Global Forest Partners LP

Item 5: FEES AND COMPENSATION
 Description

 Our fees and compensation vary from fund to fund, but generally include the following:

    a) Annual Asset Management Fee: This fee generally starts at a maximum of 1.10% per
       annum and may be reduced, for example for larger investments or certain founding
       investors. In most cases, the Annual Asset Management Fee is based on the lower of i)
       invested capital, adjusted for inflation or ii) the net asset value of the fund as determined
       by the most recent annual appraisal. In certain timberfunds, there is an asset management
       fee between 0.25% and 0.65% for committed, but uncalled, capital. In order to reflect the
       reduced administrative burden for GFP relating to investors who participate in multiple
       commingled GFP timberfunds, GFP has established an asset management fee reduction
       policy (“GFP Management Fee Reduction Policy”). Investors who invest more than certain
       thresholds in commingled timberfunds receive a fee rebate based on the thresholds
       established by the Fee Reduction Policy. A copy of the GFP Management Fee Reduction
       Policy is available to clients upon request without charge from the Chief Compliance
       Officer (“CCO”) or their designee.

    b) Performance Based Fees and Compensation: This compensation can be in the form of i) a
       profits interest (which entitles us to performance-based special allocations and
       distributions) or ii) performance-based fees, in each case based typically on a percentage
       of distributions in excess of a specified rate of return. Generally, no performance-based

Firm Brochure – Part 2A of Form ADV              5                                 March 27, 2026

         special allocations/distributions or fees are earned or paid until clients have received back
         their invested capital plus a specified rate of return on that invested capital.

     c) One-Time Fees: Certain timberfunds have included a one-time fee which is described as a
        property analysis or investment creation fee. The fee has ranged between 0.20% and 0.25%
        of capital invested.

 Fee Billing

 Generally, asset management fees are paid to GFP quarterly in arrears either by the timberfunds
 or directly by investors, depending on fund structure and the availability of sufficient cash flow.
 Performance-based special distributions or performance fees, if any, are paid once the investors
 have received back their invested capital plus a specified rate of return on that capital.

 Other Fees or Expenses

 The offering documents, governing documents (including shareholders or management
 agreement) of each timberfund include a full explanation of expenses incurred in connection with
 GFP’s advisory services.

 Each of the timberfunds pays or reimburses GFP for all expenses incurred in connection with the
 organization of the timberfund. These aggregate organizational expenses are customarily subject
 to a cap.

 Each timberfund is generally responsible for all its respective ongoing operating costs, which shall
 include, without limitation, fees, costs, expenses, liabilities, and obligations relating or attributable
 to: (1) the timberfund; (2) the timberfund’s activities and business; (3) the activities and business
 of any portfolio investment of such timberfund; and/or (4) any actual or prospective investments,
 whether or not consummated, of the timberfund (to the extent not subject to reimbursement). Such
 fees, costs, expenses, liabilities and obligations include, but are not limited to the following,
 whether relating to the timberfund or a portfolio investment of the timberfund:

     ▪   legal, custodial, administration, bookkeeping, recordkeeping, auditing, accounting, tax,
         consulting, advisory, appraisal, valuation, information and other professional services;
     ▪   taxes, fees, assessments and all other governmental charges that may be levied or assessed
         against any timberfund or a portfolio investment;
     ▪   any tax audits, investigations, settlements or reviews of the fund or a portfolio investment
         except to the extent the timberfund or the timberfund investment is reimbursed for such
         amount by an investor or such amount is treated as having been distributed to such investor
         pursuant to the governing documents;
     ▪   structuring, restructuring, negotiating, consummating, acquiring, bidding on, financing,
         refinancing, owning, holding, managing, hedging, taking public or private, selling,
         disposing of, valuing or liquidating, as applicable, any actual or prospective investment of
         any timberfund, and seeking to do any of the foregoing, whether or not such activity was
         consummated or otherwise successful, including without limitation all related legal,
         financing, commitment, transaction or other fees and expenses of attorneys, accountants,
         investment bankers, lenders, diligence costs, consultants and similar professionals;
     ▪   brokerage, depository, trustee, account and similar services;

Firm Brochure – Part 2A of Form ADV                 6                                   March 27, 2026

     ▪   broker, dealer, finder, underwriter, loan administration, private placement, sales,
         investment banker and similar services;
     ▪   indebtedness of, or guarantees made by, any timberfund or any affiliate thereof, any
         portfolio company or any affiliate thereof, or GFP or any affiliate thereof on behalf of any
         timberfund or any portfolio investment of any timberfund, and any interest accrued
         thereon, including seeking to put any such indebtedness or guarantee in place;
     ▪   financing, commitment, origination and similar fees and expenses;
     ▪   reverse breakup, termination and other similar fees incurred by the timberfund or a
         portfolio investment;
...

Item 7: TYPES OF CLIENTS
 GFP primarily provides investment management services to pooled investment vehicles structured
 principally for institutional investors, including high net worth individuals, family offices,
 insurance companies, pooled investment vehicles, private and public pension and profit sharing
 plans, and trusts, estates and charitable organizations.
 Generally, the minimum dollar amount required to invest in a GFP timberfund is $10,000,000;
 although GFP may reduce this minimum amount on a case-by-case basis.