Analytic Investors LLC

Item 5 - Fees and Compensation

Analytic typically charges an annual fee based on a percentage of the net assets valued at
market that are under management. The fee is typically billed in arrears and payable quarterly
at the start of the quarter and is negotiable under certain circumstances. We may under certain
circumstances participate in most favored nations clauses. A most favored nations clause
stipulates that the contracting client receive at least the same, if not lower, fee considerations to
similarly situated clients (client type, size of account, investment services provided, etc.) of
Analytic.

Some older client relationships may be under historical fee schedules that resulted in lower fees
than our current basic fee schedule. Additionally, certain clients may have negotiated a fixed fee
component as part of the agreed upon fee schedule. We do not ask or require fees to be paid
six or more months in advance. For certain commingled vehicles managed by Analytic, fees
(including investment management and performance fees) may be directly deducted by the
fund’s administrator or trustee. The subscription documentation for each investment vehicle
details whether an investor has the ability to opt out of this payment option.

 The current representative fee schedules are:

 FACTOR ENHANCED EQUITY                   First        Next                        Next
 PROGAMS                                $100 Million $400 Million                $500 Million
 Factor Enhanced US Large Cap Equity     0.14%        0.12%                       0.10%
 Factor Enhanced Small Cap Equity        0.17%        0.15%                       0.13%
 Factor Enhanced International Equity    0.17%        0.15%                       0.13%
 Factor Enhanced Emerging Markets Equity 0.20%        0.18%                       0.15%

                                                 First           Next              Next
 LOW VOLATILITY PROGAMS                        $20 Million     $80 Million       $100 Million
 US Low Volatility Equity                       0.40%           0.30%             0.20%
 US Small Cap Low Volatility Equity              0.60%          0.50%             0.40%
 US All Cap Low Volatility Equity                0.50%          0.40%             0.30%
 Global Low Volatility Equity                    0.50%          0.40%             0.30%
 Global Small Cap Low Volatility Equity          0.60%           0.50%            0.40%
 Global All Cap Low Volatility Equity            0.50%           0.40%            0.30%
 ACWI Low Volatility Equity                      0.55%           0.45%            0.35%
 Emerging Markets Low Volatility Equity          0.60%          0.50%             0.40%

                                                 First           Next              Over
 BENCHMARK ORIENTED PROGRAMS                   $20 Million     $80 Million       $100 Million
 US Core Equity                                 0.60%           0.40%             0.30%
 US Core Equity Plus                             0.70%          0.60%             0.50%
 Global Core Equity Plus                         0.80%          0.70%             0.60%
 US SMID 130/30 Equity                           0.90%          0.80%             0.70%
 US Value Equity                                 0.60%          0.40%             0.30%
 US Enhanced Equity                              0.40%          0.30%             0.20%
 Japan Equity                                    0.70%          0.50%             0.30%

 ABSOLUTE RETURN PROGRAMS
 US Market Neutral                      100 bps annual base as a % of market value, plus 20%
 Japanese Equity Market Neutral         of 12-month incremental return over a pre-determined
 Global Long/Short                      threshold.
                                                 First           Next              Over
 OPTIONS PROGRAMS                              $20 Million     $80 Million       $100 Million
 Active Buy/Write                               0.40%           0.30%             0.20%
 Passive Buy/Write                               0.30%          0.20%             0.15%

Analytic may offer multi-strategy investment programs that combine two or more of the above
strategies. Fee rates will be determined on a case-by-case basis considering the complexity of
the account structure and the investment strategies utilized.

Overlay rates apply to the entire market value of the portfolios made available for overlaying.
Overlay rates apply to accounts where Analytic does not have investment discretion over the
entire client portfolio, but we do have authority to trade derivative positions based on the total
value of the designated client portfolio. In addition, we have offered negotiable performance
based fees and may continue to do so based on sophisticated client request.

Please see additional information found on page 10 under Performance Based Fees and Side-
by-Side Management.

Upon written notice of termination we will issue a final report and refund to client a pro rata
share of any unearned management fees.

Our fees do not include brokerage commissions, transaction fees, and other related costs and
expenses which will be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, third party investment administrators and other third parties such as fees
charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer

taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts
and securities transactions. Mutual funds and exchange traded funds also charge internal
management fees, which are disclosed in a fund’s prospectus. Such charges, fees and
commissions are exclusive of and in addition to our fee, and we will not receive any portion of
these commissions, fees, and costs. Please refer to page 29 under the section titled Brokerage
Practices for further information on fees or expenses that may incur.

Item 7 - Types of Clients

Analytic provides services to a diverse group of clients including, but not limited to the following:

•      Institutional clients, corporations or other businessentities
•      Public funds and municipalities
•      Foundations, endowments, trusts andestates
•      Mutual fund companies
•      Taft-Hartley plans, governmental plans,and unions
•      Health services organizations
•      Insurance organizations
•      Wrap program sponsors
•      Charitable organizations and non-profit entities
•      Sovereign wealth funds/central banks
•      Private funds and hedge funds
•      Retirement and Other Employee Retirement Income Security Act ("ERISA") entities

Our present minimum for separately managed discretionary accounts is $20 million for single
strategy accounts, $25 million for overlay accounts and $50 million for multi-strategy and
complex account types. Minimums for wrap programs may vary depending on the program and
are included in the relevant wrap program materials. We reserve the right to accept or maintain
accounts below any stated minimum dollar values.

Analytic also provides management service for various funds that are only available to qualified
investors. The funds may be offered to qualified institutional clients that do not meet the
investment minimum for separate accounts (generally less than $50 million).