Mirova US LLC

Item 5.    Fees and Compensation

As compensation for the investment advisory services rendered, the Adviser receives advisory
fees (the “Advisory Fees”) pursuant to investment advisory agreements with each client that
Mirova US advises or sub-advises. The Advisory Fees are calculated based on a percentage of
average daily net assets and the details of the Advisory Fees for registered funds are publicly
available in such funds’ registration statements. The Advisory Fees schedule applicable to
institutional clients is as follows:
    - 0.70% per annum if the assets under management are below $100 million;
    - 0.60% per annum if the assets under management are above $100 million and below $200
         million;
    - 0.50% per annum if the assets under management are above $200 million, with a
         minimum new account size of $50 million.

The Advisory Fee schedule applicable to Model Delivery is as follows: 0.45% per annum if the
assets under advisory are below $250 million and 0.41% per annum if the assets under advisory
are above $250 million. Certain non-US clients also pay a performance-based fee as discussed in

Item 6. The Advisory Fees payable by a particular client is subject to negotiation and may differ
from the standard fee schedules described above.

Advisory Fees for discretionary accounts are typically deducted from client assets and, for non-
discretionary accounts and sub-advised accounts, are typically billed to the client. For the funds,
fees and expenses are applied by the administrator. Billing procedures also may vary across client
accounts and are addressed in each client’s investment advisory agreement. Similarly, specific
payment and repayment arrangements that may arise upon termination of a client’s investment
advisory agreement are, if applicable, addressed in the client’s investment advisory agreement,
along with the specific terms defining which of the client’s expenses should be paid by the Adviser
out of the Advisory Fee or by the client.

When Mirova US trades on behalf of clients, the client may bear certain other expenses relating
to it, including without limitation legal, accounting, audit, brokerage, custody, transfer, registration,
trustees’ fees, directors’ and officers’ insurance, interest, taxes and extraordinary expenses, and
other similar fees and expenses, as well as any other fees or expenses incurred by the Adviser or
the client that are not specifically set forth in the client’s investment advisory agreement as being
paid by the Adviser. Expenses that would otherwise be payable by the Adviser may be reduced
through the use of “soft” or commission dollars, as discussed in Item 12 below.

For additional information regarding brokerage practices, please see Item 12 below.

As discussed above under Item 4, the Adviser has entered into personnel-sharing arrangements
with the Participating Affiliates under which the Associated Persons of the Adviser participate in
providing discretionary investment management services (including portfolio management and
trading expertise), research and related services, on behalf of the Adviser, to clients of the Adviser.
Pursuant to this arrangement, the Adviser compensates the applicable Participating Affiliate
based on the value of the services provided by the Associated Persons, provided that the
Associated Persons will not be compensated directly by the Adviser, but by the respective
Participating Affiliate, their employer.

Item 7.    Types of Clients

As of the date of this filing, the Adviser provides investment advisory services to registered US
and non-US funds, separate accounts for US and non-US clients, pooled investment vehicles and
provides Model Delivery to account advisers of unified managed accounts. With respect to any
client that is a pooled investment vehicle, investment advice is provided directly to the pooled
investment vehicle and not individually to its investors.

Investment minimums for investors are set forth in the applicable registration statements, in the
case of registered fund clients, and in advisory agreements and/or offering documentation, in the
case of unregistered investment vehicles. Separately managed accounts and wrap programs are
subject to their own investment minimums and minimum account sizes.

Wrap and Model Delivery Programs

The Adviser provides non-discretionary investment advisory services to a wrap program provider,
investment advisers and an affiliate (Natixis Advisors, L.P.) and expects that it may in the future
act as subadviser to wrap program providers (each, a “Model Delivery Recipient”). Under these
arrangements, the Adviser may act as subadviser with respect to certain investment styles
(“Investment Products”) that the Adviser normally offers and makes available only to its
institutional and high net worth clients (or by a Participating Affiliate to clients of a Participating
Affiliate).

Under an investment subadvisory agreement with a Model Delivery Recipient, the Adviser may
provide model investment portfolios (“Model Portfolios”) containing the Adviser’s then-current
judgment as to the composition of a portfolio of securities that may appropriately be purchased
for the Investment Product. The recommendations implicit in the Model Portfolios may reflect
(but are not necessarily the same as) the investment recommendations and decisions being
made by the Adviser for its pooled institutional and other clients within the same Investment
Product (or by the Participating Affiliate for its clients). There may be differences between the
Model Portfolios provided by the Adviser and recommendations, or decisions made by the
Adviser for its client accounts (or by a Participating Affiliate for its clients) resulting from, among
other things, differences in cash availability, investment restrictions, account sizes and other
factors. Likewise, the performance of the Adviser’s client accounts (or by a Participating Affiliate
for its clients) and that of the Model Delivery Recipient’s clients using the same Investment
Product may differ for these and other reasons.

Under these arrangements, the Model Delivery Recipient pays a fee to the Adviser based on the
assets under the Model Delivery Recipient’s management. In some situations, the fee paid to the

Adviser is indirectly a portion of the wrap program fee. With respect to delivery of Model
Portfolios, the fee paid to the Adviser is based on the value of assets in each Investment Product
for which the Adviser provides Model Portfolios and will be set forth in the applicable subadvisory
agreement with the Model Delivery Recipient.

Although the Adviser may provide Model Portfolios, the Model Delivery Recipient will generally
have the ultimate decision making and discretionary responsibility for determining which
securities are to be purchased and sold for its clients’ accounts. In most cases, however, it is
expected that the Model Delivery Recipient will approve the recommendations in the Model
Portfolio provided by the Adviser, subject to differences resulting from individual investment
guidelines or cash, tax or other needs of its clients. To assist the Model Delivery Recipient in
implementing the recommendations in the Model Portfolio, the Adviser in certain instances may,
but as of the date of this document currently does not, place orders to buy or sell securities on
the Model Delivery Recipient’s behalf.

Unlike other client accounts, wrap and model delivery programs generally do not generate
brokerage commissions that the Adviser may use to pay for research and research services (i.e.,
soft dollars). However, these programs may benefit from the research and research services that
are used by the Adviser to assist it in its investment decision-making process, including the
research and research services acquired with commissions generated by other client accounts
of the Adviser or the Participating Affiliates. Therefore, except as described below, the Model
Portfolios, and updates thereto, may be provided to the Model Delivery Recipient after the model
portfolio adjustments have been implemented for the Adviser’s or the Participating Affiliate’s
other client accounts in the same Investment Product. In such instances, the Model Delivery
Recipient may trade at prices that are lower or higher than the Adviser’s (or the Participating
Affiliate’s) other client accounts.

Notwithstanding the foregoing, there may also be times (such as if Model Portfolios are provided
to Model Delivery Recipient at the same time as the model portfolio adjustments are being
implemented for the Adviser’s or the Participating Affiliate’s other client accounts) where the
Model Delivery Recipient will execute client transactions that may compete with similar
transactions that are directed by the Adviser or the Participating Affiliates for its client accounts
in the same Investment Product at the same time, thereby possibly adversely affecting the price,
amount or other terms of the trade execution for some or all of the accounts. Any effect of
substantially contemporaneous market activities is likely to be most pronounced when the supply
or liquidity of the security is limited. Clients of the Model Delivery Recipient should refer to their
particular documentation for additional information regarding transactions for their account.