Westwood Global Investments LLC

ITEM 5 – FEES AND COMPENSATION

The specific manner in which fees are charged by Westwood is established in a client’s
written agreement with Westwood. For separate accounts, Westwood will generally
invoice its fees on a quarterly basis in arrears. Clients are invoiced directly for fees and may
elect to pay Westwood directly or authorize their custodian to directly debit fees from
client accounts. Management fees shall be prorated for each capital contribution and
withdrawal made during the applicable calendar quarter. Accounts initiated or terminated
during a calendar quarter will be charged a prorated fee. For commingled accounts,
manager’s fees are charged monthly based on the participants’ month-end value and
withdrawn from their accounts as a redemption of units. Unless otherwise notified, the
management fees are charged on the participants’ month-end balance prior to
contributions and redemptions. Additionally, and at the discretion of Westwood, fees may
be aggregated for separately managed accounts or participants in the same private fund
that share a common beneficial owner or have the same investment team, potentially
resulting in a lower overall fee rate. At the firm’s discretion, fee reductions may be applied
to client accounts that are different legal entities but are under common beneficial
ownership or control.

Westwood’s management fees are exclusive of brokerage commissions, transaction fees,
and other related costs and expenses which are paid by the client. Clients may incur certain
charges imposed by custodians, brokers, third party investment and other third parties
such as fees charged by managers, custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes
on brokerage accounts and securities transactions. Mutual funds and exchange traded
funds also charge internal management fees, which are disclosed in a fund’s prospectus.
Such charges, fees and commissions are exclusive of, and in addition to, Westwood’s fee,
and Westwood shall not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that Westwood considers in selecting or
recommending broker-dealers for client transactions and determining the reasonableness
of their compensation (e.g., commissions).

WESTWOOD GLOBAL INVESTMENTS, LLC – ONE FINANCIAL CENTER, SUITE 1620 – BOSTON, MA 02111

ITEM 7 - TYPES OF CLIENTS

Westwood provides portfolio management services to high-net-worth individuals,
investment companies (including mutual funds), corporate pension and profit-sharing
plans, pooled investment vehicles, charitable institutions, foundations, endowments,
municipalities, corporations, and other U.S. and international institutions.

The minimum investment for a separate account is $50 million and the minimum
investment into a commingled account is $10 million. Westwood may, in its sole and
absolute discretion, waive or alter such minimum investment amounts at any time.

WESTWOOD GLOBAL INVESTMENTS, LLC – ONE FINANCIAL CENTER, SUITE 1620 – BOSTON, MA 02111

ITEM 8 - METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Westwood principally invests in equity securities of companies operating in developing
world markets. We define developing markets as those countries defined by the World
Bank as having low to middle per capita income, those countries with a stock market
capitalization of less than two percent (2%) of the Morgan Stanley Capital International
World Index (“MSCI”), and those countries that are included within the MSCI Emerging
Markets Free Index or MSCI Small Cap Index.

Westwood will invest, hold, sell, and otherwise deal in securities and tangible investment
instruments including, among others, equities, bonds, warrants, rights, futures contracts,
foreign currency contracts, and other securities and instruments that are traded in public
markets.

Westwood believes that there are significant investment opportunities in global markets
that provide attractive long-term absolute returns. Westwood uses a bottom-up approach
to identify opportunities in developing world markets. In the case of the WGI Global Ex-U.S.
Fund, both Westwood and WGI DM use a bottom-up approach in developing and developed
world markets. This bottom-up approach is driven by management contact, financial
statement analysis, and a focus on valuations relative to cash flow and earnings growth.
Key criteria are cash flow, earnings growth, balance sheet strength, and returns on capital.
We believe that the cost of liquidity is real, but we will invest in companies of all sizes if the
return expected is appropriate.

Risk of Loss:

Investing in securities involves risk of loss that clients should be prepared to bear. In
addition, investing with Westwood may involve the following material risks.

Financial Market Fluctuations

General fluctuations in the market prices of securities affects the value of the
investments held by Westwood. Instability in the securities markets may also increase the
risks inherent in Westwood’s investments.

Equity Risk

The market price of securities managed by Westwood may go up or down, sometimes
rapidly or unpredictably. A risk of investing with Westwood is that the equity securities

WESTWOOD GLOBAL INVESTMENTS, LLC – ONE FINANCIAL CENTER, SUITE 1620 – BOSTON, MA 02111

ITEM 8 - METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

included in Westwood’s strategy will decline in value due to factors affecting equity
securities markets generally or particular industries represented in those markets. The
value of equity securities may decline due to general market conditions that are not
specifically related to a particular company, such as real or perceived adverse economic
conditions, changes in the general outlook for corporate earnings, changes in interest or
currency rates. They may also decline due to factors which affect a particular industry or
industries, such as labor shortages or increased production costs and competitive
conditions within an industry.

Non-U.S. Investments

Westwood generally invests in non-U.S. companies. These investments involve special
risks not usually associated with investing in securities of U.S. companies or the U.S.
government, including political and economic considerations, such as greater risks of
expropriation and nationalization, confiscatory taxation, the potential difficulty of
repatriating funds, general social, political and economic instability and adverse diplomatic
developments; the possibility of imposition of withholding or other taxes on dividends,
interest, capital gain or other income; the small size of the securities markets in such
countries and the low volume of trading, resulting in potential lack of liquidity and in price
volatility; fluctuations in the rate of exchange between currencies and costs associated with
currency conversion; and certain government policies that may restrict Westwood’s
investment opportunities. In addition, because non-U.S. entities are not subject to uniform
accounting, auditing, and financial reporting standards, practices and requirements
comparable with those applicable to U.S. companies, there are different types of, and
possibly lower quality, information available about a non-U.S. company than a U.S.
company. There is also less regulation, generally, of the securities markets in foreign
countries, than there is in the U.S., and such markets may not provide the same protections
available in the U.S. With respect to certain countries, there is the possibility of political,
economic or social instability, the imposition of trading controls, import duties or other
protectionist measures, various laws enacted for the protection of creditors, and greater
risks of nationalization or diplomatic developments which could adversely affect
Westwood’s investments in those countries. Furthermore, individual economies can differ
favorably or unfavorably from the U.S. economy in such respects as growth of gross
national product, rate of inflation, capital reinvestment, resource self-sufficiency, and
balance of payments position.

WESTWOOD GLOBAL INVESTMENTS, LLC – ONE FINANCIAL CENTER, SUITE 1620 – BOSTON, MA 02111

ITEM 8 - METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Emerging Markets Risk
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