GCW Global Customised Wealth LLP

Item 5. Fees and Compensation
Investment Management Fees

With respect to discretionary investment management services, GCW typically charges clients an annual
management fee based upon a percentage of assets managed in a Client Vehicle. The amount of the fee is
determined in part by the nature and complexity of investment program for that Vehicle. The fee is prorated and
charged quarterly in arrears, based upon the quarter-end NAV of the assets for the prior billing period.
Additionally, with respect to certain assets under management, the Firm may charge a performance fee or “carry”,
measured on a quarterly basis. See Item 6. Performance-Based Fees and Side-by-Side Management.
For certain engagements, the Firm may charge a separate and additional fee if performing highly customized
hedging services specifically tailored to a Private Investment Vehicle. The hedging fee structure may differ from
that described above and is fully detailed in the relevant Vehicle’s investment management agreement. The subset
of the portfolio to which a hedging fee may apply does not also incur a management fee nor a carry.
With specific regards to the Pooled Fund, a management fee and carry has been agreed as set out in the
Confidential Private Placement memorandum.
In addition to GCW’s fees, clients typically incur fees charged by the general partner or manager of underlying
investments into which GCW invests on behalf of clients, as well as the expenses noted below.
In the case of separately managed accounts (other than Private Investment Vehicles), GCW charges a
management fee on account net asset value but does not charge carry. The owner of a separately managed
account may also invest in a GCW Pooled Fund at their own discretion and the investment in the GCW Pooled
Fund would earn the fees of the Pooled Fund with respect to that particular investment, separate and distinct
from the investment services and fees of the separately managed account.
In the case of GCW’s select co-investment offerings, the Firm may charge a management fee and carry, and the
management fee may be expressed as a one-time upfront fee or a per annum fee..
To the extent that a GCW Client Vehicle participates in a co-investment vehicle alongside another party in which
GCW receives a share of the fees, the GCW Client Vehicle’s investors are rebated for their GCW Client Vehicle
fees in respect of the amount of the investment and is only charged the co-investment vehicle fees which are set
forth in the applicable governing documents of the co-investment vehicle. See Item 14 for additional information.

Fee Discretion
Fees charged to Client Vehicles are based upon a broad set of criteria (e.g., anticipated future additional assets,
complexity, related accounts, account composition, preexisting relationship, potential for the client to make
strategic contributions to the firm, account retention, and potentially other relevant factors), and are confirmed
with clients at the outset of a new assignment, and may subsequently vary by mutual agreement.
Additional Account Fees and Expenses

Each Client Vehicle bears its own operating and administrative expenses and will reimburse GCW for such external
and internal operating and administrative expenses attributable to the sourcing, selection, closing and monitoring
of investments, as well as certain administrative expenses incurred to service client accounts, including:

Broken Deal Expenses

All costs and expenses incurred in connection with the due diligence of an investment that fails to be
consummated, including, but not limited to, outside legal and tax advice costs, internal legal costs, travel,
professional fees, and research reports are allocated to the Client Vehicles that have been identified as potential
investors in the investment, in accordance with GCW’s expense allocation policy. In some instances, Client
Vehicles that have demand for a specific investment may be withdrawn from participation in the investment

should GCW determine that such Clients Vehicles are no longer viable investors in the investment. (Client
Vehicle demand for potential investments is determined by a proprietary portfolio construction framework.)
Should such withdrawal occur during the due diligence process, any expenses that are charged to the Client
Vehicle will be limited to the expenses incurred before the point at which GCW determined that the Client
Vehicle is not a viable investor.

If a GCW professional or employee chooses to invest on an individual basis alongside clients directly or through

an entity such as a special purpose vehicle, such professional or employee will bear his/her portion of all
applicable fees and expenses as if he/she were a client. However, to the extent that a Firm general partner or
other entity participates in a Client Vehicle through a co-investment participation designed to increase alignment
of interest of the Firm with the client, the co-investing firm entity does not pay fees or carry.

Outside Legal Costs and Expenses

 Outside legal costs incurred for the benefit of Clients are generally paid directly by GCW and then allocated to
 the Client Vehicles/entities responsible for such costs, according to GCW’s expense allocation policy.
 Allocations of outside legal costs may include:

  •   Outside legal costs incurred by GCW on behalf of a Client Vehicle, including costs related to its
      formation, the preparation or amendment of its constituent documents and any other similar costs, will
      be allocated to such Client Vehicle only.

  •   Outside legal costs that are incurred in connection with the general investment activities of GCW for
      the benefit of multiple Client Vehicles will only be allocated to the designated Client Vehicles that are
      expected to receive the benefit of such general investment activities, pro rata in proportion to their assets
      under management.
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Item 7. Types of Clients
GCW services are only available to Accredited Investors and Qualified Purchasers as defined in the Company
Act with respect to its U.S.-domiciled vehicles. The minimum initial capital contribution for each subscriber to
the Pooled Funds is $1,000,000. A subscriber may make additional capital contributions to the Pooled Funds
in amounts of at least $250,000. The General Partner or Directors of the Pooled Funds, in their sole discretion,
may accept subscriptions of lesser amounts or establish different minimums; provided that at no time the
Pooled Funds accept a minimum initial subscription of less than the minimum amount specified under
applicable laws from time to time.
Aside from the Pooled Funds, GCW provides services to ultra-high net worth individuals and families, and
entities for which these families are the beneficial owners, such as entities that serve estate-planning objectives,
and other institutional investment vehicles. The Firm does not impose a minimum annual fee or minimum
account size for its services, as these are dependent on the complexity of the client assignment, but the Firm
embraces client relationships that are consistent with the Firm’s business focus of serving sophisticated private
capital.