Ashmore Investment Management Ltd

Item 5 – Fees and Compensation
Private Pooled Investment Funds, White Label Funds and UCITS Funds                     A description of
                                                                                       AIML’s fees
Shareholders are responsible for evaluating the associated fees paid to the
investment adviser as disclosed in the relevant offering documents, including
but not limited to the published prospectus.

SMAs and Sub-Advised mandates

Clients can choose a tiered flat fee or a performance-based advisory fee as
described below, and where appropriate, advisory fees may be negotiated. The
most common factors that AIML considers when deciding whether to negotiate
its fees include the size and complexity of an account.

Clients pay advisory fees monthly or quarterly, as stipulated in the relevant
investment management agreement. AIML does not typically require that
Clients pre-pay advisory fees; it will bill Clients in arrears. AIML will not deduct
its fees directly from an account, a Client will receive an invoice for payment of
relevant fees, or a Client may also instruct an account custodian, administrator
or another appropriate third party to pay fees from the assets of the account
upon receipt and review of the AIML invoice.

If AIML’s services are terminated before the end of a quarterly or monthly
payment period, AIML will prorate applicable fees and charge a client only for
the days which advisory services to the account were provided.

                                        ADV Part 2A BROCHURE – AIML

Fee structure
Funds

For Funds, fees are disclosed in the relevant offering documents, including but
not limited to the published prospectus.

SMAs and Sub-Advised mandates

For SMAs, and Sub-Advised mandates, the Adviser’s fees will be agreed with
Clients on a case-by-case basis, generally within the following or similar
parameters:
    ▪ An annual periodic fee of up to 2% of the net asset value of each
        account, payable monthly or quarterly in arrears; and
    ▪ In some cases, an incentive fee which is based upon the performance
        of the relevant fund and is payable, annually in arrears, if the account
        achieves a return over the previous annual accounting period in excess
        of an agreed benchmark or a hurdle rate which is depending on the
        type of account, typically from 6-10% per annum. The incentive fee
        varies but is generally set at a maximum of 20% of the excess.

All future fees, which may include fixed fees, and the terms of all appointments,
are negotiable.

In addition to AIML’s advisory fee, Clients will incur other fees and expenses      Other fees and
charged by third parties in connection with an account, including custodian         expenses
fees, brokerage fees, foreign currency exchange fees and other transaction
fees. See Item 12 “Brokerage Practices” section of the Brochure. If an
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.

                                       ADV Part 2A BROCHURE – AIML

Item 7 – Types of Clients
As previously referenced, AIML manages Funds and Accounts on behalf of               AIML Clients are
institutional investors, including but not limited to the below investor types, as   institutional
well as retail investors through intermediaries:                                     investors

    ▪   Public and corporate pension plans
    ▪   Insurance companies
    ▪   Governments, sovereign wealth funds, government-owned
        institutions
    ▪   Financial services institutions
    ▪   Foundations, endowments
    ▪   Family offices

AIML typically requires a minimum account size of US$100 million for SMAs.           Requirements for
The minimum investment amounts for pooled funds are set out in the                   opening and
respective offering documents.                                                       maintaining an
                                                                                     account

                                        ADV Part 2A BROCHURE – AIML