Guardian Capital LP

Item 5 Fees and Compensation

A. Fee Schedule

In most cases, our fees represent a percentage of assets under management which means the larger the
account size, the lower the fee percentage charged due to asset breakpoints. Fee schedules and minimum
account sizes may vary or be negotiable depending upon a number of factors including, but not limited to:
the type of client; products or services; complexity of the client’s situation; the composition of the client’s
account; the potential for additional account deposits; the nature, longevity and size of the overall client
relationship; the total amount of assets under management for the client; and other business considerations.
Negotiations may result in a reduced, higher, or fixed fee. Fees are charged as a percentage of all

investments held in the account, including cash. When interest rates are very low, client fees on cash
positions could exceed the investment return on cash positions.

Investors in private funds should consult the applicable fund’s offering documents for a complete
description of fees and expenses associated with an investment.

Currently, we have agreed to accept performance-based fee arrangements for three accounts. Performance
fees are only agreed to upon the express request of a prospective client and only for a client who meets
certain eligibility requirements.

Mutual fund fees and expenses are detailed in each fund’s prospectus, while private fund fees and expenses
are detailed in each fund’s governing documents.

As noted above, clients in wrap fee and model delivery programs pay a single fee to the program sponsor,
which includes investment management, transaction expenses, and operational fees and expenses. The
program sponsor pays Guardian’s fees directly. In some cases, wrap program clients will see those fees
payable to Guardian itemized, and in other cases not.

Guardian’s standard fee schedule for investment management services is disclosed below for institutional
separately managed accounts invested directly with Guardian (we do at times maintain lower fee schedules
for wrap, Unified Managed Account (“UMA”), and dual contract programs and platforms)

Canadian Focused Equity:
First $25,000,000   0.45 percent
Next $25,000,000    0.35 percent
Next $50,000,000    0.30 percent
Balance             0.28 percent

Fundamental Global Equity:
First $25,000,000   0.80 percent
Next $25,000,000    0.75 percent
Next $50,000,000    0.70 percent
Balance             0.65 percent

Global Dividend Growth:
First $25,000,000   0.65 percent
Next $25,000,000    0.55 percent
Next $50,000,000    0.45 percent
Balance             0.30 percent

International Equity Select:
First $25,000,000     0.70 percent
Next $25,000,000      0.65 percent
Next $50,000,000      0.60 percent
Balance               0.55 percent

U.S. Dividend Growth:
First $25,000,000    0.60 percent
Next $25,000,000     0.50 percent
Next $50,000,000     0.40 percent
Balance              0.35 percent

The schedules above only reflect Guardian’s investment management fee. See “Other Fees and Expenses”
for more information on potential additional costs that could be associated with your account.

B. Deduction of Fees

Management fees for our segregated clients are billed quarterly in arrears. Our pooled fund clients have the
option to have management fees debited directly from their accounts after each quarter end.

C. Other Fees and Expenses

Guardian’s investment management fees are separate from the fees and expenses charged to clients by their
custodian. Clients choose their own custodian and negotiate their own fees. Clients may pay brokerage
commissions, transaction costs, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes,
wire transfer and electronic fund fees, and other fees and taxes in addition to the fees paid to Guardian.
Mutual fund fees and expenses are described in each fund’s prospectus. Please see Brochure Item 12 for
more information about fees and expenses related to brokerage practices.

D. Advance Fees and Refunds

As stated above, clients are billed quarterly in arrears. We don’t charge fees in advance unless a client asks
us to do so. If fees are paid in advance, we will refund any unearned portion of the pre-paid fee, if the
client’s Investment Advisory Agreement is terminated before the end of the quarter. Upon termination,
we will reimburse the client’s pre-paid fees for the portion of the quarter we did not manage the account.
Likewise, we will only charge fees for a new account for the portion of the first quarter we manage the
account.

E. Certain Sales Compensation

Neither Guardian, nor its supervised persons accept compensation for the sale of securities or other
investment products.

Item 7      Types of Clients

Guardian offers its investment management services to U.S. registered funds, unregistered pooled vehicles,
Canadian investment funds, pension and profit-sharing plans, trusts, estates, insurance companies,
charitable organizations, corporations or other business entities, government entities, as well as wrap fee
and model-based programs sponsored by third party providers of separately managed accounts and unified
managed accounts.

Guardian provides investment management services to certain of its affiliates pursuant to investment
management agreements.

We set different account size minimums for different strategies. For example, Canadian equity separate
accounts must be at least CAD $20 million in size, while Global Equity separate accounts must be at least
CAD $10 million in size. Investors must invest at least CAD $1 million in our private funds. In limited
situations, we do accept smaller accounts.

Wrap program sponsors set their own account size minimums, which are usually lower than the account
minimums stated above. Please see the prospectus for each mutual fund’s minimum investment amount.