Nomura Asset Management Co Ltd

ITEM 5: Fees and Compensation

A. Advisory Fees and Compensation

NAM-Tokyo’s fee schedule is omitted because this brochure is delivered only to qualified purchasers as
defined in the Investment Company Act of 1940, as amended.

B. Payment of Fees

We receive asset-based management fees from our clients. All management fees are subject to negotiation. Fee
structures may be modified where a new account is expected to grow rapidly, where a relationship already
exists with a current client or where the client retains us to provide services with respect to multiple
investment mandates.

The differing levels of basic fees across investment types take into account such factors as the degree of
investment management activity and supervision required, the nature of the discretionary or non-
discretionary service provided and the types of investment guidelines and restrictions imposed upon the
management of the accounts. In addition, there may be specialized investment strategies with individualized
fee arrangements in place as well as historical fee schedules with long-standing clients that may differ from
those applicable to new client relationships.

NAM-Tokyo may, in its sole discretion, reduce and/or waive management fees for a client at any time.

The specific manner in which management fees are charged is established in the client’s written agreement
with NAM-USA. NAM-USA generally bills its fees on a quarterly basis, although fees for various fund vehicles
are often paid monthly. Clients may elect to be billed in advance or in arrears. NAM-USA and NAM-Tokyo do
not directly debit fees from North American client accounts.

Our services may be terminated pursuant to the provisions of each advisory contract. The termination
provisions of any particular contract are subject to negotiation. If a client pays fees in advance, any prepaid,
unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable.

NAM-Tokyo may also manage accounts that provide for compensation on the basis of a share of the capital
gains upon, or the capital appreciation of, the client’s assets (a “performance fee”). Performance fees may be
billed quarterly, semi-annually or annually. Please see Item 6 below for further discussion of performance
fees.

                                                                                 Nomura Asset Management Co., Ltd.
                                                                                   Form ADV Part 2A – June 24, 2026
                                                                   SEC File Number 801-24357 – CRD Number 110814

Sub-Advisory Fees

NAM-USA charges asset-based management fees for all their North American clients. For the client
accounts sub-advised by NAM-Tokyo, NAM-USA pays NAM- Tokyo its sub-advisory fees out of the
management fees it receives from those clients. To the extent that performance fees are paid to NAM-USA
for a particular account, NAM-USA pays NAM-Tokyo its portion out of the fees it receives from those
clients.

U.S. Registered Funds – Management Fees

NAM-Tokyo may receive management fees from its U.S. registered fund clients as described above and/or as
described in the relevant U.S. registered fund prospectus or annual report.

C. Additional Fees and Expenses

Our fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses
which shall be incurred by the client. Clients may incur certain charges imposed by custodians, brokers, and
other third parties, such as custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire
transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions.
SEC registered investment companies and other collective investment vehicles also charge internal operational fees,
which are disclosed in a fund’s prospectus or shareholder report.

Item 12 describes the factors that NAM-Tokyo considers in selecting or recommending broker-dealers for
client transactions and determining the reasonableness of their compensation (e.g., commissions).

D. Prepayment of Fees

North American clients of NAM-Tokyo are not required to pre-pay fees.

E. Additional Compensation and Conflicts of Interest

NAM-Tokyo may invest client assets in money market funds or other types of fund vehicles managed by our
affiliates or by a third party. In addition to the management fee and any performance fee paid, clients will
also incur, relative to investments in fund vehicles, normal expenses and advisory fees imposed by the funds
held in the account as well as other fees charged by the vehicle, if any.

If you invest in a fund vehicle that we manage under a direct or a sub-advisory arrangement, please refer to
the fund’s offering memorandum, subscription agreements and other offering documents for
additional/supplementary information on the fund, including its fees and expenses.

                                                                              Nomura Asset Management Co., Ltd.
                                                                                Form ADV Part 2A – June 24, 2026
                                                                SEC File Number 801-24357 – CRD Number 110814

ITEM 7: Types of Clients

We provide investment advisory services globally to a broad range of institutional investors, including
pension funds, government agencies and central banks, and financial institutions, including banks and
insurance companies, and U.S. registered funds. We also provide investment advisory services to pooled
investment vehicles, such as investment trusts.

In North America, NAM-Tokyo provides portfolio management services on a sub-advisory basis, through
arrangements with NAM-USA, to a corporate pension plan and a U.S. registered closed-end fund.

In general, NAM-Tokyo has a minimum initial amount for separately managed accounts of $50 million. We
may waive conditions based on the complexities of the situation and/or the needs of the client. Fund vehicles
managed by us impose their own minimums regarding account size and subscription amounts.

In Japan, our investment trust business offers a wide range of products that enables us to respond to the
diversified needs of our clients through a broad array of distribution channels, including Nomura
Securities Co., Ltd. and other security firms and commercial banks.

                                                                              Nomura Asset Management Co., Ltd.
                                                                                Form ADV Part 2A – June 24, 2026
                                                                SEC File Number 801-24357 – CRD Number 110814