IFM Investors PTY Ltd

Item 5: Fees and Compensation
General

We generally charge our Advisory Clients investment management fees calculated as a percentage
of net asset value of the relevant portfolio or of portfolio value. We generally bill our asset
management fees on a monthly or quarterly basis in arrears. The amount, and the manner and
calculation, of the management fee for each Advisory Client is established by IFM and is set forth
in the applicable Governing Documents.

We also enter into arrangements with certain Advisory Clients to receive performance- or
incentive-based fees. In such cases, we generally assess performance-based fees only on capital
appreciation, if any, over a threshold amount, as described in the applicable Governing
Documents. With respect to certain Funds, our performance-based fees are also subject to a
threshold return and a high water mark. Performance fees are generally accrued quarterly and
charged annually and from time to time following each withdrawal or redemption and certain
transfers from certain Funds. Management fees and performance fees can differ from one
Advisory Client to another, as well as among Investors in the same Fund. We generally negotiate
such fees with Managed Accounts and Investors, as applicable, and we are permitted to reduce,
waive, or calculate fees differently, in our sole discretion, for different Managed Accounts and/or
Investors. Management fees and performance fees paid by a Fund are indirectly borne by the
Investors in such Fund.

Performance-Based Compensation

We receive performance-based fees as described above. The receipt of performance-based
compensation creates an incentive for IFM to make investments that are riskier or more
speculative than those the Firm would otherwise make in the absence of such incentive
compensation. We address this conflict by focusing on long term relationships with our Advisory
Clients and Investors, and by managing Advisory Client assets in accordance with the applicable
investment management agreement and the Advisory Clients’ investment strategies.

1 See, e.g., Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in

Assets Under Management, and Foreign Private Advisers, Investment Advisers Act Release No. 3222 (June 22, 2011)
[76 FR 39645 (July 6, 2011)].

Refunds and Fee Waivers

Because we do not charge fees in advance, there are no unearned fees to refund to an Advisory
Client upon termination of an investment advisory relationship or upon withdrawal of an Investor
in one of our Funds. Should an Investor fully redeem its investment during a quarter, we will
prorate the management fees and any performance-based fees to be charged to the Investor for
that quarter.

We are permitted, in our sole discretion, to waive all or part of any fees or expenses payable by or
attributable to Advisory Clients, Investors or their assets. To the extent IFM agrees to waive the
management fee, or charge an Investor a reduced management fee rate, such waiver or reduction
in certain cases is effected by way of a rebate or credit. For Investors, amounts refunded in this
manner are generally added to such Investor’s capital account and subsequently reinvested by the
relevant Fund at the next available period in IFM’s sole discretion, or, in IFM’s sole discretion,
paid out in cash. Amounts refunded to the Investor’s capital account are otherwise available for
redemption, subject to the terms applicable to redemptions generally as provided in the applicable
Fund’s Governing Documents.

Other Costs and Expenses

Expenses borne by the Funds are set forth in the relevant Fund’s Governing Documents and
generally include payment (or reimbursement to IFM) for all costs, expenses and liabilities relating
to the organization and operation of the Fund, to the extent not paid by portfolio companies or
other investment vehicles. For certain Funds, management fees are reduced in some
circumstances in connection with the receipt by IFM or its related persons of various fees paid by
actual or prospective portfolio companies, as described in further details within each Fund’s
Governing Documents. The types of expenses borne by a particular Fund vary among Funds and
generally include the following:

   • Each Fund will bear all expenses incurred in connection with its investment activities,
     operations, organization and administration. These expenses include, among other things,
     legal fees and expenses; compliance fees and expenses; accounting, audit and tax
     preparation fees and expenses; governmental fees and taxes; professional and consulting
     fees; custodian and depositary expenses; costs of registering and reporting to regulatory
     and tax authorities in any jurisdiction in which an Advisory Client, general partners, IFM,
     any sub-investment advisors, any portfolio company or any issuer or other entity owned
     directly or indirectly by an Advisory Client invests, is organized or is marketed or otherwise
     directly or indirectly conducts business related to the Advisory Client or its investments;
     brokerage commissions and other investment-related expenses incurred in connection
     with conducting due diligence on potential investments (including transactions that fail to
     close) and monitoring investments (which from time to time includes business or first-
     class airfare); interest expense and borrowing charges and expenses (including fees and
     expenses related to any Fund borrowing facilities); currency hedging expenses; advisory
     committee expenses; travel expenses of the Firm; third-party data and software expenses;
     legal, compliance, trading, settlement, client relations, accounting, reporting and
     information management software, extranet tools, web portals and computer systems used

   in connection with an Advisory Client; industry association expenses; insurance expenses;
...

Item 7: Types of Clients
We provide investment advisory services to a variety of Funds across listed equities, private equity,
infrastructure, and debt. Investors in our Funds include pension and profit-sharing plans,
corporations, endowments, foundations, trusts, and estates. We also provide investment advisory
services to Managed Account clients across listed equities, private equity, infrastructure, and debt,
consisting primarily of institutions such as pension plans and insurance companies.

Generally, only “qualified purchasers”, as that term is defined under Section 2(a)(51) of the 1940
Act can invest in any Funds that are offered in the United States or to US persons.

Although IFM generally does not impose minimum dollar values on creating a Managed Account,
legal eligibility requirements must be met. The Funds typically require a minimum investment
commitment from Investors with IFM typically having the ability to waive the required minimum
investment commitment at its sole discretion, as set forth in the applicable Governing Documents.