Global Endowment Management LP

5.   Fees and Compensation

We offer our services on a fee basis as described below. It is important to note that all investors in GEM Funds are
“qualified purchasers” under the U.S. Investment Company Act of 1940, as amended (the “Investment Company
Act”). Investors should refer to each Fund’s Offering Memorandum, Limited Partnership Agreement or Memorandum
and Articles of Association, as applicable, or Subscription Agreements and other offering documents (collectively,
the “Fund governing documents”) for information regarding the Funds as well as the Management Fees,
performance-based allocations or fees, and expenses paid by the Funds. GEM reserves the right, but is under no
obligation, to negotiate fees and investment minimums.

Management Fees

Pursuant to the terms of the various Fund governing documents, GEM receives from the Funds a management fee
according to the following annual rates (the “Management Fee”):

 With respect to the endowment-style Funds, the Management Fee is generally 0.60% per annum.

 With respect to the Growth Fund, initial investors that were previously invested in the certain endowment-style
  Funds were permitted to elect either to retain their existing flat Management Fee rate or become subject to a
  reduced Management Fee plus an annual “Special Allocation” described below in Performance Based Fees. New
  investors in the Growth Fund are subject to a revised Management Fee plus an annual “Special Allocation”
  described below in Performance-Based Compensation section.

 With respect to the GEM Alts Funds, a Management Fee is charged typically based on aggregate capital
  commitments per annum for a set period after the initial closing date, with multiple fee rate deductions
  gradually applied over the life of each fund.

In addition, GEM Alts Funds are subject to a performance-based carried interest, as described below in Performance-
Based Compensation.

     With respect to the LMF Fund, the Management Fee is 0.40% per annum on an investor’s fund NAV balance.

     With respect to the STL Fund, the Management Fee is 0.10% per annum on net asset value. The Management
      Fee is generally waived for any investor who is invested in another GEM Fund.

    The Management Fees noted above are generally calculated and paid quarterly in advance (except for the LMF Fund
    and STL Fund, which are paid monthly in advance) based on the NAV, or aggregate commitment, or other applicable
    management fee base metric, of a Fund as of the beginning of the first day of the quarter, after giving effect to any
    contributions or additional commitments as of such date. In the event of an investor termination, the Management
    Fee would be pro-rated based upon the number of days in the quarter the investor was invested, and the balance of
    the fee collected would be refunded. The Management Fee expense is charged to the investors in each Fund and
    deducted from Fund assets.

    The Funds do not pay Management Fees for limited partner interests in the Funds held by GEM employees. The
    General Partner has also waived or reduced the Management Fee for some participants in certain Funds.

    Expenses

    Each Fund pays, or reimburses the General Partner or GEM for, the Fund’s operating costs and expenses including,
    but not limited to, legal, tax, audit, insurance, fund administration, and brokerage expenses, in accordance with the
    terms of the various Fund governing documents. See the section of this brochure entitled “Brokerage Practices” for
    additional discussion of brokerage expenses. Unless otherwise determined by the General Partner or Directors, a
    Fund is responsible for reimbursing the General Partner or GEM for all costs and expenses incurred in connection
    with its formation and the offering of Interests.

    Each underlying fund or account in which a Fund invests will have its own administrative, management, investment,
    brokerage (as applicable) and other fees and expenses, in addition to performance-based allocations or fees, if any,
    which are charged against the Fund’s assets.

    Other than Management Fees, we neither require nor solicit pre-payment for any type of fees or expenses.

    Co-Investment Opportunities

    From time to time GEM or one of its affiliates (collectively, “Global Endowment”), directly or on behalf of a pooled
    Fund, or other clients, may receive the opportunity to make investments (each, a “Co-Investment Opportunity”)
    sourced by the unaffiliated third-party managers of underlying entities in which a pooled Fund, or other clients are
    invested (“Unaffiliated Managers”) or ‘fund-less’ sponsors or investment managers with whom Global Endowment
    otherwise has a relationship (“Independent Sponsors”). When presented with a Co-Investment Opportunity, Global
    Endowment will determine whether some or all clients will participate in such Co-Investment Opportunity (based on
    the investment objectives and policies of each client, current portfolio holdings, available capital (including expected
    cash needs and credit availability (if applicable)) and other factors GEM may deem to be relevant) and, in its

discretion, will allocate the Co-Investment Opportunity among its clients in accordance with GEM’s allocation
policies.

To the extent there is investment capacity in excess of the allocations to clients, Global Endowment may make such
excess Co-Investment Opportunity available to clients, underlying investors, other prospective investors and GEM
employees in its sole and absolute discretion, but Global Endowment does not intend to give investment advice or
make a recommendation regarding whether any person should participate in such excess Co-Investment
Opportunity (unless otherwise specifically agreed). Global Endowment will not be obligated to offer any particular
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7.   Types of Clients

GEM generally provides investment advice to Funds. Investors in these Funds can include:

 Qualified individuals and partnerships

 Family offices

 Pension and profit-sharing plans

 Trusts and estates, foundations/endowments, and other educational and charitable organizations

 Sovereign wealth funds

 Corporations and business entities other than those listed.

Types of Investments

GEM is authorized to enter into any type of investment transaction that it deems appropriate for its clients, pursuant
to the terms of the applicable investment management agreement. These investments currently include, but are not
limited to:

 Equity securities, including exchange-listed securities, securities traded over-the-counter, ETFs, foreign issues,
  and non-traded privately placed securities

 Corporate debt securities

 REITs

 United States and foreign government securities

 Option contracts on securities and/or indices

 Limited partnership interests

 Private investment funds

 Real assets

 Digital assets

 Futures contracts, including digital asset futures

 Derivatives

GEM invests principally, but not solely, in funds managed by unaffiliated third parties, which invest in debt and equity
securities that are traded in both U.S. and non-U.S. public markets, and that are privately placed. GEM and/or the
managed funds in which it invests, may also invest in long or short positions in options, bonds, convertible debt,
preferred stock, swaps (including, but not limited to, interest rate swaps, variance swaps, volatility swaps,
commodity swaps, credit default swaps, asset swaps, total return swaps, equity swaps including baskets and
emerging markets swaps, variations on any of the foregoing and any other type of over-the-counter instrument),
notes, bills, warrants, futures, rights, non–U.S. currencies, restricted securities, fixed-income assets, private
placements, real assets and other derivatives, securities or assets.