Cambridge Associates LLC

ITEM 5 - FEES AND COMPENSATION
The Firm does not receive compensation from investment managers in connection with the purchase or
sale of their securities. The fees we charge clients and the services we offer are described below and are
based on our current fee schedules but are negotiable. Certain legacy clients pay different fees. Our fees
vary based on the scale and complexity of the mandate.

CAMBRIDGE ASSOCIATES, LLC

CONTRACT TYPE       DESCRIPTION OF SERVICES                          FEE RANGES

Portfolio              We direct and monitor the investment            The fee depends on the type of client, the asset
Management and          portfolio.                                       classes under advisement, the complexity of the
Advisory Services                                                        portfolio and other factors.
                       This may be provided on a non-
                        discretionary or discretionary basis.           Fees may be higher or lower depending on asset
                                                                         level breakpoints, and fees or a portion of fees may
                                                                         be contingent on meeting performance hurdles.
                                                                        Fees range from 2 to 60 basis points on the net
                                                                         asset value of the investment assets (or on
                                                                         commitments to private investments) and are
                                                                         generally subject to a minimum annual fee.
                                                                        Fees for co-investment advisory services are
                                                                         negotiable depending on the size and complexity
                                                                         of a client’s co-investment program and overall
                                                                         relationship with CA.
                                                                        Fees for discretionary mandates specifically
                                                                         focused on secondaries and/or co-investments may
                                                                         include carried interest and a management fee.

Staff Extension        Depending on a client’s specific needs, we      The fee depends on the client’s in-house resources
Services                build a custom relationship, typically           and the specific set of services desired by the
                        acting as a sounding board, leveraging our       client.
                        research platform and supplementing the         Typically, these are fixed fee arrangements, subject
                        client’s internal capabilities.                  to a minimum annual fee.
                       Often our work focuses on alternative
                        assets.

We generally customize our services based on each individual client’s needs, therefore, our fees are
dependent on a client’s total asset size, governance structure and service requirements, portfolio
complexity and asset mix, whether the relationship is discretionary, client domicile, longevity of a
relationship with us, type of institution (e.g., a nonprofit organization, a corporation, a public pension
plan, a private client, etc.).

PAYMENT SCHEDULES
Depending on the agreement, we invoice clients quarterly, semi-annually, up-front or according to an
agreed upon schedule depending on the scope of services provided and whether fees are asset value-
based or fixed. Where our fees or a portion of fees are contingent on meeting performance hurdles, we
invoice in the quarter after the performance period ends. We will not, however, enter into any
agreements with clients that allow for prepayment of fees six months or more in advance of providing
services.
If applicable, out-of-pocket reimbursable expenses such as our expenses (at cost) for travel, printing,
postage and delivery of documents are billed monthly.
Unless otherwise agreed upon, we only value securities for our commingled investment funds, SIFs and
SMFs that are subject to a financial audit. For all other relationships, we are not responsible for valuing
client securities. For purposes of calculating fees payable to the Firm for relationships for which fees are
based upon a rate applied to asset values in the portfolio, the Firm relies on values reported by third
parties including managers, custodians, brokers, and in limited instances, clients, which include market
value, net asset value or value of committed capital (as applicable) of underlying investments. When
values are preliminary or reporting is delayed, the Firm may exclude such values from a current invoice

CAMBRIDGE ASSOCIATES, LLC

and adjust a subsequent invoice to reflect a final reported value of an underlying investment fund. Some
clients have made arrangements with the Firm to use different asset value sources than described above.
For audited commingled investment vehicles, SIFs and SMFs, we are responsible for valuing securities
held within the vehicles and have a valuation policy and procedures in place to review and price the
value of those investments. As such, the value of investments reported by the Firm and used for billing
purposes can differ for clients holding assets through commingled investment vehicles, SIFs or SMFs as
opposed to holding such investments directly.
With respect to the SIFs, our general practice is to deduct our management fee from the assets of each
fund quarterly in advance, however, specific billing practices differ depending on specific client
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ITEM 7 - TYPES OF CLIENTS
Nearly all of our clients are Accredited Investors and Qualified Purchasers 2. Our clients include colleges
and universities, foundations and other non-profit institutions, including, but not limited to, museums
and libraries, independent schools, religious institutions, professional and research institutions, service
organizations and performing arts institutions. We also act as an investment adviser to private clients,
family offices, corporations, healthcare institutions, insurance groups, pension plans and ERISA pools
and public and government-related groups.