Lindsell Train Limited

5. Fees and Compensation

        Our annual fees earned are based on an agreed percentage on the value of assets under
        management (“portfolio management fees”). The portfolio management fees we charge for
        our pooled funds range from 0.45% to 1.10% per annum on the net asset value of the
        relevant different share classes available to investors. We offer fee rebates to fund investors
        in certain circumstances, e.g., based on AUM size considerations or for early investors in a
        newly established fund.

        Some client accounts are also charged a performance-based fee as discussed below under
        “Performance-Based Fees and Side-By-Side Management.”

        For separately managed and pooled accounts, fees are invoiced to either the client, the
        administrator or the custodian and paid by the custodian to us.

        Our fee billing frequency varies as agreed to by each client. Most of our segregated client
        accounts are billed quarterly in arrears and monthly in arrears for pooled funds. We do not
        charge fees in advance. No additional fees or penalties are charged for termination of any
        investment management agreements. Fees are charged on a pro rata basis up to the point
        of termination.

        LT’s fees are exclusive of brokerage commissions, transaction fees and other related costs
        and expenses. See Item 12 - Brokerage Practices. Depending on the tax jurisdiction some
        fees are also subject to ad valorem tax or other government taxes, which are paid by the
        client. Clients in separately managed accounts may also incur their own custody fees,
        administration fees and bank charges for operating their own segregated accounts. When
        clients invest in pooled funds managed by LT, investment related and operating related
        expenses including administration, legal, management fees, custody fees, dilution levies (if
        applicable), bank charges and other related costs are deducted from the net asset value of
        the investment.

7. Types of Clients

        LT provides discretionary portfolio management services to “professional clients” such as
        regulated financial institutions, closed ended management investment companies (but not
        U.S. registered investment companies), wealth managers, insurance companies, multi-
        manager funds, corporate pensions (including ERISA), charitable institutions, foundations
        and endowments. We do not offer investment management services to private individuals
        who are retail investors.

        LT manages and promotes its own named pooled funds domiciled in the United Kingdom,
        Ireland and the United States. Dealing in these pooled funds is subject to the terms and
        conditions of the offering documents, such as fund prospectuses or offering memorandums
        and the key investor information document (“KIID”).

        LT manages assets on behalf of clients who are classified as professional clients as defined
        under the UK FCA rules. As a minimum, U.S. investors in eligible LT pooled funds must at
        least be “accredited investors” as defined in Rule 501 of Regulation D under the Securities
        Act of 1933. For our LT pooled fund domiciled in the United States, investors must also be
        “qualified purchasers” as defined in Section 2(a)(51)(A) of the Investment Company Act of
        1940, as amended (the “1940 Act”), for purposes of Section 3(c)(7).

        The minimum account size for management of a separately managed account starts at
        US$300 million and may be lower or higher under special exceptions depending on the
        mandate and investment strategy. Each pooled fund share class has its own minimum initial
        size of investment and investment management fee, as defined in the relevant fund
        prospectus.