RBC Global Asset Management UK Limited

Item 5 - Fees and Compensation

Pooled Investment Vehicle Fees

The current prospectus for each of RBC GAM UK’s open-ended pooled investment funds provides details of the
specific schedule of fees payable for the relevant fund structure or share class. Fees within the various fund
structures will differ between share classes, depending on share class characteristics e.g., minimum investment
levels, lockups, performance fees. However, the following criteria generally applies:
     •   An annual management fee of up to 2% of the net asset value is payable and these fees will be payable
         monthly or quarterly in arrears; and
     •   A performance fee, which is based upon the performance of the relevant share class, may be payable
         annually in arrears. This fee is payable if the fund achieves an absolute or relative positive return or exceeds
         a specific agreed return over the previous annual accounting period. The performance fee is generally set up
         to be within a range of 10%-30% of the net outperformance.

Certain investors that are invested in pooled investment vehicles may pay higher or lower fees or may be subject to
higher or lower incentive allocations, than similarly situated investors that are invested in the same pooled investment
vehicle. Amounts may vary as a result of negotiations, discussions and/or factors that may include the particular
circumstances of the investor, the size and scope of the overall relationship, whether the investor has a multi-strategy,
multi-asset class or multi-product investment program with RBC GAM UK, or as may be otherwise agreed with
specific investors.
The limited partnership agreement for each of RBC GAM UK’s closed-ended funds provides details of the specific
schedule of fees payable for these advisory accounts. The fee structures applicable to closed ended funds are
Management Fees / General Partner Share (GPS) and Performance Fees / Carried Interest (Carry). Full details about
the fee structure of private vehicles are provided to prospective investors upon request.

In addition, fund clients will incur other fees and expenses. These will be fees charged by third parties in connection
with the administration of the portfolio, including: transfer agency fees, custodian fees, administrator fees, foreign
currency exchange fees, brokerage and other transaction costs.

Segregated Account Fees

RBC GAM UK provides investment management services to several segregated accounts (subject to an agreed and
executed investment management agreement). Segregated accounts may be managed on a management fee only
basis or with a combination of management and performance fees. Other fees and expenses may be incurred which are
dependent upon the choice of custodian, administrator, and/or other third-party service providers that the investor
intends to make; and will be borne by the investor.
RBC GAM UK’s investment management fees for segregated accounts are negotiated in connection with the
respective asset class and may be modified for portfolios that have special investment constraints or unusual
reporting or administrative requirements or unique characteristics; the size and scope of the overall client relationship,
additional or differing levels of servicing, or as may be otherwise agreed with specific clients. A client may therefore
pay more or less than the fees set forth in this Brochure, or more or less than similar clients or clients invested in
similar strategies.
Management fees for segregated accounts are generally payable quarterly (although monthly payment periods may
also apply) and are generally based upon the market value of the portfolio managed as of the end of the preceding
calendar quarter or the average market value of the portfolio managed within the preceding calendar quarter.
Performance fees, where applicable, are generally payable annually. All client fees are paid in arrears and are billed
to the client. Fees charged by RBC GAM UK do not include brokerage commissions, transaction costs and other
related costs and expenses which may be incurred by the client. Further details on such expenses are discussed in
the Brokerage Practices section of this Brochure.
RBC GAM UK’s investment management agreements may be terminated by RBC GAM UK or its client, subject to
applicable notice provisions contained in the investment management agreement.

Fees for Services to Portfolio Companies

RBC GAM UK, RBC, their respective Affiliates, and their respective officers and directors may, subject to any
limitations in an Advisory Account’s constitutional documentation, provide Advisory accounts with services (including
but not limited to services that incur deal fees, sponsor fees, monitoring fees, transaction fees or other fees for
services), and may charge Advisory accounts, therefore, provided that RBC GAM UK in its reasonable discretion
believes in good faith that any such person can provide such services at a reasonable cost as would be the case if
unaffiliated third parties were to provide such services. RBC GAM UK and RBC, and any of their respective Affiliates,
officers and directors, may also provide certain services to Portfolio Companies, in which case any fees received will
not be shared with the Advisory accounts, provided that RBC GAM UK believes that such services can be provided at
a reasonable cost as it relates to the value provided to such Portfolio Company.

Compensation Received by RBC GAM UK

Compensation received by RBC GAM UK and its affiliates related to various services provided by the Advisory
accounts, including separate accounts and accounts that are pooled investment vehicles, will generally be retained by
RBC GAM UK and its affiliates. Except to the extent required by applicable law or expressly agreed to by RBC GAM
UK, RBC GAM UK is not required to offset such compensation against fees and expenses a client or Advisory Account
...

Item 7 - Types of Clients

RBC GAM UK provides portfolio management services to predominantly institutional clients including, but not limited
to:
     •   Pension Funds
     •   Corporations
     •   Non-Profit and Charitable Organisations
     •   Family Offices
     •   Insurance Companies
     •   Sovereign Wealth Funds
     •   Fiduciary Consultants
     •   Fund distributors and platforms
     •   Foundations
     •   Endowments
     •   Pooled investment vehicles such as registered mutual funds, private funds or non-US vehicles such as
         UCITS funds.

All pooled investment vehicles have minimum investment requirements, and these are noted in the applicable
prospectus or offering memorandum. Segregated accounts typically require US$50 million (or equivalent) for Equities
mandates and US$100 million (or equivalent) for Fixed Income mandates to be operationally and commercially viable.
These may be managed on a management fee only basis or a combination of management and performance fees.
RBC GAM UK may waive account minimums at its discretion.

CLOs may include high net worth individuals, banks, insurance companies, family offices, endowments, pensions,
and other institutional investors. Investors in CLOs are qualified institutional investors. Minimum investment amounts
for CLOs are set forth in the Client Documentation.

When providing services to clients that are subject to the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), we may rely on various Prohibited Transaction Exemptions (“PTEs”) available under ERISA,
including PTE 84-14, which is only available to qualified professional managers (the “QPAM Exemption”). On March 5,
2024, the French Court of Appeal rendered a judgment of conviction (the “Conviction”) against Royal Bank of Canada
Trust Company (Bahamas) Limited (“RBCTC Bahamas”), an affiliate of RBC GAM-US, and other parties regarding a
charge of complicity in estate tax fraud relating to actions taken relating to a trust for which RBCTC Bahamas serves as
trustee. In 2016, Royal Bank of Canada was granted an exemption by the U.S. Department of Labor (“DOL”) that
allowed Royal Bank of Canada (“RBC”) and its current and future affiliates to continue to qualify for the QPAM
Exemption under ERISA despite any potential conviction of RBCTC Bahamas in the French, proceeding for a
temporary one-year period from the date of conviction. In 2025 the DOL granted RBC an exemption providing longer-
term relief, which is effective from August 12, 2025 through March 4, 2030 (the “2025 Exemption”). Prior to the
expiration of the 2025 Exemption, RBC intends to seek longer term relief from the DOL.