Capital Dynamics AG

Item 5

Fees & other compensation
Fees are charged in various ways, depending upon the engagement. Currently, CDAG charges
fees that are (i) a percentage of total commitments, unfunded commitments, Net Asset Value
(NAV) or a combination thereof, in the client portfolio, (ii) a percentage of the positive return in a
client portfolio based on commitment over an agreed upon period of time and pursuant to
agreed upon terms and conditions (including but not limited to a high water mark or hurdle), (iii)
pursuant to a formula that may include a combination of flat fees and billed time, or (iv) any
combination of these (see the representative chart below). Fees may be negotiated, however,
CDAG may have substantial control over fees charged if the advisory client is a private equity
fund or fund-of-funds sponsored by CDAG or an affiliate.

Where permissible, CDAG also reserves the right to charge clients for certain expenses incurred
on behalf of clients which are not contemplated in the relevant investment management or advi-
sory agreements. From time to time, CDAG may enter into arrangements involving transaction-
based fees or compensation (such as sales commissions).
Form ADV Part 2A Brochure | Capital Dynamics AG | December 31, 2014                   4

Advisory clients may also be charged fees for brokerage services, custodian fees and other rou-
tine transaction costs. Please refer to Item 12 for a discussion of CDAG's brokerage practices.

CDAG does not deduct fees from clients' assets, but rather, fees are generally calculated and
billed to the client via its custodian bank or general partner on a quarterly or annual basis. Cli-
ents will pay other fees connected with investment management services, such as custodian
fees or auditor fees (if applicable), directly to the relevant service provider, not to CDAG. How-
ever, CDAG may pay such fees and then seek reimbursement from a client. In the private equity
context, governing documents will indicate the various types of fees to be paid, and those doc-
uments should be consulted (especially the offering document).

Certain types of fees may be prepaid by advisory clients, and, upon the termination of an advi-
sory contract, a client may seek reimbursement of any prepaid fee by following the procedures
set forth in their respective advisory agreements.

               Type of fee                                        General range
               Asset-Based                                        1% to 3%
               Contingent Performance/Carried Interest            5% to 20% of gain
               Sub-Advisory                                       As negotiated
               Fixed/Hourly                                       Varies, depending on nature of engagement
               Transaction-Based                                  Varies, depending on the nature of engagement
               Flat and Billed Time                               As negotiated
               Mixed Fee Arrangement                              As negotiated
               Level of Commitment Fees                           As negotiated

Types of clients
As stated above, CDAG provides investment advice and/or investment management services to
private investment funds (such as private equity funds or funds-of-funds) and large institutional
investors. None of its current clients is, at present, an individual.

To open an account, a prospective client must enter into an advisory relationship with CDAG or
purchase interests in a private investment fund advised and/or managed by CDAG. There is no
set-pre-established minimum account size.