Cooke & Bieler LP

Item 5 – Fees and Compensation

The annual fees to Cooke & Bieler for its service are calculated in accordance with the following
schedules:

Institutional Clients
Large Cap Equity Accounts and Large Cap Balanced Accounts
0.65% on the first $25,000,000
0.45% on the next $25,000,000
0.38% on increments above $50,000,000

Mid Cap Equity Accounts
0.75% on the first $25,000,000
0.65% on the next $25,000,000
0.58% on increments above $50,000,000

Concentrated Value Equity Accounts
0.85% on the first $25,000,000
0.70% on the next $25,000,000
0.60% on increments above $50,000,000

Concentrated Large Cap Value Equity Accounts
0.65% on the first $25,000,000
0.55% on the next $25,000,000
0.50% on increments above $50,000,000

All Cap Equity Accounts and All Cap Balanced Accounts
0.75% on the first $20,000,000
0.65% on the next $20,000,000
0.60% on the next $20,000,000
0.55% on increments above $60,000,000

Small Cap Equity Accounts
1% on the first $20,000,000
0.90% on the next $20,000,000
0.85% on the next $20,000,000
0.80% on increments above $60,000,000

SMID Cap Equity Accounts
0.90% on the first $20,000,000
0.80% on the next $20,000,000
0.75% on the next $20,000,000
0.70% on increments above $60,000,000

A 10% discount from the above applicable fee is given to charitable clients.

High Net Worth Clients
Large Cap Equity Accounts, All Cap Equity Accounts and Balanced Accounts
0.75% on the first $5,000,000
0.60% on the next $5,000,000
0.50% on increments above $10,000,000
0.25% on fixed income, if applicable
Excluding securities not under our supervision

The specific manner in which fees are charged by the firm is established in a client’s written
agreement. Clients may choose to have fees automatically deducted, or they may send us a check,
wire or ACH payment. Fees are typically paid quarterly in arrears, although clients may pay fees in
advance. The fee is generally calculated on the basis of the total market value of assets under
supervision at the close of business on the last business day of each three-month period. Fees for
accounts where there have been large additions or withdrawals during the last month of the quarter
are prorated. Fees may be negotiated at Cooke & Bieler’s discretion. In addition, the firm may also
accept performance-based fee arrangements in accordance with SEC Rule 205-3 provided that
certain client eligibility requirements are met and full and fair disclosures are made of material
information, including potential conflicts associated with these arrangements.

Investment advisory contracts entered into by Cooke & Bieler may be terminated at any time by
either party by written notice of such termination. Clients who have elected to pay their fees in
advance will receive a refund prorated to the date of termination specified in the notice of
termination. Clients who pay in arrears will receive a final invoice with fees prorated through the
date of termination.

Clients will typically incur certain charges imposed by custodians, brokers, and other third parties,
such as brokerage commissions, transaction fees, custodial fees, transfer taxes, wire transfer and
electronic fund fees, exchange fees, and SEC fees, among others. Cooke & Bieler’s fees are in addition
to these costs and expenses. Mutual funds also charge internal management fees, which are
disclosed in a fund’s prospectus. Cooke & Bieler does not receive any portion of these commissions,
fees and costs, except for its advisory or sub-advisory fees, as disclosed. If non-proprietary mutual
fund shares or ETF shares are purchased for clients, we will typically charge our management fees
on top of the existing fund expenses when clients request us to purchase a particular fund for tax
harvesting purposes but it will ultimately depend on the facts and circumstances of the specific
situation.

Item 7 – Types of Clients

Cooke & Bieler provides portfolio management services to corporate pension and profit-sharing
plans, Taft-Hartley plans, charitable institutions, foundations, endowments, high net worth and
other individuals, registered mutual funds, collective investment trusts (“CITs”), pooled investment
vehicles, corporations and other business entities, municipalities, and insurance companies, among
others.

The initial dollar amount of assets for new accounts is outlined below. There is no ongoing minimum
requirement.

Institutional Account:
                $10 Million for Large Cap or Mid Cap Portfolio
                $5 Million for Small Cap, SMID Cap, Concentrated Large Cap, and Concentrated Value
                Portfolio

Individual or Trust Account:
               $3 Million

We accept smaller clients on an exception basis. For example, we will accept a smaller account if the
client has an existing relationship with the firm or if the firm believes the account may grow larger.
Our account minimums have changed over time and, therefore, we may have older clients with
account sizes that fall below the current minimum.

For the Cooke & Bieler CITs, each CIT’s Disclosure Statement and Declaration of Trust describes the
requirements for initial and subsequent investments, including any minimum investment
requirements, if applicable. The SEI Trustee and not Cooke & Bieler has established the terms of
investment in the collective funds.