Aurora Investment Management LLC

Item 5           Fees and Compensation

Historically, Aurora may have charged its Clients a management and/or performance fee. The fees may
differ depending on the type of Client, as described below. Clients generally paid a management fee of
between 0.5% to 2.0% of assets per annum. Where Aurora served as a sub-adviser to a Client or where
Aurora shares its management fee with a selling agent, Aurora may receive less than the amount set forth
above. In addition to the management fee, certain Clients may have paid a performance fee, generally
equal to 10% of net new profits with a high water mark, although the performance fee may have been higher
or lower (or none) depending on the Client and may have included a hurdle rate. Currently, Aurora does
not charge any Client a performance fee.

Aurora may invoice a Client for its fees, but more typically fees are deducted directly from the Client’s
custodial account by the Client’s third party administrator. In the event of the termination of the relationship
between a Client and Aurora, the fees typically will be allocated according to the date of termination or
through the specified terms in the applicable agreement. Any prepaid but unearned fees will be refunded.
In certain circumstances, Aurora may pay a selling agent a portion of the fee paid by a Client. Research
related expenses may be charged to Clients.

Aurora has made, and may make in the future, exceptions to its general fee schedule for a Client or an
investor in Client in its sole discretion based on various circumstances, such as the relationship Aurora has
with the Client or investor, share class, or composition of portfolio, among other reasons. In such cases,
different and reduced fee arrangements have been and may be negotiated with individual Clients or
investors in a Client. Neither the Client nor Aurora is generally obligated to disclose such investor
arrangements to all of the investors or obtain the approval of any investor.

While Clients generally delegate the determination of their net asset value to a third party administrator, to
the extent Aurora makes a fair valuation recommendation with regards to an investment, Aurora has a
conflict of interest as its management and performance fee will be based on such valuation.

Aurora Funds

The fees and expenses for each Aurora Fund are described in the offering materials. The management
fee is generally payable monthly in arrears. In addition to Aurora’s fees, the Aurora Funds may be subject
to various costs and expenses in connection with the conduct of the business of the Aurora Funds,
including, but not limited to, organizational, custodial, brokerage, audit, line of credit, legal, risk
management, consulting, third party administration, and research related fees and expenses. Additionally,
as investors in Underlying Funds (as defined below), each Aurora Fund bears its pro rata share of the fees
and expenses of the Underlying Funds. Please see Item 12 for more information on Aurora’s brokerage
practices.

Customized Portfolios

Each Customized Portfolio has a specific fee structure set forth in the corresponding agreement for the
account. Fees for Customized Portfolios are negotiated on a case-by-case basis and may vary depending
upon the level of service the Firm provides to the Client. In addition to Aurora’s fees, each Customized
Portfolio may be subject to various costs and expenses in connection with the conduct of the business of
the Customized Portfolio, including, but not limited to, organizational, custodial, brokerage, audit, line of
credit, legal, risk management, consulting, third party administration, and research related fees and
expenses. Additionally, as investors in Underlying Funds (as defined below), each Customized Portfolio
bears its pro rata share of the fees and expenses of the Underlying Funds.

                                                                     Aurora Investment Management L.L.C.
                                                                                       Form ADV, Part 2A
                                                                                          March 26, 2018

Item 7          Types of Clients

Aurora has provided multi-adviser investment strategies to a broad investor base through private funds
sponsored by Aurora and customized portfolio solutions, including single investor or commingled funds
through advisory or sub-advisory agreements.

Aurora Funds

        •   For taxable U.S. investors, limited liability pass-through vehicles domiciled in the U.S.
        •   For non-taxable U.S. investors and non-U.S. investors, limited partnerships and corporations
            organized in the Cayman Islands or other non-U.S. jurisdictions
In order to be invested in the Aurora Funds, investors must have a certain financial level of sophistication
and investment experience. Examples of some of the types of investors in the Aurora Funds include high
net worth individuals, domestic and foreign pension plans, government entities, insurance companies,
endowments and foundations, Church Plans, banks, and other institutions.

The Aurora Funds generally required a minimum investment of $250,000, although certain Aurora Funds
have required a higher minimum investment in the past. The minimum investment amounts may have been
waived or reduced at the discretion of Aurora.

Customized Portfolios

        •   For U.S. and non-U.S., taxable and non-taxable investors

                o   May involve U.S. or non-U.S. domiciled limited liability entities

                o   May involve advisory or sub-advisory relationship directly with the investor rather than
                    through a legal entity

Examples of some of the types of investors that may have been interested in a customized portfolio solution
include domestic and foreign pension plans, government entities, insurance companies, endowments and
foundations, banks, and other institutions. Aurora generally required a minimum of $25 million for a
Customized Portfolio.

                                                                          Aurora Investment Management L.L.C.
                                                                                            Form ADV, Part 2A
                                                                                               March 26, 2018