Acadian Asset Management LLC

Item 5 – Fees and Compensation

Acadian’s management fees are negotiable and specified in the written agreement between Acadian and
each client. Depending on the mandate and the negotiation with the client, Acadian’s fee schedule may
be flat, “tiered,” or involve a performance fee. Depending upon the range of services provided to the
client, the mandate requested, investment performance, total assets a particular client has under
management with Acadian or anticipates investing with Acadian, common relationships, and other factors
as determined in Acadian’s sole discretion, fees may be reduced, or a “most favored nation” fee schedule
granted.

If a client requests, Acadian will charge fees based upon the investment performance we achieve in
managing a client’s portfolio. Such fees are individually negotiated with the client. Additional details
regarding performance fees and potential conflicts related to them are provided in response to Item 6 of
this Brochure.

Acadian's fee schedule for each strategy composite described in response to Item 4 are provided below.
Each fee schedule represents the highest fee schedule for the strategy and is used to calculate net-of-
management and net-of-performance fee composite returns in accordance with GIPS. As actual fee
schedules are negotiated with each client, accounts within the same strategy composite have varying fee
schedules with some lower than the fees stated herein. Fee rates are annual, and asset levels and fees are
in U.S. dollars.

Core/Enhanced/Extension Equity Strategies

 Fee Schedule:
      0.75% on the first $25 million                      Fee Schedule:
      0.65% on the next $25 million
      0.50% on the next $100 million                             0.85% on the first $50 million
      0.40% thereafter                                           0.75% on the next $50 million
                                                                  0.60% thereafter
 Applicable to the following composites:
    - ADR Non-U.S. Equity
    - All-Country World ex-U.S. Equity                     Applicable to the following composites:
    - All-Country World ex-U.S. Value Equity
    - European Equity                                          -   Global Small-Cap Equity
    - European Equity ex-U.K. Equity
    - Eurozone Equity
    - Global Equity
    - Global Equity Hedged CAD
    - Global Equity Hedged GBP
    - Global Islamic Equity
    - Non-U.S. All-Cap Equity
    - Non-U.S. All-Cap Equity ex-Tobacco

   -   Non-U.S. Equity
   -   World ex-U.S. Social Values

Fee Schedule:                                       Fee Schedule:
     0.50% on the first $100 million                    0.90% on the first $100 million
     0.40% on the next $100 million                     0.80% thereafter
     0.30% thereafter
                                                    Applicable to the following composites:
Applicable to the following composites:                - Non-U.S. Focused Alpha Equity
   - U.S. Value Equity

Fee Schedule:                                       Fee Schedule:
     0.75% flat on all assets                           0.75% on the first $50 million
                                                         0.65% on the next $50 million
Applicable to the following composites:                  0.50% thereafter
   - Emerging Markets Fossil Fuel Free Equity
   - Sustainable Global Equity                      Applicable to the following composites:
   - Japanese Equity                                   - Non-U.S. Small-Cap Equity
   - Global Dividend                                   - Non-U.S. Small-Cap Value Equity
   - Non-U.S. All-Cap Hedged USD Equity                - Non-U.S. Smid-Cap Equity
   - Sustainable Global ex-Fossil Fuel Equity

Fee Schedule:                                       Fee Schedule:
     1% flat on all assets                              1.00% on the first $50 million
                                                         0.75% on the next $50 million
Applicable to the following composites:                  0.65% on the next $50 million
   - Emerging Markets Focused Alpha Equity               0.50% thereafter

                                                    Applicable to the following composites:
                                                        - Emerging Markets Equity
                                                        - Sustainable Emerging Markets Equity
                                                        - Emerging Markets Islamic Equity
                                                           Broad
Fee Schedule:                                       Fee Schedule:
     0.80%                                              1.5% flat on all assets.

Applicable to the following composites:             Applicable to the following composites:
   - China A-Shares Equity                             - Frontier Markets Equity
                                                       - Non-U.S. Micro-Cap Equity

Fee Schedule:                                       Fee Schedule:
     1.25% flat on all assets.                          0.25% on the first $50 million
                                                         0.20% on the next $50 million
Applicable to the following composites:                  0.15% thereafter
   - Emerging Markets Small-Cap Equity
   - U.S. Micro-Cap Equity                          Applicable to the following composites:
                                                       - Global Targeted Value Equity Broad
                                                       - Global Targeted Momentum Equity

                                                        -   Global Targeted Quality Equity
                                                        -   Liquid Multi-Alpha Equity
                                                        -   Sustainable Multi-Factor Equity
...

Item 7 – Types of Clients

Acadian provides portfolio management services for institutional clients. This includes family offices,
corporate pension and profit-sharing plans, Taft-Hartley plans, charitable institutions, foundations,
endowments, municipalities, registered mutual funds, collective investment trusts, private investment
funds, fund-of-funds, trust programs, sovereign funds, foreign funds such as UCITs and SICAVs, and
other U.S. and international institutions.

Acadian has also entered into arrangements to participate in Unified Managed Accounts (“UMA”)
programs. Our participation is limited to providing investment advice by providing and updating an
investment model for a specific strategy to the UMA sponsor. We are not responsible for trading, for
meeting with underlying clients, or for tailoring the model to the specific objections of any client of the
UMA sponsor.

For separate accounts, Acadian will typically impose a minimum initial value of at least $100 million
dollars while reserving the right to accept smaller accounts. For Acadian commingled funds initial
investment minimums vary. Investment minimums are typically listed in the prospectus for each
registered fund that Acadian advises or sub-advises.