Brown Brothers Harriman & Co

ITEM 5        FEES AND COMPENSATION

© Brown Brothers Harriman                                                                               3

❖ Management/Sub-Advisory Fees

Generally, the Adviser charges fees based on a percentage of net assets under management. Fees are set
forth in each Fund’s prospectus or other offering documents or may be negotiated between the adviser who
has retained the Adviser, as stated in their respective sub-advisory agreement. Advisory fees may be billed
either monthly or quarterly, in advance or in arrears, and are deducted from the Fund’s assets or billed to
the Fund or adviser, depending upon the Adviser’s contract with the Fund or adviser.

Typically, either the Adviser or a Fund may terminate an investment management contract at any time by
written notice given to the other party at least 30 days prior to the date on which such termination is to
take place, or as may otherwise be provided in the agreement. In the event of termination or if fees are
charged in arrears, fees will be pro-rated based on the termination date.

❖ Additional Fees

In most cases, a third-party broker executing a trade on the Fund’s behalf will charge a commission
(equity securities) or earn a mark-up/mark-down (fixed income securities). Neither the Adviser nor BBH
earns commissions or other transaction fees in connection with directing investment advisory trade
orders to third party brokers for execution; however, the Adviser does receive credits from certain brokers
toward the receipt of qualifying research or other services in accordance with applicable law. The Adviser
does not execute transactions through an affiliated broker-dealer. Please refer to Item 12, “Brokerage
Practices,” for additional information.

Certain of the Mutual Funds have adopted a distribution plan pursuant to Rule 12b-1 under the Investment
Company Act, for retail class shares that allows the Mutual Funds to pay distribution fees for the sale of
their shares and for services provided to shareholders. Because these fees are paid out of the retail class
shares’ assets continuously, over time, these fees will increase the cost of an investment in such shares and
may cost more than paying for other types of sales charges, such as a one-time front-end or back-end sales
charge.

ITEM 7        TYPES OF CLIENTS

© Brown Brothers Harriman                                                                               4

The Adviser advises Mutual Funds, ETFs and UCITS Funds. Additionally, the Adviser sub-advises Mutual
Funds and an ETF that are sponsored by third parties.