Gulf International Bank UK Limited

ITEM 5 – FEES AND COMPENSATION

GIB (UK)’s Management and Performance Fees

GIB (UK)’s management fees are charged as a percentage of assets under management and as
agreed with the Client in advance. Fee arrangements may also be subject to review over time, during
the course of a given Client relationship. The specific manner in which fees are charged by GIB
(UK) is established in a written agreement between GIB (UK) and the Client. Generally, and
pursuant to the agreement, fees will be based upon a percentage of the total assets in the Separate
Account and will be charged monthly, quarterly, semi-annually or annually in arrears, as agreed
upon with each Client in its respective investment management agreement. The management fee
that GIB (UK) receives varies, but it does not currently exceed 150bps on an annual basis in respect
of any of the Separate Accounts.

The performance fee for a Separate Account, if any, will be based upon a percentage, of between
0.01% to 20%, of excess returns over benchmark returns for the year, which may also include an
initial hurdle rate, and will be charged annually in arrears, as agreed upon with each Client in its
respective investment management agreement.

GIB (UK)’s actual fees, minimum fees, and minimum account sizes may be negotiated and may
vary from the fees described above. A Client may pay more or less fees than similar clients
depending on the particular circumstances of the Client such as, size, liquidity terms, early
investment, additional or differing levels of servicing or as otherwise agreed with specific Clients.
Clients that negotiate fees, including a flat fee, may end up paying a higher fee than that set forth in
the fee terms above as a direct result of an increase in the Client’s assets under management and
account performance, as the fee is agreed on the basis of value of assets under management.

Other Fees and Expenses

In addition to investment management fees and performance-based fees (described above) charged
to Clients by GIB (UK), Clients will bear any other costs charged to the Separate Accounts. Such
costs will vary and typically include, though are not limited to, accounting, legal, custody,
administration fees and other related costs. Furthermore, GIB (UK)’s fees are exclusive of
brokerage commissions, transaction fees, and other related costs and expenses which shall be
incurred by each Client. Clients may incur certain charges imposed by custodians, brokers and
other third parties such as custodial fees, deferred sales charges, transfer taxes, wire transfer and
electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions.
Such charges, fees and commissions are in addition to GIB (UK)’s advisory fees, and GIB (UK)
does not receive any portion of these commissions, fees, and costs. Clients who have assets invested
in mutual funds will also pay their proportionate share of those funds’ management fees,
administrative fees, and sales charge. These expenses vary by fund and are described in further
detail in each fund’s prospectus, though we currently do not have any clients to whom this is
applicable.

Calculation and Deduction of Fees

GIB (UK) will bill its advisory fees on a monthly, quarterly or semi-annual basis in arrears,
depending on the agreement between GIB (UK) and the Client. GIB (UK) bills the Clients directly
for management fees. Unless specifically authorized, GIB (UK) does not withdraw management or

performance fees directly from the Clients’ accounts. Management fees shall be prorated each time
additional money is contributed to the Separate Account or money is withdrawn from the Separate
Account during the relevant calendar quarter or calendar month, as applicable. Clients whose
mandates are initiated or terminated during a calendar quarter or month (as applicable) will be
charged a prorated fee.

Upon termination of any investment management agreement any earned, unpaid fees will be due
and payable.

Please refer to item 12 in this brochure for additional information regarding GIB (UK)’s brokerage
practices. Neither GIB (UK) nor any of its supervised persons accepts compensation for the sale of
securities or any other investment products. Further information on these matters is included in item
10 below.

ITEM 7 – TYPES OF CLIENTS

As part of its overall advisory business, GIB (UK) seeks to provide portfolio management services
to Separate Accounts of institutions and pension plans. GIB (UK) currently has no requirements in
respect of opening or maintaining a Separate Account for a Client, although it should be noted that
GIB (UK) will not market its services to, or enter into, agreements with retail clients in the US or

elsewhere. GIB (UK) will generally seek to provide advisory services to financially sophisticated
clients where it is permitted to do so under applicable law.