Centricus Investment Advisors US LLC

Item 5 – Fees and Compensation

A.          Fee Schedule
The fees and compensation payable to Centricus are negotiable and vary among its Clients.
However, the range of compensation is generally as follows:
            1.       Management Fee
With respect to the Funds, Centricus typically receives an asset-based management fee calculated as a
percentage of each Investor’s capital account. Depending on a Fund’s structure, the management fees
are payable either:
       i.        annually in advance, in which case the management fee is generally between 1% and 2%;
                 or
      ii.        in full as a one-off payment at the time of the Investor’s initial investment into the Fund. In
                 such cases, the management fee is generally between 2% and 5%.
            2.       Performance-based Fees
From certain Funds, Centricus or an affiliate generally receives an incentive allocation equal to a
percentage of the cumulative distributions allocated to each Investor, but only to the extent that such
cumulative distributions exceed the aggregate capital contributions of such Investor plus a preferred
return. This incentive allocation is generally between 5% and 20%, and is typically calculated at the
end of each fiscal year and distributed on the termination of a Fund (albeit in circumstances specified
in the Governing Documents, and depending on whether a Fund has sufficient cash as determined by a
General Partner in good faith, a partial distribution of such incentive allocation may be made prior to
then).
The incentive allocation will only be charged to accounts of those Investors who are “qualified clients”
as defined in Rule 205-3 of the Investment Advisers Act of 1940, as amended (“Advisers Act”). All
Investors are anticipated to be “qualified clients”.
            3.       Fee Comparison
Client expenses, including the management fee and any performance-based fees, may constitute a
higher percentage of average net assets than could be found in other investment programs.
B.      Payment of Fees
Management fees, performance-based fees, and third-party fees (discussed below) are deducted from
Client assets. Management fees, which are paid in advance, are generally withdrawn at the beginning
of each year. Performance-based fees are determined based on all cash movements within a Fund.
They are calculated and reported to Investors in accordance with a Fund’s Investor reporting
schedule pursuant to the Governing Documents and as of any date on which an Investor makes a

                                                                                Part 2A of ADV:
                                                          Centricus Investment Advisors (US) LLC Brochure

withdrawal or receives a distribution from such Investor’s capital account(s). They are payable in
accordance with Item 5.A.2.
C.     Third-Party Fees
Clients shall pay such costs and expenses as Centricus shall reasonably determine to be necessary,
appropriate, advisable or convenient to carry on its business and realize its objectives, including but
not limited to: (i) management fees; (ii) all general investment expenses (i.e., expenses which
Centricus reasonably determines to be directly related to the investment of the Client’s assets); (iii)
all administrative, legal, accounting, auditing, record-keeping, tax form preparation, compliance and
consulting costs and expenses; (iv) fees, costs and expenses of third-party service providers that
provide such services; and (v) any extraordinary expenses, among other expenses.
Centricus’ fees are generally exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the Clients. Such charges, fees and commissions
incurred directly by Clients are exclusive of and in addition to Centricus’ management fee, and
Centricus shall not retain any portion of such commissions, fees, and costs.
Please see Item 12 of this Brochure regarding brokerage.
D.     Prepayment of Fees
Centricus will pro rate the management fee for Fund Interests held for less than a full year.
E.     Outside Compensation for the Sale of Securities
Neither Centricus nor its supervised persons accepts compensation for the sale of securities or other
investment products outside of activities undertaken by Centricus.
The foregoing discussion in Item 5 represents Centricus’ basic compensation arrangements.
The management fees and incentive allocations described above are structured to comply with
Rule 205-3 under the Advisers Act and applicable state laws. Fees and other compensation are
negotiable in certain circumstances and arrangements with any particular Investor may vary.
Although Centricus believes its fees are competitive, lower fees for comparable services may
be available from other investment advisers.

Item 7 – Types of Clients

Centricus provides investment advice and management to the Funds. Centricus may in the future
provide the same or similar services to other privately placed investment funds.
Centricus intends to restrict the number of Investors in the Funds and will offer Interests only
through non-public transactions in order to maintain each Fund’s exclusion from “investment
company” status under the U.S. Investment Company Act of 1940, as amended (the “Investment
Company Act”).
Prospective Investors in the Funds must meet eligibility criteria, and are subject to certain withdrawal
requirements and limitations. Prospective Investors are encouraged to thoroughly review a Fund’s
Governing Documents, which set forth all of the terms in detail. Though the Clients generally pursue
the same strategy, offering terms may differ.
In particular, each Investor generally must be an “accredited investor” (as defined in Regulation D
under the Securities Act of 1933), a “qualified purchaser” (as defined in Section 2(a)(51) of the
Investment Company Act), or otherwise meet the criteria of the jurisdiction in which a Fund is
established for categorization as a suitably experienced and sophisticated investor, and must meet all
other criteria specified in the Governing Documents. The minimum initial investment of an Investor
in a Fund is $10,000,000, subject to waiver at the discretion of Centricus.
Centricus does not offer products or services to retail investors.