Earnest Partners LLC

Item 5: Fees and Compensation

Our standard annual fee schedules are set forth below. Fees are generally based upon the market
value (including any adjustments) of the assets under management at the end of each calendar or
fiscal quarter and are charged in arrears. Asset values are determined in accordance with the
Investment Management Agreement between the Firm and each client. A quarterly fee is generally
calculated by applying the annual fee rate to the total market value of the assets and then taking
one-quarter of the total as the quarterly fee. If a client account commences at any time other than
at the beginning of a quarterly period, the first quarterly fee will generally be prorated to the end
of the first quarterly period. A client may generally make additions to a client account at any time,
subject to the Firm’s right to terminate a client account that falls below the minimum account size,
if any. Additional assets received into a client account after it is opened, equal to or greater than
10% of the client account value, will generally be charged a pro rata fee based upon the number
of days remaining in the quarter. A client may withdraw client account assets upon written notice
to the Firm, subject to the usual and customary securities settlement procedures. The Firm reserves
the right to terminate a client account that falls below the minimum account size, if any. Assets
withdrawn from a client account, equal to or greater than 10% of the client account value, will
generally be charged a pro rata fee based upon the number of days elapsed in the quarter. Account
aggregation (householding) or the application of breakpoints for fee calculations, are determined
in accordance with the Investment Management Agreement between the Firm and each client. The
fee is generally due and payable within 15 days after the end of each quarterly period. Clients may
authorize us to invoice their custodian directly for the payment of fees, simultaneously sending a
copy of the invoice to the client or the client’s designee, or authorize us to invoice the client directly
for the payment of fees. Fees are generally subject to change with 90 days prior notice to the
client. Clients are generally permitted to terminate their contracts with us upon written notice to
the Firm provided some reasonable time (normally 30 days) prior to the effective date of the
termination. If the investment advisory agreement is terminated, fees due to us will generally be
prorated to the date of termination. The Firm generally does not impose start-up, closing or penalty
fees in connection with a client account.

1. All Cap Accounts:
   1.00% on the first $10,000,000
   0.75% on the next $15,000,000
   0.60% on the next $25,000,000
   0.50% thereafter

2. Small Cap and Small/Mid Cap Accounts:
   0.95% on the first $15,000,000
   0.85% on the next $20,000,000
   0.75% on the next $25,000,000
   0.65% thereafter

3. Mid Cap Accounts:
   0.90% on the first $15,000,000
   0.80% on the next $20,000,000
   0.75% on the next $25,000,000
   0.65% thereafter

4. Large Cap and Balanced Accounts:
   0.75% on the first $10,000,000
   0.50% on the next $10,000,000
   0.35% thereafter

5. International and Global Equity Accounts:
   0.80% on the first $10,000,000
   0.70% on the next $25,000,000
   0.60% on the next $50,000,000
   0.50% thereafter

6. Emerging Markets Equity Accounts:
   0.95% on the first $50,000,000
   0.80% on the next $75,000,000
   0.70% on the next $100,000,000
   0.60% thereafter

7. Fixed Income Accounts:
   0.30% on the first $20,000,000
   0.20% on the next $30,000,000
   0.15% on the next $150,000,000
   0.10% thereafter

8. Surplus Interest Accounts:
   1.00% on all assets

The investment advisory fees a client pays to the Firm may be subject to negotiation, and may be
higher or lower than the fees we charge other clients and may be higher or lower than the fees for
similar services charged by other investment advisers. Factors we may consider in negotiating
fees may include the amount and/or complexity of services required, the type of assets under
management, the types of investment guidelines and restrictions imposed upon the
management of the accounts, the amount of assets under management, the expectation for the
amount of assets to grow rapidly, our prior relationship with the client, whether we are acting in a
discretionary or non-discretionary capacity, the extent of reporting or other administrative
services required, the level of due diligence we provide, and various competitive factors. In
addition to the foregoing, there may be specialized investment strategies with individualized fee
arrangements in place as well as historical fee schedules with long-standing clients that may differ
from those applicable to new client relationships. The specific fee arrangements applicable to any
particular client are set forth in the Investment Management Agreement between the Firm and the

particular client. If there is a conflict between the preceding statements and the Investment
Management Agreement, the Investment Management Agreement will control.

The fees due to us cover only the investment management services we provide and do not include
costs associated with gaining access to foreign markets (including restricted markets such as
China, India, etc.), brokerage commissions, mark-ups and mark-downs, dealer spreads or other
costs associated with the purchase and sale of securities, custodian fees, interest, taxes, or other
account expenses. Also, each fund (e.g. mutual fund, exchange traded fund, etc.) in which we may
invest on behalf of a client will bear its own investment advisory fees and other expenses which
are disclosed in each fund’s prospectus.

Clients will also incur brokerage and other transaction costs. Item 12 of this brochure discusses

Item 7: Types of Clients

The Firm generally provides investment advice to any or all of the following types of clients:
individuals, high net worth individuals, banks or thrift institutions, broker-dealers, investment
advisers, investment companies (including mutual funds and exchange-traded funds), insurance
companies, other pooled investment vehicles, pension and profit sharing plans, trusts, estates, or
charitable organizations, corporations or other business entities, sovereign wealth funds, federal
government entities, and state or municipal government entities. However, actual client
composition is subject to change based on market conditions, business plan and other factors.