Bridgewater Associates LP

Item 5: Fees and Compensation.

Bridgewater offers fee arrangements which vary by strategy and involve management fees (“Management Fees”, generally a
percentage of assets), performance fees/allocations (“Profit Participation”, generally a percentage of profits) or some
combination of the two. Fees are negotiable, and individual arrangements are based on the specific investment strategy as well
as Client and/or fund investor specific factors, including, but not limited to, assets under management, the risk/return
parameters of the investment, the structure of the investment, and the structure of the Management Fees and Profit
Participation, negotiated by each specific fund investor. Management Fees are asset-based fees as described in each Client’s
offering memorandum, investment management agreement, or other governing document, as applicable. For certain Clients,
Bridgewater is entitled to receive a Profit Participation, that is typically based on a percentage of profits for each calendar
quarter or year, as applicable. Profit Participations can be subject to adjustments for any previous unrecovered net losses (or
underperformance relative to an applicable benchmark). Note that Bridgewater has waived, reduced, and/or otherwise
modified Management Fees and/or Profit Participations for certain Clients (or fund investors therein, as applicable) and can do
so in the future. Similarly, Bridgewater has substituted Management Fees in whole or in part with Profit Participations (or vice
versa) as agreed to with Clients (or fund investors therein, as applicable) and can do so in the future. Bridgewater charges fees
to certain non-discretionary clients based on a percentage of the market value of assets under management and that are
negotiated with the client.

In addition to external investors, investments in Bridgewater funds can be made by Bridgewater and by certain employees and
officers of Bridgewater (including members of the portfolio management team and other senior employees, or entities formed
for investment purposes by such employees and officers for their own benefit). Such officers and employees may not be charged
Management Fees or a Profit Participation but will be subject to the same rights and obligations, including redemption rights,
expenses and transaction costs, as those of the other investors.

Bridgewater manages investments through separate Client accounts and/or commingled fund vehicles. In both cases, in addition
to the fees stated above, there are additional fees and expenses borne by Clients, such as auditor fees, custodian fees, back and
middle office fees, regulatory and legal expenses (including class action and collective claim recovery and administration fees),
transaction expenses (including brokerage fees), and government filing fees. Clients may be charged additional fees by their
service providers, such as a fee from a bank to wire money. Bridgewater funds also bear, either directly or indirectly, the cost of
certain organizational, administrative, offering and other expenses as set forth below.

In addition to the fees and expenses referred to above, each fund will bear all of its ongoing offering expenses (including, in some
cases, initial organizational expenses, which may be amortized over a period of 36 months). Each fund will also bear either
directly or indirectly all of its ongoing operating and other expenses. The expenses incurred by each fund are expected to include:
investment expenses, including expenses which Bridgewater determines to be related to the investment of the assets of a fund
such as: fees, expenses, charges and other costs relating to short sales; clearing and settlement fees, expenses, charges and other
costs; custodial fees, expenses, charges and other costs (including initial costs associated with the establishment of custodial,
settlement agency or other service provider relationships); fees, expenses, charges and other costs relating to trade
confirmation; fees, expenses, charges and other costs relating to trade settlement (including overdraft charges or fees incurred
in the normal course of trading and other brokerage fees and futures commission merchant fees, commissions and expenses);
fees, expenses, charges and other costs of margin and collateral management and reconciliation of trades and holdings; fees,
expenses, charges and other costs incurred in connection with entering into trading documentation, including costs associated
with any periodic amendments to such trading documentation; fees, expenses, charges and other costs of terminals; fees,
expenses, charges and other costs relating to reorganizations, restructurings and workouts involving a fund’s investments,
including any portion thereof allocated to a fund by the relevant issuer or its service providers; bank service fees, expenses,
charges and other costs, including cost of account maintenance, wiring fees and other associated costs; fees, expenses, charges
and other costs associated with borrowing or obtaining leverage, including interest expenses, upfront facility fees, ongoing
maintenance fees and similar costs; extraordinary expenses; and fees, expenses, charges and other costs incurred in connection
with identifying and investigating investments that are ultimately not consummated and investment strategies that are

Part 2A of Form ADV: Uniform Application for Investment Adviser Registration                                Page 6

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ultimately not included as part of a fund's investment program; research expenses, including expenses and costs of research
resources utilized by Bridgewater generally in connection with the management of various Clients (certain of which research
resources may or may not be used directly in connection with the investments of the strategies); fees and expenses associated
...

Item 7: Types of Clients.

Bridgewater provides investment management services principally to institutional clients, including, but not limited to,
corporate and public pension funds, foreign governments and central banks, university endowments, charitable foundations,
family offices, fund of funds and similar third-party entities, registered investment companies, and union/Taft Hartley plans,
through both managed accounts and commingled fund vehicles.

To invest with Bridgewater, prospective investors should familiarize themselves with the legal requirements and tax
consequences specific to each fund investment or separately managed account. For fund investments, any purchase made on
the basis of information inconsistent with or not contained in the offering memorandum(s) provided to the prospective investor
will be at the sole risk of the investor. Prospective fund investors are required to complete a subscription agreement, which will
require disclosure of certain private information required to substantiate the investor’s identity and investment qualifications.
Bridgewater investors must be sophisticated investors who (i) can afford the risks associated with futures, commodities,
currencies, options, forwards and other derivatives trading, and (ii) have sufficient knowledge and experience in financial and
business matters to evaluate the risk of an investment in a fund or account managed by Bridgewater and determine its
suitability.

Generally, the minimum initial investment in a fund managed by Bridgewater is in accordance with the minimum fee
requirement for that strategy, and the minimum initial investment outlined in each fund’s offering memorandum. However, the
directors, general partner, manager or member manager, as applicable, of a fund, may, and sometimes do, accept initial
subscription amounts below such minimum. The directors, general partner, manager and member manager of the funds, as
applicable, are generally free to accept or reject subscriptions for any or no reason without obligation to disclose the underlying
reason(s).

Part 2A of Form ADV: Uniform Application for Investment Adviser Registration                              Page 10

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