Kopernik Global Investors LLC

ITEM 5 – FEES AND COMPENSATION

A. Advisory Fees and Compensation

The specific manner in which Kopernik charges advisory fees for client portfolios is set out in a client’s
written investment management agreement with Kopernik. A discussion of the standard fees paid to
Kopernik for investment advisory services to mutual funds, separate accounts, the Kopernik Private
Funds, the CITs, and the UCITS is set out below.

Registered Investment Company Fees

Registered investment company fees are separately determined between Kopernik and the board of
directors or trustees of a fund. These fees are based on a percentage of assets under management.
Kopernik may agree, either on a voluntary basis or by contract, to waive a portion of its investment
management fee, such as to limit overall Fund expenses to set levels. Registered investment company
fees, and the terms of any waiver, are disclosed in the applicable Fund prospectus.

Kopernik currently assesses annual management fees of approximately 90 basis points for its registered
investment company clients, Kopernik Global All-Cap Fund and Kopernik International Fund.
Kopernik has agreed to reduce its fees and/or reimburse expenses in order to keep the Total Annual
Fund Operating Expenses from exceeding certain levels, as contractually agreed upon by Kopernik.

Investment management agreements between Kopernik and registered investment company clients
may be terminated at any time on specified notice, without the payment of any penalty, by the board
of directors or trustees of the investment company. The agreements automatically terminate in the
event of their assignment.

Separate Account Fees

The standard fee schedules charged by Kopernik for separate accounts are based on a percentage of
the quarterly or average monthly net assets of each account and vary by strategy and mandate. The
minimum account size for a separately managed account is generally not less than $25 million.
Standard fees shown below may be replaced with a different base fee and may add a performance fee.
Performance-based fees create an incentive to favor those accounts over non-performance fee
accounts. See Item 6 – Performance-Based Fees and Side-By-Side Management for additional
information on how Kopernik seeks to address this potential conflict. Generally, fees for separately
managed accounts are billed quarterly, but the exact timing of billing and payment for separately
managed accounts is negotiable.

 Strategy of Account              Management Fee*                         Investment Minimum*

 Global All-Cap                   25 bps, subject to a performance fee $25 million
                                  which may include a lock-up period;
                                  or

                                  First $50 million          80 bps
                                  Next $100 million          75 bps
                                  Next $100 million          70 bps
                                  Next $100 million          65 bps
                                  Over $350 million          60 bps
                                  with no performance fee.

 Global Unconstrained             25 bps, subject to a performance fee $25 million
                                  which may include a lock-up period.

 Global Long-Term                 50 bps, subject to a performance fee    $50 million
 Opportunities                    which includes a lock-up period

 International                    25 bps, subject to a performance fee $25 million
                                  which may include a lock-up period;
                                  or

                                  First $50 million          80 bps
                                  Next $100 million          75 bps
                                  Next $100 million          70 bps
                                  Next $100 million          65 bps
                                  Over $350 million          60 bps
                                  with no performance fee.

 Global Opportunities             25 bps, subject to a performance fee $25 million
                                  which may include a lock-up period;
                                  or

                                  First $50 million          80 bps
                                  Next $100 million          75 bps
                                  Next $100 million          70 bps
                                  Next $100 million          65 bps
                                  Over $350 million          60 bps
                                  with no performance fee.

* Subject to Kopernik’s discretion. Kopernik offers no assurance that any particular fee, or other terms,
will be the same for all clients or investors.
Global All-Cap has soft closed to new investors effective April 30, 2026.

Private Fund Fees

Kopernik acts as an investment adviser to the Kopernik Private Funds and deducts fees for its services
from each Fund’s assets at a disclosed rate. Fees for such services are summarized below and are set

forth in more detail in the applicable private placement memorandum. Fees and compensation paid to
Kopernik or its affiliates by these funds are deducted from the assets of the applicable Fund. With
certain exceptions, such as for partial periods, management fees for the Kopernik Private Funds are
deducted on a monthly basis and paid to the Adviser quarterly. Incentive compensation, if any, is
accrued monthly, and crystallizes and is paid annually, or upon withdrawal.

Unregistered investment funds may have higher expenses than large separate accounts because the
funds have certain administrative and fund expenses, and expense levels involve other considerations
such as structuring, regulatory reporting, and external costs, that do not necessarily exist for separate
accounts. However, specific expenses may be affected by the nature of the separate account or Fund,
...

ITEM 7 – TYPES OF CLIENTS

Kopernik provides investment advisory services to mutual funds, private investment funds, UCITS,
CITs, or other collective investment vehicles, and various other separately managed accounts, as
described in Item 4B. It also seeks to provide similar services to a wide variety of separate account
clients, which may include, but are not limited to, pension funds, charitable organizations, educational
institutions, trusts, estates, high net worth individuals, business entities, banks and other financial
institutions, insurance companies, and foreign sovereign and domestic governmental entities. In
addition, Kopernik may provide advisory or sub-advisory services to additional unaffiliated open-end
or closed-end investment companies registered under the Investment Company Act of 1940, as
amended (the “1940 Act”), collective investment trusts, separate accounts, and foreign collective
investment funds, including, but not limited to, other UCITS funds.