Alken Asset Management Ltd

Item 5. Fees and Compensation
As adviser to its clients, Alken AM is compensated by a combination of fixed asset-based fees and/or performance-based
fees.

ALKEN ASSET MANAGEMENT LTD                                                                                Form ADV Part 2A

For the non-US funds, the Firm is compensated for its advisory services through the receipt of management fees. Fees
are detailed in the relevant fund offering document and are calculated on the basis of the Net Assets Value of the
relevant fund as of the latest valuation day. Management fees range from 0.40% to 1% per annum and include indirect
management fees. The Firm does not deduct its fee directly from clients’ accounts and instead are billed and payable
quarterly, in arrears.

For some of the non-US funds there is also a performance-based fee. Fee arrangements are set forth in the applicable
fund offering document.

Fees for separately managed account clients are negotiated on a case-by-case basis and set forth in the applicable
investment management agreement or other similar agreement.

The Firm is remunerated for its model portfolio service via a fixed fee arrangement.

The Firm reserves the right to negotiate fees.

Additional Fees and Expenses

Clients pay other expenses in addition to the fees paid to Alken AM. For example, clients may bear the cost of operating
and administrative expenses, brokerage commissions, investment expenses including relation to investment
opportunities, legal expenses, audit and tax preparation expenses, clearing and settlement charges, custodial fees, as
well as research and market data.

For additional information related to brokerage and other transaction costs, please see Item 12. Brokerage Practices.