Harris Associates LP

ITEM 5 – FEES AND COMPENSATION
Harris generally has established investment advisory fees for its private wealth clients and institutional clients
separate accounts in accordance with the fee schedule below. However, fees for certain accounts may fall outside
of the stated ranges. Certain investment strategies listed below may be closed to new investors. Fees are generally
payable quarterly in advance for private wealth clients, quarterly in arrears for institutional clients, and monthly in
arrears for mutual fund clients. Depending on the client relationship, Harris generally deducts its fees from client
accounts or bills clients for its fees. Fees are generally based on a percentage of asset value.

For purposes of determining fees for private wealth clients, Harris’ investment advisory fee is calculated quarterly,
based on billable assets as stipulated in its advisory contracts. Harris, at its sole discretion and as an accommodation
to its private wealth clients, may agree to waive its investment advisory fee for services provided on a non-
discretionary account. For purposes of determining fees for institutional clients, Harris’ investment advisory fee is
generally determined quarterly or monthly, based on billable assets as stipulated in its advisory contracts. For
purposes of determining billable assets, client portfolios are valued based upon the last sale price if the securities
are listed and traded on such date, or the previous day’s closing price or other standard methods if not so traded.
Harris may amend its fee schedule in accordance with the terms of its advisory contracts.

 Client Type*                 Investment Strategy                          Annual Fee (USD)
 Institutional                U.S. Large Value                             0.75% on the first $15 million
                                                                           0.45% on asset value over $15 million
                                                                           Minimum account size: $10 million
 Institutional                U.S. Concentrated Equity                     1.00% on the first $10 million
                                                                           0.50% on asset value over $10 million
                                                                           Minimum account size: $10 million
 Institutional                Equity & Income                              0.60% on all asset values
                                                                           Minimum account size: $100 million

Harris Associates L.P.                                                                                       Page 6 of 29

Form ADV Part 2A: Firm Brochure

 Client Type*                      Investment Strategy                                Annual Fee (USD)
 Institutional                     Core Plus                                          0.25% on the first $25 million
                                                                                      0.22% on the next $25 million
                                                                                      0.20% on the next $50 million
                                                                                      0.12% on asset values over $100 million
                                                                                      Minimum account size: $20 million
 Institutional                     Global All Cap Equity                              0.80% on the first $100 million
                                                                                      0.65% on asset value over $100 million
                                                                                      Minimum account size: $100 million
 Institutional                     Global Equity                                      0.60% on first $100 million
                                                                                      0.50% on asset value over $100 million
                                                                                      Minimum account size: $100 million
 Institutional                     Global Concentrated Equity                         0.78% on the first $100 million
                                                                                      0.55% on asset value over $100 million
                                                                                      Minimum account size: $100 million
 Institutional                     International Equity                               0.70% on the first $100 million
                                                                                      0.50% on asset value over $100 million
                                                                                      Minimum account size: $100 million
 Institutional                     International Small Cap Equity                     0.85% on first $100 million
                                                                                      0.65% on asset values over $100 million
                                                                                      Minimum account size: $100 million
 Institutional                     Japan Equity                                       0.75% on the first $75 million
                                                                                      0.60% on asset value over $75 million
                                                                                      Minimum account size: $100 million
 Private Wealth                    Balanced                                           0.75% on the first $15 million
                                                                                      0.45% on asset value over $15 million
                                                                                      Minimum account size: $20 million
...

ITEM 7 – TYPES OF CLIENTS
Harris provides investment advisory services to many types of U.S. and non-U.S. clients, including individuals,
government retirement plans, corporate pension and profit-sharing plans, trusts, estates, charitable organizations,
foundations, endowments, banks, trust companies, insurance companies, corporations, sovereign funds, European
based collective investment pools and other types of entities.

Harris also provides investment advisory services to wrap program, third-party separately managed accounts
(“SMA”) on a discretionary basis or model delivery basis, mutual funds, exchange traded funds, private investment
partnerships and other pooled investment vehicles. Harris also has arrangements with other advisory firms wherein,
while Harris has discretionary authority over some of these advisory firm’s clients’ assets, Harris is not the client’s
primary adviser and instead acts in a subadvisory capacity.

Harris Associates L.P.                                                                                      Page 8 of 29

Form ADV Part 2A: Firm Brochure

In general, Harris does not accept individual or institutional separate accounts or groups of related accounts that
have an initial asset value of less than the account minimums reflected on the fee schedules listed above, except in
the context of a subadvisory relationship, including wrap fee programs. However, Harris may set higher or lower
standards for account minimums, depending on historic relationships with Harris or others, expectation of future
additions to the account or other circumstances.