McInroy & Wood Limited

Item 5 – Fees & compensation
A. Fees for asset management
The management fees outlined in the below table are the only income the firm receives. These are
calculated on an ad valorem basis as a percentage of the portfolio’s value. The firm does not levy any
other costs such as transaction, front-end, exit, or performance fees.

                                                           Segregated        Pooled format
                                                           format % pa       % pa

                  Discretionary management fee             1.00              0.20
                  Fee charged within pooled funds                            1.00
                  VAT (where applicable)                   0.20              0.04
                  Total (inc applicable VAT)               1.20              1.24

For portfolios in excess of $2,716,000 (equivalent to £2million at 30/4/26), a concessionary rate is applied.

B. Billing
The discretionary management fee shown above is levied quarterly in arrears, based on the aggregate value
of the client’s portfolio at the quarter end. It is deducted from the client’s portfolio (see Item 15 below for
further information). Fund management fees in respect of MWP funds are accrued daily, charged monthly
and deducted from the fund’s capital.

C. Other fees & expenses
1. Other fees charged by MWL: MWL’s fees are inclusive, and cover all administration, compliance and
    bank charges. MWL does not charge any other fees.
2. Custody: Where MWL arranges custody on behalf of the client, MWL’s fee includes the custody costs.
    Where the client appoints its own custodian, the custodian charges the client direct.
3. Brokerage and other costs: Brokers charge commission on transactions. Brokers’ commission
    charges are passed on to clients at cost without any additions. MWL receives no income from dealing on
    behalf of clients. On average, portfolio turnover is c.20% per annum, at an average commission rate
    of 0.05%, resulting in a cost of c. 0.01% per annum.

Item 7 – Types of clients
MWL’s clients predominantly include individuals, families, trusts and charities. Although MWL does not
generally manage money on behalf of institutions, it is able to do so.