Nuance Investments LLC

Item 5 – Fees and Compensation

All fees are subject to negotiation and all fee arrangements will comply with Section 205 of the
Investment Advisers Act of 1940, as amended (the “Advisers Act”).

Separate Accounts

We reserve the right to negotiate advisory fees and may, in our sole discretion, waive all
management fees or charge a lesser Standard Management Fee based upon certain criteria (i.e.,
anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to
be managed, related accounts, account composition, pre-existing client, account retention, pro
bono activities, etc.). The standard institutional fee schedules for Nuance Concentrated Value and
Nuance Mid Cap Value are as follows:

                       Nuance Concentrated Value
  Under $25 million in assets under management (AUM)              0.85%
  $25 - $50 million in AUM                                        0.80%
  $50 - $75 million in AUM                                        0.75%
  $75 - $100 million in AUM                                       0.70%
  Over $100 million in AUM                                        0.65%

                        Nuance Mid Cap Value
  Under $25 million in assets under management (AUM)              0.75%
  $25 - $50 million in AUM                                        0.70%
  $50 - $75 million in AUM                                        0.65%
  $75 - $100 million in AUM                                       0.60%
  Over $100 million in AUM                                        0.55%

Our standard fee schedule for managed account platforms is 0.10% higher across all asset level
breakpoints for both strategies.

The specific manner in which separate account fees are charged by us is established in the
Agreement. In applicable instances where Nuance has multiple accounts under a firm relationship,
Nuance typically calculates the amount of assets under management for the purpose of determining
the applicable fee breakpoint by including all month-end assets (mutual fund and separate account)
under that relationship. In calculating mutual fund assets for the purposes of breakpoint
aggregation, the Firm utilizes a third-party provider or adviser data to obtain shareholder specific
information associated with the firm relationship and aggregation is subject to the limitations and
availability of such data. We generally bill our fees in arrears on a monthly or quarterly basis based
upon average daily value of the aggregate assets under management, including cash and dividend
accruals, and as more fully described in the Agreement. There are instances in which clients have
elected alternative billing preferences that are outlined in their Agreement. The Agreement and/or

the separate agreement with any financial institution(s) or client may authorize us through the
financial institution(s) to debit a client’s account for the amount of our fee and to directly remit
that management fee in accordance with applicable custody rules or, alternatively, to bill the client
for the fees incurred. The financial institution(s) have agreed to send a statement to the client, at
least quarterly, indicating all amounts disbursed from the account including the amount of
management fees paid directly to us.

A client may make additions to and withdrawals from the account at any time, subject to our right
to terminate an account should such activity hinder our ability to manage the account. A client may
withdraw account assets upon notice to us, subject to the usual and customary securities settlement
procedures. However, we design our portfolios as long-term investments and asset withdrawals
may impair the achievement of a client’s investment objectives.

For the initial period of investment management services, the fees will be calculated on a pro rata
basis. The Agreement between Nuance and the client will continue in effect until terminated by
either party pursuant to the terms of the Agreement. Our annual fee will be prorated through the
date of termination and any remaining balance will be charged or refunded to the client, as
appropriate, in a timely manner.

Additions may be in cash or securities. We reserve the right to liquidate any transferred securities
or decline to accept particular securities into a client’s account. We may consult with clients about
the options and ramifications of transferring securities. However, clients are advised that when
transferred securities are liquidated, they are subject to transaction fees, fees assessed at the mutual
fund level (i.e. contingent deferred sales charge) and/or tax ramifications, if applicable.

Our fees are exclusive of brokerage commissions, transaction fees and other related costs and
expenses which will be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers and other third parties such as fees charged by managers, custodial fees,
corporate action fees, 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.
Mutual funds also charge internal management fees, which are disclosed in a fund’s prospectus.
Such charges, fees and commissions are exclusive of and in addition to our fee, and we do not
receive any portion of these commissions, fees, and costs. Clients should note that fees for
comparable services vary and lower fees for comparable services may be available from other
sources.

Nuance and/or a Nuance Fund currently has and may enter into additional distribution relationships
with a selling agent, such as a broker-dealer, for the solicitation of investment advisory clients
and/or investors for a Nuance Fund. The distribution agreements generally require either Nuance
or the Nuance Funds to pay a portion of the fees earned by Nuance to the distributor. The
distributor may charge a separate asset-based distribution fee (i.e., sales load).
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Item 7 – Types of Clients

We generally provide investment advice to the following types of clients:

•   Individuals (including high net worth individuals)
•   Investment companies
•   Private Pooled Investment Vehicles
•   Trusts, estates, or charitable organizations
•   Corporations or business entities other than those listed above
•   Retirement plans
•   Other registered investment advisers

Our institutional client minimum is $10 million. We may amend that under certain circumstances
based on our Agreement with a particular client. Generally, for managed account platforms, we do
not accept accounts below $250,000 for the Concentrated Value Separate Account product or the
Mid Cap Value Separate Account product, although we do so under certain circumstances based
on platform requirements or our Agreement with a particular client. For Fund minimums, please
refer to the current Nuance prospectus.