Lloyd George Investment Management Bermuda Ltd

Item 5: Fees and Compensation

The fees and expenses for our services will depend on the service provided and may be open to negotiation
or based on existing agreements we may have entered into with you. Fees will generally be based on either:

       a basis point fee in relation to the assets under management;
       a charge associated with a particular piece of advisory work or a particular solution provided (e.g. if
        you ask us to structure a specific transaction we will charge you costs associated with this
        transaction and these will be linked to the risk of the trade and the cost of doing it); and/or
       a performance fee which will be linked to performance targets which have been set and agreed in
        the agreement we have entered into with you.

The fees and expenses associated with our governance and sustainable investment services are captured
as part of the management fee you pay and the service is therefore part of the broader package that we
offer you. We also offer a responsible engagement overlay service for our clients where we do not manage
their assets and therefore where there is no associated management fee. In these instances either a fixed
fee or a basis point charge will be applied to the value of assets to which the service is applied.

Fees are usually payable monthly or quarterly in arrears and are either deducted from your assets, which
are held by your appointed custodian, or billed directly to you. Respectively, the fee, the method of
calculation and the frequency of charging can be negotiated before we enter into any formal agreement with
you to manage your money, or provide services to you.

The fees and expenses for clients with their own segregated discretionary portfolio management accounts
are subject to, and will depend on, the structure of the assets, but may include:

        administration fees;
        brokerage fees; and
        other transaction costs such as the bid/offer spread on non-agency transactions.

Brokerage fees and other transaction fees are discussed in more detail in Item 12 Brokerage Practices.

We review our fee rates regularly and also benchmark our fee schedules against what the market charges,
using public information, industry surveys and industry press reports. We aim to ensure that our fees remain
competitive whilst reflecting the high quality of our investment products and also the high level of client
service that we offer.

We reserve the right to waive or impose different fees or otherwise modify the fee arrangements of an
existing client with the consent of that client.

Item 7: Types of Clients

We generally provide discretionary investment management services to the following:

        Institutional clients;
        Pension funds;
        Foundations;
        Government organisations;
        High net worth individuals;
        Third party funds; and
        LG sponsored funds.

We do not provide investment advice to private individuals based on their individual personal circumstances.

For our institutional clients wishing to have their own segregated mandate, we generally look to a minimum
fund size of $50 million; however, this may be adjusted on an individual basis. For LG funds, the minimum
subscription amounts are detailed in the applicable fund prospectus.