Abrdn Asia Limited

Item 5 – Fees and Compensation

abrdn Asia’s advisory fees are negotiable, and generally vary depending on the services being provided
according to the schedule agreed to by the client and included in their investment management agreement. Fee
arrangements will vary by client, and are based on a number of different factors, including investment mandate,
services performed, and account size. Fees and allocations may be fixed, fixed plus performance or
performance only. Please refer to Item 6 of this Brochure for additional information about performance-based
fees. Generally, fees are paid monthly or quarterly in arrears based on account balances at the close of each
month, quarter or the average of the month-ends within a quarter, or in advance based on assets outstanding at
the end of prior month or quarter, pursuant to the prospectus, investment management agreement, or other
relevant offering document for the vehicle. abrdn Asia will either invoice clients for these fees, or in certain
situations deduct these fees from the client’s custody account. In some instances, fee schedules are negotiable
and can vary depending on a variety of factors such as the client, size of the account and the investment strategy
selected.

Some clients may from time to time seek to negotiate most favored nation (“MFN”) clauses in their investment
management agreements with Aberdeen Investments. These clauses may require us to notify the MFN client
if we subsequently enter into an investment management agreement with another client that offers more
favorable pricing or other contractual terms than those currently offered to the MFN client. The applicability
of an MFN clause will depend on the degree of similarity between clients, including the type of client, the
scope of investment discretion, reporting and other servicing requirements, the amount of assets under
management, the fee structure and the particular investment strategy (and therefore the relevant investment
adviser) selected by each client. We have sole discretion over whether or not to grant any MFN clause in all
circumstances.

All advisory arrangements may be terminated by either party upon prior written notice, according to the
termination provisions outlined in the investment management agreement. If a contract is terminated, all
advisory fees are subject to pro-rata adjustment based upon the date of termination. Upon termination of the
agreement, any prepaid, unearned fee will be promptly refunded, and any earned, unpaid fees will be due and
payable.

For our standard segregated and/or commingled account fee schedules for U.S. clients and investors,
please refer to Appendix A of this brochure.

Registered Fund Fees
With respect to U.S. SEC registered open-end and closed-end funds advised or sub-advised by abrdn Asia,
each fund’s prospectus sets forth the applicable fees and expenses.

On an annual basis, the Board of Directors/Trustees (the “Board”) of each registered investment company
registered under the 1940 Act (“Registered Fund”), including the independent Board members, considers
renewal of the Registered Fund’s investment management services agreement, including the advisory or sub-
advisory fee paid by the Registered Fund to the Fund’s adviser or sub-advisor. These fees are typically higher
than the representative fee schedules shown in Appendix A.

Sub-advised Mutual Funds and Other Pooled Vehicle Fees
We serve in a sub-advisory capacity for Singapore and offshore investment companies both registered and
unregistered that are managed by third parties. Fees for such services are negotiated with the manager, and
may be set forth in the fund’s registration statement or other similar offering document.

Aberdeen Investments may have the opportunity to participate in co-investments alongside a manager that we
have invested with through one of our portfolios. This occurs mostly via Aberdeen Investments’ investment in
private equity. The manager may choose to waive the management fee for the co-investment if Aberdeen
Investments is invested in the manager’s main fund. In these instances, some portfolios may benefit by
receiving a fee waiver on the co-investment because another Aberdeen Investments portfolio is invested within
the main fund. This could lead to a perceived conflict of interest where one portfolio makes an investment to
benefit others. This potential conflict is mitigated by the investment due diligence and approval process.

Collective Investment Trust Fees
We serve as investment adviser to Collective Investment Trusts (“CIT”) and receive a management fee from
the trustee for such services. The trustee fee rates paid by investors in these CITs may be equal to, exceed, or
be lower than fees for other similarly managed products. Additionally, the trustee may separately negotiate
“side letters” with certain investors without applying terms negotiated with such investors, including terms
relating to fees, to all investors in the CIT in accordance with applicable law.

Customized Solutions
Clients participating in solutions mandates may be recommended Aberdeen-managed products and/or other
advisory services. As a shareholder of an Aberdeen Investments product or client of Aberdeen Investments
advisory services, a client may be subject to advisory fees (and other expenses) at the product level or for other
Aberdeen Investments advisory services in addition to fees charged to the advised account. Advisory fees will
be negotiated in good faith between the parties when client AUM is invested in Aberdeen-managed products.
This may include a waiver of the underlying fee, or a reduction thereto based on associated charges not related
to investment management or a reduction of the advisory fee attributable to those assets invested in Aberdeen-
managed products.

All fees paid to Aberdeen Investments for investment advisory services are separate and distinct from the
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Item 7 – Types of Clients

Clients
Our client base comprises a variety of institutional clients, including corporate plans, non-profit organizations,
public plans, governments, private investors, multi-employer plans, financial institutions, sub-advised funds
and pooled investment vehicles, encompassing both affiliated and unaffiliated U.S. and non-U.S. Registered
Funds and U.S. and non-U.S. unregistered funds, among others. The requirements for opening any account
will vary depending on the type of product and type of client.