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Feeder Fund Limited Partnership Agreement

Global Feeder LP is a private fund registered in Jersey, with a limited partnership and an alternative investment fund for the purposes of the FIF. LIM is the alternative investment fund manager (AIFM) of Global Feeder LP and LPT. LIM is a director of Global Feeder Co. ILPA has published two comprehensive law-based model LPAs in Delaware, which can be used to structure investments in a traditional private equity fund, including either a “Whole of Fund” waterfall or a “Deal by Deal” waterfall. A Standard Model Limited Partnership (“LPA”) is a persistent need in the Private Equity asset class, given the cost, time and complexity of negotiating investment terms. Complementary counterparties have an interest in reducing the duration of ancillary agreements, providing a fund-raising guarantee and reducing their fund-raising costs. Similarly, limited partners (“LPs”) want fair and transparent terms that explain rights and obligations while reducing their trading fees. Global Feeder LP is an open-ended feeder fund that allows non-UK investors to participate in the Lothbury Property Trust (LPT), a fund that invests in UK real estate. Global Feeder LP is a limited partnership registered in Jersey. Non-UK investors can invest in one of two classes of participation in Global Feeder LP, Class A or Class B. Subscriptions to a Class A stake are used to acquire shares and debts from Lothbury Global Feeder Limited (Global Feeder Co), a Jersey company that invests exclusively in LPT.

Class B subscriptions are used to invest directly in LPT. The structure is shown in the diagram below. Global Feeder LP aims to offer investors: The ILPA Model LPA project is part of ILPA`s broader APP simplification initiative and began in early 2018 with a group of around 20 lawyers representing both family physicians and PPAs in the global market. Through an extensive design and negotiation process, these lawyers, in collaboration with the ILPA team, designed a DPA model for private equity. In accordance with applicable Japanese law, please click on the corresponding link to view the required public information, Form 20-2 and Form 21-3 with respect to the Lothbury Global Feeder GP Limited press release. The original version of the “Whole of Fund” LPA model was published in October 2019 and revisions were made in July 2020. A one-sided summary of the Global Fund APA template is available below and here (changes from the original document are described on pages 3 and 4). Ilpa also published in July 2020 a new “Deal by Deal” model on the market to offer additional flexibility in the use of the ILPA model. Comments on the LPA model can be sent to Chris Hayes, Senior Policy Advisor, ILPA to chayes@ilpa.org. For more information, see Lim.

Potential investors may request a copy of Lothbury Global Feeder`s LP offering document and sponsorship agreement. Please note that the availability of tax relief or treatment depends on the circumstances of the investors and the persistent conditions met by Global Feeder LP and LPT, as well as the information provided by the investors. The tax and regulatory treatment of Global Feeder LP is complex. Investors are advised to get detailed advice. LIM is responsible for managing the portfolios and risks of LPT and Global Feeder LP, including responsibility for marketing interests in Global Feeder LP. . . .

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