Centricus Asset Management Limited

Fees and Compensation
CAML is not currently receiving any client compensation through its advisory activities or asset management
services due to having nil regulatory assets under management. CAML does receive compensation on an intra-
group basis for performing certain activities (on a sub-contracted basis) to other Centricus Group members.
Historically, when performing certain fund management activities, CAML has typically been remunerated
through a combination of a management fee and performance fee. These fees have typically varied according
to different share classes and the agreed hurdle rate of the relevant investment fund/s actively managed by
CAML.
The following fee and compensation details are indicative only and in relation to CAML actively managing
one or more funds or sub-funds at some point in the future.
In the case of CAML managing one or more funds and sub-funds in the future, it would typically pay the relevant
fund expenses which are payable by the fund, out of the assets. Those expenses typically include, but are not
limited to:
    a) Fees payable to, and reasonable disbursements and out-of-pocket expenses incurred by the fund, the
       AIFM, the Custodian, the Administrative Agent, the paying agent, the registrar and transfer agent, as
       applicable;
    b) all taxes which may be due on the assets and the income of the sub-fund (in particular, any transaction
       taxes and any stamp duties payable);
    c) usual banking fees due on transactions involving securities held in the sub-fund;
    d) legal expenses incurred by the Administrative Agent, and the Custodian while acting in the interests of
       the Shareholders;
    e) the cost of any liability insurance or fidelity bonds covering any costs, expenses or losses arising out of
       any liability of, or claim for damage, or other relief asserted against the fund and/or the Directors, the
       AIFM, the Custodian, the Administrative Agent, or other agents of the fund for violation of any law or

       failure to comply with their respective obligations under the Articles of Association or otherwise with
       respect to the fund;
    f) the costs and expenses of the preparation and printing of written confirmations of Shares;
    g) the costs and expenses of preparing and/or filing and printing of all other documents concerning the
       fund, including registration statements and Offering Document and explanatory memoranda with all
       authorities (including local securities dealers' associations) having jurisdiction over the fund or the
       offering of Shares of the fund;
    h) the costs and expenses of preparing, in such languages as are necessary for the benefit of the
       Shareholders, including the beneficial holders of the Shares, and distributing annual reports and such
       other reports or documents as may be required under the applicable laws or regulations of the above-
       cited authorities;
    i) the cost of accounting, bookkeeping and calculating the Net Asset Value;
    j) the cost of preparing and distributing public notices to the Shareholders;
    k) lawyers’ and auditor’s fees; and
    l) all similar administrative charges, including all advertising expenses and other expenses directly
       incurred in offering or distributing the Shares.
All recurring charges would typically be charged first against income, then against capital gains and then against
assets.
Formation and launching expenses of the fund
The costs and expenses of the formation of a fund and the initial issue of its shares would typically be borne by
the fund and amortised over a period not exceeding 5 years from the formation of the fund and in such amounts
in each year as determined by the fund on an equitable basis.
Formation and launching expenses of additional sub-funds
The costs and expenses incurred in connection with the creation of a new sub-fund would be typically written
off over a period not exceeding five (5) years against the assets of such sub-fund only and in such amounts each
year as determined by the fund on an equitable basis. The newly created sub-fund would usually not bear a pro-
rata of the costs and expenses incurred in connection with the formation of the fund and the initial issue of
Shares, which have not already been written off at the time of the creation of the new sub-fund.
Fees of General Partner
Unless otherwise provided in the appendices, the General Partner is typically entitled to a fee payable at the end
of each calendar month.
Any reasonable disbursements and out-of-pocket expenses (including without limitation telephone, telex,
cable and postage expenses) incurred by the General Partner would typically be borne by the relevant sub-fund.
Fees of the Investment Manager
Any reasonable disbursements and out-of-pocket expenses (including without limitation telephone, telex,
cable and postage expenses) incurred by the Investment Manager would typically be borne by the relevant sub-
fund.
Fees for the Investment Advisor
The Investment Advisor would typically be entitled to receive a fee taken out of the Investment Management
Fees.
Fees for the Administrative and Domiciliary Agent
The Administrative and Domiciliary Agent, in consideration for the administration and accounting services
would typically be entitled to an administration fee out of the assets of the relevant sub-fund payable at the end
of each month.

Furthermore, the Administrative Agent might typically receive customary fees for the domiciliary and corporate
services rendered to the fund. Any reasonable disbursements and out-of-pocket expenses incurred by the
Administrative Agent.
Any fees typically payable to an Administrative and Domiciliary Agent would typically be in line with market
expectations and not exceed the reasonable amount agreed between CAML and its investors.
Fees of the Custodian, paying agent, registrar and transfer agent
...

Types of Clients
CAML may provide portfolio management services to a variety of clients including:
    •   high net worth individuals

    •   corporations
    •   public pension and profit-sharing plans
    •   charitable institutions, foundations, and endowments
    •   investment companies and other commingled funds
    •   trusts
    •   governmental entities

Methods of Analysis, Investment Strategies and Risk of Loss
CAML’s approach to risk management is to actively monitor the risks arising from its operations and
investments and take adequate and proportionate measures to mitigate that risk and reduce its impact to the
company and its clients and ensure that it remains in compliance with its regulatory requirements.
CAML considers a variety of risks when assessing new investment strategies and opportunities. An appropriate
Risk Management and Mitigation Policy would be put in place in respect of a new fund(s) or strategy joining the
CAML platform.
CAML’s risk function would monitor the relevant investment process. A fund or strategy would have an
appointed Chief Operating Officer whose role would include monitoring the business and operational risks
involved . Appropriate escalation procedures would be included in such Policy to ensure that Senior
Management would be promptly made aware of any material risks, whether real or apparent.
CAML adopts a dynamic approach to monitoring its risk appetite based on the requirements of its business, but
seeks to avoid excessive undue risk. When assessing risks, CAML typically considers the strategies and assets
in respect of each fund/strategy under management and the respective investment strategy outlined in the
underlying fund documents. Risks would be considered alongside the risk profile of the relevant fund/strategy
as disclosed in the underlying agreements and offering memorandum.
Market Risk
CAML’s exposure to markets would typically be limited to foreign exchange fluctuations as a result of a
mismatch between the currency of some assets against its liabilities. These exposures have historically tended
to be minimal and would always be regularly monitored.
Credit Risk
CAML could be exposed to credit risk in relation to:
    •   the non-payment of fees, which are subject to contractual arrangements with independent
        administrators and (where applicable) trustees, which will reduce the risk of wilful default;
    •   bank deposits, which are maintained with highly-rated counterparties and appropriate arrangements
        in place to minimise loss to deposits in case of their default;
    •   Investor default following a drawdown notice
Operational Risk
CAML could be exposed to risk arising from its operations insofar as they relate to processes, systems and
external factors. CAML Senior Management would actively and regularly review and assess operational risk and
in relation to any new funds/strategies under management would typically implement a quarterly risk
committee review.
Business Risk

CAML could be exposed to the risk of loss of fees arising from sustained outflows in assets under management
resulting from market stress. CAML would typically mitigate this risk by offering a range of funds with different
investment profiles, varying exposures and correlation characteristics.
Investment Risk
In relation to any new fund/strategy under management, CAML’s risk function would typically be managed by
the relevant Chief Operating Officer in accordance with a defined Risk Policy created and reviewed by the
portfolio managers of the respective fund(s) in conjunction with CAML. Such risk policies are then made
available for review.
Where CAML is managing one or more funds and sub-funds, investment limits are monitored on a daily basis.
Historically, CAML has utilised Bloomberg’s Multi Asset Risk System and Compliance Manager tools to ensure
trading limits are not breached.
Any risks posed by investments to a funds or sub-funds would be considered by the relevant head of investment,
and on an ongoing basis, according to the respective fund’s risk appetite as defined in the underlying fund
documents.
Liquidity Risk
There could potentially be a certain degree of operating cash flow risk at investment level, which would be
monitored on a periodic and frequent basis.
Counterparty Risk
CAML would always consider any potential risks in association with counterparties to the underlying contracts
to the funds. In addition, all parties committing funds will undergo strict AML and KYC checks by the fund
administrators in advance of investment and thereafter on an ongoing basis to reduce this risk.