Brandywine Global Investment Management LLC

Item 5 - Fees and Compensation

Brandywine Global’s fees are typically charged based on a percentage of the value of a client’s
assets under management with Brandywine Global. Billing is generally based on the total market
value of the client’s assets under management, as shown on the client’s custodial statements. Fees
are billed either quarterly or monthly and are payable either in advance or in arrears as mutually
agreed upon with the client. Exceptions are mutually agreed upon with the client. Based upon
client request, Brandywine Global may deduct fees from clients’ assets or invoice clients for fees
incurred. The firm may also consider an alternative billing structure.

A client may terminate its investment advisory agreement by providing written notice of
termination within the parameters set forth in the investment advisory agreement. Upon
termination, fees paid in advance will be prorated and any unearned portion thereof will be returned
to the client via check or wire automatically upon termination of the investment advisory
agreement. The refund will be calculated based on the number of days remaining in the billing
period after the date of termination. Fees paid in arrears will be pro rated and any earned portion
thereof will be due to Brandywine Global. The fee will be calculated based on the number of days
during the billing period that the account was managed before the date of termination.

While it is the general policy of Brandywine Global to charge fees to its clients in accordance with
the firm’s standard fee schedules in effect at the time of executing the investment management
agreement, fees are subject to negotiation and may vary from the schedules below to reflect
circumstances that may apply to a specific client account. For example, fees may differ from those
stated herein because of long-standing relationships, anticipated client additions to assets under
management, account minimum requirements, changing market conditions, or for other reasons.

Separate Account Management Fee Schedules

Fees applicable to separate accounts are computed based on the following annualized rates and are
payable in arrears or on such other basis as is mutually agreed upon with the client.

U.S. Concentrated Equity

1.000%                 On all assets

Note: In order to qualify for the above institutional separate account(s) management fees, a
minimum initial investment of $5 million is generally required (with the exception of Large Cap
Core portfolios which have a $10 million minimum); otherwise, higher fees may apply.

Classic Large Cap Value

0.700%                 On the first $10 million
0.500%                 On the next $40 million
0.450%                 On the next $50 million
0.350%                 On portion of assets in excess of $100 million

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Note: In order to qualify for the above institutional separate account(s) management fees, a
minimum initial investment of $25 million is generally required; otherwise, higher fees may apply.

Diversified Large Cap Value Equity

0.550%                On the first $50 million
0.400%                On the next $150 million
0.350%                On the next $200 million
0.300%                On the next $250 million
0.250%                On portion of assets in excess of $650 million

Note: In order to qualify for the above institutional separate account(s) management fees, a
minimum initial investment of $25 million is generally required; otherwise, higher fees may apply.

Diversified Large Cap Value Select Equity

0.550%                On the first $50 million
0.400%                On the next $150 million
0.350%                On the next $200 million
0.300%                On the next $250 million
0.250%                On portion of assets in excess of $650 million

Note: In order to qualify for the above institutional separate account(s) management fees, a
minimum initial investment of $25 million is generally required; otherwise, higher fees may apply.

Dynamic Large Cap Value Equity

0.650%                On the first $10 million
0.450%                On the next $40 million
0.400%                On the next $50 million
0.300%                On the next $100 million
0.250%                On portion of assets in excess of $200 million

Note: In order to qualify for the above institutional separate account(s) management fees, a
minimum initial investment of $5 million is generally required; otherwise, higher fees may apply.

Diversified Mid Cap Dedicated Value Equity

0.650%                On the first $20 million
0.600%                On the next $30 million
0.550%                On the next $50 million
0.500%                On portion of assets in excess of $100 million

Note: In order to qualify for the above institutional separate account(s) management fees, a
minimum initial investment of $5 million is generally required; otherwise, higher fees may apply.

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Diversified Small Cap Value Equity

0.800%                On the first $20 million
0.750%                On the next $30 million
0.700%                On the next $50 million
0.650%                On portion of assets in excess of $100 million

Note: In order to qualify for the above institutional separate account(s) management fees, a
minimum initial investment of $20 million is generally required; otherwise, higher fees may apply.

High Yield

0.550%                Flat fee on all assets

Note: In order to qualify for the above institutional separate account(s) management fees, a
minimum initial investment of $100 million is generally required; otherwise, higher fees may
apply.

U.S. Fixed Income

0.350%                On the first $50 million
0.300%                On the next $50 million
0.250%                On portion of assets in excess of $100 million
...

Item 7 -Types of Clients

Brandywine Global provides investment management services to a wide variety of institutional
and other clients, including, but not limited to, corporate pension and profit-sharing plans, trusts,
corporations, endowments, foundations, public retirement plans, governments, insurance
companies, high net-worth investors, multi-employer retirement plans, financial institutions,
intermediaries, and registered and unregistered pooled investment vehicles.

Brandywine Global also offers investment advisory services to the clients of Sponsors. In accounts
introduced to Brandywine Global by a Sponsor, the client enters into an agreement solely with the
Sponsor or another entity that has an agreement with the Sponsor (“Sponsored Accounts”).

Additionally, Brandywine Global provides portfolio research services in the form of model
investment portfolios to affiliated and non-affiliated investment advisers or other financial service
providers for negotiated fees. Under some of these arrangements, all or a portion of the securities
purchase and sale transactions for accounts of the model recipient’s clients are implemented by
the model recipient or another entity on the basis of the research furnished to the model recipient.
Brandywine Global typically has no execution responsibilities with respect to transactions
executed by the model recipient.

In certain instances, Brandywine Global and a model recipient may agree that Brandywine Global
will be responsible for executing certain transactions necessary to implement the model. With
respect to such transactions, the model recipient will communicate to Brandywine Global the
amount of securities to be purchased or sold, and Brandywine Global will have discretionary
authority with respect to the timing of execution of such transactions.

Brandywine Global generally requires its clients to have a minimum amount of assets under
management to open and to maintain an account for its various types of services in the amounts
specified in the fee schedules set forth in Item 5 “Fees and Compensation” above. These minimum
amounts may be lowered because of long-standing relationships, anticipated client additions to

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assets under management or for a variety of other reasons. Brandywine Global in its sole discretion
may accept or maintain accounts below the stated minimums.