Manitou Investment Management Ltd

Item 5: Fees and Compensation
A. Advisory Fees and Compensation

Management Fee

Management fees for U.S. separately managed accounts depend on the type of Client (i.e. institutional versus
high net worth), on the type of service provided, and any special requirements associated with the account.
Manitou’s specific fee schedule for each Client is established in the Client’s Manitou investment management
agreement. Management fees (depending on the type of Client) are based on a tapered fee schedule starting
at 1.25% and declining to 0.20% per annum based on a Client’s assets under management. Management
fees are calculated daily based on the end of day valuation of the Client’s accounts, and payable quarterly, in
arrears, or as directed and authorized by the Client.

B. Payment of Fees

Unless otherwise agreed, management fees will be deducted from the Client’s account by the Custodian and
remitted to Manitou quarterly. Custodial fees are also deducted from the Client’s accounts directly by the
custodian. Aside from the management fee, Manitou does not charge additional fees to open, operate or
maintain the account.

C. Additional Fees and Expenses

Management fees are exclusive of brokerage commissions, transaction fees, and other third-party expenses.
Clients will incur certain charges imposed by custodians for the safekeeping and record-keeping of their
assets. Please see Item 12 “Brokerage Practices” for more information.

D. Prepayment of Fees

As described in Item 5.A. above, the management fee for Clients is paid quarterly in arrears. Upon termination
of a Client’s investment management agreement, the final invoice will be based on the prorated management
fees calculated daily since the previous invoice or as agreed to in the Client’s Manitou investment management
agreement.

E. Additional Compensation and Conflicts of Interest

Neither Manitou nor any of its supervised persons accepts compensation (e.g. brokerage commissions) for
the sale of securities or other investment products.

Item 7: Types of Clients
Manitou offers discretionary and non-discretionary investment management services to institutions
(foundations, pension portfolios, etc.) and high net worth individuals through separately managed accounts.

The minimum account size is typically US$5 million for a separately managed account. At its discretion,
Manitou may waive this requirement.