Applied Quantitative Investments LLC

ITEM 5 | FEES AND COMPENSATION

A.   Investment Advisory and Management Services
     The fee for OCIO and the Platform (the “Fees”) are based on a percentage of the client’s
     assets as referenced on the schedules to the Client Agreement.

     The maximum annual fees for OCIO and the Platform are 1.0% and 0.50% respectively. Refer
     to your agreement for specifics. Unless indicated otherwise in the Client Agreement, all fees
     are deducted from the account and payable to AQI.

     Fees may be paid in arrears or in advance, as indicated on the Client Agreement. Account fee
     payments are due and assessed at the beginning of each quarter based on the value of the
     assets under management as of the close of business on the last business day of the preceding
     quarter as valued by an independent pricing service, where available, or otherwise in good
     faith as reflected on a client’s quarterly portfolio evaluation report. In the event that initial
     assets are transferred to the Adviser to open a new account during a quarter, the quarterly
     prorated fee shall be paid within 30 days of the initial transfer of assets, in advance, based
     upon the market value of the Account assets on the date of transfer. Additional deposits and
     withdrawals will be added or subtracted from portfolio assets which may lead to an adjustment
     of the investment management fee. Fees paid in arrears will be prorated for any partial billing
     periods based on the number of days in the billing period during which the Client Agreement
     was in effect. Fees paid in advance will be refunded should the account be terminated before
     the end of the billing period; the refund will be prorated based on number of days in the billing
     period through the effective date of termination.

     Accounts with alternative investments, including hedge funds and managed futures, will be
     assessed an annual alternative investment administrative fee. This fee is variable depending
     on custodian and will be disclosed on an account agreement.

     Unless AQI expressly agrees otherwise in writing, account assets consisting of cash and cash
     equivalent positions are included in the value of an account’s assets for purpose of calculating
     all asset-based fees. Clients can advise AQI not to maintain (or to limit the amount of) cash
     or cash equivalent positions in their account.

     AQI’s fees are negotiated on a case-by-case basis. The final negotiated bill will vary based
     upon objective and subjective factors including but not limited to: the amount of assets to be
     managed; portfolio composition; the scope and complexity of the engagement; the
     anticipated number of meetings and servicing needs; related accounts; future earning
     capacity; anticipated future additional assets; the professional rendering the service; prior,
     professional, or family relationships with AQI and its representatives; and negotiations with
     the client. As a result of these factors, similarly situated clients could pay different fees, which
     correspondingly impacts a client’s net performance. Moreover, the services to be provided by
     AQI to any particular client could be available from other advisers at lower fees.

     AQI reserves the right to waive or reduce any of these fees in its sole discretion. All fees apply
     to cash and cash equivalents.

B.   Clients will have AQI’s investment management fees deducted from their custodial account.
     The applicable form of AQI’s Agreement and the custodial/clearing agreement may authorize
     the custodian to debit the account for the amount of AQI’s investment management fees and
     to directly remit the fee to AQI in compliance with regulatory procedures. If AQI bills the client
     directly, payment is due by check upon receipt of AQI’s invoice. For OCIO and Platform fees,
     these asset-based fees will be deducted quarterly in advance or arrears, in accordance with
     the specific Client Agreement, and based upon the market value of assets as of the close of
     business on the last day of the preceding quarter. In the event that initial assets are
     transferred to the Adviser to open a new account during a quarter, the quarterly prorated fee

     shall be paid within 30 days of the initial transfer of assets, in advance, based upon the market
     value of the Account assets on the date of transfer. Please consult your specific IAA for terms
     related to the timing and billing of these fees.

C.   As discussed in Item 12, we generally recommend Fidelity Investments (“Fidelity”) or Charles
     Schwab & Co., Inc. (“Schwab”) serve as the custodian for client accounts and to facilitate
     transactions in their role as Broker-dealers. Broker-dealers such as Fidelity and Schwab
     charge transaction fees for effecting certain securities transactions and for general custody
     and brokerage services (transaction costs, commissions, retirement plan administration
     and/or custodial fees, account maintenance fees, etc.). Pooled investment vehicles like mutual
     funds, ETFs, and private funds may also charge fees for effecting certain transactions
     (deferred sales charges on mutual funds initially deposited in the account, short-term
     redemption fees, mutual fund distribution fees, etc.). Clients may also incur internal fees and
     expenses charged by the pooled investment vehicles they hold. AQI does not receive any
     portion of the transaction charge. Furthermore, to the extent engaged, separate and
     additional TPM investment management and associated fees may apply.

D.   Asset-based fees are prorated and payable quarterly, in arrears or advance depending on the
     specific Client Agreement, based upon the market value of the assets under management as
     of the close of business on the last day of the preceding quarter. All other fees are due within
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ITEM 7 | TYPES OF CLIENTS
     AQI’s clients are the IARs of the Registered Investment Advisors – typically set up as
     corporations and other business entities. The primary investment professional’s clients who
     we serve may offer their investment advisory services to individuals, high net worth, trusts,
     estates, charitable organizations, and other business entities. We do not have any minimum
     asset requirements or minimum fees, but we do reserve the right to accept or reject any
     client.