Fondsmaeglerselskabet MAJ Invest A/S

Item 5 - Fees and Compensation

Maj Invest in general receives fees and compensation in four forms for funds it manages or advises outside
of the United States: management fees, fixed fees, commissions and performance-based fees. However,
for services offered in the United States, we expect fees will be only in the form of management fees.

Management Fees

We receive management fees for our investment advisory services. For each client, Maj Invest receives
management fees as compensation pursuant to a written investment advisory agreement. Clients
generally pay these fees based upon a percentage of assets under management.

Fees may accrue daily and generally are payable monthly in arrears, although these details depend on the
fee negotiation with the client. Maj Invest and the client may agree to fee caps and other expense
limitations. For services we offer to clients to whom we provide this brochure, we expect a client will pay
fees upon an invoice we send to that client although Maj Invest reserves the right to enter into
arrangements to have fees deducted directly from an account.

Fees may vary depending upon the amount of assets we manage for a particular client and the level of
services that client requires. A fee structure may vary depending on the client preference.

Our standard management fee schedule

Separate Accounts:
First 50m USD            0.60%
Next 150m USD            0.55%
Next 200m USD            0.50%
Next 200m USD            0.45%
Thereafter               0.45%

Minimum Account Fees

All separate accounts are subject to a minimum fee of $300,000 per year.

In the case of either U.S. or non-U.S. pooled investment vehicles, when our management fee is negotiated,
it may vary based on discussions with the governing bodies (e.g., board of directors) or managers (e.g., the
primary investment adviser where we act as a sub-adviser) of such pooled investment vehicles and is
specified in our investment management or other agreements for the pooled investment vehicles.

Payment Mechanics

In most cases, we invoice clients for the management fee on a quarterly basis in arrears. Clients pay this
fee within 30 days of the client’s receipt of the invoice.

There are many ways to structure the mechanics of fee payment. We will discuss the payment mechanics
and agree on the specific billing protocol at the outset of the relationship, including the valuation of the
assets upon which the fee will be based.

Other Fees and Expenses

In addition to management or advisory fees payable to us, a client will pay brokerage and other
transaction costs and certain other fees and expenses. You can read more about our brokerage practices
in Item 12.

The following list of fees and expenses is what a client may bear or pay to third parties or service providers
in connection with the management of its account. The client may bear these fees and expenses whether
a security is being purchased, sold or held in the client’s account(s) under our management. These fees,
including commissions, and expenses to other service providers are in addition to Maj Invest’s
management fee; the relevant account pays these to other parties, and Maj Invest does not receive,
directly or indirectly, any portion of these amounts. The fees and expenses to third parties and service
providers may include, but are not limited to, the following:

    •    brokerage commissions, and other fees and taxes charged by broker-dealers and other
         counterparties in connection with effecting client transactions;
    •    transaction fees and costs;
    •    sales charges;
    •    exchange fees;

    •   wire transfer and electronic funding fees;
    •   foreign investment license fees;
    •   SEC and other regulatory fees;
    •   administrative fees, including printing fees;
    •   advisory fees and administrative fees charged by mutual funds or exchange traded funds;
    •   advisory fees charged by advisors, if we are sub-advisers, if any;
    •   custodial fees;
    •   odd-lot differentials;
    •   taxes, including transfer taxes;
    •   wire transfer and electronic fund processing fees; and
    •   mark-ups or mark-downs on securities transactions.

In addition, we do not have any employees that receive direct or indirect compensation from the sale of
securities or other investments that we purchase or sell for a client’s account, such as asset-based sales
charges or service fees from the sale of mutual funds. We do not receive any compensation, either directly
or indirectly, other than the amount that will be invoiced for management or advisory fees and for
performance-based fees, as applicable.

Item 7 - Types of Clients

We may in the future provide investment management services to United States institutional and
professional clients, who may include, but are not limited to:

    •   banks or thrift institutions;
    •   registered open-end or closed-end investment companies;
    •   private and public retirement funds;
    •   pooled investment vehicles and other collective investment funds/trusts
    •   unions;

    •   endowments;
    •   foundations;
    •   trusts;
    •   estates;
    •   charitable organizations;
    •   insurance companies;
    •   corporations;
    •   family offices; and
    •   other business entities.

In general, our minimum initial separate account size is $50 million. We may make exceptions on a case-
by-case basis in our sole discretion. Maj Invest, in its sole discretion, may reject any client account.