West Street European Private Credit Fund (AUD)

1. Liquid assets such as cash, cash equivalents, short term liquid instruments (such as money market instruments) and other tradeable securities or debt instruments (including syndicated bank loans, public fixed income securities and exchange-traded funds).

2. Up to 20% of the Underlying Fund’s NAV (excluding the Liquid Assets) may be invested in Investee Companies all or substantially all of the operations of which are, as reasonably determined by the Investment Manager, in non-European jurisdictions. With respect to Private Credit Investments, the Sub-Fund shall not make any investment in an Investee Company all or substantially all of the operations of which are, as reasonably determined by the Investment Manager, in one or more countries (except Singapore) not included in the Organization for Economic Cooperation and Development (“OECD”), as such group of countries may be reconstituted from time to time.

3. It is expected that, while the Fund is liquid, requests for redemption of Units will generally be processed monthly on the last Calendar Day of each month (‘Redemption Date’). Note that an Investor’s ability to redeem will be subject to various factors including available cash in the Fund and the Fund’s ability to redeem from the Underlying Fund. A request for redemption must be received at least 40 Calendar Days prior to the Redemption Date.

4. Includes the Underlying Fund’s management fee of 1.25% p.a. and is exclusive of the Underlying Fund’s estimated expenses of 0.40% p.a. Although entitled to do so, the Fund does not currently charge a performance fee.

5. Performance fees charged by interposed vehicles are deducted from the assets of the interposed vehicles as and when incurred and are therefore reflected in the Underlying Fund’s NAV and the value of the Fund’s investment in the Underlying Fund.

6. Computed net of all realised capital losses and unrealised capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Carried Interest from capital gains as calculated in accordance with relevant accounting standards, paid at the end of the of each calendar year.