Generation Investment Management US LLP

ITEM 5. FEES AND COMPENSATION

GLOBAL EQUITY FUNDS, ASIA FUND AND SEPARATE ACCOUNTS

As of January 1, 2026, as a general matter, Generation US charges Clients in the Global Equity Funds a
management fee (“Management Fee”). The Management Fee is 0.80%* per annum; however, for those Clients’
sub-capital accounts that have been invested continuously for: (a) five (5) years or more, the Management Fee
reduces to 0.70%** per annum, (b) ten years or more, the Management Fee reduces to 0.60%** per annum, and
(c) fifteen (15) years or more, the Management Fee reduces to 0.50% *** per annum.

Interests of investors with Sub-Capital Accounts that are described in the foregoing sentence are referred to
herein as “Long Tenure Interests”. For the avoidance of doubt, the reduction in Management Fee after five years
or ten years, as applicable, is not retrospective.

   * Prior to July 1, 2024, the fee payable with respect to these Sub-Capital Accounts is 0.20% higher.

   ** Prior to July 1, 2024, the fee payable with respect to these Sub-Capital Accounts is 0.05% higher.

   *** As of July 1, 2024 (with respect to these Sub-Capital Accounts).

For the Asia Fund, Generation has offered a reduced Management Fee of 0.75% per annum from April 1, 2015
(the prior Management Fee being 1.00%) and plans to continue to offer this reduced Management Fee until
Generation US determines, in its absolute discretion, that the proportion of the assets of the Asia Fund
chargeable at 0.75% has reached capacity. Once the reduced Management Fee capacity is reached, the
Management Fee for the Asia Fund will be an annual rate of 1.00% of assets under management. Upon
reaching that annual rate for new investments, Generation will then offer the same fee arrangement as the
Global Equity Funds, namely a reduced Management Fee to 0.75% per annum for those Clients that have been
invested continuously in a Fund or Separate Account for five years or more.

In addition, Generation US charges an incentive fee (“Incentive Fee”) of 20% of the amount by which capital
appreciation on the Client’s account outperforms a benchmark over a stated period of time. Incentive Fees
(absent express agreement with Clients otherwise) are subject to a deferral mechanism whereby, in broad
terms, payment of part of any Incentive Fees earned is deferred for up to three years and is subject to continued
outperformance.

A Fund has the ability to form classes of “Manager Class Interests” designed to achieve long term alignment
of its own interests with its partners, members, directors, consultants, officers and employees (as well as their
family members) or its or their affiliates including employee and partner benefit plans, pension and retirement
vehicles, insurance contracts, foundations, charities and trusts for their benefit (“Generation Personnel”).
Such classes are designed to incentivize Generation Personnel (subject to relevant regulatory considerations)
to invest in a Fund so as to ensure a degree of alignment of their personal financial interests and those of the
relevant Fund. Such classes carry reduced or zero management fees and incentive allocations and, in
addition, involve a retention requirement in some cases.

© Generation Investment Management U.S. LLP 2026                                                           Page 7 of 60

Reduced fee classes, carry the risk that such accounts are serviced to a lesser degree than accounts paying
full fees. Except where disclosed otherwise in the relevant fund documentation, for example reduced reporting
requirements for Generation Personnel who are considered to be informed on the relevant product due to their
employment, investors in such classes will be treated the same. Generation US notes that material additional
costs incurred in structuring such Manager Class Interests will be borne by it and all other fees payable by
investors will equally be payable by Generation Personnel.

Fees and minimum account sizes are negotiable as are the technical provisions around timing of payment and
basis of calculation. Clients could pay more or less than the fees set out above or than similar Clients
depending on the particular circumstances of the Client, the size and scope of the overall Client relationship,
additional or differing levels of servicing, tenure as a Client or as otherwise agreed with specific Clients.

Fees charged by Generation US to Separate Accounts are generally paid quarterly in arrears, or as otherwise
provided in their Client agreement, based on the value of the assets at the close of the applicable billing period.
Fees include a combination of Management and Incentive Fees. Generation US invoices Separate Accounts
for services rendered. Fees are typically payable within 30 days of receipt. All Separate Accounts are issued
invoices in respect of their management and performance fees. Separate Accounts generally have the ability
to arrange for such fees to be debited directly from their account for credit to Generation, subject to applicable
law and regulation. However, Separate Accounts could also choose to settle these costs from outside of the
portfolio. Generation US’s services are terminable by either party upon written notification in accordance with
the applicable contractual notice of termination per that Client’s investment management agreement.
Separate Accounts are responsible for paying for services provided until the termination of the agreement. In
addition to Management and Incentive Fees, Separate Accounts bear trading costs, including brokerage fees
(please refer to Item 12: Brokerage Practices). Generation US has the ability to charge a further annual fee of
up to $45,000 per annum to defray the administrative costs to maintain a separate account but has the
discretion to waive this fee and absorb such costs itself. To the extent that Separate Accounts are invested in
...

ITEM 7. TYPES OF CLIENTS
See “Item 4: Advisory Business” and “Item 5: Fees and Compensation” for information about the Clients for
whom Generation provides services and requirements for opening or maintaining an account.

The Global Equity Funds operates as a pooled investment vehicle and, generally, the minimum initial
investment in the Fund is $3,000,000. The minimum additional investment is $1,000,000. The Asia Fund also
operates as a pooled investment vehicle and, generally, the minimum initial investment in the Fund is
$1,000,000. The minimum additional investment is $500,000. Generation US has discretion to reduce or waive
fund minimums for certain investors, including, but not limited to, partners, officers and employees of
Generation.

Note, as discussed above, the Funds do issue classes of interests available only to Generation Personnel.
Investment in the Funds by Generation Personnel forms part of Generation’s remuneration strategy and its
commitment to align the interests of the Funds and their investors with those of Generation and its personnel.
As part of this framework, Generation Personnel are encouraged to invest for the long-term alongside investors
and can be restricted from withdrawing or transferring a portion of their interests, for so long as the holder of
such interests remains a member of the class of persons comprising Generation Personnel. Generation has
absolute discretion to permit withdrawal prior to a person ceasing to be Generation Personnel. Generation has
the discretion to permit Generation Personnel to retain these benefits after having ceased to work with
Generation.

In the case of Separate Accounts and private investment funds, U.S. investors must generally be “accredited
investors” as defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the
“1933 Act”), “qualified purchasers” as defined in Section 2(a)(51)(A) of the Investment Company Act and
“qualified eligible persons” under Rule 4.7 of the U.S. Commodity Exchange Act, as amended. The minimum
amount investors must invest in Funds and accounts is set forth in each such Fund’s prospectus or other
relevant offering document and varies from Fund to Fund.

Separate Accounts typically must have an initial asset value of at least $100 million for the Global Equity Funds
and $75 million for the Asia Fund. Generation US has discretion to accept a Separate Account with a value of
assets less than those amounts.

Generation US acts as a sub-advisor to the Growth Equity Funds and Private Equity Funds as noted above.