Burgundy Asset Management Ltd

Item 5: Fees and Compensation

Burgundy offers discretionary investment management services through separately managed accounts and a
select number of commingled funds.

The management fees paid to Burgundy by clients vary depending on the investment strategy and the
investment vehicle.

Management fees for separately managed accounts are calculated daily and invoiced quarterly, in arrears, unless
another calculation method is agreed on by the client and Burgundy. Burgundy is limited in its ability to
negotiate fees due to existing client agreements and is required to charge the same fee schedule to similar
accounts (domiciled in the same country, with similar size, service model, and mandate). For separately managed
accounts, custodial arrangements and related costs are negotiated separately by the client directly with their
custodian.

Upon termination of an advisory agreement, Burgundy will send the last invoice to the client based on the
prorated fees as calculated daily since the previous invoice or as agreed to in the investment management
agreement.

    Separately Managed Accounts – Management Fee Schedule (per annum):

     • U.S. Smaller Companies Mandate                  1.00% on the first $150 Million
                                                       0.75% on the balance
     • U.S. Small/Mid Cap Mandate                      0.90 on the first $150 Million
                                                       0.65 on the balance
     •   Asian (All Cap) Mandate                       1.00%
     •   Japan (All Cap) Mandate                       1.00%
     •   European (All Cap) Mandate                    1.00%
     •   Emerging Markets Mandate                      1.00%
     •   EAFE Equity Mandate                           0.75% on the first $50 Million
                                                       0.60% on the next $50 Million
                                                       0.50% on the balance
     • Focus European Equity Mandate                   0.75% on the first $50 Million
                                                       0.60% on the next $50 Million
                                                       0.50% on the next $300 Million
                                                       0.40% on the balance
     • Global Equity Mandate                           0.75% on the first $50 Million
                                                       0.60% on the next $50 Million
                                                       0.50% on the next $300 Million
                                                       0.40% on the balance
     • Focus Asian Mandate                             0.75% on the first $50 Million
                                                       0.60% on the next $50 Million
                                                       0.50% on the balance
     • Focus Japan Mandate                             0.75% on the first $50 Million
                                                       0.60% on the next $50 Million
                                                       0.50% on the balance
     • U.S. Large Cap Mandate                          0.95% on the first $5 Million
                                                       0.50% on the balance
     • Canadian Large Cap Equity Mandate               0.60% on the first $10 Million
                                                       0.40% on the balance
     • U.S. Mid Cap Mandate                            0.80%

The current standard fee schedule with respect to Burgundy’s DST Funds is set forth below. For Burgundy
Funds, DST – Emerging Markets Portfolio, Burgundy Funds, DST – Global Equity Portfolio, Burgundy Funds,
DST – US Smaller Companies Portfolio and Burgundy Funds, DST – EAFE Equity Portfolio, management
fees are paid by redeeming investors’ units as set forth in the offering memorandum. For Burgundy Funds,
DST – US Small/Mid Cap Companies Portfolio, all management fees are deducted directly from the fund’s
assets.

Commingled Funds – Management Fee Schedule (per annum):

     • Burgundy Funds, DST - Smaller Companies          1.00% on the first $150 Million
       Portfolio                                        0.75% on the balance

     • Burgundy Funds, DST - Small/Mid Cap                   0.90% on the first $150 Million
       Portfolio                                             0.65% on the balance
     • Burgundy Funds, DST - Global Equity Portfolio         0.75% on the first $50 Million
                                                             0.60% on the next $50 Million
                                                             0.50 % on the next $300 Million
                                                             0.40% on the balance
     • Burgundy Funds, DST - EAFE Portfolio                  0.75% on the first $50 Million
                                                             0.60% on the next $50 Million
                                                             0.50% on the balance
     • Burgundy Funds, DST - Emerging Markets                1.00%
       Portfolio

In addition to the management fee, the DST Funds may be responsible for the direct operating expenses
incurred in connection with the operation of the funds, including custody fees and expenses, legal fees, audit
and tax. The maximum operating expenses charged to each Fund are set forth below. These operating expenses
are deducted from the Funds’ assets, calculated and payable monthly in arrears. In accordance with the Funds’
constituent documents, Burgundy may waive all or a portion of any fees charged to the Funds at its discretion,
but is not required to do so.

Burgundy pays all indirect expenses related to the operation of the DST Funds and may also pay direct expenses
which, if not paid, would increase the operating expenses charged to the DST Funds above the maximum stated
below.
...

Item 7: Types of Clients

Burgundy provides discretionary investment management services to institutions (foundations, endowments
and pension funds) and private individuals. Minimum account sizes may vary by fund or account strategy. The
minimum account size is typically $10 million for a separately managed account and $5 million for investment
into the commingled products. Burgundy retains the authority to set the minimum subscription amounts from
time to time in the Burgundy DST Funds, in accordance with the Burgundy DST Funds’ governing documents.