Lloyd George Management HK Limited

Item 5 – Fees and Compensation
Clients compensate Lloyd George for its advisory services based on a management fee that is
calculated as a percentage of assets under management. Lloyd George does not currently charge
clients a performance-based fee but reserves the right to do so, subject to providing prospective
clients and investors (in the case of a pooled investment vehicle) with appropriate disclosure
concerning any such fee it would charge.

Lloyd George does not maintain a basic fee schedule for investment advisory services provided to
non-pooled investment vehicle clients investing via managed accounts. Fees are negotiated
between Lloyd George and such clients based on the strategy and services provided, prior to the
investment advisory agreement being signed. Fees are charged to such clients monthly and
invoiced to the client.

Further details concerning the management fee that Lloyd George charges the Funds, including
the amount of that fee, is set forth in the Funds’ respective offering documents. Fees are paid by
each investor in a pooled investment vehicle based upon the market value of the investor’s interest
in the vehicle. Those fees generally are not negotiable. Fees are normally paid from the assets of
the pooled investment vehicle. Investors will incur brokerage and other transaction costs as
described in Item 12 – Brokerage Practices.

Clients, including pooled investment vehicles, generally pay their own direct trading expenses,
clearing fees, and other exchange fees and charges. Direct trading expenses include brokerage
commissions, market spreads, registration and transfer fees, regulatory and governmental charges
and duties, and other fees and expenses relating to investments. In addition, a pooled investment
vehicle, like the Funds, may be required in certain circumstances to reimburse Lloyd George or
the vehicle’s third party service providers for legal expenses incurred that Lloyd George deems to
be necessary to protect the interests of that vehicle as a whole (e.g., extraordinary legal expenses
such as those incurred in connection with litigation to protect or promote the vehicle’s investment
rights or obligations).

In certain circumstances, investors may be required to utilize a transition account when they are
subscribing to or withdrawing from a pooled investment vehicle, such as the Funds. A transition
account is a temporary account set up to effect either the introduction of new or additional
subscriptions or the withdrawal of investments. Investors invested in transition accounts pay their
own direct trading expenses, clearing fees, and other exchange fees and charges. Direct trading
expenses include brokerage commissions, market spreads, registration and transfer fees, regulatory
and governmental charges and duties, and other fees and expenses relating to investments.

Neither Lloyd George nor any of Lloyd George’s supervised persons accept compensation for the
sale of securities or other investment products.

Lloyd George Management (HK) Limited                                       Form ADV | 22 May 2023

Item 7 – Types of Clients

Lloyd George provides investment advisory services to pooled investment vehicles and to
professional clients who own the Managed Accounts in accordance with the requirements of client
specific investment management agreements. The pooled investment vehicles generally impose
minimum investment requirements, such as minimum initial investments, as further specified in
their offering materials. In addition, investors in the vehicles organized in the United States or that
are otherwise offered to U.S. persons are generally subject to certain qualification standards,
including status as “accredited investors” as defined in Rule 501(a) of Regulation D under the
Securities Act of 1933 and, at least in certain cases, as “qualified purchasers” as defined in Section
2(a)(51)(A) of the Investment Company Act.

Investors in pooled investment vehicles are not clients of Lloyd George on that basis. Lloyd George
retains the ability to provide advisory services to separate accounts, however.

Lloyd George Management (HK) Limited                                             Form ADV | 22 May 2023