Evelyn Partners Asset Management Limited

5.      Fees and compensation
Our charges are levied based on the value of the assets that our clients entrust us to manage. We charge our
clients on a tiered basis which means that our percentage investment management fee will decrease as your
assets increase.

There are three principal sources of cost to clients resulting from investment management:

     1. Our fee for managing the portfolio

     2. The underlying investment management fees of any funds that we choose to hold

     3. Custodian charges from Pershing Advisor Solutions LLC (“Pershing”).

The above 1-3 are further outlined below.

             a. Evelyn Partners Management Fee
The annual fee for our investment management services would be a tiered fee as below:

     Charging Structure                                                       Investment Management
                                             Portfolio Size                     Fee (% of assets) (Per
                                                                                      Annum)
               First                           $325,000                                   1.05%

              Next                             $325,000                                   0.90%

              Next                            $2,600,000                                  0.70%

              Above                           $3,250,000                                   0.40%

A minimum Investment Management fee of $1,125 plus VAT (where applicable) per quarter will apply.

Fees will be calculated for an initial period and then debited at calendar quarter ends in arrears.

Fees are calculated each calendar quarter, based upon quarter end values. Where this calculation results in
a fee amount below the minimum, the minimum will be charged instead.

The fee is debited from cash held within the portfolio and paid to Evelyn Partners.

Market movements along with contributions and withdrawals will affect the value of your assets, therefore,
fees charged will move up and down. We do not charge any fees for transactions, however there are
transaction fees levied by our custodian Pershing (see “Custodian Charges” below).

EPAM also uses other custodians. Further details, including fees, are available on request.

Regarding Global IDF, the fee is 1.25% of [assets under management], deducted after expenses, accrued
monthly and paid quarterly in arrears.

             b. Underlying Fund Costs
When investing in Collective Investment Schemes (Funds), there are ongoing costs associated with running
such Funds. These include the relevant fund manager's annual management charge and other operating
expenses. These charges are known as the Ongoing Charges Figure or OCF. A Fund’s transaction costs are
not included in the OCF and are charged to the Fund.

The OCF will vary between funds but will normally be around 0.35% for equity funds and 0.35% for tracker
funds.
Custodian Charges
The main costs from Pershing are shown below:

   •     US Stocks                  $10 flat ticket charge up to 3,000 shares. Each additional share over 3,000
         will be charged

                                    at $0.01 per share.

   •     US Mutual Funds            $25 per transaction

   •     Non-US Stocks              25 basis points subject to a $25 minimum charge plus a foreign settlement
         fee*

   •     Cash transfers             $20 for transferring money out of your account

   •     Legal stock transfers      $40 per transfer

   •     Account termination        $100 per account

*Please note that for non-US stocks, we will aim to buy cost-effective, US-listed versions of these companies
where possible, such as American Depositary Receipts (“ADRs”). These are securities that trade in U.S. financial
markets that represent the securities of non-U.S. companies. The costs would therefore be associated with
US stocks as opposed to the higher costs incurred by buying the non-U.S. stocks directly in foreign markets.

             c. Fund Expenses
For the Global IDF, each portfolio shall bear its own operating costs and expenses, including, but not limited
to, administrative, legal and audit fees directly related to the operations of the portfolio, expenses related to
the investment of an asset, such as brokerage commissions, custodial charges, and clearing fees, fees paid to
other service providers, and all other expenses associated with the operation of the relevant portfolio.

Operating expenses, as with other expenses, shall be allocated to and charged against the capital accounts
of limited partners investing in such portfolio in proportion to their capital account balances in the portfolio.

7.       Types of clients
Evelyn Partners can generally provide investment management services to individuals and families,
companies, charities, trusts, private funds and financial intermediaries on a discretionary basis. The initial
commitment for IDF is $100,000, and for other clients our minimum account size is £350,000 or USD
equivalent.