BMO Capital Markets Corp

Item 5: Fees and Compensation

Client Research Services

There is no basic fee schedule for the Client Research Services. Compensation for Client
Research Services is negotiated on a client-by-client basis and may be renegotiated at any
time. The Client Research Services may constitute eligible research under the safe harbor
of Section 28(e) of the Securities Exchange Act of 1934, as amended, for use in connection
with a client’s investment making decisions. Such clients may compensate us for Client
Research Services through third party soft dollar arrangements.

Clients generally pay for the Client Research Services on a quarterly basis in arrears. These
arrangements may be terminated by either the client or BMOCMC at any time or, in certain

instances, after a specified notice period.

Program Services

In connection with the Program Services, BMOCMC receives fees from the applicable
Program Client on a quarterly basis in arrears ranging from 0.10% to 0.20%, based on the
selected Portfolio, of the average market value of the assets in those client accounts of such
Program Client that are managed by the Program Client and participate in the Programs1.
This fee was negotiated with each Program Client and will be paid from the fees such
Program Client receives from its clients in connection with the management of such clients’
accounts and the execution of all portfolio transactions and custodial services by the
applicable Program Client.

Conflicts of Interest

BMOCMC may receive compensation for the sale of securities in its capacity as a registered
broker-dealer if a client places securities transactions with BMOCMC in its capacity as a
registered broker-dealer. This may present a potential conflict of interest in so far as it may
give BMOCMC an incentive to recommend securities to its advisory clients based on
potential future brokerage compensation rather than client needs. This potential conflict of
interest, however, is strongly mitigated by each client’s ability to place its brokerage
transactions with the broker- dealer of its choice. Clients are neither required to act on any
of the information provided through the Services, nor are they required to transact business
with BMOCMC. Each of our clients has full discretion to determine whether, and to what
extent and how, it will use the Services obtained from us.

BMOCMC does not reduce its fees for Services to offset any brokerage commissions or
markups.

  These fees apply to all of the funds for which BMOCMC provides Program Services. BMOCMC receives
fees from each Program Client on a quarterly basis in arrears equal to (A) 0.13% of the average market value
of the assets in those client accounts of NBI that are managed by NBI and participate in the following NBI
Portfolios: North American Dividend Growth Portfolio, Canadian ex MEF Portfolio, U.S. Small-Mid Cap
Equity Portfolio, U.S. Focused Equity Portfolio, U.S. Dividend Growth Equity Portfolio or Canadian
Small/Mid-Cap Equity Portfolio; (B) 0.163% of the average market value of the assets in those client accounts
of NBI that are managed by NBI and participate in the Canadian Equity Plus Portfolio, the U.S. Large Cap
Disciplined Value Portfolio, or any other portfolios of a Program Client related to the Program Services; (C)
0.10% to 0.1625% of the average market value of the assets in those client accounts of BBNA that are managed
by BBNA and participate in the following BBNA Portfolios: US Tactical Equity Portfolio, the US Dividend
Growth Portfolio or U.S. Small-Mid Cap Equity Portfolio; (D) 0.13% to 0.163% of the average market value
of the assets in those client accounts of BPIC that are managed by BPIC and participate in the following BPIC
Portfolios: Cumulative Canadian Equity PLUS Portfolio, or Cumulative North American Dividend Growth
Portfolio; and (E) 0.20% of the average market value of the assets in those client accounts of a Program Client
(other than NBI, BBNA or BPIC) that are managed by such Program Client and participate in the following
portfolios of a Program Client (other than NBI, BBNA or BPIC): US Tactical Equity Portfolio, the US Dividend
Growth Portfolio or U.S. Small-Mid Cap Equity Portfolio.