WCM Investment Management LLC

Item 5 - Fees and Compensation
WCM charges advisory fees based on the value of Client assets managed. Unless otherwise specified,
valuation of securities follows WCM’s Valuation Policy.

Separately Managed Account Fees
The investment management agreement (“IMA”) specifies how WCM charges advisory fees for SMAs.
Generally, fees are payable quarterly in advance and are calculated based on the value of an account’s
assets on the last business day of each calendar quarter.

If an account commences or terminates on a date other than the first or last business day of a billing
period, the fee is prorated based upon the portion of the billing period in which WCM provided services.
All unearned, pre-paid fees will be refunded upon account termination. At WCM’s discretion, assets of
related accounts, such as family or business relationship, may be aggregated for purposes of calculating
the applicable advisory fee. Separately Managed Account agreements may be terminated at any time by
either party, for any reason upon written notice.

When fees are paid in advance and a significant Client deposit or withdrawal occurs, fees are normally
adjusted, as specified in the IMA. A significant deposit or withdrawal is typically defined as a capital flow
more than 25% of the account value. An adjustment is calculated based on the amount of the deposit or
withdrawal applied to the fee schedule and prorated for the portion of the calendar quarter in which
WCM provided services. Such adjustments are generally applied in the subsequent billing period.

For most accounts, WCM’s standard fee schedule is 1% of assets under management for SMAs, and the
minimum account size is $10 million. However, fees may vary depending on the investment strategy,
account size, account type, and the complexity of management.

Management fees and minimums are negotiable. To the extent they are, some Clients will pay more or
less than other Clients for the same management services, depending, for example, on account
inception date, number of related investment accounts or total assets under management, investment
guidelines and restrictions, or compliance complexity. WCM will also, in its sole discretion, charge lower
management fees or waive account minimums based on certain criteria (e.g., historical relationship,
related accounts, account composition, anticipated future earning capacity, anticipated future
additional assets, accounts referred to adviser by another professional, etc.). We charge lower fees for
accounts managed through wrap-fee programs, or pursuant to other consulting or referral
arrangements in which broker-dealers, investment advisers, trust companies and other providers of
financial services that provide Clients with services that complement or supplement our services. Fees
for such accounts vary depending on the nature of the arrangement and other circumstances.
Additionally, fee reductions or waivers are available to WCM personnel and their family members.

Clients may either choose to pay management fees themselves or, after written authorization, have
them automatically deducted each quarter from Client accounts by billing their custodians. In either
case, Clients receive an invoice detailing the management fee calculation.

Typically, Clients are charged fees in addition to the advisory fee paid WCM, which can include
brokerage commissions, SEC fees and other custodian fees. Please refer to the section entitled
Brokerage Practices for more information.

Clients in certain international and global strategies will incur fees and costs associated with the
purchase of non-U.S. securities in ordinary form and conversion of such ordinary shares into ADRs. To
the extent that WCM purchases non-U.S. ordinary shares and arranges for such shares to be converted
into ADRs, client accounts will incur certain fees and costs associated with the conversion. Such fees and
costs may be attributable to local broker fees, stamp fees, and local taxes, and are generally included in
the net price of the ADR.

To the extent that Client assets are invested in shares of non-WCM-related investment companies (e.g.,
mutual funds, ETFs), these assets are included in calculating the value of an account for purposes of
computing WCM’s fees. They are also subject to additional advisory and other fees and expenses as set
forth in the prospectuses or offering memoranda of those investment companies, which are paid by the
investment companies, but ultimately borne by investors. For Client assets invested in the WCM Mutual
Funds for reasons other than tax-loss selling, and for which WCM serves as the adviser or sub-adviser,
these assets are excluded in calculating the value of an account for purposes of computing WCM’s fees.

WCM Private Fund Fees
Fees for WCM Private Funds are described in each private fund’s respective Private Placement
Memorandum (“PPM”). Investors are generally charged an advisory fee, paid quarterly, based upon the
net asset value of the investor’s capital account on the first day of each calendar quarter. Some of the
WCM Private Funds are entitled to an additional fee based on any net profit and allocation as described
in the respective private fund’s PPM. The private funds also pay brokerage commissions, as well as other
transaction and fund-related expenses.

As General Partner to the WCM Private Funds, WCM will not pay an advisory fee on its capital account,
and advisory fees may be altered, reduced, or waived with respect to investors who are related parties
or persons of the General Partner, or those deemed to involve a significant or strategic relationship.
Thus, different investors will pay different advisory fees. As General Partner, WCM accesses the assets of
the WCM Private Funds for payment of Fund expenses as described in the Fund’s PPM. WCM complies
with the requirements of the Custody Rule with regard to the WCM Private Funds.
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Item 7 - Types of Clients
Description
WCM generally provides discretionary investment advisory services to institutional clients, such as
pension and profit-sharing plans, business entities, charitable organizations, foundations, endowments,
trusts, public funds, ERISA and other retirement accounts; individuals (collectively, “Separately Managed
Accounts” or "SMAs"); mutual funds (“Mutual Funds”), privately placed pooled investment vehicles
organized as limited partnerships (“Private Funds”); CITs, Exchange Traded Funds (“ETFs”), Unit
Investment Trusts (“UITs”), Canadian Fund, Australian Funds and UCITS; (collectively, “Clients”.)

Account Minimums
WCM’s minimum account size for a SMAs is $10 million as noted under Separately Managed Account
Fees section. Minimums are sometimes waived depending on the circumstances. It is not required that a
minimum be maintained as a condition of continued management. Initial minimum investment
requirements for the WCM Private Funds are $5 million, and $10 million for the WCM Focused
International Growth Private Fund. Initial minimum investment requirements for the WCM Mutual
Funds are $100 thousand for the Institutional Share Class and $1 thousand for the Investor Share Class.
Additional details regarding the minimum investment requirements are set forth in each fund’s
respective Private Placement Memorandum, Prospectus or Offering Memorandum. This disclosure
brochure is designed solely to provide information about WCM and is not an offer of interest in the
WCM Funds.