Bessemer Investment Management LLC

ITEM 5. FEES AND COMPENSATION

In connection with our advisory services, we charge an annual fee based on a percentage
of the net assets managed or advised, valued at market. Our fees are negotiable and may
either be refunded or pro-rated upon the termination of the investment management
agreement.

With respect to discretionary investment management service, these clients, including the
Funds, will also incur charges imposed directly by the client’s custodian, brokerage and
other transaction charges imposed by the broker dealer executing transactions for the
client’s account and fees and expenses imposed directly by mutual funds, including
exchange-traded funds, held in a client’s account. For further discussion concerning our
brokerage practices see Item 12 below.

Investment Companies Management
We receive an advisory fee from each Fund, computed daily and payable monthly in
arrears, in accordance with the following schedule:

                                                     Advisory Fee Rate
  Fund                                               Average Net Assets

  Old Westbury All Cap Core Fund                     First $500 million - 0.75%
                                                     $500 million to $1 billion - 0.70%
                                                     Over $1 billion - 0.65%

                                                      Advisory Fee Rate
  Fund                                                Average Net Assets

  Old Westbury Fixed Income Fund                      First $500 million - 0.45%
                                                      $500 million to $1 billion - 0.40%
                                                      Over $1 billion - 0.35%

  Old Westbury Municipal Bond Fund                    First $500 million - 0.45%
                                                      $500 million to $1 billion - 0.40%
                                                      Over $1 billion - 0.35%

  Old Westbury New York Municipal Bond Fund           First $500 million - 0.45%
                                                      $500 million to $1 billion - 0.40%
                                                      Over $1 billion - 0.35%

  Old Westbury California Municipal Bond Fund         First $500 million - 0.45%
                                                      $500 million to $1 billion - 0.40%
                                                      Over $1 billion - 0.35%

  Old Westbury Small & Mid Cap Strategies Fund        0.85%

  Old Westbury Short-Term Bond Fund                   0.32%

  Old Westbury Credit Income Fund                     First $500 million - 0.65%
                                                      $500 million to $1 billion - 0.60%
                                                      Over $1 billion - 0.55%

  Old Westbury Large Cap Strategies Fund              First $1.25 billion - 0.90%
                                                      $1.25 billion to $2.5 billion - 0.85%
                                                      Over $2.5 billion - 0.80%

  Total Equity Fund                                   First $1.25 billion - 0.80%
                                                      $1.25 billion to $2.5 billion - 0.75%
                                                      Over $2.5 billion - 0.70%

The Prospectus, Statement of Additional Information and/or the shareholder reports for
Old Westbury Funds, Inc. have more information about us, the fees and expenses of the
Funds (including any fee waivers), and the other service providers of Old Westbury Funds,
Inc.

We oversee the following sub-advisers who are responsible for making the day-to-day
investment decisions for a portion of Old Westbury Funds, Inc.’s assets. We pay each of
the sub-advisers a percentage of our advisory fees, set forth above, that we receive from a
sub-advised Fund.

Sub-Advisers
Acadian Asset Management LLC (“Acadian”), located at 260 Franklin Street, Boston, MA,
02110, serves as a sub-adviser to the Old Westbury Small & Mid Cap Strategies Fund. In
this capacity, Acadian is responsible for the day-to-day management of a portion of the
Old Westbury Small & Mid Cap Strategies Fund subject to our oversight.

Aikya Investment Management Limited (“Aikya”), located at Octagon Point, 5 Cheapside,
London, England EC2V 6AA, serves as sub-adviser to the Old Westbury Large Cap
Strategies Fund. In this capacity, Aikya is responsible for the day-to-day management of a
portion of the Old Westbury Large Cap Strategies Fund subject to our oversight.

BlackRock Financial Management Inc. (“BlackRock”), located at 50 Hudson Yards, New
York, NY 10001, serves as a sub-adviser to the Old Westbury Credit Income Fund. In this
capacity, BlackRock is responsible for the day-to-day management of a portion of the Old
Westbury Credit Income Fund subject to our oversight.

Muzinich & Co., Inc. (“Muzinich”), located at 450 Park Avenue, New York, New York
10022, serves as a sub-adviser to the Old Westbury Credit Income Fund. In this capacity,
Muzinich is responsible for the day-to-day management of a portion of the Old Westbury
Credit Income Fund subject to our oversight.

Polunin Capital Partners Limited (“Polunin”), located at 10 Cavalry Square London, SW3
4RB, United Kingdom, serves as a sub-adviser to the Old Westbury Small & Mid Cap
Strategies Fund. In this capacity, Polunin is responsible for the day-to-day management of
a portion of the Old Westbury Small & Mid Cap Strategies Fund subject to our oversight.

Sands Capital Management, LLC (“Sands”), located at 1000 Wilson Boulevard, Arlington,
Virginia, 22209, serves as a sub-adviser to the Old Westbury Large Cap Strategies Fund.
In this capacity, Sands is responsible for the day-to-day management of a portion of the
Old Westbury Large Cap Strategies Fund subject to our oversight.

Non-Discretionary Advisory Services
...

ITEM 7. TYPES OF CLIENTS

We provide advisory services to investment companies and banking institutions.