Letko Brosseau & Associates Inc

Item 5 - Fees and Compensation

A.     Current compensation for our advisory service.

Investment management services

LBA receives a management fee based upon a percentage of assets under management in a
client’s account. Management fees are normally charged according to the schedules below, but
might be negotiable in certain circumstances. In addition, the portfolios of certain family
members and personal acquaintances of LBA are managed at a discounted rate which is
generally not available to LBA clients. We do not charge performance-based fees.

The management fees for our U.S. clients, except for Emerging Markets Equity, Canadian
Equity and Infrastructure Equity mandates, are charged according to the following schedule:

          1.00%      on first   US $300,000 of assets under management
          0.75%      on next    US $700,000
          0.50%      on next    US $2,000,000
          0.25%      on balance

The management fees for our non-U.S. clients, except for Emerging Markets Equity, Canadian
Equity and Infrastructure Equity mandates, are charged according to the following schedule:

          1.00%      on first   CA $300,000 of assets under management
          0.75%      on next    CA $700,000
          0.50%      on next    CA $2,000,000
          0.25%      on balance

Since January 1, 2024, for Emerging Markets Equity mandates, the management fees for our
U.S. clients are charged according to the following schedule:

          1.00%      on first   US $300,000 of assets under management
          0.75%      on next    US $24,700,000
          0.60%      on next    US $35,000,000
          0.50%      on next    US $40,000,000
          0.40%      on balance

Since January 1, 2024, for Emerging Markets Equity mandates, the management fees for our
non-U.S. clients are charged according to the following schedule:

          1.00%      on first   CA $300,000 of assets under management
          0.75%      on next    CA $24,700,000
          0.60%      on next    CA $35,000,000
          0.50%      on next    CA $40,000,000
          0.40%      on balance

Since January 1, 2023, for Canadian Equity mandates, the management fees for our U.S. clients
are charged according to the following schedule:

          1.00%      on first   US $300,000 of assets under management
          0.75%      on next    US $700,000
          0.50%      on next    US $2,000,000
          0.30%      on balance

Since January 1, 2023, for Canadian Equity mandates, the management fees for our non-U.S.
clients are charged according to the following schedule:

          1.00%      on first   CA $300,000 of assets under management
          0.75%      on next    CA $700,000
          0.50%      on next    CA $2,000,000
          0.30%      on balance

Since January 1, 2024, for Infrastructure Equity mandates, the management fees for our U.S.
clients are charged according to the following schedule:

           1.00%       on first   US $500,000 of assets under management
           0.75%       on next    US $1,500,000
           0.50%       on next    US $4,000,000
           0.40%       on balance

Since January 1, 2024, for Infrastructure Equity mandates, the management fees for our non-
U.S. clients are charged according to the following schedule:

           1.00%       on first   CA $500,000 of assets under management
           0.75%       on next    CA $1,500,000
           0.50%       on next    CA $4,000,000
           0.40%       on balance

Fees charged by LBA are calculated quarterly in advance based on the market value of the
assets at the beginning of each quarter. The market value is increased or decreased by the net
time-weighted value of all contributions and withdrawals in the client’s account during the previous
quarter, if such value is greater than $5,000,000 or represents more than 5% of the account’s
market value at the end of the previous quarter.

Financial planning services

Financial planning services by our firm are included in management fees outlined above. We do
not charge any fees for this service as it is offered as a complementary service to some of our
Canadian clients who meet certain criteria.

B.     Payment of fees.

LBA invoices are prepared quarterly for all clients. Clients may choose whether to pay the fees
by cheque or direct deposit, or have their custodian pay the fees directly from their account.

C.     Other fees and expenses.

Clients are responsible for brokerage and other transactions costs, as well as fees charged by
custodians for their services. We typically execute trades in large blocks, which in addition to
our low turnover rates, keep aggregate brokerage commissions at low levels.

We may invest our clients’ portfolios in Letko Brosseau Pooled Funds (the “Funds”) in which
case clients will incur their pro rata portion of the underlying expenses of the Fund, such as
custodial fees, auditing fees, filing and registration fees with the various securities commissions,
and consultant fees for certain specialized funds. Clients subscribing to or redeeming from the
Funds a significant amount may also be required to reimburse the Funds for actual brokerage
fees and other transactions costs incurred by the Funds to rebalance their portfolios in
accordance with their respective investment policies as a result of such subscriptions or
redemptions.

We may also invest our portfolios in ETFs and closed-end investment companies in which case
clients will incur their pro rata portion of the underlying management fees of such investment
companies, which would be in addition to the management fees paid to LBA.

For additional information about our brokerage practices, please refer to Item 12 entitled

Item 7 - Types of Clients

LBA provides investment advisory services to institutional investors including, but not limited to,
pension funds, endowments and foundations, and also to wealthy individuals. The minimum
size usually required for new accounts or relationships is US$5,000,000 for segregated portfolio
management and US$300,000 for portfolio management through LBA proprietary pooled funds.
We may agree to manage accounts below this minimum.