Fundsmith LLP

Item 5: Fees and Compensation

5.A. Adviser Compensation

The fees applicable to each Fund are set forth in detail in the relevant Governing Documents. A
brief summary of the management fee is provided below.

Investors in the Funds pay a management fee based on the capital account of each limited partner
as follows:

   •     1.0% of the capital account balance where that is under $5,000,000; or
   •     0.9% of the capital account balance where that is over $5,000,000.

Fundsmith has sole discretion to reduce, waive or calculate differently the management fee with
respect to certain investors, including but not limited to, investors who invest in a Fund pursuant to
a relationship with certain intermediaries.

5.B. Direct Billing of Advisory Fees

Fundsmith is authorized under the Governing Documents of the Funds to charge and deduct advisory
fees directly from the Fund’s assets, at the times and in the amounts described in the Governing
Documents.

5.C. Other Non-Advisory Fees

In addition to the fees payable to Fundsmith, the Funds (with certain exceptions described in the
Governing Documents) pay for all costs and expenses incurred in connection with the investments
in their accounts, which may include (but may not be limited to):

          (i)   the fees and expenses payable to the custodian;
         (ii)   expenses incurred in acquiring and disposing of investments, including brokerage
                commission, fiscal charges and other disbursements which are necessarily incurred in
                effecting transactions for the Fund and normally shown in contract notes, confirmation
                notes and difference accounts as appropriate;
        (iii)   fees and expenses for fund administration, pricing, valuation, fund accounting and
                related services;
        (iv)    any cost incurred in preparing, printing and distributing reports, accounts, statements,
                contract notes and other like documentation;
         (v)    any fees, expenses or disbursements of any legal, tax or other professional adviser of
                the Fund;
        (vi)    any costs incurred in taking out and maintaining any insurance policy in relation to
                the Fund and/or the general partners or Fundsmith;
       (vii)    interest on permitted borrowings and charges incurred in effecting or terminating such
                borrowings or in negotiating or varying the terms of such borrowings;
       (viii)   taxation payable in respect of the Fund assets or on the issue or withdrawal of interests;
        (ix)    the audit fees of the auditors and any properly incurred expenses of the auditors;
         (x)    any costs incurred in amending the Fund’s LPA or PPM;
        (xi)    any amount payable by the Fund under any indemnity provisions contained in the LPA
                or any agreement with any service provider to the Fund;
       (xii)    any costs incurred in the formation of the Fund and the offering of the interests; and
       (xiii)   any other payments permitted to be paid out of the assets of the Fund as provided in
                the LPA, as described in greater detail in the Governing Documents for each Fund.

The section below titled “Item 12. Brokerage Practices” describes the factors that Fundsmith
considers in selecting or recommending broker/dealers for client transactions and determining the
reasonableness of their compensation (e.g. commissions).

5.D. Advance payment of fees

Management fees are not due in advance.

5.E. No Compensation for Sale of Securities or Other Investment Products

Neither Fundsmith nor its supervised persons will receive any compensation with respect to the
purchase or sale of securities or other investment products.

Types of Clients

In the U.S., Fundsmith provides advisory services to the Funds. The limited partners of the Funds
include corporations, endowments, foundations, trusts, estates, individuals and pension plans,
among others. Limited partner interests in the Funds are offered in the U.S. only to persons who
qualify as both accredited investors as defined under Regulation D under the Securities Act of 1933,
as amended (the “Securities Act”) and qualified purchasers as defined under Section 2(a)(51) of the
Investment Company Act of 1940, as amended (the “1940 Act”). As a result, the Funds are not
required to register as investment companies under the 1940 Act in reliance upon the exception
under Section 3(c)(7) for funds whose securities are not publicly offered.

The Non-U.S. Funds have not been and will not be registered under the Securities Act and they may
not be offered, sold or transferred, in the U.S., its territories and outlying areas or offered or sold to
any U.S. person not affiliated with Fundsmith.

Minimum Investment Requirements

As noted above, limited partner interests in the Funds may only be offered to persons who qualify
as both “accredited investors” as defined in Regulation D under the Securities Act and “qualified
purchasers” as defined in Section 2(a)(51) of the 1940 Act.

Investors in the Funds are required to make a minimum initial investment of $250,000, although the
general partners of the Funds have discretion to accept lower amounts.