First Sentier Investors Australia RE Ltd

Item 5: Fees and Compensation
Segregated accounts
Fees and compensation will be negotiated on a case-by-case basis with our clients. We will either charge a
management fee based on a percentage of assets under management or clients may choose to pay a fee
with an element of percentage of assets under management and an element of performance based advisory
fee.
Clients pay management fees monthly or quarterly in arrears (in accordance with the terms set out in the client
agreement) and performance-based fees are calculated in accordance with the agreed formula and paid
quarterly or annually in arrears (in accordance with the terms of the client agreement).

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FSI ARE will normally invoice clients directly for the fees they have incurred. FSI ARE will not deduct fees
directly from client accounts unless clients have explicitly instructed us to do so. This will be done after the
client’s receipt and review of the invoice or fee calculation.

In addition to FSI ARE’s management fee, clients will incur other fees and expenses charged by third parties
in relation to their accounts which include, but are not limited to, valuation and audit fees, custody fees,
brokerage, foreign exchanges fees and other transaction costs.
Private Funds
For management of the Private Funds, FSI ARE will receive a management fee as a percentage of assets
under management paid quarterly in arrears. FSI ARE will also be entitled to a performance fee on the terms
described in the constituent documents of the fund and the private placement memorandum.
FSI ARE will pay out of the assets of the Private Fund (and accordingly, the investors will bear) all of the
ordinary and extraordinary expenses, which include, but are not limited to:

       Expenses associated with the holding of existing Investments, for example valuation fees;
       Expenses associated with the acquisition or disposal of investments, for example due diligence costs;

       Administrative costs, for example registry and custodial charges;

       Costs incurred in obtaining financial accommodation for the Private Fund;
       Interest charges on financial accommodation;

       Costs incurred in connection with professional consultants or advisors (e.g. legal, tax, accounting,
        audit or valuation) whether or not members of MUFG;

       Communication and reporting expenses (including costs incurred to convene meetings, etc.); and

       Other costs including bank fees and printing and postage costs.

Item 7: Types of Clients
FSI ARE provides investment management services to institutional investors, including:

       Pension plans;

       Insurance companies;
       Corporations or other businesses; and

       Sovereign wealth funds.
FSI ARE will require a minimum account size of $50 million for a separate account. Clients are generally
‘qualified purchasers’ as defined in section 2(a)(51)(A) of the Investment Company Act of 1940.

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