PGIM Wadhwani LLP

Item 5            Fees and Compensation
We are compensated for our advisory services under both asset-based and performance-based fee
schedules. Our asset-based management fees are negotiable and vary based on factors such as the
investment strategy and associated volatility level. Fees are charged monthly based on a percentage of
net assets, are payable monthly or quarterly in arrears and, pursuant to direction from the Client, are
deducted directly from the Client’s assets as such fees become payable. PGIM Wadhwani’s fees for
advisory services are set out in the applicable offering memorandum for the Funds, and in the investment
management agreement for the Managed Accounts. See Item 6 below for more information about
performance fees and the potential conflicts of interest they create.

As set out in the relevant offering memorandum, the Funds are responsible for all costs and expenses
incurred in connection with the investments in each Fund, including brokerage commissions and exchange,
clearing and regulatory fees. They are also responsible for each Fund’s operating expenses, which
typically include: the fees and expenses of a fund administrator, custodians, banks, directors, auditors,
legal and tax advisors, and risk analytics providers; withholding, transfer or similar taxes; insurance costs;
any applicable registration, license, membership or similar fees payable to any government, exchange, or
regulatory or self-regulatory organization; and the costs of maintaining the registered office of each Fund.

Without prejudice to the above, PGIM Wadhwani could, from time to time and at its sole discretion, as
outlined in the applicable Fund prospectus or investment management agreement, and out of its own
resources, decide to rebate to some or all investors or to their agents or intermediaries part or all of the
fees it receives in relation to the Funds.

Please refer to the relevant Fund’s offering memorandum for a complete understanding of each Fund’s
fees and expenses. The information contained herein is a summary only and is qualified in its entirety by
the relevant Fund’s offering memorandum.

Expenses charged on a Managed Account are negotiated separately at the time of such account’s opening.

Neither PGIM Wadhwani nor its supervised persons accept any compensation from third parties for the
sale (or purchase) of investment products. PGIM Wadhwani receives all of its compensation from clients
in the form of investment management fees.

PGIM Wadhwani does not require or solicit prepayment of fees from its clients.

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Item 7 Types of Clients

As described in Item 4 above, our Clients are the Funds and Managed Accounts.

Our Clients currently include a registered investment company and its investment manager, non-U.S. funds
such as Undertakings for Collective Investment in Transferable Securities (“UCITS”) and alternative
investment funds, and three single managed accounts.

We provide our services to both affiliated and non-affiliated Clients.

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