Ausbil Investment Management Limited

Item 5. Fees and Compensation
Ausbil’s fees are generally charged as a percentage of assets under management. Performance based
fees, however, may also be negotiated with the clients. For more information on performance based
fees please refer to Item 6. Fees charged by Ausbil may be negotiable based on a number of factors
including, but not limited to, account type (e.g. separate account), existing relationship, complexity of
client requirements, account size or other circumstances. As fees and minimum account sizes are
subject to negotiation, clients that are similar in size and have similar objectives may have different fee
rates. The fee schedule applicable for separate accounts for the Strategies are as follows:

                                  Global Listed Infrastructure
                                             Fees
                  1st $50 million       80bps

                  Next $50 million          75bps
                  Next $50 million          70bps
                  Thereafter                65bps

                                           Global Small Cap
                                                 Fees
                   1st $50m                 80bps

                   Next $50m                 75bps
                   Next $50m                 70bps
                   Thereafter                65bps

                                           Global Resources
                                                Fees
                   1st $50m                 85bps

                   Next $50m               80bps

                   Next $50m               75bps

                   Thereafter              70bps

                                CORE Global Listed Infrastructure
                                              Fees
                   Flat fee                45bps

New client minimum account size is US$30 million although Ausbil reserves the right to adjust this on

occasions.

The specific manner in which fees are charged by Ausbil is established in a client’s written Investment
Management Agreement (IMA) with Ausbil. Ausbil will generally invoice its fees directly to clients on
a quarterly basis. Accounts initiated or terminated prior to the end of a fee calculation period will be
charged a prorated fee.
Ausbil fees are exclusive of brokerage commissions, other transaction fees, sales charge, taxes,
custodial fees and other costs and expenses that a client incurs in connection with Ausbil’s
management of client’s accounts. Additional information about Ausbil’s brokerage practices can be
found under Item 12.

Item 7. Types of Clients
Ausbil provides discretionary investment management services to managed investment trusts
offered in Australia.

Ausbil seeks to provide discretionary investment management services primarily to institutions such as
SEC registered investment companies and other collective investment vehicles, insurance companies,
pension plans, high net wealth individuals, endowments and foundations and public funds on the
condition they satisfy the requirements as an “accredited investor” under the 1933 Act and a “qualified
purchaser” under the 1940 Act. For separate accounts, Ausbil will tailor its advisory services as
described in the relevant IMA. A separate account may terminate in accordance with the termination
provisions outlined in the IMA.

Ausbil generally requires a minimum account size of US$30 million (depending on the strategy) to
establish an institutional separate account.