Rathbones Investment Management Limited

ITEM 5 - FEES AND COMPENSATION

Fees
We charge fees based upon a percentage of assets under                Transaction charges:
management. We do not charge a performance-based fee.                 CHAPS and international payments (or the currency
These are outlined below in the fee schedules. We also earn           equivalent using the reference exchange rate for non-
income by making a small margin on client interest deposits           sterling accounts).
as described below. Fee negotiation is only available by
exception.                                                            GB Pounds       US dollars      Euro              Swiss franc
                                                                      (GBP)           (USD)           (EUR)             (CHF)
Schedule of charges - Management fees                                 20              35              25                38
Management fees are levied on each Fund. Fees are charged
in quarterly instalments, in arrears, based on the total
investment Fund value as at the quarter end. These are
debited directly from your available funds.                          Cash may be held on a bank account within the Portfolio to
                                                                     provide a degree of liquidity and normal banking charges
A pro-rata charge is made for Portfolios that are transferred        may apply to these balances.
into or out of the service during the quarter. We do not charge
a dealing commission.                                                VAT eligibility may be subject to legislative change.
                                                                     VAT applies only to those clients who are resident
Banking charges                                                      within the United Kingdom. Our fees and charges
                                                                     may be changed from time to time.
 The fee scales based on the value of each Fund are:
                                                                     We will provide notice in accordance with our
 Fixed charge (applicable for Funds valued                           Terms of Business of changes to your investment
 above £15,000) 	                                       £100         management and bank account.

 First £1,000,000 or US$ currency equivalent 	         1.35%         You should note that other taxes or administration
                                                                     costs may arise for which you are responsible.
 Balance over £1,000,000 or US$ currency
 equivalent 	                                          0.85%         Please refer to Item 12 for further information.

We do not offer a full banking service. We only provide the          Interest rates
following services:                                                  Our Schedule of Interest Rates discloses the rate of interest
                                                                     paid or charged on your account other than those agreed by
–	 the provision of the Account(s);                                  us individually or on your Income Account.

–	services in relation to the operation of the Account(s)           Fees and compensation conflicts of interest
   including the execution of electronic credit transfers;           When we provide our services, we, a member of the Rathbones
                                                                     Group or an affiliate, may have an interest, relationship or
–	the receipt of electronic payments into the Account(s);           arrangement that is material in relation to the investment,
   and                                                               transaction or service concerned. We do not engage in
                                                                     corporate finance or proprietary account trading. We have a
–	the receipt of payments into the Account(s) and                   Conflicts of Interest Policy to identify individual employee and
   transmission of payments out of the Account(s) via                business conflicts of interest and the means to address them
   cheques.                                                          and we record these accordingly. Our conflicts of interest and
                                                                     the means to address them are set forth in Item 10.

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US Resident Client brochure

ITEM 7 - TYPES OF CLIENTS

We manage portfolios for US resident                                   All monies received from or held on your behalf in respect
individuals, trusts, charities and pensions. We                        of your Portfolio are credited to or held in Accounts in
have a preferred minimum investment threshold                          your name. Accounts will be debited or credited with the
of £300,000 but will accept new business from                          cost or proceeds of purchases and sales of investments in
£150,000 (or US dollar currency equivalent).                           accordance with the Terms of Business.

Opening and maintenance of portfolios
In order to open your Portfolio, we need to obtain certain
information about you, including evidence of your identity
for anti-money laundering purposes and other information to
satisfy our regulatory obligations. Without this information
we will not be able to accept you as a client.

We will provide custody services for you in respect of your
Portfolio in accordance with the Investment Advisers Act
1940 Custody Rule.

In the provision of these services, we, or a related person,
hold your cash as banker. Your UK securities are held by
Rathbones Nominees Limited and overseas securities by
Bank of New York Mellon. They will be responsible for:

–	 the safekeeping of investments within your Portfolio;

–	 arranging for the registration of your investments;

–	 the settlement of transactions;

–	 the collection of income; and

–	 the carrying out of other administrative actions.

Further details are provided in Item 15 and Terms of
Business.

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US Resident Client brochure