Hosking Partners LLP

FEES AND COMPENSATION

Hosking Partners Global Equity Fund

The Hosking Partners Global Equity Fund (“HPGEF”) is a fund of the Hosking Partners Equity
Funds LLC, a Delaware Limited Liability Company.

Series A
Currently, for Series A investors in HPGEF, the Firm charges a management fee based on the
aggregate net asset value of Hosking Partners global equity pooled funds, up to 0.275% per annum,
and HPGEF bears its proportionate share of that fee. Management Fees are paid monthly in arrears
to the Firm by HPGEF.

In respect of Series A, the Firm is also entitled to an allocation of HPGEF’s performance (the
“Performance Allocation”) which is calculated based on the performance of each contribution
made by each investor to HPGEF. As Performance Allocations are calculated outside HPGEF, the
value of an investor’s capital account will not reflect any accrual for Performance Allocations.

For the purposes of the Performance Allocation calculation, each contribution by each member is
treated as a different and separate “holding.” The Performance Allocation is calculated as of the
dealing day at the end of the month in which the anniversary of the inception date for that holding

or, if earlier, the dealing day on which the investor withdraws all or part of its contribution or
transfers it to a third party. The Performance Allocation is set at 20% of any Excess Return (i.e.,
the amount by which the return of an investor’s holding exceeds the Benchmark) measured over
the relevant of period of calculation and multiplied by the average value of that holding, subject to
pro rata adjustment for Performance Allocations on withdrawals and transfers where the
calculation period is shorter than five years.

Hosking Partners Global Equity Trust (“HPGET”)

HPGET is a trust domiciled in Australia, which is only available to Australian investors who are
“wholesale clients” within the meaning of the Australian Corporations Act. HPGET is not
available to US investors.

Hosking Global Sub Fund No. 1 (“HGF”)

HGF is a collective investment vehicle domiciled in Ireland. HGF is not available to US investors.

Bridge UCITS Funds ICAV – Hosking Global Equity Fund (“HGEF”)

HGEF is a collective investment vehicle domiciled in Ireland. HGEF is not available to US
investors.

Separately Managed Accounts and other Pooled Investment Vehicles

The Firm provides investment management services to SMA clients and other pooled investment
vehicles for a management fee based upon a percentage of the market value of the assets being
managed by the Firm. The management fee is generally 0.3% per annum for the first $250,000,000
of the market value of the assets under management and 0.275% per annum for assets under
management above $250,000,000. The Firm reserves the right, in its sole discretion, to charge a
different management fee to any individual client.

The Firm’s management fees are generally charged quarterly, in arrears, based upon the market
value of the assets being managed by the Firm on the last business day of each month and clients
are invoiced for fees due. If an account is terminated, the Firm’s management fees are prorated
through the date of termination and any remaining balance is charged or refunded to the client, as
appropriate.

Regarding incentive fees associated with SMAs, the Firm receives a mutually agreed periodic
performance fee which generally follows the following structure:

The Firm’s standard performance fee (the “Performance Fees”) is invoiced in arrears generally on
an annual basis and whenever a withdrawal is made from the portfolio. Performance Fees are
calculated separately for the first and each subsequent contribution to the portfolio, each
contribution being treated as a separate “holding.” The Performance Fee is calculated as of the

anniversary of the inception date for the relevant holding or, if earlier, the day on which the
investor withdraws all or part of that holding.

The Performance Fee is calculated as 20% of any Outperformance (i.e., the amount by which the
return of an investor’s holding exceeds the Benchmark return) measured over the relevant of period
of calculation, multiplied by the average value of the relevant holding over the same period, subject
to a pro rata adjustment for a Performance Fee on a withdrawal where the calculation period is
shorter than five years.

All clients incur third-party brokerage commission and other transaction costs, as explained in
further detail in the Brokerage Practices section below. Additional third-party costs related
mainly to custody, audit, administration, legal advice, tax advice and preparation, and banking
services may also apply for Fund investors as relevant. In all cases, details concerning applicable
fees and expenses are set forth in each respective client’s investment management agreement or
the offering document of the relevant pooled fund.

SIDE-BY-SIDE MANAGEMENT AND ALLOCATION POLICY

Because the Firm has multiple investors/clients, at times it needs to allocate investment
opportunities of limited availability across its clients’ accounts. In such situations, some accounts
offer higher management and performance-based fee potential than others. The Firm therefore has
an incentive to favor accounts for which it receives higher performance-based fees since it could
potentially receive a greater profit if the investment generates a positive return.

To ensure equitable treatment of all investors/clients irrespective of such fee considerations, the
Firm has adopted an allocation policy that sets out the criteria for determining allocations, the most
important of which are investment objective and strategy, existing portfolio composition and
available liquidity. These arrangements are subject to regular compliance oversight through
monitoring of actual allocations to verify that the allocations are in accordance with the Firm’s
allocation policy and no allocation decisions have been influenced by fee arrangements or other
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TYPES OF CLIENTS

As discussed in the Advisory Business section above, the Firm provides investment management
services to pooled funds, which are categorized as professional clients (under the rules of the UK
Financial Services Authority). The Firm also offers investment management services to
institutional clients on a discretionary basis through SMAs. Although the Firm generally seeks
minimum account commitments from its private fund clients of US$ 25 million, it can waive such
minimums in its discretion. Minimum commitments for SMAs are negotiated with clients but the
Firm generally seeks a minimum commitment of US$ 200 Million.

The SMA client base comprises pooled funds, government entities, pension and superannuation
funds, and charities. The Firm also acts as adviser to several pooled investment vehicles.

INVESTMENT STRATEGIES AND RISK OF LOSS

The Firm focuses on publicly traded equities and equity-type securities primarily traded in the
global markets. The Firm strategy is to seek investment opportunities created by changing
competitive dynamics and by the (often irrational) behavior of market participants. To identify
such opportunities, the investment team employs proprietary models, accessing certain public
databases, monitors a wide variety of sources including industry contacts, trade and financial
publications, trade shows, and published market share studies, as well as investment conferences
and brokerage-generated research.

Each strategy employed by the Firm has its own set of risks, but in all cases, the Firm’s strategies
involve a risk of loss that clients should understand and be prepared to bear. Material risks relating
to investment strategies and investments include the following:

Valuation Risk
The Firm can invest a significant proportion of assets in securities, which are either unlisted or
have been de-listed or have had their trading or listing suspended or which are otherwise thinly
traded. As a result, it is not always possible to obtain a reliable valuation for such assets or to
obtain a valuation from an independent third party. Any discrepancy between the valuation applied
to such securities and the value which those securities could realize will impact the value of the
client’s holdings and the remuneration of the Firm, whose remuneration is based on the client’s
holdings and its investment performance.

Litigation Risk
HPGEF, the Firm and/or any of its directors or officers are subject to the risk of litigation, the
consequences of which, including fees and expenses as well as impact of the value of the HPGEF
or SMAs, are difficult to gauge.

Significant Fees and Expenses
HPGEF may be subject to significant additional unforeseen expenses, outlined in the prospectus
or offering memorandum, which must be borne by HPGEF. Fees and expenses for SMAs will be
negotiated with such clients.

Lack of Registration
The shares and units of HPGEF have not been registered under the US Securities Act nor under
the securities laws of any state and therefore are subject to transfer restrictions.

Tax Risk
The tax aspects of an investment in HPGEF are complicated and each investor should have these
reviewed by their professional advisers familiar with the investor’s tax situation and with the
applicable tax laws and regulations.

Interest Rate Risk
Interest rate risk is risk to the earnings or market value of a portfolio due to uncertain future interest
rates. Interest can go up or down and may not work in your favor. Generally, bonds and securities
are exposed to this risk. When you invest in securities and bonds, it is important to be aware that
of this risk to enable you to take appropriate action should future interest rates not be in your favor.

Counterparty, Settlement and Credit Risk
Credit risk is the risk of loss caused by the failure of a counterparty to meet its obligations. For
example, HPGEF and/or SMAs are exposed to the risk of default such as the failure to pay coupons
or principal of a bond, the failure by the issuer of a participatory note to perform its obligations
when due under the terms of the participatory note, or the insolvency of a distressed debt issuer.
Another type of credit risk is the risk of settlement failure, that is, the failure of a counterparty to
deliver or pay for securities.

HPGEF and/or SMAs also may be exposed to the credit risk of the counterparties (including OTC
derivative and swap counterparties and the issuers of participatory notes and other synthetic
securities and investments) or the brokers and dealers and exchanges through which, it deals,
whether it engages in exchange-traded or off-exchange transactions. HPGEF and/or SMAs may
be subject to risk of loss of its assets (including margin and collateral) held by a broker or
counterparty in the event of the broker's or counterparty's bankruptcy, the bankruptcy of any
clearing broker through which the broker executes and clears transactions on their behalf, or the
bankruptcy of an exchange clearing house. In relation to the settlement of securities transactions,
the risk will be mitigated by the fact that transactions entered into on behalf of HPGEF and/or
SMAs are usually on a delivery versus payment basis. However, settlement in some countries may
not be on a delivery versus payment basis.

Custody Risk
The Firm makes investment on behalf of its clients in certain jurisdictions that carry a perceived
risk of asset loss, for example, from the legal and regulatory environment, market infrastructure,

and operational risks including currency regulations. Countries currently considered higher risk
include Turkey, Sri Lanka and Russian Federation.

Market Risk
Substantial risks are involved in investing in the various securities and instruments the Firm
purchases and sells on behalf of its clients. Market prices of equity securities as a group have
dropped dramatically in a short period of time on several occasions in the past, and they may do
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