Penserra Capital Management LLC

Item 5: Fees and Compensation

ETF Sub-Advisory Service
Advisory fees are earned based on a fixed minimum or the percentage of assets. Either type of advisory fee
charged depends on: (i) the services rendered; (ii) the client’s investment objective and investment strategy
(e.g., global equity portfolios, concentrated equity portfolio, multi-asset class portfolios, and fixed income
securities); (iii) the size of the account; and (iv) other factors. The percentage of assets under management

Penserra Capital Management                                                                    Form ADV Part 2

fee schedule is listed below. If the client prefers to pay a flat fee instead of a percentage of assets fee that
must be negotiated in advance and also depends on the same previously identified factors above.

U.S. All Cap Equity Restructurings
      ASSETS UNDER MANAGEMENT                                              FEE
      All                                                                  0.05% Negotiated

Non-U.S. All Cap Equity Restructurings
      ASSETS UNDER MANAGEMENT                                              FEE
      All                                                                  0.06%-0.075 Negotiated

Global All Cap Equity Restructurings
      ASSETS UNDER MANAGEMENT                                              FEE
      All                                                                  0.06%-0.075% Negotiated

Derivatives Based
      ASSETS UNDER MANAGEMENT                                              FEE
      All                                                                  0.20 % Negotiated

Annual per fund minimum fees for ETF sub-advisory services range from zero to $60,000 per fund.
In addition to investment management fees, the client is subject to brokerage commissions on equity and
futures transactions and mark-ups/mark-downs on fixed income securities transactions. Please see Item 12
for a complete description of our brokerage practices. Additional expenses may be incurred if third-party
managed products are held in a portfolio. For example, ETFs, mutual funds and closed-end funds have
various management and administrative fees related to them. These related expenses are in addition to the
management fees charged by Penserra. Penserra does not receive compensation for the sale of the third-
party managed products.

As of December 31 2025 Penserra Capital Management has $17.5 billion in assets under management on a
discretionary basis.

Compensation for Sales of Securities or Other Investment Products

Penserra may route equity and fixed income transactions to its affiliate broker-dealer, Penserra Securities
LLC, for execution. (1.) Since employees of Penserra are also registered representatives of Penserra
Securities this presents a conflict of interest. The firm addresses this conflict of interest by prohibiting
registered representatives from receiving any financial compensation for recommending investment
products. Firm employees who are also registered representatives of Penserra Securities are only allowed to
receive a portion of commission compensation in those situations where they help with trading or analyzing
a security. (2.) All of our clients have the option to purchase investment products that the firm
recommends through other brokers or agents that are not affiliates of Penserra.

Penserra Capital Management                                                          Form ADV Part 2

Termination

The advisory services agreement may be terminated by either party generally upon 30-60 days written
notice. Penserra may not make an assignment (as defined in Section 202(a)(1) of the Investment Advisors
Act of 1940, as amended) without prior written consent of the client.

The client must be notified in writing and consent to any change in Penserra's fees prior to the effective date
of any change in such fees. If the client chooses not to accept such change, generally Penserra may
terminate the agreement in accordance with the terms of the agreement; subject only to the payment of any
unpaid fee outstanding on the date such change would have been effective. Despite the existence of a
contract, Penserra will generally honor a request for early termination.

Item 7: Types of Clients

The types of clients Penserra serves covers a wide range of investment companies.

At this time there are no plans to service retail clients.