Hyperion Asset Management Limited

Item 5 – Fees and Compensation

Hyperion’s fees are generally based on a percentage of assets under management and may include
performance-based fees. Refer to Item 6 for further details on performance-based fees.

As of June 30, 2025, Hyperion’s fee schedule generally applicable for its separately managed accounts in
the global equities strategy is as follows:

For separate accounts up to US$500 million:
     First US$100 million – 70 basis points;
     Next US$100 million – 50 basis points; and
     Thereafter – 40 basis points.

For separate accounts over US$500 million:
     First US$500 million – 45 basis points; and
     Thereafter – 25 basis points.

The above fee schedule is indicative only. The advisory contracts, sub-advisory agreements, and/or
investment management agreements (governing documents) set forth in detail the fee structure and
terms relevant to each Fund/Account. Hyperion typically receives compensation from fees based on a
percentage of assets under management, performance-based fees, and payment of certain other fees or
expenses, in each case, as disclosed in the governing documents. Investors/Clients should review all fees
and expenses incurred to fully understand the total amount of fees and expenses to be paid.

The specific manner in which fees are charged by Hyperion is established in a client’s written agreement.
Fees are generally invoiced on a monthly or quarterly basis in arrears. Clients may elect to be invoiced
directly for fees or clients may instruct their custodian to debit fees directly from their separately managed
portfolio.

A client will also incur brokerage and other transaction costs (See Item 12 for a discussion of brokerage
practices). Depending on the type of client and account, there may be additional expenses such as
custodial fees, audit fees and other expenses incurred in the course of the investment and administrative
activity associated with the particular client.

The information contained herein is a summary only and is qualified in its entirety by the relevant advisory
agreement, prospectus (or similar document) and/or other governing documents applicable to the client.

Item 7 – Types of Clients

Hyperion generally provides investment advisory services to public pension plans, corporate pension
plans, corporations, banking institutions, government entities, sovereign wealth funds, pooled investment
vehicles (including, but not limited to, investment companies registered under the U.S. Investment
Company Act of 1940, as amended), charitable organizations and certain individuals (generally key staff
of Hyperion and other individuals with whom Hyperion has a strategic relationship).

Hyperion generally requires a minimum account size of US$200 million to establish an institutional
separate account. However, this amount may be negotiable depending on factors such as the existing
relationship, future expectant fund inflows or the investment strategy.