SMBC Asset Management Inc

Item 5.Fees and Compensation

Management Fees

SAMI generally receives an annual management fee in connection with the investment
management services SAMI provides to its Advisory Clients which is based on either an agreed
fixed rate or the value of the assets held by the Advisory Client. Advisory fees paid by each
Advisory Client are negotiated on a client-by-client basis, and will be either paid directly by the
Advisory Client or debited from such Advisory Client’s custodial account by the relevant
custodian and paid to SAMI on a periodic basis.

SAMI may remit a portion of the advisory fees received by it to one or more of its affiliates, to
accounts or funds managed by it or its affiliates, or to certain third-party investors. SAMI will
from time to time enter into other arrangements to waive or rebate other portions of its advisory

fees.

To the extent any fees are paid in advance, SAMI will provide a pro rata refund to the relevant
Advisory Client if the investment advisory agreement were terminated prior to the end of a
billing period.

In all cases, fees are calculated and paid in accordance with the relevant Client Documents.

Performance Fees

Some Advisory Clients of SAMI are expected to pay a performance-based fee to SAMI. Refer to

Item 7.Types of Clients

SAMI provides investment advisory services to institutional Advisory Clients. These include
large institutional SMAs as well as Funds. Investors in such Funds are sophisticated parties and
may include both U.S. and non-U.S. institutional investors.

SAMI does not expect to provide investment advisory services to (x) U.S. retail clients or (y)
Funds or SEC-registered investment companies admitting U.S. retail investors.