Mawer Investment Management Ltd

ITEM 5: FEES AND COMPENSATION

Management Fee
In consideration for the services to be rendered by Mawer in connection with your account, we may
receive a management fee as set out in your account documentation. The management fee is a
percentage amount that is based on the assets under management in your account. In the case of our
sub-advisory services, we receive a negotiated management fee which is a percentage amount based on
the assets being sub-advised by us. Fees are generally deducted directly from client accounts monthly or
quarterly in arrears, as directed and authorized by the client.

Aside from this ongoing management fee, if any, we do not charge additional fees to open, operate, or
maintain an account. However, if your account holds individual securities, or your account is held by a
custodian, you may be charged certain fees or expenses by third parties who provide services in relation
to your account. Third parties may include any custodian that holds securities for the account as well as
the brokers or dealers who execute securities transactions for your account. The fees and expenses
charged to you by these other parties will vary from time to time and may be deducted directly from
your account. A further discussion of Mawer’s brokerage policies and practices is found in Item 12 of
this Brochure.

Additionally, you may be working with a third-party financial planner or investment counsellor to
manage your account and you may be charged a fee by those parties for their services in relation to your
account with us. The fees and expenses charged by these parties will vary from time to time and may be
deducted from your account with your authorization.

The following shows a representative fee range for a discretionary account with Mawer, subject to
adjustments for client relationship, account size, asset class, strategy and special requirements, among
other things. For individual clients, assets managed at the household level are aggregated for the
purpose of calculating fees.

 Investment size in U.S. - Institutional client       Fee (%)
 first $25 million                                    0.90
 next $25 million                                     0.75
 next $200 million                                    0.70
 next $250 million                                    0.65
 on balance                                           0.60

 Investment size in U.S. – Individual client          Fee (%)
 first $2 million                                     1.00
 next $3 million                                      0.70
 next $5 million                                      0.50
 on balance                                           0.30

Other Potential Fees and Fund Expenses
If, in accordance with your Investment Policy Statement, we invest some or all of the assets in your
account in investment funds, you will also bear a portion of the operating fees and other expenses
charged to those investment funds, including a management fee.

If Mawer recommends investment into investment funds advised by us, we ensure that the
management fees you pay to us in relation to your account are reflective of the fees already paid by the
funds. All investment funds advised by Mawer contain a full outline of all fees and expenses charged in
the relevant fund offering documents.

ITEM 7: TYPES OF CLIENTS

Mawer’s clients include individuals, corporations, trusts, estates, institutions, pension funds, and not-
for-profit organizations. Mawer provides discretionary portfolio management services to U.S.-based
corporations and institutions, as well as certain U.S. residents. In addition, Mawer offers sub-advisory
services to certain public mutual funds, private funds, and other investment advisers, and participates in
Canadian wrap fee programs by providing model recommendations to non-affiliated broker-dealers or
portfolio managers.

We generally do not have fixed minimum requirements regarding the amount of assets needed to open
or maintain an account. We do have preferred minimum account sizes, as indicated below, which may
be waived or lowered in our sole discretion based on the nature of the client relationship.

Individual client accounts invested in Mawer Canadian Funds
U.S. $800,000
Institutional client accounts invested in Mawer U.S. Funds
U.S. $10,000,000
Segregated Accounts
U.S. $50,000,000 for Institutional clients
U.S. $8,000,000 for Individual clients

Termination or withdrawal provisions are included in the relevant account management agreement or
fund offering documents.