APS Asset Management PTE Ltd

Item 5: Fees and Compensation

APS charges two types of fees for its advisory services i.e. base fee and performance fee.

The fee arrangements for managed accounts are negotiable. Circumstances considered when
negotiating fees may include, without limitation, asset sizes, market rates, specialized guidelines, and
other performance fee arrangement with the client.

The base fee for managed accounts and mutual funds are calculated based on an annual percentage
of the value of the assets under management. In addition, APS may collect performance fee based on
the performance of the investments.

A. Mutual Funds

    Base fee                        0.75% to 2.00% per annum
    Performance fee                 15% to 20% per annum
    Sales charge                    3% to 5% on the subscription amount
    Repurchase charge               3% to 5% on the redemption proceeds

The fees applicable to each mutual fund are set forth in detail in the fund’s offering documents.

APS may enter into distribution agreements where it would share with the distributors a portion of its
fees generated from investors.

The mutual funds bear the following expenses: legal, auditing and accounting fees, tax preparation
expenses, investment expenses and all other expenses of each respective fund, including, without
limitation, custodian fees, taxes on securities transactions, brokerage fees and commissions and any
other similar fees, clearing expenses, government registration fees, fees to an administrator, entity-
level taxes, organizational expenses and other similar or extraordinary expenses related to the
operation of the fund. Such expenses are generally shared on a pro rata basis by all of the investors in
the fund.

B. Managed Accounts

Fees for the managed accounts are subject to negotiation and established pursuant to each account’s
investment management agreement. Circumstances considered when negotiating fees may include,
without limitation, asset sizes, market rates, specialized guidelines, and other performance fee
arrangement with the client.

All invoices are billed on quarterly basis in arrears. APS does not deduct fees from the client’s assets.
APS does not provide custody of client’s assets. All assets are kept with the client’s appointed
custodian under the client’s name. The client negotiates their own custody fees with the custodian.

C. Advance Payment of Fees

All our client’s invoices are calculated and billed in arrears. No advance fee payment is paid by the
clients.

Item 7: Types of Clients

Generally, investors in the funds may include high net worth individuals, pension funds, foundations,
and family offices based in North America, Europe, Middle East, Africa and Asia. The offering
documents for the funds set minimum amounts for investment by prospective investors. Investors
should refer to the respective fund’s offering document for full details on the share classes and

minimum investment amounts. APS has waived, and reserves the right to modify or waive, the
minimum initial investment amounts for the funds from time to time. For managed accounts, the
minimum account size is negotiable and will depend on the type of product and investment strategy.

The funds’ investment management contracts may be terminated upon 90 days’ prior written notice.
The termination provisions for the managed accounts are subject to negotiation and established
pursuant to each account’s investment management agreement.