Unigestion US Ltd

ITEM 5: FEES AND COMPENSATION

      Unigestion Group applies the transfer pricing guidelines for Multinational Enterprises and Tax administrations issued
      by the OECD as well as the guidance published by the OECD as part of the Base Erosion and Profit Shifting (BEPS)
      project.

      PwC is engaged to prepare and update the transfer pricing Masterfile report, documenting the types of intercompany
      transactions and the applicable transfer pricing policies in accordance with the arm’s length principle.

      Different sets of rules are applied, supported by benchmarking studies and comparable prices. The Group Transfer
      pricing policy is set at the beginning of each fiscal year and regularly updated.

      Unigestion Group utilizes highly integrated investment management service processes, consisting of a highly
      integrated flow of services and involves the sharing of risks and intangibles among companies. The methodology
      applied to allocate profits within the Group therefore follows a two-steps approach:

       • Administrative, research and analysis are considered as routine functions and mark-ups are applied to the costs,
         meaning a Cost Plus Method.

       • A residual profit split method is then applied to allocate the more integrated and higher value-added, non-routine,
         highly inter-related and dependent functions (investment management activities).

      The approach and calculation integrate all corporate entities, including Unigestion US.

      Each year, PwC Switzerland Audit reviews the methods applied and the calculation.

      For the discretionary and advisory management of segregated portfolios we charge our management fee as a
      percentage of the assets under management. Management fees are negotiable depending on the size of the mandate.
      Invoices for management fees are usually issued by Unigestion US either quarterly or six monthly in arrears and are
      payable by the clients within 30 days of receipt. Unigestion US may also receive a performance-based fee from its
      discretionary accounts, as discussed in Item 6. In addition to the management and performance fees, clients are
      responsible for fees and expenses associated with their accounts including third party custodians, domiciliation, fund
      administration services, brokerage commissions (as applicable) and other transaction costs.

      The mandate client with which Unigestion US has a discretionary advisory agreement does not pay duplicate
      management fees in connection with its investments in affiliated funds.

      Where investors invest directly in funds managed or advised by the Unigestion Group, the management fees,
      transaction costs, custodian fees, brokerage fees etc. are charged at fund level as detailed in the individual fund
      prospectus. Unigestion US will not bill management or performance fees on top of those billed by funds managed
      within the Unigestion Group. However, to the extent that Unigestion US recommends purchase of a pooled investment
      vehicle as part of its investment strategy, clients should be aware that they will pay management and potentially
      performance fees directly on that investment, as well as fees to Unigestion US as outlined in the investment
      management agreement.

                                                                                                   Unigestion (US) Ltd. I 7/24

ITEM 7: TYPES OF CLIENTS

       Unigestion US current clients consist of:

              Unigestion SA (its sister company): Unigestion US advises in connection with Unigestion SA’s clients. The clients
               of Unigestion SA, advised by Unigestion US, are pooled investment vehicles that are not domiciled in the United
               States (“Non-U.S. Private Investment Funds”) and segregated mandates.

              A U.S. domiciled limited partnership on behalf of a U.S. pension fund.

       The minimum investment amounts for the Non-U.S. Private Investment Funds advised by the Unigestion Group are
       detailed in the individual fund prospectus.

       Discretionary and Advisory Mandates

               For the discretionary management of a private equity segregated portfolio, the minimum investment amount is
                $75 million.

       At Unigestion US ’s discretion, these minimums may be waived.

                                                                                                       Unigestion (US) Ltd. I 9/24