RWC Asset Advisors US LLC

ITEM 5. FEES AND COMPENSATION

A. Fees

Redwheel will charge a fee to each Client (other than the 40 Act Fund) that is based on a percentage of
net assets under management (the “Management Fee”). The Management Fee is accrued daily and may
be payable monthly or quarterly in arrears, as outlined in each Client’s offering memoranda or investment
management agreement. For any subscription or redemption by an investor that is effective other than
as of the first or last business day of a quarter, such investor will pay a pro-rated fee.

The applicable Management Fee schedule for each Client or investor is described in each Client’s
offering memorandum or investment management agreement. Redwheel, or the Fund’s board, may, in its
sole and absolute discretion, elect to reduce, waive or calculate differently the Management Fee with
respect to any Client or investor. The Firm also receives an incentive allocation (“Incentive Allocation”)
as discussed further in Item 6.

For its services to the 40 Act Fund, the Firm is entitled to a management fee, which is calculated daily
and paid monthly, at an annual rate of a specified percentage of the average daily net assets of the Fund.
Please refer to the 40 Act Fund prospectuses for complete details of fees and expenses.

B. Charging Fees

The Firm generally deducts the Management Fee from Clients’ assets as accrued on a monthly or
quarterly basis. Separately managed accounts Clients are billed directly for Management Fees incurred.

When a client invests in the 40 Act Fund, Redwheel does not bill the client a separate advisory fee because
Redwheel will be compensated from the Fund’s expense ratio. Please refer to the 40 Act Fund prospectus
for complete details of fees and expenses.

C. Other Fees and Expenses

In addition to the Management Fee and Incentive Allocation, each Fund will bear its own expenses, which
may include but are not limited to: investment expenses (e.g., expenses that, in the Firm’s discretion, are
related to the investment of assets, whether or not such investments are consummated, such as brokerage
commissions, clearing and settlement charges, custodial fees, bank service fees and interest expenses);
research costs; investment-related travel expenses (which are travel expenses related to the purchase, sale
or transmittal of the applicable Funds’ investments) incurred by the Firm; professional fees (including
expenses of consultants, investment bankers, attorneys, accountants and other experts) relating to
investments; administrative expenses (including fees and expenses of an administrator); legal expenses;
external accounting and valuation expenses (including the cost of accounting software packages); audit
and tax preparation expenses; directors fees; costs of preparing, printing and mailing reports, offering
materials and notices; entity-level taxes; corporate licensing; regulatory expenses (including filing fees);
insurance premiums (to the extent not prohibited by ERISA); organizational expenses including the costs
of maintaining the Funds’ registered office(s); expenses incurred in connection with the offering and sale
of shares and other similar expenses related to the Fund; income taxes, withholding taxes, transfer taxes,
stamp duties, filing fees or other governmental fees imposed on the Funds and extraordinary expenses
(including litigation and indemnification expenses, if any).

Please refer to the relevant Fund’s offering memoranda 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 memoranda.

Expenses charged on Managed Accounts will be negotiated separately at the time of the applicable
accounts’ opening.

From time to time, Redwheel and/or its affiliates, in their discretion, may make payments to certain
affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with
distribution, marketing, administration and shareholder servicing support for the 40 Act Fund. These
payments are sometimes characterized as “revenue sharing” payments and are made out of the Adviser’s
and/or its affiliates’ own legitimate profits or other resources and may be in addition to any payments
made to financial intermediaries by the 40 Act Fund. A financial intermediary may provide these services
with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition
programs, fund supermarkets, fee based advisory or wrap fee programs, bank trust programs, and
insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive
payments for making shares of the Fund available to their customers or registered representatives,
including providing the Fund with “shelf space,” placing it on a preferred or recommended fund list, or
promoting the Fund in certain sales programs that are sponsored by financial intermediaries. To the extent
permitted by the U.S. Securities and Exchange Commission (“SEC”) and Financial Industry Regulatory
Authority (“FINRA”) rules and other applicable laws and regulations, the Adviser and/or its affiliates
may pay or allow other promotional incentives or payments to financial intermediaries. The level of
payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any
given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced
by the financial intermediary or the quality of the financial intermediary’s relationship with the Adviser
and/or its affiliates. These payments may be more or less than the payments received by the financial
intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of
certain funds or share classes over others. In certain instances, the payments could be significant and may
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ITEM 7. TYPES OF CLIENTS

As further described in Item 4 of this brochure, Redwheel provides discretionary investment advisory
services to the Funds which operate as exempt investment companies under Section 3(c)(7) of the
Investment Company Act. Interests in the Funds will be limited to individuals and entities that meet the
criteria of (i) “qualified purchasers” as defined by the Investment Company Act; or (ii) “qualified clients”
as defined by Rule 205-3 under the Advisers Act.

Prospective investors should refer to the applicable Fund’s offering memoranda for complete information
regarding the minimum investment requirements for participation in the Funds. Typically, Redwheel
requires a minimum investment amount, although the Funds’ board of directors maintains discretion to
individually waive, increase or reduce the minimum investment required. For certain of the Funds, the
minimum investment required by Redwheel varies based on the type of share class the investor wishes
to invest in; the minimum investment required across all share classes in these Funds is detailed in the
offering memoranda.

Redwheel also provides discretionary and non-discretionary advisory services to institutional investors
and other pooled investment vehicles (including registered investment companies and undertakings for
the collective investment of transferable securities (“UCITS”)) through Managed Accounts. The Firm
may impose minimum account requirements on Managed Accounts, which would be described in the
written investment management agreement entered into by and between the Firm and the Managed
Account.

Redwheel provides portfolio management services to the 40 Act Fund, an affiliated mutual fund.
Redwheel has entered into an advisory agreement with the Advisors’ Inner Circle Fund III (“SEI”) to
provide such services for the Redwheel Global Emerging Equity Fund. The 40 Act Fund may utilize
similar investment strategies as other Funds and may impose different minimum requirements and fees
across different share classes, all of which are described in the fund’s prospectus and other disclosure
documentation.