Guinness Asset Management Limited

Item 5: Fees and Compensation
GGI charges each client an investment management fee based on the value of the
client’s assets under management.

Except as set forth below, GGI is generally paid a monthly management fee calculated
at the annual rate typically ranging from 0.35% to 1.99% of the net assets of each Fund
as of the end of each month (adjusted for any subscriptions or redemptions made
during the month). The management fee is paid promptly to GGI after the end of each
month and is prorated for periods less than a full month. With respect to certain Funds
formed for investors and certain SMAs, the management fee may di er from the typical
range and payment cycle detailed above.

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Brochure Form ADV Part 2A

Fees paid to GGI for investment advisory services are generally dependent on the nature
of the services being provided. GGI typically charges a single fee that covers both
investment management fees and fund expenses. There may be exceptions on a case-
by-case basis whereby fund expenses are paid separately to an investment
management fee by clients. GGI’s fees and any incidental expenses may be paid out of
client assets or directly by the client according to the terms of their agreement.

Separately Managed Accounts (“SMA”)

SMA clients typically bear trading expenses directly including brokerage commissions,
“bid-ask” spreads and other foreign exchange spreads, foreign exchange hedging, mark-
ups, clearing fees, stock loan expenses (if applicable), registration and transfer fees,
regulatory and governmental charges and duties, and other transactional fees and
expenses relating to their investments. SMAs are obligated to pay all income, dividend
withholding, capital gains and other taxes related to their underlying investments. In
addition, SMA clients may be required to reimburse GGI for extraordinary legal expenses
including expenses incurred to protect or promote the investment rights or obligations
of the SMA clients and legal or accounting expenses incurred in connection with
reclaiming foreign withholding taxes or reducing liability in relation to foreign capital
gains taxes. SMA clients are responsible for paying their own legal, audit and
accounting fees as well as annual audit fees and tax return expenses (if any). SMA
clients pay any fees payable to their separately appointed custodians, trustees, fund
administrators, managers, managing members, auditors, tax advisers and other similar
service providers. Fees would be negotiated on a case-by-case basis and set forth in
the applicable IMA or similar agreement. SMA clients would be generally invoiced for
fees on a quarterly basis.

The specific way GAM charges fees is established in an agreement between GAM and
the relevant client.

Item 7: Types of Clients
GGI’s clients consist of the Funds and the SMAs.

Clients generally includes corporate pension schemes, wealth managers, family
o ices, local authorities, charitable institutions, foundations and endowments,
government entities, sovereign funds, U.S. domiciled funds and non-U.S. domiciled
funds.

With respect to any Fund, any initial and additional subscription minimums are
disclosed in the Fund’s o ering memorandum although the Funds’ directors have the
right to accept a lesser amount. With respect to the SMAs, GGI does not have any
standard requirements for opening or maintaining an account and may, in its discretion,
require a di erent investment minimum for any Account.