Teachers Advisors LLC

Item 5 Fees and Compensation
TAL’s advisory fees are generally based on a percentage of assets under its management. For eligible
client accounts, performance-based fees also may be negotiated in appropriate circumstances. Please
see Item 6. TAL generally does not charge fixed fees except in special situations.

Fees, minimum account sizes, and services may be negotiable based on factors such as client type,
asset class, pre-existing relationship, portfolio complexity and account size or other special
circumstances or requirements. Some existing clients may pay higher or lower fees than new clients.
Related accounts may be aggregated for fee calculation purposes in certain circumstances.

When TAL calculates fees, valuations of account assets are determined in accordance with TAL’s
valuation procedures, which generally rely on third party pricing services, but may permit the use of
other valuation methodologies in certain circumstances. TAL’s determinations may differ from
valuations reflected in a client’s custodial statements. Further, when TAL calculates fees, certain
securities or investments may be valued differently based on factors such as the type of account,
operational systems and/or client instructions.

Advisory Fees for Funds

Fees for advisory services provided to Funds are separately negotiated between TAL and the third-
party or affiliated investment adviser and/or Fund. Fees may be based on a percentage of assets under
management and/or performance based. These fees are disclosed in the relevant prospectus or
offering documents.

Advisory Fees for Institutional Separate Accounts

Advisory fees for Institutional Separate Accounts are generally determined based upon the following
schedules. However, fees for certain strategies or accounts fall outside of the stated ranges or are
negotiated. Breakpoints are generally applied on a blended basis, unless otherwise agreed. TAL may
impose minimum annual fees for Institutional Separate Accounts as negotiated.

Clients in certain international and global strategies will incur fees and costs associated with the
purchase of non-U.S. securities in ordinary form and conversion of such ordinary shares into ADRs.
To the extent that TAL purchases non-U.S. ordinary shares and arranges for such shares to be
converted into ADRs, client accounts will incur certain fees and costs associated with the conversion.
Such fees and costs may be attributable to local broker fees, stamp fees, and local taxes, and are
generally included in the net price of the ADR.

         EQUITY INSTITUTIONAL SEPARATE ACCOUNT STRATEGIES

Emerging Markets Equity
Minimum account size                   $20 million
Breakpoint Schedule
First $25 million                      85 basis points
Next $25 million                       80 basis points
Next $50 million                       75 basis points
Over $100 million                      70 basis points

Global Equity
Minimum account size                   $25 million
Breakpoint Schedule
First $25 million                      40 basis points
Next $25 million                       35 basis points
Next $50 million                       30 basis points
Over $100 million                      25 basis points

Global Equity ESG
Minimum account size                   $30 million
Breakpoint Schedule
All Assets                             10 basis points

Core Equity
Minimum account size                   $10 million
Breakpoint Schedule
First $25 million                      45 basis points
Next $25 million                       40 basis points
Next $50 million                       35 basis points
Over $100 million                      30basis points

International Equity
Minimum account size                         $10 million
Breakpoint Schedule
First $25 million                            50 basis points
Next $25 million                             45 basis points
Next $50 million                             40 basis points
Over $100 million                            35 basis points

International Opportunities
Minimum account size                         $10 million
Breakpoint Schedule
First $25 million                            60 basis points
Next $25 million                             55 basis points
Next $50 million                             50 basis points
Over $100 million                            45 basis points

International Small Cap Opportunities
Minimum account size                         $10 million
Breakpoint Schedule
First $50 million                            75 basis points
Next $50 million                             70 basis points
Over $100 million                            65 basis points

International Small Cap Focused

Minimum account size                         $10 million
Breakpoint Schedule
First $50 million                            75 basis points
Next $50 million                             70 basis points
Over $100 million                            65 basis points

Quant International Small Cap Equity
Minimum account size                        $10 million
Breakpoint Schedule
First $25 million                           65 basis points
Next $25 million                            60 basis points
Next $50 million                            55 basis points
Over $100 million                           50 basis points

Large Cap Growth
Minimum account size                        $5 million
Breakpoint Schedule
First $25 million                           45 basis points
Next $25 million                            40 basis points
Next $50 million                            35 basis points
Over $100 million                           30 basis points

Large Cap Value
Minimum account size                        $5 million
Breakpoint Schedule
First $25 million                           45 basis points
Next $25 million                            40 basis points
Next $50 million                            35 basis points
Over $100 million                           30 basis points
...

Types of Clients
TAL provides investment advisory and sub-advisory services to a broad range of primarily
institutional clients, including investment companies and pooled investment vehicles, pension
plans, charitable organizations, state or municipal government entities, insurance companies and
corporate entities. Prior to investing in any Fund, an investor should review the relevant offering
materials for important information concerning the objectives, policies, strategies, risks, fees and
other important information.

In the absence of a formalized advisory agreement, investors in Funds advised or sub-advised by
TAL will not be advisory clients of TAL, and TAL will not provide investment advice or
recommendations with respect to the merits and suitability of the particular investment and
investment decision for the particular investor. Investors in Funds are encouraged to consult their
own financial, tax and legal advisors regarding such decisions. Fund shares are available through
many unaffiliated broker-dealers and other financial services firms.

Minimum Account Sizes

Institutional Separate Accounts
Minimum account sizes are disclosed by strategy in Item 5 above. TAL may waive these minimums
based on client type, asset class, pre-existing relationship with client and other factors. For certain
accounts, a negotiated minimum annual fee applies.