Ativo Capital Management LLC

Item 5      Fees and Compensation
Ativo’s fees for Portfolio Management Services are typically based upon a percentage of assets
under management. Upon agreement with a client or in other circumstances, we may also
charge performance-based fees exclusively or in addition to other types of fees. Please see
Item 6 below for more information about performance fees.
Fee Schedule for Separately-Managed Accounts
The following fee schedules are for separately-managed accounts investing in the noted
strategies.
International Developed - The Ativo International Developed strategy seeks to invest primarily
in undervalued companies domiciled in developed Non-US countries.
 Mandate Size                Fee Quote (bps)
 First $50 million                 50
 Next $50 million                  45
 Next $100 million                 40
 Remaining Balance                 35

International All Country ex US - The Ativo International All Country ex US strategy seeks to
invest primarily in undervalued companies domiciled in both developed and emerging Non-US
countries.
 Mandate Size                Fee Quote (bps)
 First $50 million                 55
 Next $50 million                  50
 Next $100 million                 45
 Remaining Balance                 40

International Small Cap All Country ex US - The International Small Cap All Country ex US
strategy seeks to invest primarily in undervalued companies with capitalizations of less than $5
billion that are domiciled in both developed and emerging Non-US countries.
 Mandate Size                Fee Quote (bps)
 First $50 million                 75
 Next $50 million                  70
 Next $100 million                 65

 Remaining Balance                  60

International Small Cap Developed - The International Small Cap Developed strategy seeks
to invest primarily in undervalued companies with capitalizations of less than $5 billion that are
domiciled in developed Non-US countries.
 Mandate Size                 Fee Quote (bps)
 First $50 million                  70
 Next $50 million                   65
 Next $100 million                  60
 Remaining Balance                  55

International Small Cap Emerging - The International Small Cap Emerging strategy seeks to
invest primarily in undervalued companies with capitalizations of less than $5 billion that are
domiciled in emerging Non-US countries.
 Mandate Size                 Fee Quote (bps)
 First $50 million                  80
 Next $50 million                   75
 Next $100 million                  70
 Remaining Balance                  65

Global Institutional - The Ativo Global Institutional strategy seeks to invest primarily in
undervalued companies globally.
 Mandate Size                 Fee Quote (bps)
 First $50 million                  50
 Next $50 million                   45
 Next $100 million                  40
 Remaining Balance                  35

International ADR/International ADR Concentrated - The Ativo International ADR strategy
seeks to invest primarily in undervalued American Depositary Receipts (“ADR’s”) and other
foreign companies traded on American exchanges. The Ativo International ADR Concentrated
strategy is a subset of the Ativo International ADR strategy and holds approximately 20
securities. The Ativo International ADR Concentrated strategy is targeted for individual
investors. By focusing on the best ideas of the Ativo International ADR, we believe the Ativo
International ADR Concentrated strategy can maintain the risk/return trade-off while having
lower expected turnover. However, with fewer holdings, the concentrated strategy is not as
diversified from a country, sector, and industry perspective.
 Mandate Size                 Fee Quote (bps)
 First $50 million                  50
 Next $50 million                   45
 Next $100 million                  40
 Remaining Balance                  35

Domestic Large Cap/Domestic Large Cap Concentrated - The Ativo Large Cap strategy
seeks to invest primarily in domestically traded, undervalued companies with market

capitalizations in excess of $20 billion. The Ativo Large Cap Concentrated strategy is a subset
of the Large Cap strategy and holds approximately 20 securities. The Ativo Large Cap
Concentrated strategy is targeted for individual investors. By focusing on the best ideas of the
Domestic Large Cap, we believe the Ativo Large Cap Concentrated strategy can maintain the
risk/return trade-off while having lower expected turnover. However, with fewer holdings, the
concentrated strategy is not as diversified from a sector and industry perspective.
 Mandate Size                Fee Quote (bps)
 First $25 million                 30
 Next $100 million                 25
 Remaining Balance                 20

Domestic Small Cap/Domestic Small Cap Concentrated - The Ativo Small Cap strategy
seeks to invest primarily in domestically traded, undervalued companies with market
capitalizations between $500 million and $5 billion. The Ativo Small Cap Concentrated strategy
is a subset of the Small Cap strategy and holds approximately 20 securities. The Ativo Small
Cap Concentrated strategy is targeted for individual investors. By focusing on the best ideas of
the Domestic Small Cap, we believe the Ativo Small Cap Concentrated strategy can maintain
the risk/return trade-off while having lower expected turnover. However, with fewer holdings,
the concentrated strategy is not as diversified from a sector and industry perspective.

 Mandate Size                Fee Quote (bps)
 First $50 million                 60
 Next $50 million                  55
 Next $100 million                 50
 Remaining Balance                 45

Domestic Smid Cap - The Ativo Smid Cap strategy seeks to invest primarily in domestically
traded, undervalued companies with market capitalizations between $500 million and $20
billion.

 Mandate Size                Fee Quote (bps)
 First $50 million                 50
...

Item 7     Types of Clients
Ativo provides investment management services to the following types of clients:

• Corporate pension and profit-sharing plans (other than plan participants)

• Hospital or healthcare plans

• Public plans such as state or municipal government entities

• Endowments and foundations

• Outsourced CIO firms

• Taft-Hartley or multiemployer plans

• The Private Fund as well as other unregistered pooled investment vehicles

• Model-based unified managed account (UMA) platforms

• Individuals and high net worth individuals

Ativo’s current account minimum is $100,000. For client accounts with initial balances from
$100,000 to $5,000,000, Ativo generally requires the client to maintain the account at either
Goldman Sachs Custody Solutions (“GSCS”) or Charles Schwab, where GSCS and Charles
Schwab act as custodian and executes trade orders entered by Ativo. For client accounts with
initial balances above $5,000,000, a client can generally choose its own custodian and trades

are executed by one of Ativo’s approved brokers as described in Item 12 Trading/Brokerage
Practices. Ativo may accept clients below these minimums at its discretion. It is important to
note that only Ativo’s Concentrated Strategies are available for initial investment amounts under
$5,000,000.