JPMorgan Asset Management Asia Pacific Limited

Fees and Compensation

A. Advisory Fees and Compensation

Separately Managed Accounts

Clients generally pay an advisory fee based on a percentage of the market value of the assets managed by the
Adviser. Such fee is referred to as an asset-based fee. To the extent permitted under the Advisers Act, the
Adviser also charges performance-based compensation with respect to certain strategies and products or as
otherwise agreed with specific clients. For an additional discussion of performance-based compensation, please
refer to Item 6. A, Performance-Based Fees, which addresses how performance-based compensation is
calculated.

The Adviser’s standard fee schedules for Equities and GFICC SMAs are included in Appendix A. Fee schedules
are available upon request for other investment products and strategies. Fees for products and strategies may
be higher or lower than the standard fee schedules.

In certain circumstances fees may be negotiable. The Adviser generally agrees to charge clients fees for
advisory services that are lower than those set forth in Appendix A or other fee schedules. In certain
circumstances in which the Adviser or its Affiliates provide other services in addition to investment advisory
services, a higher fee schedule may apply. For certain strategies, the Adviser typicaly charges a minimum
annual asset-based fee or requires a minimum AUM for managing an account. Accordingly, higher fees may
also apply if an account’s assets are below the minimum investment level indicated in the standard fee
schedule. Variations in fees charged to clients can occur as a result of numerous factors including, negotiations
and/or discussions that may include the particular circumstances of the investor, account size, investment
strategy, account servicing requirements, the size and scope of the overall relationship with the Adviser and its
Affiliates or certain consultants, or as may be otherwise agreed with specific clients on a case-by-case basis.

Additionally, certain clients, as part of the Adviser's pre-negotiated terms, may also be charged performance-
based compensation, including to SMAs. Standard fee schedules are not available for such strategies.

Investment Companies and Other Pooled Investment Vehicles

JPMorgan Funds and Other Investment Companies Advised or Sub-Advised by the Adviser

The prospectus or other offering document of each "JPMorgan Funds" (as defined in Key Terms) or investment
company advised or sub-advised by the Adviser sets forth the applicable fees and expenses.

Other Pooled Investment Vehicles

With respect to private funds managed by the Adviser, the applicable fees and expenses are set forth in the
relevant offering or governing documents, or in certain cases, in separate fee agreements between the Adviser
and the private fund’s investors.

The Adviser's fees vary significantly depending on the type of fund and investment strategy and are generally
subject to negotiation. The private funds managed by the Adviser typically utilize an asset-based fee ranging
from 0% to 2% annually. For private funds that include performance-based compensation or carried interest,
fees typically range from 5% to 20% of the appreciation of the account’s or fund’s assets or performance
relative to a specified benchmark. The nature of the asset-based fee varies. For example, it may be based on
capital committed or contributed to the fund or capital committed to or invested in underlying investments, or
such fee may be payable out of fund profits and/or may vary within a fund based on the fund’s investment
stages. The performance-based compensation or carried interest also varies across the private funds and may
vary within funds in relation to types of investments or certain clients. In addition, certain private funds offer a
preferred return threshold prior to which no carried interest is paid to the Adviser. The preferred return threshold
similarly varies across funds and/or clients. In certain cases, the Adviser may waive, rebate, or reduce the

JPMorgan Asset Management (Asia Pacific) Limited                                     Form ADV | March 27, 2026

asset-based fee, performance-based compensation, or carried interest for certain investors, including Affiliates
of the Adviser and/or employees of the Adviser or its Affiliates.

In certain cases, investors pay fees outside the fund. Such fees are based on a separate fee agreement
between the Adviser and/or its Affiliates and the applicable investor. Investors should refer to the offering
documents of the relevant private fund or applicable fee agreement for further information with respect to fees.

B. Payment of Fees

Separately Managed Accounts

For SMAs, clients may select to have the Adviser bill the client for the advisory fees incurred, or the client may
instead agree to instruct its custodian to deduct advisory fees directly from the client’s SMA. The Adviser
typically charges fees after services have been rendered, at the end of each calendar month or quarter.

Investment Companies and Other Pooled Investment Vehicles

A description of the calculation and payment of fees payable to the Adviser and its Affiliates is set forth in the
applicable prospectus, offering or governing document, or fee agreement for the relevant fund. Clients should
refer to such documents for further information with respect to fees.

C. Additional Fees and Expenses

General

In addition to the advisory fees described above, clients may be subject to other fees and expenses in
connection with the Adviser's advisory services.

Transaction Charges

Clients generally pay brokerage commissions, taxes, charges, and other costs related to the purchase and sale
of securities for a client’s account. See Item 12, Brokerage Practices for additional information regarding the
Adviser’s brokerage practices. Certain fees may also be charged in connection with acquisition, disposition and
...

Types of Clients

The Adviser primarily provides investment advisory services to institutional and retail clients, both U.S. and non-
U.S. clients, including:
    •   Charitable and/or religious organizations
    •   Corporations
    •   Defined contribution and defined benefit pension plans
    •   Endowments and foundations
    •   Financial Institutions
    •   Insurance companies
    •   Investment companies (including mutual funds, closed-end funds, and ETFs)
    •   Other pooled investment vehicles (including private funds)
    •   Sovereigns and central banks
    •   State and local governments
    •   Supranational organizations
    •   Trusts and Estates

Account Requirements

The Adviser has established minimum account requirements for certain client accounts, which vary based on
the investment vehicle (SMA or fund), investment strategy, and asset class. In addition, a larger minimum
account balance may be required for certain types of accounts that require extensive administrative effort.
Minimums are subject to waiver in the Adviser's discretion and are waived for client accounts from time to time.
To open or maintain an account, clients are required to sign an investment advisory agreement with the Adviser
that stipulates the terms under which the Adviser is authorized to act on behalf of the client to manage the
assets listed in the agreement. In certain instances, the Adviser may also manage the assets of its Affiliate’s
clients and will receive from the Affiliate a portion of the fee or other compensation paid by the end client for
such services. Under these circumstances, the client enters into an investment advisory agreement with the
Affiliate and, in turn, the Affiliate delegates authority to the Adviser.

For certain types of pooled investment vehicles offered or managed by the Adviser, U.S. investors must
generally satisfy certain investor sophistication requirements, including that the investor qualifies as an
“accredited investor” under Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, a
“qualified purchaser” within the meaning of section 2(a)(51) of the Investment Company Act of 1940, as
amended (the “1940 Act”), and/or a “qualified eligible person” under Rule 4.7 of the Commodity Exchange Act.