Arga Investment Management LP

Item 5. Fees and Compensation
Fees
We generally receive two types of fees for our investment advisory services:

      Asset-based management fee
      Performance-based fee (incentive allocation based on the performance of the accounts)

Asset-based Management Fee. Management fees are calculated monthly and paid monthly or
quarterly, based on the average capital account or the invested assets under management of each
client and at a rate agreed upon at the time of client acceptance. The standard fee schedule for
asset-based management fees per year typically ranges from 0.50% to 1.00% of the account’s net
assets per year. The fee rates are generally fixed or may be structured in tiers, whereby the
management fee rate varies based on the average capital account of the client or invested assets
under management of the client.

Performance-based Fee. We may enter into performance-based compensation arrangements with
certain clients. Clients who are subject to performance fees will be qualified clients within the
meaning of Rule 205-3 under the Investment Advisers Act of 1940. Under this fee arrangement,
the client pays a base management fee and a performance-based fee. The performance-based fee
is generally 15% (as described in applicable fund offering documents or applicable advisory
agreements with Separate Account clients) of net returns over the hurdle rate of a specified
benchmark relevant to the applicable period. The performance-based fee may be subject to a loss
carry forward or high-water mark provision that generally requires that any losses suffered by an

account (adjusted to reflect withdrawals/redemptions) be offset by subsequent net returns before
a performance-based fee is payable by the account. These performance-based compensation
arrangements may result in a total annual fee that is higher than our standard annual asset-based
management fee.

The fees described above are our typical fee rates. However, ARGA has the right to negotiate
fees and enter into agreements with one or more of its clients at these negotiated fees. Fees may
vary depending on individual portfolio considerations, investment size, timing of opening and
other circumstances of the mandate/relationship. Fees for the Separate Accounts are negotiated
with each such Separate Account client.

Details of how the fees are calculated for the Commingled, UCITS Funds and Australia Unit
Trust can be found in the offering documents of the applicable fund, which are provided to
potential investors prior to investing in a fund. In the case of performance-based fees (if
applicable), fees are paid from each applicable investor’s capital account.

With respect to the ARGA CIT Funds, each fund pays a Trustee Fee. The Trustee Fee is an “all
in fee” which covers (i) the normal operating fees and expenses of the fund; (ii) compensation to
the Trustee for the fiduciary services provided by the Trustee; and (iii) compensation to ARGA
for the investment advisory and administrative services. The CIT Funds are not subject to
performance fees.

Details of how the fees are calculated for Separate Accounts are included in the investment
advisory agreement for each such client. Our fees from the Separate Accounts are either paid
directly from the client account or from outside the assets of the client account, per each such
client’s instructions.

ARGA also serves either as the advisor or sub-advisor to six investment companies registered
under the Investment Company Act of 1940. Under the advisory and sub-advisory contracts
approved by the trustees and/or directors of each of these funds, ARGA manages the investment
and reinvestment of assets of these funds, continuously reviews, supervises, and administers an
investment program for these funds and determines in its discretion the securities to be purchased
or sold and the portion of such assets to be held uninvested. In exchange for these services:

      With respect to the ARGA Mutual Funds, ARGA receives a fixed investment advisory
       fee payable on a monthly basis. The ARGA Mutual Funds are not subject to performance
       fees.

      With respect to our sub-advisory services for investment company clients who are
       registered under the Investment Company Act of 1940, the fees are calculated as follows:

           o The Vanguard International Value Fund (ARGA manages a portion of the fund):
             ARGA receives an investment advisory fee consisting of a base fee plus a
             performance adjustment. The fees are paid on a quarterly basis.

           o The PACE® Select Advisors Trust with respect to the PACE® International
             Emerging Markets Equity Investments portfolio and the PACE Small/Medium Co
             Value Equity Investments portfolio (ARGA manages a portion of the portfolios).
             In exchange for these services, ARGA receives a fixed investment advisory fee,
             paid on a monthly basis.

Expenses
In addition to management fees, Accounts may pay other fees and expenses in connection with
ARGA’s investment management services. Generally, Accounts are responsible for such other
fees and expenses, as governed by the applicable offering document or investment advisory
contract.

The other fees and expenses for the ARGA Funds (excluding the CIT Funds) may include, but
are not limited to:

      Accounting and auditing fees (including audit fees, tax return preparation costs relating to
       the Funds’ accounts and administration fees);
      Legal fees and expenses;
      Trustee/Custodian fees;
      Where applicable, the cost of preparation and distribution of reports and statements to
       fund investors by the custodians;
      All trading expenses and transaction costs (including brokerage commissions and
       expenses clearing and settlement charges, interest on loans and debit balances, margin
       interest, broker service fees and other clearing and custodial expenses); and
...

Item 7. Types of Clients
We generally provide investment advisory services to private investment funds or pooled
investment vehicles (“Commingled Funds”), UCITS Funds, Australia Unit Trust, Collective
Investment Trust Funds (“CIT Funds”), investment companies registered under the Investment
Company Act of 1940 (“Mutual Funds”) and internal Proprietary Funds which are not open to
outside investors (“Proprietary Funds”). We also provide advisory services to institutional

separate accounts and sub-advisory services to investment companies registered with the SEC
under the Investment Company Act of 1940 (“collectively, “Separate Accounts”).

Investors in the ARGA Funds, excluding the CITs Funds, generally include high net worth
individuals and institutional investors including, but not limited to, trusts, foundations,
corporations, endowments, corporate and public pensions and family offices. Our CIT Funds are
available to US tax qualified investors, which include pension and profit-sharing plans,
governmental plans, retirement income accounts and others.

We offer separate account services typically to investment companies, pension plans, state or
municipal government entities, foreign registered investment companies, corporate entities,
public fund managers, pension trusts, family offices and other investment advisers.

Our Commingled Funds have a minimum initial investment amount of $1,000,000. Additional
investments are in increments of $1,000,000.

Our UCITS Funds have a minimum initial investment amount of $100,000.

Our Australia Unit Trust has a minimum investment of AUD 25,000. The minimum additional
investment is AUD 1,000.

Our Mutual Funds each have a minimum initial investment of $250,000 for the institutional
share class. The investor shares class of the Mutual Funds are currently not available for
purchase.

There is no minimum investment amount for our CIT Funds.

The minimum investment for a Separate Account is $10,000,000.

These minimums and/or increments may be reduced or waived by ARGA at its sole discretion.