Dreman Value Management LLC

ITEM 5 – Fees and Compensation

We provide investment advisory services on a discretionary basis to a number of different types
of clients through DVM. DVM provides advisory services to institutions, separate accounts
and high net worth individuals.

We generally accept non-wrap fee accounts with a minimum initial account size of $3 million for
all strategies.

We may, at our discretion and upon special circumstances, accept accounts that do not satisfy
these conditions, and we may separately negotiate with each client a minimum acceptable initial
account size.

Our standard fee schedules are calculated and are generally charged quarterly in advance at the
following annual rates:

Large Cap Value
1% on the first $3 million;
0.65% on the next $17 million;
0.60% on the next $30 million; and
0.55% over $50 million.
Minimum initial account size: $3 million.

Value Equity
0.75% on the first $20 million;
0.70% on the next $30 million; and
0.65% over $50 million.
Minimum account size: $3 million.

International Value
0.85% on the first $20 million;
0.80% on the next $30 million; and
0.75% over $50 million.
Minimum account size: $3 million

For sub-advisory services provided to other investment advisers, we receive a monthly fee from
each of the investment advisers at rates specified in the sub-advisory agreements between us and
such investment advisers. The sub-advisory fee generally varies from 0.25% per year to 0.75%

per year based on certain asset levels and is computed and paid monthly based on the average
daily net assets under management for each of the funds.

Typically, fees paid to us are due in advance. If a client chooses to terminate its account, we
generally require 90 days written notice. Any pre-paid fee for periods extending beyond those
90 days will be reimbursed to the client on a pro-rated basis.

Proportionate fees are charged for parts of a calendar quarter at the beginning or on the
termination of a contract during which services are provided. Any significant cash flows on a
client account during a billing period will be pro-rated for fee calculation purposes, unless
otherwise agreed.

Clients have the option to authorize their custodian to: (a) deduct our advisory fees from the
client’s account; or (b) deduct our advisory fees from another account of the client managed by
us. Alternatively, the client may choose to be billed directly by us and agree to remit payment
within 30 days of receipt of the invoice. Clients are billed or fees are deducted on a quarterly
basis.

Exchange-traded funds and other registered funds in which we may invest charge internal
management fees, which are disclosed in the prospectus of the pertinent fund.          In such
circumstances, a client is essentially paying two advisory fees (i.e., one to us and one to the
fund’s adviser).

In addition to our advisory fees, clients may pay fees for custodial services, account maintenance
fees, wire fees and other fees associated with maintaining the account; however, we do not share
in any portion of such fees.

ITEM 7 – Types of Clients

We provide investment advisory services on a discretionary basis to a number of different types
of clients through DVM. DVM provides advisory services to institutions, separate accounts and
high net worth individuals. Our clients also include pension and profit sharing plans, trusts,
estates, charitable organizations, and other types of corporations or businesses.

Specifically, we manage a variety of investment strategies, including: (i) Large Cap Value;
(ii) International Value; and (iii) Value Equity. We offer these value-based equity investment
strategies to a variety of clients, including institutions, high net worth individuals and Taft-
Hartley plans.

 For clients who have multiple accounts with us, we may at times provide services on a non-
 discretionary basis to a portion of the client’s account.