Northern Trust Global Investments Ltd

Fees and Compensation

              Fee Schedule

          In general, all fees are fixed and based on assets under management and are negotiable.

          For many invoiced accounts, our management advisory fees are typically billed either one month
          or one quarter in arrears. For example: quarterly fees invoiced in September would be a
          percentage based on assets under management as of June month end for the billable months of
          July, August and September.

          For certain fund accounts, the fee is typically part of the price of the fund and generally deducted
          directly from the fund either monthly or quarterly, depending on the fund’s billing cycle.

          For Securities Lending’s cash collateral accounts fees are subject to the Securities Lending
          Authorisation Agreement with The Northern Trust Company, London branch (TNTC-LB) or
          Northern Trust Global Services SE (NTGS SE) as lending agent. TNTC-LB and NTGS SE typically
          charge the clients’ respective custody accounts in arrears. NTGIL is remunerated by its client

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          TNTC-LB or NTGS SE and these fees are negotiable, but these are not additional costs to the
          client.

          Notwithstanding the above, NTGIL may negotiate contracts with differing or modified fee
          arrangements than that described, including a minimum fee.

          In addition to investment management advisory fees, clients may pay additional separate charges
          to an affiliate for value added services provided by an affiliate, such as custodian fees for the
          safekeeping and reporting of managed assets.

          Managed funds are subject to fund level charges that may include co-administration, fund
          accounting, custody, transfer agent, audit and legal fees as well as redemption fees, in addition
          to the investment management advisory fee. These fees are typically charged directly to the fund.
          These expenses may vary monthly and are incorporated in the fund’s net asset value (NAV).

          Finally, transaction costs, including broker costs, are generally included in security trades. Please
          see our discussion on Brokerage Practices.

          NTGIL does not require the pre-payment of fees.

          NTGIL and its supervised persons do not accept direct compensation for the sale of securities
          or other investment products.

Types of Clients

          NTGIL provides investment advisory services to banks and institutional clients (including, but not
          limited to investment companies, pooled investment vehicles, pension & profit-sharing plans,
          charitable organisations, state or municipal government entities, insurance companies, sovereign
          wealth funds and foreign official institutions).

          Minimum account size requirements vary based on the investment vehicle (fund vs. separately
          managed account), asset class (equity vs. fixed income) and strategy (passive vs. active).
          Minimum account requirements may be waived under certain circumstances.

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              Methods of Analysis, Investment Strategies and Risk of Loss

              Strategy                  Methods of Analysis
              Passive Equity            NTGIL uses proprietary and vended applications to assist in the
                                        construction and ongoing management of the passive equity
                                        strategy. Additionally, NTGIL portfolio managers have an in-depth
                                        understanding of the construction rules for indexes and practical
                                        experience in the implications of index rule changes.

              Quantitative Active       Quantitative investment strategies seek to outperform a
                                        benchmark by exploiting market anomalies and behavioural
                                        biases using proprietary, quantitative models and processes to
                                        select securities, construct portfolios, manage risk and deliver
                                        targeted outcomes. The investment teams conduct research on
                                        quality, size, value, momentum, low volatility and dividend yield.
                                        Strategies are then developed to target exposure to these risk
                                        factors with a focus on avoiding unintended risks and sector
                                        biases. Strategies can incorporate sustainable investing and tax-
                                        efficient principles to further tailor investment outcomes and
                                        include exposure to U.S., developed ex-US and emerging
                                        markets.
              Active Fixed Income &
                                        NTGIL active fixed income incorporates both a top-down macro-
              liquidity
                                        economic view along with a bottom-up fundamental outlook.
                  • Money market        Northern Trust macro fixed income strategy committees generate
                      cash              proprietary environmental forecasts on key global metrics that
                      management        guide the formulation of its active investment policy. The team of
                  • Enhanced cash       fixed income professionals reconciles these top-down macro
                  • Ultra Short         views with bottom-up market inputs to develop tactical investment
                      duration          strategies. The closely aligned research, trading and portfolio
                  • Short duration      management specialists continually monitor risk/reward
                  • Intermediate        relationships across sectors and issuers to identify attractive
                      duration          investment opportunities.
                  • International
              Securities Lending cash
              collateral

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              Passive Fixed Income:       NTGIL utilises passive fixed income to provide a diversified
                                          portfolio through stratified sampling with risk and return
                                          characteristics of the underlying benchmark. Because of the large
                                          size and diverse underlying holdings of the various fixed income
                                          indices, the team employs a sampling strategy to construct
                                          portfolios. The sampling process requires managing overweights
                                          and underweights of index members. Based on similar features
                                          of various constituents of the index, the team strives to build the
                                          optimal portfolio to replicate the benchmark while taking into
                                          account liquidity and the cost of trading.

              Sustainable Investing
                                          NTGIL offers a variety of sustainable investing strategies that
              Strategies
                                          incorporate analysis of material environmental, social and
                                          governance risks and opportunities. Strategies can incorporate
                                          values and norms based exclusionary screens, “best in class”
                                          tilts, and integration approaches designed to achieve financial
                                          and sustainable investing goals. These approaches may be used
                                          singularly or in combination. NTGIL may engage and rely on third-
                                          party research vendors to provide sustainable investing data for
                                          companies
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