Adelante Capital Management LLC

Item 5: Fees and Compensation

The following fee schedule is used for Separate Accounts, subject to a minimum annual fee of
$25,000:

Domestic:
     Amount Managed                     Fee (Annualized Rate)
     First $25 million                  0.65% of assets
     Next $25 million                   0.60% of assets
     Next $25 million                   0.55% of assets
     Next $25 million                   0.50% of assets
     Negotiable thereafter

Actual fees and minimum fees may be negotiated and may vary due to the particular
circumstances of each client, additional or differing levels of servicing, or as otherwise agreed
with specific clients. Fees are generally computed and billed quarterly in arrears and are
generally calculated based on the monthly average value or quarter-end value of assets under
management during the applicable quarter. Fees can be deducted from account assets or the
client can be billed for fees incurred.

Adelante receives advisory fees for managing the commingled pools it sponsors and for
providing investment management services for wrap fee programs; in each instance Adelante’s
fee is described in the materials relating to the particular commingled pool or wrap fee
program. A client will also incur brokerage and other transaction costs that are payable to
third parties. (See Item 12 for a discussion of brokerage practices.) Depending on the type
of client and account, there may be additional third party expenses for custodial fees, wire
transfer and electronic fund fees, audit fees and other expenses incurred in the course of the
investment and administrative activity associated with the particular client account.

Adelante also receives fees for the providing consulting services, typically delivered in the form
of non-discretionary investment models. Adelante’s fee is negotiated and described in the
respective consulting agreements and is usually based on the assets invested in the model
provided.

Item 7: Types of Clients

Adelante’s domestic and foreign clients include public pension plans, corporate pension plans,
foundations, endowments, banks and other financial institutions, charitable organizations and
individuals.

The typical minimum for an institutional separate account is $25 million. The minimum for
wrap account relationships varies depending on the particular program. Minimums for
Adelante’s commingled funds vary depending on the fund. For funds and separate accounts,
Adelante may, in its discretion, revise the minimums or waive them on an individual basis, at
any time.