First Sentier Investors US LLC

Item 5: Fees and Compensation
Separately Managed Accounts

Fees and compensation are negotiated on a case-by-case basis with our clients. We either charge a
management fee based on a percentage of assets under management or clients may choose to pay a
fee consisting of a combination of a percentage of assets under management and a performance-based
fee.
Clients pay management fees quarterly in arrears and performance-based fees are calculated in
accordance with the agreed formula and paid annually in arrears.
We invoice clients directly for the fees they have incurred. We will not deduct our fees directly from the
client account however the client can instruct the custodian to pay FSI US out of the assets in the client
account once the fee calculation has been reviewed and accepted.
In addition to FSI US’s management fee, clients will incur other fees and expenses charged by third
parties in relation to their account, including, for example custody fees, brokerage, foreign exchange fees
and other transaction costs.
Account termination provisions are specified in the individual client agreements. However, generally the
client can terminate the agreement by providing us with written notice at our principal place of business.
Upon termination of any account, any prepaid, unearned fees will be promptly refunded, and any earned,
unpaid fees will be due and payable.

Private Funds

We provide investment advisory services to multiple private funds (each, a “Private Fund”). Each
Private Fund has its own management fee schedule, performance compensation structure (if
applicable), expense allocation methodology, and payment terms, as described in the relevant Fund’s
private placement memorandum (“PPM”) and governing documents.

Management fees for the Private Funds are generally calculated based on [committed capital / invested
capital / net asset value], depending on the structure of the particular Fund. These management fees
are deducted directly from Fund assets, in accordance with each Fund’s governing documents.
Deducting these fees reduces the Fund’s net asset value and indirectly reduces each investor’s capital
account balance.

Certain Private Funds may also pay a form of performance-based compensation (e.g., carried interest
or incentive allocations). These arrangements vary by Fund and are described in the applicable PPM.
Because performance-based compensation may incentivize us to take on greater investment risk, we
have policies and procedures designed to address these conflicts.

Private Funds also bear their own operating and organizational expenses, which may include
administrative, legal, audit, tax, accounting, custodial, financing, and other expenses permitted under
the relevant governing documents. These expenses are charged to and paid from Fund assets and
reduce the overall value of the Funds.

Because each Private Fund has a unique fee and performance allocation structure, we may face
conflicts of interest when allocating investment opportunities among Funds. For example, we may have
an incentive to allocate opportunities to Funds that pay higher management fees or performance-based
compensation. We address these conflicts through our allocation and valuation policies.

Investors should review the applicable Fund’s PPM and governing documents for complete details.

Mutual Funds

We also serve as investment adviser to registered investment companies (“Mutual Funds”). Each
Mutual Fund pays us an advisory fee under an investment advisory agreement approved by the Fund’s
board of directors/trustees.

Mutual Fund advisory fees are typically calculated as a percentage of the Fund’s average daily net
assets and may include breakpoints or tiered fee schedules that reduce fees as assets in the Fund
increase. The specific fee schedule for each Mutual Fund is fully described in the Fund’s statutory
prospectus and Statement of Additional Information (“SAI”).

Mutual Fund advisory fees are deducted directly from the Mutual Fund’s assets and therefore reduce
the Fund’s overall returns. Shareholders do not pay advisory fees directly to us.

Shareholders may bear additional Fund-level charges, such as distribution fees (e.g., 12b-1 fees),
shareholder servicing fees, custodial fees, administrative expenses, and other operating costs. These
fees and expenses are described in each Mutual Fund’s prospectus and SAI.

Other Fee Considerations

Certain sophisticated or institutional investors in Private Funds (e.g., seed investors or large investors)
may negotiate lower management fees or different performance allocation terms. These arrangements
are disclosed in the applicable Fund’s PPM. Mutual Fund advisory fees, by contrast, are not negotiable
and must be approved by the Mutual Fund’s board.

We do not bill investors directly for advisory fees related to Private Funds or Mutual Funds. However,
investors indirectly bear Fund-level fees and expenses as described above.

Item 7: Types of Clients
We provide investment advice to institutional investors and accredited investors including:

        –   Pension plans
        –   Investment companies
        –   Other pooled investment vehicles (exempt from registration)
        –   Endowments
        –   State and municipal organizations
        –   Charitable organizations

Clients are generally “qualified purchasers” as defined in section 2(a)(51)(A) of the Investment Company
Act of 1940.