Cortina Asset Management LLC

Item 5 – Fees and Compensation

All fees are subject to negotiation. Previously established clients may pay fees that differ from
the present fee schedule due to terms negotiated at the time. The specific manner in which fees
are charged by Cortina Asset Management is established in a client’s written agreement with
Cortina Asset Management. Generally, Cortina Asset Management’s fee for services shall be
payable quarterly in advance as a percentage of the market value of the assets as determined by
the Adviser as of the end of the quarter immediately preceding the quarter to be billed.

The standard fee schedule is as follows:

                Portfolio Market Value                    Annual Fee Rate
                First $25 million                         1.00 percent
                Next $25 million                          0.90 percent
                Balance of assets                         0.80 percent

If the management of the managed portfolio commences at any time other than the beginning of a
calendar quarter, the first quarterly fee shall be prorated based on the portion of such calendar
quarter during which the agreement was in force. If the management of the managed portfolio
terminates at any time other than at the end of a calendar quarter, the final quarterly fee shall be
prorated based on the portion of such calendar quarter during which this agreement was in force

and Cortina Asset Management will, at the request of the client, promptly refund that prorated
portion of the quarterly management fee within 30 days unless otherwise mutually agreed upon.

Clients may elect to be billed directly for fees or to authorize Cortina Asset Management to
directly debit fees from client accounts via their custodian. In both cases the client or the client’s
custodian receives an original fee invoice.

Cortina Asset Management’s fees are exclusive of brokerage commissions, transaction fees and
other related costs and expenses which shall be incurred by the client. Clients may incur certain
charges imposed by custodians, brokers and other third parties such as fees charged by managers,
custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and
electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions.
Such charges, fees and commissions are exclusive of and in addition to Cortina Asset
Management’s management fee. Cortina Asset Management shall not receive any portion of
these commissions, fees and costs.

There are inherent conflicts of interest present when we value client accounts as higher security
prices increase market values, thereby enhancing performance results and increasing fees.
Further, because clients pay different fees based on differing fee schedules or the size of the
account, we have an incentive to favor those accounts where we earn the highest fees. We
maintain investment, trade allocation and account valuation (including fair valuation) policies and
procedures to address such conflicts of interest.

Item 12 further describes the factors that Cortina Asset Management considers in selecting or
recommending broker-dealers for client transactions and determining the reasonableness of their
compensation (e.g., commissions).

Item 7 – Types of Clients

Cortina Asset Management provides portfolio management services to corporate pension and
profit-sharing plans, Taft-Hartley plans, charitable institutions, foundations, endowments,
municipalities, trust programs, high net worth individuals and other U.S. and international
institutions. The minimum account size is $1 million.