Skerryvore Asset Management Ltd

Item 5 – Fees and Compensation

Generally, the Firm provides investment advisory services to institutional investors. Fee
arrangements with institutional investors are negotiated on a case-by-case basis. Accordingly,
the fee schedule for each client is generally contained within the offering memorandum or the
fund prospectus, or the investment management/advisory agreement as applicable. Client

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fees are either invoiced by the Firm or are paid from the client’s account.
At our discretion, fees could be reduced, or a “most favored nation” fee schedule granted.
While not currently assessing fees based on performance, if a client requests, the Firm will
consider charging fees based upon the investment performance we achieve in managing a
client’s portfolio. Such fees are individually negotiated with the client.
Additional details regarding performance fees and potential conflicts related to them are
provided in response to Item 6 of this Brochure.

                                  Standard Fee Schedules

 Skerryvore Global Emerging Market Equity Strategy                                Up to 1%

 Skerryvore Global Emerging Markets Equity All-Cap Strategy                       Up to 1%

 Skerryvore Global Emerging Market ex-China Equity Strategy                       Up to 1%

Compensation for certain employees includes a multi-factor bonus that considers raising firm
assets among the various factors. There is no direct transaction-based compensation.

Item 7 – Types of Clients

The Firm will seek institutional clients such as trusts, investment companies, pension plans,
OCIO programs, investment platforms, private funds, and other institutional accounts. The
Firm does not work directly with retail clients. Minimum account sizes will vary by strategy.