C Worldwide Asset Management Fondsmaeglerselskab A/S

Item 5 – Fees and Compensation
Fee schedule – segregated accounts

For discretionary investment management services to segregated accounts, CWW AM generally
charges a fixed fee rate based on a percentage of the market value of the assets under
management (“AUM”). The fixed fee rates are separated into AUM based tiers for each strategy
offered by CWW AM to U.S. Clients. The fixed fees offered by CWW AM are presented in the table
below. The fees may be negotiated individually and lower rates may be offered depending on the
individual circumstances of the U.S. Client.

 Strategy – C WorldWide         Management fee – fixed rates
 International Equities         First USD 100 million in AUM                0.55%
                                Next USD 200 million in AUM                 0.45%
                                Next USD 200 million in AUM                 0.40%
                                AUM above USD 500 million                   On request
 International Equities ADR     First USD 100 million in AUM                0.55%
                                Next USD 200 million in AUM                 0.45%
                                Next USD 200 million in AUM                 0.40%
                                AUM above USD 500 million                   On request
 Global Equities                First USD 100 million in AUM                0.60%
                                Next USD 200 million in AUM                 0.50%
                                Next USD 200 million in AUM                 0.45%
                                AUM above USD 500 million                   On request
 Global Equities Ethical        First USD 100 million in AUM                0.60%
                                Next USD 200 million in AUM                 0.50%
                                Next USD 200 million in AUM                 0.45%
                                AUM above USD 500 million                   On request
 Emerging Markets               First USD 100 million in AUM                0.65%
                                Next USD 200 million in AUM                 0.55%
                                Next USD 200 million in AUM                 0.50%
                                AUM above USD 500 million                   On request

Upon requests from clients, CWW AM offers performance-based fee, as a supplement to a fixed
fee. Generally, a performance fee is calculated as a percentage of the outperformance by the U.S.

            C WorldWide Asset Management Fondsmaeglerselskab A/S          Form ADV Part 2A

Client’s portfolio in relation to an agreed benchmark. Performance-based fees are negotiated
individually.

Fee schedule – pooled investment vehicles and Model Program

CWW AM offers discretionary investment management services to U.S. and non-U.S. pooled
vehicles, including investment companies registered under the IC Act and a private fund. In each
case, the fund’s offering documents will include information about the fees and expenses paid by
the fund.

For the Model Program, CWW AM will receive a portion of the fee charged by Harbor.

Billing of fees

Billing cycles and valuation methods are agreed with U.S. Clients. CWW AM invoices U.S. Clients
for fees on a monthly, quarterly or annual basis. No fees are billed or paid in advance.

The Investment Management Agreement (“IMA”) of a U.S. Client may be terminated at any time
by the U.S. Client without the payment of any penalty. If an IMA expires during a billing circle, pro
rata fees calculated for the relevant period based upon the termination date will be invoiced.

The Custodians of U.S. Clients will value the assets in U.S. Client accounts. In addition, CWW AM
will value assets using publicly available information sources including but not limited to LSEG and
Bloomberg. CWW AM reconciles its own valuations with the valuations of the custodians. Where
CWW AM values assets and it is not possible to obtain a price or valuation (such as for a
suspended, de-listed or illiquid security), CWW AM has a conflict of interest in determining the
value of the assets. To address this conflict of interest, CWW AM has established a pricing
committee that will evaluate available information, and consider the need to obtain third party
evaluation, and determine the price of the asset. The decisions of the committee are
documented.

The U.S. Client will decide whether the custodian’s valuations or CWW AM’s valuations of the
assets in the portfolio shall be used as basis for calculating the management fees. The Client’s
decision will be recorded in the IMA. In all instances, it is the responsibility of the U.S. Client to
review account statements and identify discrepancies in valuations and fee calculations for review
and, if required, reconciliation. Fee calculations are subject to an independent review, conducted
annually.

An invoice will be presented to the U.S. Client for fees due to CWW AM. The custodian of the U.S.
Client will, as agent for and with the consent of the U.S. Client, pay the fee due to CWW AM from
the U.S. Client’s account.

Other types of fees and expenses

Apart from CWW AM’s fees in connection with discretionary investment advisory services, U.S.
Clients bear certain expenses that typically include investment‐related expenses. These expenses
include custodial charges, brokerage fees, commissions and related costs; interest expenses;
taxes, duties and other governmental charges; transfer and registration fees or similar expenses;

            C WorldWide Asset Management Fondsmaeglerselskab A/S       Form ADV Part 2A

and costs associated with foreign exchange transactions. Brokerage is further discussed in Item
12 below.

Furthermore, investments in depositary receipts are associated with additional costs charged by
the issuer of the depositary receipt. Such costs may include, custody fees, voting of shares fees,
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