Black Creek Investment Management Inc

ITEM 5.          FEES AND COMPENSATION

       A.      Compensation for Advisory Services. Fees are subject to negotiation. The
negotiation of fees may result in similarly situated clients paying different fees for comparable
advisory services.

        We charge a fee expressed as a percentage of the total value of the assets under
management (“AUM”) for a given client, generally determined at the end of each month (or
quarter). The fees we charge vary based on the investment strategy employed and other factors.
No minimum fee is charged, however there may be a minimum initial investment required. This
amount will vary depending on the client’s desired investment strategy but will generally be $100
million or more. We may offer reduced fees to certain clients, including large or strategic
investors.

          Our basic fee structure is:

                         Figures below represented as percentage (%) of AUM
                                         November 30, 2022

                                      Client AUM           Management Fee
                       First           50,000,000               0.75%*
                       Next            50,000,000               0.70%*
                       Next           150,000,000               0.60%*
                       Next           250,000,000               0.55%*
      *Percentages do not include custodial expenses that may also be payable by the client

       B.       Payment of Fees. Fees are generally payable quarterly in arrears, according to the
terms of the IMA. Fees may be withdrawn directly from a client’s account or the client may be
separately billed.

        C.      Clients Are Responsible for Third-Party Fees. Our fees are exclusive of brokerage
commissions, “spread,” transaction fees and other related costs and expenses, which are the
responsibility of the client. Clients may also incur certain charges imposed by custodians, brokers
and other service providers such as custodial fees, deferred sales charges, odd-lot differentials,
transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage
accounts and securities transactions.

          D.     Prepayment of Fees. We do not require the prepayment of fees.

      E.      Other Compensation. Neither Black Creek nor any of our employees receive
compensation for selling securities or other investment products.

ITEM 7.          TYPES OF CLIENTS

        Our clients generally are institutional investors, including pension plans and charitable
organizations, as well as privately offered investment vehicles in the U.S. We also provide
discretionary investment management services as sub-adviser to other registered investment
advisers and retail mutual funds offered in Canada.