Metzler-Payden LLC

Item 5: Fees and Compensation

The fees that Metzler-Payden charges for its investment management services are based on
the market value of the assets under management. Fee schedules are expressed at an annual
rate, but fees are billed monthly or quarterly, depending on the client’s preference, and are
calculated in arrears. Metzler-Payden bills the client for fees incurred.

Clients will incur brokerage and other transaction charges. Please review Item 12 of this
brochure on Brokerage Practices.

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The fee schedules below are Metzler-Payden’s standard fee rates for various types of
accounts. However, fees are negotiable in certain circumstances. For example, certain
clients pay fees based on historical fee schedules that are not offered to new clients.
Further, since Metzler-Payden manages portfolios to meet specific client needs, fee
schedules may be modified to reflect the specific nature of services provided to a particular
client, and may include, for example, fixed fee arrangements, performance-based fee
arrangement, different valuation dates or billing arrangements.

The following schedules provide details of the standard fees charged for various accounts:
Global Fixed-Income Management
0.30 of 1% up to $500 million
0.25 of 1% thereafter

Global Equities Management
0.70 of 1% up to $100 million
0.60 of 1% thereafter

Global Balanced Management
0.50 of 1% up to $300 million
0.40 of 1% thereafter

Item 7: Types of Clients

Metzler-Payden’s client base is institutional in nature, including in particular banking
institutions and charitable organizations.