Thornburg Investment Management Inc

ITEM 5 FEES AND COMPENSATION
The investment advisory services Thornburg provides to the Thornburg Mutual Funds, the
Thornburg ETFs, and TBLD and the fee schedules for such services, are generally described in their
current disclosure documents filed with the SEC on the SEC’s EDGAR database on the website
(www.sec.gov), and together with similar information and disclosure documents for Thornburg
Global Investment plc, are also publicly available at Thornburg’s website (www.thornburg.com), or
by contacting Thornburg at 1-800-847-0200.

Below are the standard fees generally quoted for prospective clients. Existing clients may have
different fee arrangements from those stated below, and actual rates are negotiable. Unless
otherwise specified below or in the advisory contract that Thornburg enters into with a particular
client, Thornburg’s fees will be automatically deducted from client accounts on a quarterly basis,
typically in advance.

Thornburg imposes investment minimums on certain types of accounts. For a discussion of the
applicable investment minimums, see Item 7, Types of Clients, below.

Fees for Institutional Separate Accounts and Private Client Separate Accounts

When Thornburg provides portfolio management services to an institutional or private client through
a Separate Account, Thornburg will charge each such Separate Account a fee at a specified annual
percentage rate of the account’s assets under management. Thornburg’s standard fee rates for
Separate Accounts are listed below. However, the fees charged to Separate Accounts are negotiable
and will typically vary depending on a number of factors including, but not limited to:

   •   the type of client;
   •   reporting requirements;
   •   whether the client wishes to impose restrictions on Thornburg’s discretionary investment
       authority (e.g., restrictions on the types of securities that Thornburg may acquire for the
       account);
   •   the amount of assets of a client and/or its affiliates under management with Thornburg (i.e.,
       relationship pricing).

The fee rates listed below do not include fees that a Separate Account client pays to other third-party
service providers, such as custodian, third party money manager, consultant, brokerage and
exchange fees, and fees charged by a custodian in certain Private Client Separate Accounts for trades
Thornburg executes away from the program sponsor. Note also that, not all of the following
investment strategies are available to Private Client Separate Account clients. See Item 7, Types of
Clients, below, for more detail about the types of investment strategies that may be available to each
client.

       American Opportunities and Focus Growth investment strategies
       Net Assets                            Annual Fee
       Up to $50 million                     0.55%
       $50 million to $100 million           0.50%
       Over $100 million                     0.45%

       Emerging Markets Equity, Emerging Markets ADR, and Emerging Markets ADR
       Select investment strategies
       Net Assets                           Annual Fee
       Up to $50 million                    0.80%
       $50 million to $100 million          0.75%
       Over $100 million                    0.65%

       Equity Income Builder investment strategy
       Net Assets                              Annual Fee
       Up to $50 million                       0.65%
       $50 million to $100 million             0.55%
       Over $100 million                       0.45%

       Global Opportunities, International Equity, International ADR, International Equity
       ESG, International Equity ESG ADR, International Growth, International Growth
       ADR and investment strategies
       Net Assets                               Annual Fee
       Up to $50 million                        0.65%
       $50 million to $100 million              0.55%
       Over $100 million                        0.50%

       Investment Income Builder investment strategy
       Net Assets                              Annual Fee
       Up to $50 million                       0.60%
       $50 million to $100 million             0.55%
       Over $100 million                       0.50%

       Multi-Asset investment strategy
       Net Assets                                    Annual Fee
       Up to $50 million                             0.50%
       $50 million to $100 million                   0.45%
       Over $100 million                             0.40%

       Multisector Opportunistic and Strategic Income investment strategies
       Net Assets                               Annual Fee
       Up to $50 million                        0.45%
       $50 million to $100 million              0.40%
       Over $100 million                        0.30%

       Core Plus Bond investment strategy
       Net Assets                                  Annual Fee
       Up to $50 million                           0.35%
       $50 million to $100 million                 0.30%
       Over $100 million                           0.25%

       Intermediate Income, Limited Term Income, and Limited Term U.S. Government
       investment strategies
       Net Assets                             Annual Fee
       Up to $50 million                      0.30%
       $50 million to $100 million            0.25%
       Over $100 million                      0.20%

       Ultra Short Income investment strategy
       Net Assets     Annual Fee
       Up to $50 million                           0.20%
       $50 million to $100 million                 0.15%
       Over $100 million                           0.10%

       All municipal fixed income investment strategies
       Net Assets                               Annual Fee
       Up to $50 million                        0.30%
       $50 million to $100 million              0.25%
       Over $100 million                        0.20%
...

ITEM 7 TYPES OF CLIENTS
The following information describes the types of clients to which Thornburg provides portfolio
management services. Where relevant, this disclosure also includes information about the minimum
account size necessary to open and maintain each type of client account. See Item 5, Fees and
Compensation, above, for a discussion of how Thornburg is compensated for managing each of the
following types of client accounts.

Thornburg Registered Investment Companies

Thornburg is the investment adviser and administrator to the Thornburg Investment Trust (the
“Mutual Fund Trust”), a diversified, open-end management investment company registered under
the 1940 Act, that has a number of separate publicly available investment portfolios represented by
separate series.

Thornburg is the investment adviser to the Thornburg ETF Trust (the “ETF Trust”), an open-end
management investment company registered under the 1940 Act, that has a number of separate
publicly available funds.

Thornburg is also the investment adviser and administrator to the Thornburg Income Builder
Opportunities Trust (“TBLD”), a diversified, closed end management investment company,
registered under the 1940 Act.

Thornburg’s services to the Mutual Fund Trust, the ETF Trust, and TBLD are supervised by each of
their respective governing Boards of Trustees. Additional information on TBLD and the funds of the
Mutual Fund Trust and ETF Trust, including their investment objectives, strategies and risks, and the
services that Thornburg provides, can be found in each entity’s prospectus and statement of
additional information. Those documents are publicly available through Thornburg’s website
(www.thornburg.com) or through the EDGAR database on the SEC’s website (www.sec.gov), and
may also be obtained free of charge by contacting Thornburg at 1-800-847-0200.

Institutional Separate Account

Thornburg will manage an Institutional Separate Account consistent with the client’s selected
investment strategy(ies). Clients may limit or restrict Thornburg’s management of the account;
however, Thornburg reserves the right not to enter into a contract with a prospective client, or to
terminate an agreement with an existing client, if the proposed limitation or restriction is likely, in
Thornburg’s opinion, to impair its ability to provide services to a client or is otherwise
administratively or practically not feasible. The investment strategies that Thornburg makes
available to Institutional Separate Accounts are shown below. A brief description of each investment
strategy’s investment objective(s), along with the investment strategies used to achieve the objective
and the material risks associated with such investment strategies, is provided in response to Item 8,
Methods of Analysis, Investment Strategies and Risk of Loss, below. Additional details about

Institutional Separate Accounts and each investment strategy may be obtained at no charge by
contacting Thornburg at 1-800-533-9337 or www.thornburg.com.

Institutional Investment Strategies

   Equity:
   American Opportunities
   Emerging Markets Equity
   Equity Income Builder
   Focus Growth
   Global Opportunities
   International Equity
   International Equity ESG
   International Growth

   Taxable Fixed Income:
   Core Plus Bond
   Limited Term Income
   Limited Term U.S. Government
   Multisector Opportunistic
   Strategic Income
   Ultra Short Income

   Municipal Fixed Income:
   Intermediate Term Municipal
   Limited Term Municipal
   Municipal Total Return
   Short Duration Municipal
   Strategic Municipal Income

   Multi-Asset:
   Investment Income Builder
   Multi-Asset

   Real Estate:
   Core+
   Opportunistic

The minimum account size for an Institutional Separate Account is $50 million.

Thornburg reserves the right in its sole discretion to waive account minimums and to create
customized investment strategies for clients.

Private Client Separate Accounts

Thornburg manages Private Client Separate Accounts consistent with the client’s selected investment
strategy(ies). Clients may limit or restrict Thornburg’s management of the account. However,

Thornburg reserves the right not to enter into a contract with a prospective client, or to terminate an
agreement with an existing client, if the proposed limitation or restriction is likely in Thornburg’s
opinion to impair its ability to provide services to a client or is otherwise administratively or
practically not feasible. The investment strategies that Thornburg offers to Private Client Separate
Account clients are shown below. A brief description of each investment strategy’s investment
objective(s), along with the strategies used to achieve the objective and the material risks associated
with such investment strategies, is provided in response to Item 8, Methods of Analysis, Investment
Strategies and Risk of Loss, below. Additional details about Private Client Separate Accounts and
each investment strategy may be obtained at no charge by contacting Thornburg at 1-800-533-9337
or www.thornburg.com.

Private Client Investment Strategies

   Equity:
   American Opportunities
   Emerging Markets ADR
   Emerging Markets ADR Select
   Equity Income Builder
   International ADR
   International Equity ESG ADR
   International Growth ADR

   Fixed Income:
   Core Plus Bond
   Intermediate Income
   Intermediate Term Municipal
   Limited Term Income
   Limited Term Municipal
   Limited Term U.S. Government
   Municipal Total Return
   Strategic Income
   Short Duration Municipal

The minimum account size for a Private Client Equity Separate Account ranges from $50,000 to
$500,000. The minimum account size for a Private Client Fixed Income Separate Account ranges
from $250,000 to $25 million, depending on the investment strategy selected.

Thornburg reserves the right in its sole discretion to waive account minimums and to create
customized investment strategies for clients.

Wrap Programs
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