Palisade Capital Management LP

ITEM 5 FEES AND COMPENSATION
A.     Advisory Fees and Compensation

General Information

Prospective clients are hereby advised that lower fees for comparable services may be available
from other sources.

Palisade generally requires the following minimum account sizes for separately managed accounts
in its investment strategies:

       Investment Strategy                                   Minimum Account Size
       Small cap core equity                                 $3 million
       SMID cap core equity                                  $1 million
       Focused equity                                        $1 million
       Short duration bonds                                  $5 million
       Private wealth management                             $1 million (aggregate relationship)
        separately managed accounts

With respect to any client investing in a pooled investment vehicle (such as the Collective Funds),
please review the disclosure contained in each fund’s Declaration of Trust or Disclosure Statement,
as applicable, for any initial and/or additional subscription minimums, as well as for a full
description of all fees and expenses that will be charged by the fund.

Please note all minimum account size requirements are negotiable and may be waived at our
discretion. Additionally, note that certain of Palisade’s clients entered into investment management
agreements with the Firm prior to the adoption of the above-referenced minimum account size
provisions. As a result, minimum account size requirements are likely to differ among clients.

With respect to investment in the Mutual Funds, please refer to each Mutual Fund’s prospectus for
initial and additional investment requirements, including minimum investment amounts. Please
note that each Mutual Fund’s sponsor, and not Palisade, establishes the terms of investment in the
Mutual Funds. Therefore, Palisade cannot negotiate such minimum investment requirements.

With respect to investment in the Collective Funds, please refer to each Collective Fund’s
Disclosure Statement and Declaration of Trust for initial and additional investment requirements,
including minimum investment amounts. Please note that the SEI Trustee, and not Palisade,
establishes the terms of investment in the Collective Funds. Therefore, Palisade cannot negotiate
such minimum investment requirements.

If a client account size falls below the minimum requirement due to market fluctuations only, such
client will not be required to invest additional funds with Palisade to meet the minimum account
size.

Asset-Based Compensation for Separately Managed Accounts

Palisade charges each client with an institutional separately managed account (including small cap
core equity, SMID cap core equity, focused equity, and short duration bonds managed accounts),
as well as individual private wealth management accounts, an annual investment management fee
(the “Annual Fee”) based on the value of the client’s assets under management in accordance with
the following fee schedule:

Small cap core equity:

             Investment Management Fee
              (as an Annual % of Assets)                    Assets in the Account
                        0.80%                               First $25,000,000
                        0.75%                               Next $25,000,000
                        0.70%                               Next $50,000,000
                        0.60%                               Next $100,000,000
                        0.55%                               Balance over $200,000,000

SMID cap core equity:

             Investment Management Fee
              (as an Annual % of Assets)                    Assets in the Account
                        0.75%                               First $25,000,000
                        0.70%                               Next $25,000,000
                        0.65%                               Next $50,000,000
                        0.55%                               Next $100,000,000
                        0.50%                               Balance over $200,000,000
Focused equity:

             Investment Management Fee
              (as an Annual % of Assets)                    Assets in the Account
                        0.50%                               First $25,000,000
                        0.45%                               Next $25,000,000
                        0.40%                               Next $50,000,000
                        0.35%                               Next $100,000,000
                        0.25%                               Balance over $200,000,000

Short duration bonds:

              Investment Management Fee
               (as an Annual % of Assets)                     Assets in the Account
                         0.60%                                First $25,000,000
                         0.55%                                Next $50,000,000
                         0.50%                                Next $75,000,000
                         0.45%                                Balance over $150,000,000

Private wealth management separately managed accounts:

              Investment Management Fee
               (as an Annual % of Assets)                     Assets in the Account
                         1.25%                                First $10,000,000
                         1.00%                                Next $10,000,000
                         0.90%                                Next $10,000,000
                         0.75%                                Next $10,000,000
                         0.60%                                Balance over $40 million

Private wealth management separately managed account clients whose assets are invested in an
institutional investment strategy managed by Palisade will generally pay fees pursuant to the
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ITEM 7 TYPES OF CLIENTS
Palisade generally provides investment advisory services to the following types of clients:

       •   Individuals and families
       •   Investment companies (including mutual funds)
       •   Collective investment trusts
       •   Corporate and government pension and profit-sharing plans (other than plan
           participants)
       •   Trusts and estates
       •   Charitable organizations, endowments, and foundations
       •   Corporations or other businesses not listed above
       •   Trust companies, broker-dealers, and banks
       •   Insurance companies
       •   Wrap (including Wrap Fee, SMA, and UMA) account clients (solely to the extent
           Palisade is acting as a sub-adviser to such accounts from time to time)

As previously disclosed in Item 5 of this Brochure, our Firm has established certain initial
minimum account requirements, based on the nature of the service(s) being provided.

With respect to any investor investing in a pooled investment vehicle (such as the Mutual Funds,
or Collective Funds), please review the disclosure contained in each fund’s prospectus, Declaration
of Trust, or Disclosure Memorandum (as the case may be) for any initial and/or additional
subscription minimums.

We require clients to enter into an Investment Management Agreement with Palisade. As
applicable, we also request clients to provide proof of authority, directed trading letters (if the
client requests directed trading), qualified purchaser or accredited investor letters/certificates, or
other information to allow us to manage client assets.

Palisade may be restricted by the securities laws of jurisdictions outside the U.S. from managing
the assets of certain clients living or located in such jurisdictions.