TOBAM SAS

Item 5. Fees and Compensation
For separately-managed vehicles, fees are generally paid quarterly directly by the client, in arrears at
a fixed rate depending on the type of client or fund.

Management fees are disclosed and detailed in the Investment Management Agreement.

Fees are negotiated and disclosed in the IMA prior to the launch of a mandate. Clients invested in
segregated mandates pay fees directly after receiving a quarterly invoice.

Indicative management fee schedule for mandates:

                                                   Fixed Management fee (p.a.)
                                                                 Multi-                              Multi-
                                                   Mono-currency                  Multi-currency
                                                                 currency                            currency
                                                   Dev.                           ACWI
 Assets under management                                         Dev.                                EM

 For any amount <$ 5,000,000                       1.00%            1.20%         1.30%              1.50%

 For any   amount > $ 5,000,000 and < $15,000,000    0.85%          1.00%         1.10%             1.20%
 For any   amount > $15,000,000 and < $30,000,000    0.75%          0.85%         0.90%             0.95%
 For any   amount > $30,000,000 and < $75,000,000    0.60%          0.70%         0.75%             0.80%
 For any   amount > $75,000,000 and < $125,000,000   0.50%          0.60%         0.65%             0.70%
 For any   amount > $125,000,000                     0.40%          0.50%         0.55%             0.60%

A minimum dollar fee for each tranche is applicable as follows: upper AUM limit of the previous tranche
x management fee level of the previous tranche.

The following pricing structure can also be offered: 50% of the applicable management fixed fee + a
20% outperformance fee relative to the mandate’s benchmark.

For mandates, it is customary that clients pay custody and administrative fees directly to non-TOBAM
parties providing such services.

Brokerage fees and transaction costs are deducted from assets under management, TOBAM explicitly
endeavours to minimize these costs wherever possible. See Item 12 for more details concerning
brokerage.

Management Fees of funds, which include investment management, custody, administrative, auditing,
client services and client reporting, are calculated as a percentage based on the net assets of the fund.
TOBAM’s fees for index licencing are typically negotiated on a case by case basis.

Item 7. Types of Clients
TOBAM’s client base is mainly composed of institutional client accounts, such as pension funds,
insurance companies, banks, endowments, foundations and corporations. TOBAM’s clients typically
have a long-term investment horizon of at least five years.

TOBAM also advises or sub-advises investment companies registered in the U.S.