 2.0% on an annual basis computed based on the Subfund’s Net Asset Value on a given day,

b) a variable amount no higher than 20% of the increase in the Subfund’s Net Asset Value per participation unit above the reference rate equal to the the highest valuation of a participation unit (HWM-alltime).

2. The maximum Distribution Fee amounts to:

2.8% of the payment made by the participant. **QUERCUS Aggresive**

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of the following:

a) a fixed amount no higher than 2.0% on an annual basis computed based on the Subfund’s Net Asset Value on a given day,

b) a variable amount no higher than 20% of the increase in the Subfund’s Net Asset Value per a participation unit above the reference rate equal to the change in the WIG index value.

2. The maximum Distribution Fee amounts to:

3.3% of the payment made by the participant.

**QUERCUS Global Growth**

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of the following:

a) a fixed amount no higher than 2.0% on an annual basis computed based on the Subfund’s Net Asset Value on a given day,

b) a variable amount no higher than 20% of the increase in the Subfund’s Net Asset Value per a participation unit above the reference rate equal to the change in MSCI ACWI Net Total Return USD Index value.

2. The maximum Distribution Fee amounts to:

3.3% of the payment made by the participant.

**QUERCUS lev**

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of fixed amount no higher than 2.0% on an annual basis computed based on the Subfund’s Net Asset Value on a given day.

2. The maximum Distribution Fee amounts to:

3.8% of the payment made by the participant.

**QUERCUS Gold**

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of fixed amount no higher than 2.0% on an annual basis computed based on the Subfund’s Net Asset Value on a given day.

2. The maximum Distribution Fee amounts to:

3.8% of the payment made by the participant.

** QUERCUS Silver**1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of fixed amount no higher than 2.0% on an annual basis computed based on the Subfund’s Net Asset Value on a given day.

2. The maximum Distribution Fee amounts to:

3.8% of the payment made by the participant.

**QUERCUS short**

1. The remuneration paid to Quercus TFI S.A. for managing the Subfund consists of the fixed amount no higher than 2.0% on an annual basis computed based on the Subfund’s Net Asset Value on a given day.

2. The maximum Distribution Fee amounts to:

3.8% of the payment made by the participant.

**QUERCUS Multistrategy FIZ**

1. The remuneration paid to Quercus TFI S.A. for managing the Fund consists of the following:

a) a fixed amount no higher than 3% on an annual basis computed based on the Fund’s Net Asset Value on a given day,

b) a variable amount no higher than 10% of the increase in the Fund’s Net Asset Value per a certificate above the reference rate equal to the constant annual value of 0% of the Fund’s Net Asset Value per certificate on a given day.

2. The maximum Distribution Fee amounts to:

4% of the payment made by the participant