Mar Vista Investment Partners LLC

Item 5 – Fees and Compensation

Fee Schedule
The following information addresses the fee structure of the separately managed account strategies Mar
Vista manages. The annual separate account fee schedule for the U.S. Quality strategy is:

Market Value of Assets in Account:     Annual Fee:
First $1 to $25 million                0.75%
Next $25 million                       0.60%
Next $50 million                       0.50%
Over $100 million                      Negotiable

The annual separate account fee schedule for the U.S. Quality Premier strategy is:

Market Value of Assets in Account:      Annual Fee:
First $1 to $25 million                 0.50%
Next $25 million                        0.40%
Next $50 million                        0.35%
Over $100 million                       Negotiable

Special circumstances cause fees to vary from the above schedule. Mar Vista may group multiple accounts
of one client relationship together for purposes of calculating the fee. Mar Vista reserves the right to
negotiate fees with clients and may charge higher or lower fees than those described above. Mar Vista
has negotiated fee schedules with certain brokerage firms that have referred clients to Mar Vista for
investment management services and these fee schedules vary by firm. Mar Vista may also manage the
accounts of brokers who refer clients to Mar Vista at lower fees. Mar Vista reserves the right to manage
the accounts of its employees and their family members at lower fees or at no charge. In addition, Mar
Vista may occasionally provide its services on a pro bono basis for charitable or other reasons. These
accounts are treated as any other client.

Billing Method
The specific manner in which Mar Vista charges its fees is defined in each client’s written investment
advisory agreement. Fees are billed in advance or arrears, quarterly or monthly, depending on the client’s
fee agreement. Mar Vista will generally bill its fees on a quarterly basis. Additionally, clients may instruct
their account custodian to pay Mar Vista’s fees from their client account(s) or receive a bill directly.

Accounts initiated or terminated during a calendar quarter will be charged a prorated fee. Upon
termination of any account, any pre-paid, unearned fees will be promptly returned and any earned,
unpaid fees will be due and payable. Client accounts are generally terminated upon a 30-day written
notice and a pro rata refund will be given, but Mar Vista may terminate an account in less than 30 days
upon a client’s request. Generally, Mar Vista may terminate the accounts of clients who open a margin
account or an account that has check writing privileges because of the reconciliation, available cash and
performance measurement difficulties such accounts create. Mar Vista will give such clients a 30-day prior
written notice of its intent to terminate the account. On a case-by-case basis, Mar Vista has permitted
clients to have a margin or check writing account in its sole discretion. If a client moves his or her account
to a different broker-dealer or custodian, Mar Vista reserves the right to terminate its agreement with the
client.

Multiple Fees
Mar Vista does not generally invest in mutual funds for its clients’ separate accounts. However, if a client’s
portfolio holds mutual funds or money market funds, the client will be paying two fees for the
management of these assets, one to Mar Vista and one to the money market or mutual fund manager.

Other Fees and Compensation
Some brokerage and investment consultant firms have managed account programs in which the
brokerage or investment consultant firm typically provides manager search services, financial consulting,
performance measurement, custodial services, and in the case of brokerage firms, brokerage. Many of
the managed account programs may refer accounts to Mar Vista to act as a sub-adviser. These clients pay
the brokerage or investment consultant firm for its managed account program services a single fee based
on a percentage of assets under management. In some managed account programs, brokerage
commissions are included in the single fee; in other managed account programs, clients pay brokerage
commissions on each transaction. Further, when evaluating a wrap or managed account program, a client
should also consider the package of services provided, the amount of portfolio activity in the account and
the value of custodial and portfolio monitoring services. The single fee may be higher or lower than the
total cost of the services the client is receiving if the client were to pay for each service separately.

Clients typically incur certain charges, fees or commissions imposed by their custodians, broker-dealers
and other third parties, including but not limited to custody fees, brokerage commissions, deferred sales
charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and
taxes on brokerage accounts and securities transactions. Any such charges, fees or commissions are
exclusive of, and in addition to, Mar Vista's fees, (Mar Vista does not receive any portion of such charges,
fees or commissions). Please refer to Item 12 for a discussion of Mar Vista’s brokerage practices.

Unified Managed Account (“UMA”) clients to whom Mar Vista provides recommendations, but for whom
Mar Vista does not have discretionary investment authority, may depart from the standard fee schedule
depending on complexity and size.

Item 7 – Types of Clients

Mar Vista provides investment advisory services to a variety of clients including pension and profit-sharing
plans, trusts, estates, charitable organizations, public funds, corporations, endowments, foundations, Taft
Hartley plans, wrap fee programs and high-net-worth individuals. Mar Vista acts as sub-adviser to
unaffiliated open-end investment management companies. In addition, Mar Vista provides
recommendations to sponsors of UMA programs.

Mar Vista acts as sub-adviser to pooled investment vehicles, limited partnerships, or limited liability
companies managed by unaffiliated third parties.

The minimum account size is $1,000,000 for all strategies. However, the minimum account size may be
waived at the discretion of an authorized officer of Mar Vista. The minimum initial account size for wrap
and managed accounts varies by wrap sponsor and managed account program sponsor. Mar Vista retains
the right to refuse to accept any account for any reason.