Ashmore Equities Investment Management US LLC

Fees and Compensation
 Clients can choose asset-based or performance-based advisory fee, as           We offer asset-
 described below. You may be able to negotiate these advisory fees with         based and
 us. The most common factors that we consider when deciding whether to          performance-
 negotiate our fee include the size of an account and whether the account       based advisory
 is, in turn, an investment company or a private investment fund.               fees

 You can choose to pay our advisory fee either quarterly or monthly. AEIM
 does not require that clients pre-pay advisory fees; we will bill you in
 arrears. We will not deduct our fees directly from your account. However,
 you may instruct your account custodian, administrator or another
 appropriate third party to pay us out of the assets in the account after you
 have reviewed our bill.

 If AEIM’s services are terminated before the end of a quarterly or monthly
 payment period, we will prorate our fees and charge you only for the days
 on which we actually provided advisory services to the account.

 As noted in the “Advisory Business” section of this Brochure, you will not
 be charged any additional advisory or fund management fees if we place
 your assets in one of the specialized private investment funds managed by
 AEIM.

 Asset-based fee structure

 Our current fee schedule is as follows:

  Strategy                        Minimum Account          Fee Schedule*
                                  Size*
   EM Equity (Broad Global,       $100 million          1.15%
   Regional, Single Country)
   EM Small Cap Equity (Broad $100 million              1.50%
   Global, Regional, Single
   Country)
   Frontier Markets Equity        $100 million          1.50%
 * negotiable, and fees may be tiered based on assets under management

The AEIM Brochure

 Performance-based fee structure

 Under a performance-based fee structure, AEIM will charge a base
 advisory fee on assets under management, plus a percentage of any
 outperformance in excess of a mutually agreed-upon benchmark.
 Performance-based fees are typically structured based upon individual
 client request and are negotiable.

 On rare occasions, at the request of a client, AEIM may prepare a special        Fees for additional
 report on a topic related to emerging markets investments (including             services
 information from public and proprietary data bases, charts, graphs and
 formulas), so that the client may use that report in its own investment
 process. We do not do this on a regular basis, and this service is not
 included in our advisory fee. If this is something that you are interested in,
 you would need to negotiate a separate agreement and fee with us for
 each report or set of reports.

 In addition to AEIM’s advisory fee, you will incur other fees and expenses       Other fees and
 charged by third parties in connection with your account, including              expenses
 custodian fees, brokerage fees, foreign currency exchange fees and other
 transaction costs. See “Brokerage Practices.” If your account is
 structured as an investment fund, the fund likely will incur the fees
 referenced above, as well as administration, transfer agency, reporting,
 audit, legal, and setup fees.

The AEIM Brochure

Performance-Based Fees and Side-By-Side
Management
 As described in the “Fees and Compensation” section of this Brochure,
 AEIM gives clients the choice of an asset-based or a performance-based
 advisory fee. When AEIM outperforms a relevant benchmark, we
 generally will earn a higher fee from clients who have elected a
 performance-based fee. As a result, we face potential conflicts of interest:
 We could make more money by allocating our best investment picks to
 those clients who have opted for a performance-based fee and giving our
 less favorable investment picks to clients who have chosen a flat fee
 arrangement. We may also have an economic incentive to favor higher-
 risk strategies and investments.

 AEIM may also have an incentive to favor investment fund accounts in
 which staff members or affiliates own shares.

 AEIM has addressed these potential conflicts in several ways. First, we
 have adopted trade allocation procedures. These procedures establish
 rules for the formulation and subsequent aggregation and allocation of
 trades that are reasonably designed to ensure fair and equitable treatment
 of AEIM’s clients over time. You can read more about these allocation
 procedures in this Brochure under the heading, “Brokerage Practices.”
 Second, AEIM has adopted procedures regarding transactions between
 advisory accounts that generally prohibit AEIM from knowingly causing
 securities held in one client account to be sold into the account of another
 client. Exceptions to these procedures may be made only with the
 approval of a member of AEIM’s Legal/Compliance Department. These
 procedures also set forth rules that are reasonably designed to prevent
 inadvertent transactions between client accounts. Finally, no staff member
 of AEIM has been granted any specific participation in the performance of
 any account managed by AEIM, nor is any staff member compensated in
 any way that is explicitly linked to the performance of any account.

The AEIM Brochure

Types of Clients
 AEIM’s clients include:                                                     Our clients are
                                                                             institutional
        pension and profit sharing plans                                    investors
        private investment funds
        mutual funds registered under the U.S. Investment Company Act
         of 1940
        state or municipal government entities
        multinational organizations
        foreign (non-U.S.) government investment funds

 AEIM generally requires a minimum account size of US$100 million. We        Requirements for
 also require that each client hire a global custodian to hold its assets.   opening and
                                                                             maintaining an
                                                                             account

The AEIM Brochure

Methods of Analysis, Investment Strategies
and Risk of Loss
 AEIM’s Investment Strategies

 AEIM offers a number of emerging markets investment strategies:

        a broad global active strategy
        a concentrated global active strategy
        specialized/regional active strategies that focus on particular
         market segments and/or regions

 The broad global active strategy is our most inclusive and wide-ranging        Broad and
 strategy. Portfolios include both large and small capitalization companies     concentrated
 located, listed or with significant operations in any emerging market          global active
 country. The concentrated global active strategy focuses on 50 to 100
 stocks of companies from the same universe.

 Our specialized/regional active strategies are: Global small capitalization,   Specialized/
 Latin American small capitalization, South Asian small capitalization,         regional active
 Frontier emerging market, Africa regional, Middle East regional and South
 Asia regional. (The names of the strategies are self-descriptive: the global
 small capitalization strategy invests in small capitalization companies
 across all emerging markets, the Africa regional strategy invests in African
 companies in all market segments, etc.)

The AEIM Brochure