DePrince Race & Zollo Inc

Item 5. Fees and Compensation
Fee rates described below are per annum based on assets under management and are billed quarterly
in arrears. Fees are not directly debited from individually managed accounts. The calculation of
assets under management and management fees generally includes accrued dividends or accrued
income. Prorated management fees shall be calculated in accordance with each client’s specific
investment management agreement. If the client’s investment management agreement does not
specifically address proration of fees due to cash flows, DRZ may use its discretion to prorate
management fees on asset flows experienced in the client’s managed account. Investment
management agreements may be terminated with prior written notice by either the client or DRZ
without penalty as specified in the client’s investment advisory contract.

For large-cap value/income accounts, the preferred minimum account size is $5,000,000. The fee
is 0.50% of assets under management.

For small-cap value/income accounts, the preferred minimum account size is $5,000,000. The fee
is 0.9% of assets under management.

For micro-cap value/income accounts, the preferred minimum account size is $5,000,000. The fee
is 1.00% of assets under management.

For small/mid-cap value/income accounts (SMID), the preferred minimum account size is
$5,000,000. The fee is 0.65% of assets under management.

For emerging markets value/income accounts, the preferred minimum account size is $5,000,000.
The fee is 0.75% of assets under management.

DRZ also manages accounts that have customized investment strategies with individual fee
arrangements in place, as well as historical fee schedules with long-standing clients or clients with
multiple investment mandates that may differ from those applicable to new client relationships. At
the request of clients, DRZ will manage accounts in a manner that may not fit into one of the
investment strategies described above. Investment management fees are negotiable at DRZ’s
discretion.

In addition to fees paid to DRZ, clients including the private fund managed by DRZ, bear the
transaction costs of implementing investment recommendations, custodial fees and/or other similar
fees associated with the maintenance of their accounts. Investors in DRZ’s private fund indirectly
bear the cost associated with fund accounting, tax preparation, financial statement audits, insurance
and other fees associated with maintaining the private fund. Investors should refer to the private
fund’s offering documents for additional information regarding fees and expenses.

Item 7. Types of Clients
DRZ provides customized investment management services to trusts, charitable organizations,
investment companies, pension and profit-sharing plans, corporations or business entities,
endowments, foundations, high net worth individuals and private funds.

Preferred minimum account size is $5,000,000, although in certain instances, this minimum is
waived.

DRZ is the sponsor and promoter of the DRZ Emerging Markets, LP, a private pooled investment
vehicle or private fund. The private fund’s general partner is DRZ EM GP, LLC, a wholly owned
affiliate of DRZ. DRZ EM GP, LLC is an entity solely dedicated to its role as general partner to
the DRZ Emerging Markets, LP. The DRZ Emerging Markets, LP is managed according to the
investment objectives of the Emerging Markets strategy discussed in the Investment Strategies and

Risk of Loss section of this document. Fees and terms of participating in this private fund are
negotiable at the general partner’s discretion. Current employees of DRZ that have invested in
DRZ’s private fund do not pay management fees. Early investors in the DRZ Emerging Markets,
LP pay a management fee of 30 basis points per annum in addition to fund expenses. As part of a
separate agreement and conditions of investment, DRZ has agreed to provide an investor in the
DRZ Emerging Markets, LP with notification in the event cash holdings exceeds 10% or in the
event of key staff leaving DRZ’s Emerging Markets investment team.