Perkins Investment Management LLC

Item 5 – Fees and Compensation

As sub-adviser to funds and accounts managed by JCM and JCIL, Perkins receives its sub-advisory fees
directly from JCM and JCIL, respectively. (In the case of certain accounts that JCM sub-advises for
Perkins, the client pays fees directly to Perkins, and Perkins shares approximately 50% of the fee it
receives with JCM.)

Perkins’ share of fees charged to the JCM-advised accounts generally represents approximately 50% of
the fees received by JCM. JCIL pays Perkins .45% on the Strategic Value Fund’s assets under
management and 50% of the fees collected on the other JCIL-advised assets. JCM and JCIL negotiate
the fees they charge their clients in consultation with Perkins. Fees charged by JCM are described in the
adviser’s Brochure.

The Advisers’ standard fee schedules vary from product to product based on a variety of factors, including
but not limited to, strategy, investment vehicle, degree of servicing required, market-place conditions and
other factors the Advisers deem relevant. Qualified clients may opt for a performance-based fee structure.
See Item 6 – Performance-Based Fees and Side-By-Side Management for more information about

Item 7 – Types of Clients

Perkins provides investment management services to clients which may include from time to time pension
and profit-sharing plans, Taft-Hartley plans, foundations, charitable organizations, endowments, state or
local government entities, U.S. Mutual Funds and non-U.S. funds, including Undertakings for Collective
Investments in Transferable Securities (“UCITS”) funds, private investment funds, banks, Model
Programs, individuals, high-net worth individuals, guardians and custodians for individuals, trusts, estates,
individual retirement accounts, retirement plans for self-employed persons and other U.S. and non-U.S.
institutions.

For new accounts, the Advisers generally require:

     •      $100,000 to establish a Single Contract Program account,
     •      $1 million to establish a Dual Contract Program account,
     •      $100,000 to $20 million to invest in a Private Investment Fund,
     •      $10 to $100million to establish a new Separate Account, and
     •      $50 million to establish an unaffiliated Fund relationship.

Perkins may waive or reduce these requirements in its discretion, including based on certain criteria as
described in Item 5 – Fees and Compensation, and reserves the right to decline any account in its sole
discretion. JCM or Perkins, as applicable, also reserves the right to close any account which falls below
the minimum requirements to establish an account due to client activity or as a result of market
movement. Smaller-sized accounts may not receive or be able to fully implement the investment
recommendations for a particular strategy depending on the price of securities and the size of the
accounts.