Penserra Global Investors LLC

Item 5: Fees and Compensation

Investment Management Services
Advisory fees earned by Penserra are based on the percentage of assets under management. 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; (iv) the fund vehicle type (i.e. pooled fund, mutual
fund, Separately Managed Account (“SMA”); and (iv) other factors. The percentage of assets under
management fee schedule is listed below.

International Small Cap Equity Strategy
0.50% - 1.00%, negotiable based on account size

International Large Cap Equity Strategy
0.50% - 1.00%, negotiable based on account size

Penserra generally requires a minimum account size of ten million dollars ($10 million) per SMA, which
may be waived at the Firm’s sole discretion.

Other Client Fees and Expenses
In addition to investment management fees, the client is subject to brokerage commissions on equity
transactions and mark-ups/mark-downs on fixed income securities transactions. The client may also incur
custody fees for its own custodians. 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, exchange traded funds, 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.

Model Investment Portfolio Publishing Services
Model investment portfolio fees are earned based on a percentage of assets and are offered primarily to the
US Clients. The fee charged depends on: (i) the complexity of the strategy provided; (ii) the frequency of
the published portfolio (e.g. daily, weekly, monthly, quarterly); (iii) the size of the account; and (iv) other
factors. The percentage of assets under management fee schedule is listed below.

International Small Cap Equity Strategy
0.5% - 1.00%, negotiable based on account size

International Large Cap Equity Strategy
0.5% - 1.00%, negotiable based on account size

Payment of Fees

Penserra Global Investors LLC                                                      Form ADV Part 2

Clients are billed for investment management services quarterly in arrears. A Client may select to pay fees
directly or from the Client’s account, by instructing the custodian.

Termination

The advisory services agreement may be terminated by either party upon at least 30 days, but not more than
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. If a client
terminates an advisory contract with the Firm before the end of the quarter, the quarterly fee is prorated
based on the number of days elapsed in the period prior to termination.

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, 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 may honor a request for early termination.

Compensation for Sales of Securities or Other Investment Products

Penserra may elect to route equity transactions to its affiliate broker-dealer, Penserra Securities LLC, for
best execution and cost-reduction purposes. (1.) Since some employees of Penserra Global Investors are
also registered representatives of Penserra Securities this presents a potential conflict of interest. The Firm
addresses this conflict of interest by prohibiting registered representatives of Penserra Securities 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. (3.) Where the Firm publishes marketing materials, research
reports, or investment commentary that discusses specific securities, and if those securities are subsequently
traded through Penserra Securities on behalf of clients, an additional conflict of interest exists. Sales and
marketing personnel of the Firm who also receive compensation from Penserra Securities have an economic
interest in the success of such materials as a business development tool. The Firm manages this conflict
through pre-publication review of all marketing materials by the Chief Compliance Officer and through the
recordkeeping and disclosure requirements of Rule 206(4)-1 and Rule 204-2.

Item 7: Types of Clients
Penserra serves a wide range of institutional clients, including:

     •   Family offices

Penserra Global Investors LLC                                                       Form ADV Part 2

     • Trusts
     • Corporations
     • Pension Plans
     • Endowments
     • Foundations
     • Insurance companies
     • Other Advisors
     •
*The firm services institutional clients only. From time to time, supervised persons of the Firm may make
public media appearances — including on podcasts, webcasts, or other broadcast platforms — discussing
general investment themes or market commentary. Such appearances do not constitute an offer of advisory
services to retail investors, and the Firm does not manage accounts for non-institutional clients. Any
inquiries received from retail or non-institutional investors as a result of such appearances will be declined.