Nomura Investment Management Business Trust

Item 5 — Fees and Compensation
NIMBT’s fees and compensation vary based upon the type of service provided. Clients
generally have different fee arrangements. In addition, some clients have negotiated most
favored nation clauses in their investment management agreements with NIMBT. These
provisions generally require NIMBT to notify the client if NIMBT has entered or subsequently
enters into a more favorable fee arrangement with a similarly situated or comparable client
and offer the client the same fee arrangement. The standard fee structures and schedules
currently in effect for the services offered by each of NIMBT’s series are described more fully
below and in Appendix A, attached to this Brochure.

Clients will generally incur brokerage fees for the transactions executed in their accounts as
discussed more fully in Item 12, “Brokerage Practices.” Brokerage fees differ for NIMBT’s

wrap fee clients as described below. In addition, clients typically will bear other costs
associated with their accounts or portfolio investments, including, but not limited to: (i)
custodial charges, (ii) auditing fees, (iii) transfer agency fees, (iv) interest expenses, and (v)
taxes, duties and other governmental charges (if applicable).

                          Delaware Management Company (“DMC”)

The advisory and other fees and expenses that DMC receives from the funds for which it serves
as adviser or sub-adviser are disclosed in each fund’s prospectus, generally most fees are
computed based on the average daily net assets of the specific fund. A copy of the appropriate
prospectus is provided to clients prior to investment and is available free of charge upon
request at any time.

As described in the fund prospectus, DMC from time to time agrees to waive fees and/or out-
of-pocket expenses to the extent necessary to limit the funds’ expenses to specified amounts.

                    Nomura Investment Management Advisers (“NIMA”)

The compensation paid to NIMA by each institutional client account, including registered or
unregistered pooled vehicles, is generally based upon a percentage of assets under
management and may be subject to a minimum charge. Generally, the fee is based upon the
market value of the account as of the end of each calendar quarter, although in some instances
it can be based upon the account’s average quarterly assets, three month or four-month
average. The fee structure varies from time to time as the advisory fees are subject to
negotiation. In certain instances, a portion of the fee, which may be greater or less than the
standard fee schedule, is calculated on a performance basis. Fees generally are calculated and
payable quarterly, monthly in some instances per client contract and will be prorated if a
contract is terminated other than at quarter-end. Fees for institutional accounts are
generally not billed in advance of services. A table of representative fee schedules for
institutional accounts is attached to this Brochure as Appendix A.

The advisory and other fees and expenses that NIMA receives from ex-US pooled vehicles,
including, but not limited to UCITS funds for which it serves as the adviser or sub-adviser are
generally disclosed in the applicable prospectus. The compensation paid to NIMA by each fund
varies, although most fees are computed based on the average daily net assets of the specific
fund. The fees are accrued daily and paid monthly in arrears. As described in the fund
prospectus, NIMA from time to time agrees to waive fees and/or out-of-pocket expenses to the
extent necessary to limit the applicable funds’ expenses to specified amounts.

Compensation paid to NIMA by pooled vehicles it manages will generally be similarly
structured and will be governed by and disclosed in an offering document or similar document.

The trustees of the Nomura CITs pay NIMA directly for the investment advisory and
administrative services provided by NIMA to the Nomura CITs. The trustee receives a fee,
calculated daily, and paid monthly in arrears, for the trustee, management, investment
advisory and administrative services provided by the trustee and NIMA.

Advisory services provided to high-net-worth individuals are provided at fee rates that
correspond to those outlined for institutional clients in Appendix A.

NIMA clients may receive investment advisory services subject to wrap fee agreements
similar to those utilized by NIMBT’s DCM series. Please reference the discussion of DCM’s
wrap fees below for more information.

Over time, the fee structures for these types of services vary as the advisory fees are subject
to negotiation with the sponsor or client. NIMA can be compensated on a different basis with

respect to other wrap fee programs, but under no circumstances will NIMA be compensated
on the basis of a share of the capital gains upon, or the capital appreciation of, the assets
under management.

NIMA charges clients a flat or other fee for certain services, such as asset/liability analysis,
transition management services, or management of derivatives. The fee varies from time to
time, as it is subject to negotiation and is fully waived in certain instances. If such a fee is
charged, the fee is typically not based on assets under management.

Fees for other investment management services, including investment management services
provided to insurance company and separate accounts (“Insurance Asset Management”)
provided by NIMA are generally calculated as a percentage of assets under management and
are payable in arrears. However, such fees are also typically negotiated on a case-by- case basis
and vary between clients.

                           Delaware Capital Management (“DCM”)

DCM clients that receive investment advisory services subject to a wrap fee agreement are
generally charged a bundled fee by the wrap fee sponsor (referred to as a “wrap fee”) based
upon a percentage of the market value of the account. This wrap fee generally covers portions
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Item 7 — Types of Clients
                                     Institutional Clients

NIMBT advises a variety of institutional clients, including individuals, registered and private
funds both on- and off-shore, unaffiliated off-shore and on-shore corporate and public pension
plans, endowments, foundations, nuclear decommissioning trusts, collective investment
trusts, hedge funds, sovereign wealth funds, and insurance-related accounts. NIMBT also
provides investment services to certain affiliates and acts as a sub-adviser to unaffiliated
sponsors and investment products.

The minimum account size for our institutional client accounts varies based on a variety of
factors including investment style and the nature of the client relationship, but is generally
$25 million or more.

                                        Retail Investors

NIMBT provides investment management and related services to a wide variety of retail
investors indirectly through mutual funds, closed-end funds, exchange-traded funds, variable
insurance portfolios, affiliates, mutual fund sub-advisory relationships, ex-U.S. pooled
vehicles, alternative products, and separately managed accounts (“SMA”).

The minimum account size for such retail investors varies based on a variety of factors,
including prospectus limits, the type of product, and minimum account sizes that are imposed
by financial intermediaries. SMA program clients generally must comply with a minimum
initial account size imposed by the unaffiliated sponsor, which is typically $50,000 or more.