North of South Capital LLP

ITEM 5: Fees and Compensation

All our SMA clients and the investors in the Funds are “qualified purchasers” as defined in Section
2(a)(51) of the U.S. Investment Company Act of 1940 (“1940 Act”).

Fee Structure and Negotiability

Our fees are negotiable and vary depending on the client type, assets under management, and
specific investment mandate.
Separately Managed Accounts
We receive a management fee for investment advisory services provided to our SMA clients, in
accordance with the Portfolio Management Fee Agreement with Xponance, Inc. (“Xponance”), which
serves as the adviser of record. Key details include:

    •   The management fee is asset-based, calculated as a percentage of the total value of assets
        under management.
    •   Asset valuations are determined by the SMA administrator and provided to Xponance for fee
        calculations.
    •   Fees are paid quarterly in arrears, upon Xponance’s receipt of quarterly payments from the
        SMA clients and an invoice from us.
    •   The fee covers both portfolio management services and insurance coverage, as required
        under our agreement with Xponance.

We do not charge performance-based fees for our SMA clients.

ERISA Client Fees

North of South Capital LLP                                                          Form ADV Part 2A

We provide discretionary investment management services to one ERISA client, which pays a
management fee only. We do not charge a performance fee for this client. The management fee is
paid to us quarterly and in arrears.

Canadian and Abu Dhabi SMA Client Fees

We provide discretionary investment management services to a Canadian pension fund as well as an
Abu Dhabi pension fund , which both pay a management fee only. We do not charge a performance
fee for these clients. Fees for both entities are paid quarterly and in arrears.

NOSEMF

For NOSEMF, we receive a management fee paid monthly in arrears based upon a percent of the net
asset value (“NAV”) of each class of shares as at each valuation date. This fund also pays us an
incentive fee calculated on a 12-month basis (ending 31 December of each year) on a share-by-share
basis. The incentive fee is payable in arrears within 14 calendar days of the end of the 12-month
calculation period. Shares redeemed other than at the end of a calculation period will be treated as
if the date of redemption was the end of the 12-month period and the above provisions will apply. If
this fund’s Mandate is terminated other than at the end of a 12-month calculation period, the date
of termination will be the end of the 12-month period.

Pacific Capital UCITS and Delaware Funds

We serve as the sub-adviser to the following funds:

    •   Pacific Capital UCITS Funds PLC - Pacific North of South EM All Cap Equity (“PNOSEMF”)
    •   Pacific Capital Funds LLC - Pacific North of South EM All Cap Equity Fund (“PNOSEMD”)
    •   Pacific Capital UCITS Funds PLC - Pacific North of South EM Equity Income Opportunities
        (“PNOSEMI”)
    •   Pacific Capital Funds LLC - PACIFIC North of South Global EM Equity Fund (“PNOSGEF”)
    •   Pacific Capital Funds LLC - PACIFIC North of South EM Large Cap Equity Fund (“PNOSEML”)
    •   NoS Global EM Equity Active ETF (“GEME”)

The fee we receive is accrued daily based on the daily NAV and is paid monthly to us in arrears as a
monthly pro rata share of the annualized management fee of between 0.75% and 1.50%. Fees are
paid out of the fees that PCP receives as the Investment Manager.

PCP reimburses us for all out-of-pocket costs and expenses incurred in performing our duties. This
includes any expenses incurred by us in relation to the establishment of each Fund and obtaining
any regulatory approvals and consents.

Neither we nor our supervised persons receive any form of compensation as broker or agent for the
sale of securities or other investment products by any client account.

Fund Expenses

NOSEMF and the other funds to which we act as sub-adviser are responsible for paying certain costs
and expenses of the fund in relation to transactions carried out for the fund and the administration
of the fund. These costs and expenses include legal fees, research fees and expenses, fees charged
by accountants, auditors and administrators for their professional services and annual audit (as

North of South Capital LLP                                                          Form ADV Part 2A

applicable), broker commissions, borrowing charges on securities sold short and any issue or transfer
taxes chargeable in connection with securities transactions, all taxes and corporate fees payable to
governments or agencies, directors fees and entity level expenses, interest on borrowings including
the Prime Broker, communication expenses in respect of investor services, insurance (if any) for the
benefit of the Directors, litigation and indemnification expenses and extraordinary expenses not
incurred in the ordinary course of business, cost of obtaining and maintaining the listing of shares on
the Irish Stock Exchange or another relevant exchange and all other organisational and operating
expenses.

ITEM 7: Types of Clients

We provide discretionary investment advisory services to SMAs, funds (including UCITS) as well as a
US ETF. SMA account holders and investors in NOSEMF, PNOSEMF, PNOSEMD, PNOSEMI, PNOSGEF
and PNOSEML include corporations, endowments, foundations, trusts, estates, charitable
organizations, pension and profit-sharing plans and high net worth individuals. U.S. investors in the
SMAs and the Funds are “accredited investors” as defined in Regulation D under the Securities Act of
1933 (“Securities Act”) and qualified purchasers.

We require that a client invest a minimum of $50,000,000 to open an SMA. We may accept a lesser
initial investment in our sole discretion. The minimum investment in respect of the NOSEMF,
PNOSEMF, PNOSEMD, PNOSEMI, PNOSGEF and PNOSEML are set out in the Fund’s constitutional
documents, which amount may be reduced.

GEME is an actively traded ETF listed on the Nasdaq exchange. For more information, please refer to
the prospectus for this fund, available at www.pacificam.co.uk/geme-etf/