Harding Loevner LP

Fees and Compensation
We calculate our fees on the market value of managed assets, subject in certain cases to a minimum fee; if
a minimum fee is applied, a client’s fee rate would be higher than the annual rate shown in the fee
schedules show below. Our current standard fee schedules for discretionary investment advice for
separately managed accounts are generally as shown below. Actual fees may vary.

Separately managed Accounts—advisory
Global Equity (ordinary shares):

 Market value of assets                              Annual rate
 First $20 million                                   1.00%
 Next $80 million                                    0.50%
 Next $150 million                                   0.45%
 Next $250 million                                   0.40%
 Above $500 million                                  On request

March 27, 2026                        Form ADV Part 2A Brochure                          Page 6 of 36

                                            Harding Loevner LP

Global Equity (ADRs):

 Market value of assets                            Annual rate*
 First $20 million                                 0.80%
 Above $20 million                                 0.40%
* Subject to a minimum quarterly fee of $1,200, pro-rated for periods less than one full quarter.

Global Developed Markets Equity:

 Market value of assets                               Annual rate
 First $20 million                                    1.00%
 Next $80 million                                     0.50%
 Next $150 million                                    0.45%
 Next $250 million                                    0.40%
 Above $500 million                                   On request

Global Carbon Transition Equity:

 Market value of assets                               Annual rate
 First $20 million                                    1.00%
 Next $80 million                                     0.50%
 Next $150 million                                    0.45%
 Next $250 million                                    0.40%
 Above $500 million                                   On request

International Equity (ordinary shares):

 Market value of assets                               Annual rate
 First $20 million                                    1.00%
 Next $80 million                                     0.50%
 Next $150 million                                    0.45%
 Next $250 million                                    0.40%
 Above $500 million                                   On request

International Equity (ADRs):

 Market value of assets                            Annual rate*
 First $20 million                                 0.80%
 Above $20 million                                 0.40%
* Subject to a minimum quarterly fee of $1,200, pro-rated for periods less than one full quarter.

March 27, 2026                         Form ADV Part 2A Brochure                          Page 7 of 36

                                            Harding Loevner LP

International Developed Markets Equity (ordinary shares):

 Market value of assets                               Annual rate
 First $20 million                                    1.00%
 Next $80 million                                     0.50%
 Next $150 million                                    0.45%
 Next $250 million                                    0.40%
 Above $500 million                                   On request

International Developed Markets Equity (ADRs):

 Market value of assets                            Annual rate*
 First $20 million                                 0.80%
 Above $20 million                                 0.40%
* Subject to a minimum quarterly fee of $1,200, pro-rated for periods less than one full quarter.

International Carbon Transition Equity:

 Market value of assets                               Annual rate
 First $20 million                                    1.00%
 Next $80 million                                     0.50%
 Next $150 million                                    0.45%
 Next $250 million                                    0.40%
 Above $500 million                                   On request

Global Small Companies Equity:

 Market value of assets                               Annual rate
 First $20 million                                    1.00%
 Next $80 million                                     0.80%
 Above $100 million                                   0.70%

International Small Companies Equity:

 Market value of assets                               Annual rate
 First $20 million                                    1.00%
 Next $80 million                                     0.80%
 Above $100 million                                   0.70%

Emerging Markets Equity:

 Market value of assets                               Annual rate
 First $20 million                                    1.05%
 Next $80 million                                     0.75%
 Next $100 million                                    0.70%
 Above $200 million                                   0.55%

March 27, 2026                         Form ADV Part 2A Brochure                          Page 8 of 36

                                             Harding Loevner LP

Frontier Emerging Markets Equity:

 Market value of assets                                Annual rate
 First $20 million                                     1.50%
 Above $20 million                                     1.15%

Our standard fee schedules for separately managed accounts are generally not negotiable, although we
will take a number of factors into account when establishing fee arrangements, including, among other
things, the overall size of the account or related accounts, available capacity in the relevant strategy, the
strategic nature of the relationship and other factors. Fees for other types of accounts, such as Wrap
Programs, Model Programs, or non-HLF funds, differ from our standard fee schedule. We may change
...

Types of Clients
As described in “Our Advisory Business” [page 5], we provide investment management services to a
variety of types of clients, including retirement plans, foundations and endowments, sovereign wealth
funds, religious institutions, individuals, trusts, broker-dealers, banks, investment advisers, insurance
companies, mutual funds, collective investment trust funds, and offshore funds.

Conditions for Managing Accounts
Minimum initial investment amounts to establish a separately managed account (see “Fees and
Compensation” [page 6]) depend on the investment strategy selected. Minimums may be waived at our
discretion; if we waive an account minimum, we may not be able to fully-implement the investment
strategy as intended. Standard minimums are:

March 27, 2026                         Form ADV Part 2A Brochure                           Page 11 of 36

                                           Harding Loevner LP

         Global Equity (ordinary shares)                    $10 million
         Global Equity (ADRs)*                              $1 million
         Global Developed Markets Equity                    $10 million
         Global Carbon Transition Equity                    $10 million
         International Equity (ordinary shares)             $10 million
         International Equity (ADRs)*                       $1 million
         International Developed Markets Equity             $10 million
         (ordinary shares)
         International Developed Markets Equity             $1 million
         (ADRs)*
         International Carbon Transition Equity             $10 million
         International Small Companies Equity               $10 million
         Global Small Companies Equity                      $10 million
         Emerging Markets Equity                            $50 million
         Frontier Emerging Markets Equity                   $50 million

* Consider that the minimum fee for our ADR strategies might result in a higher fee rate than set forth in the
fee schedule above if your account value is less than $600,000.

Wrap Program and Model Program sponsors set the minimum initial investment amounts to establish
accounts within their programs. You should request information about these minimum initial investment
amounts from the sponsor.

Minimum initial investment amounts for HLF Portfolios are set out in their prospectuses. Minimum
initial investment amounts for the sub-funds of HLF plc are set out in the sub-funds’ respective prospectus
supplements. For more information about the Harding Loevner Collective Investment Trust for
Retirement Plans and its funds, please contact us to request the Trust’s Offering Memorandum.

Methods of Analysis, Investment Strategies, and Risk of Loss

Investment Strategies
See “About our Investment Philosophy and Strategies” [page 5] for a list and description of our
investment strategies.

Investment Philosophy and Overview of Investment Process
Harding Loevner seeks superior risk-adjusted returns by constructing portfolios of high-quality, growing
companies that exhibit our four key investment criteria: competitive advantage, quality management,
financial strength, and sustainable growth. We believe insights gained through a well-structured study of
individual companies are more valuable and reliable in the long term than forecasts of aggregate stock
market directions.

March 27, 2026                        Form ADV Part 2A Brochure                          Page 12 of 36

                                            Harding Loevner LP

We undertake in-depth fundamental research to identify companies that meet our four quality-growth
investment criteria before making judgments about share prices. Up-front business analysis enables us to
recognize when transient market misperceptions create investment opportunities.

We have a single research team organized primarily by global sector; our analysts study companies
worldwide that operate within their industry specialties. In addition, we have regional analysts who
specialize in researching companies in China and other emerging markets, frontier markets, and Japan.
Having a unified team of diverse specialists encourages the development of deep expertise in the global
competitive dynamics of industries and facilitates collaboration and productive debate in developing
investment ideas.

Portfolio managers choose among analyst-rated companies—considering both analyst recommendations
and impact on portfolio risk—to construct a model portfolio for each strategy. Portfolio guidelines
applied to geography, sector, and holding weights ensure diversification. Portfolio managers may sell a
stock when it is “crowded out” by a more attractive investment opportunity, it appears overvalued, or the
company’s business fundamentals have deteriorated. We manage all client accounts and pooled funds
strictly according to our model portfolios, with adjustments made only for client-specific investment
restrictions.

Methods of Analysis Employed in Company Research and Portfolio Construction
Harding Loevner conducts fundamental company research and global industry analysis to identify and
value companies that exhibit four quality growth criteria: competitive advantage, quality management,
financial strength, and sustainable growth.

Our team of analysts—who form a unified research platform that covers every global sector, all world
regions, and the full range of company capitalizations—provides equity research to all of our strategies.

Our investment methodology is based on two principles:

    1) Insights gained through the careful study of individual companies (i.e., “bottom-up analysis”) are
       more valuable than market forecasts (i.e., “top-down analysis”); and
    2) An understanding of the global competitive structure of industries is crucial for identifying the
       best companies worldwide.
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