Partners Capital Investment Group LLP

Item 5. Fees and Compensation
Description
Partners Capital does not have a standardized fee schedule. Partners Capital usually charges an
advisory fee in arrears on the Client’s Assets Under Management (“AUM”). In general, we charge an
annual management fee that can range up to 1% per annum on time-weighted AUM, payable
quarterly. Where permitted by applicable law, Clients can elect to be charged only an advisory fee
or both an advisory and a performance-based fee, or both an advisory or a relative performance-
based fee. Partners Capital may receive performance based compensation of generally up to 7.5%,
and relative performance based compensation of generally up to 15%, payable annually or semi-
annually. Fees may vary by Client size, complexity and other factors deemed appropriate by Partners

Capital. Performance-based fees for liquid products are described below in the “Performance-Based
Fees” section.

In some cases, a fixed annual fee may also apply. We may also charge an administrative fee on FX
Hedges, which are 0.02% of the notional amount. This fee is generally charged at the inception of
the hedge or when the hedge is rolled.

Following termination of an agreement, in respect of each illiquid asset advised by Partners Capital,
Clients may have the obligation to pay to Partners Capital a one-time only fee equal to 2% of the
aggregate amount of all original commitments to those illiquid assets in which Clients still have a
material interest less management fees paid to date for such illiquid assets.

Partners Capital receives a portion of the Registered Funds’ management fees that are payable to
the Registered Funds’ primary adviser.

Partners Capital charges the Funds a management fee and, in some cases, a performance fee that
is disclosed in detail in each Fund’s private placement memorandum, prospectus or registration
statement, advisory agreement, limited partnership agreement and/or other documentation
received by each investor prior to investment in a Fund. Fees may differ from one Fund to another,
as well as among investors in the same Fund. The Funds also bear their share of expenses as set
forth in the “Other Fees and Expenses” section below.

Fee Billing
Client fees may be collected from the Client’s custodial account with the Client’s authorization,
collected via an invoice sent to the Client, or collected directly from the Funds as permitted by the
relevant Fund’s private placement memorandum, prospectus or registration statement.
Some Clients may have fees collected from a combination of these three sources, i.e. custody
account, direct invoice and/or domestic or offshore fund entities.

Other Fees and Expenses
Clients may be charged fees or commissions in addition to the management fee paid to Partners
Capital. These may include brokerage commissions and other custodial fees charged by third-party
organizations. Clients may also be charged expenses (e.g. legal costs) incurred in relation to their
direct co-investments.

The Funds generally bear their own expenses set forth below:
   • Organizational Expenses: costs, fees and expenses incurred by or on behalf of a general
       partner and/or the Partners Capital in connection with the formation and organization of
       the Fund.
   • Direct Operating Expenses: legal, administrative, audit, insurance, regulatory, bookkeeping
       and accounting, brokerage fees, compliance service provider fees; all filing and similar fees;
       interest on borrowed money, real property or personal property

       taxes on investments; costs and expenses incurred in the purchase, holding, sale or exchange
       of investments, fees incurred with the maintenance of bank or custodian accounts; expenses
       incurred by a general partner (or its designee) in serving as a “partnership representative";
       out-of-pocket expenses of preparing and distributing reports and other communications to
       investors or associated with any Fund meetings, including, but not limited to, printing,
       postage, communication and travel and accommodation costs; services and expenses
       incurred in researching, investing, and evaluating investment opportunities, including the
       cost of books, databases, periodical subscriptions, research platforms, travel and
       accommodation costs and other research resources; services and expenses related to
       monitoring investments; expenses related to software acquired, licenses or otherwise
       obtained by a Fund or Partners Capital for use in respect of a Fund, to track investments;
       litigation or other extraordinary expenses relating to a Fund and its activities; costs and
       expenses arising out of a Fund’s indemnification obligations and cost of insurance against
       potential indemnification liabilities; (if any) director’s fees and expenses.
   •   Broken Deal Expenses: all out-of-pocket fees, costs and expenses, if any, incurred in
       developing, negotiating and structuring prospective investments that are not ultimately
       made, including any legal, accounting, advisory, market research, consulting or other third-
       party expenses in connection therewith and any travel and accommodation expenses.

Please refer to a Fund’s limited partnership agreement, investment management agreement, or
Registered Fund’s prospectus or registration statement for details regarding the Fund’s or
Registered Fund’s treatment of fees and expenses.

Accounts that are part of the Partners Capital Equity Portfolios are charged a yearly expense
reimbursement to cover incremental costs directly relating to the investment program, including
but not limited to costs of third party providers specializing in: trade order and execution and proxy
voting services.

Item 7. Types of Clients
Description

Our Clients consist of the Funds, Registered Funds, and Other Clients. The Other Clients include
individuals, foundations, endowments, family offices, pension funds and other types of institutions.
We may organize additional investment entities in the future.

Account Minimums
Partners Capital new client minimum account size is $100 million. We reserve the right to waive
the minimum in certain circumstances.