Blue Granite Capital LLC

Item 5 - Fees and Compensation

General Fee Information
Fees paid to Blue Granite Capital are exclusive of all custodial and transaction costs paid to the client’s
custodian, brokers or other third party consultants. Please see Item12 - Brokerage Practices for
additional information. Fees paid to Blue Granite Capital are also separate and distinct from the fees
and expenses charged by mutual funds, ETFs (exchange traded funds) and other mutual funds (generally
including an internal management fee and fund expenses, as described in each fund’s prospectus or
offering materials). The client should review all fees charged by funds, brokers, Blue Granite Capital and
others to fully understand the total amount of fees paid by the client for investment and financial-related
services.

Portfolio Management Fees
The annual fee schedule is based on a percentage of assets under management, the complexity of
services, or other factors and ranges from 0.50% to 1.00%.

The minimum portfolio value is generally set at $500,000. Minimum annual fees may apply. Blue
Granite Capital may, at its discretion, make exceptions to the foregoing or negotiate special fee
arrangements where Blue Granite Capital deems it appropriate under the circumstances.

Portfolio management fees are generally payable quarterly, in advance based on the value of the account
on the last business day of the prior quarter. If management begins after the start of a quarter, fees will
be prorated accordingly. With written client authorization and unless other arrangements are made,
fees are normally debited directly from client account(s).

Either Blue Granite Capital or the client may terminate their Investment Management Agreement at any
time, subject to any written notice requirements in the agreement. In the event of termination, any paid
but unearned fees will be promptly refunded to the client based on the number of days that the account
was managed, and any fees due to Blue Granite Capital from the client will be invoiced or deducted from
the client’s account prior to termination.

Retirement Plan Investment Management Advisory Fees:
The annual fee schedule is based on a percentage of plan assets, the complexity of services, or other
factors and ranges from 0.50% to 1.00%. Blue Granite Capital may, at its discretion, make exceptions to
the foregoing or negotiate special fee arrangements where Blue Granite Capital deems it appropriate
under the circumstances.

Retirement plan consulting fees will be billed on a quarterly basis, in advance, at the beginning of each
calendar quarter, due within thirty (30) days after the date of invoice, unless otherwise agreed to by the
parties. The fee will either be billed directly to the plan sponsor or paid directly from the plan assets if
authorized by the plan fiduciary. The value of the account will be based on the last business day of the
prior quarter.

Sub-Advisor Services Fees
Blue Granite Capital may be compensated for its Sub-Advisor services in the form of an investment
management fee, based upon a percentage of assets under management between 0.50% and 1.00% (50
to 100 basis points), as determined after considering the nature of portfolio management services,
portfolio size, or complexity. The fee is agreed upon at the time of engagement, and is typically paid in
arrears on the last business day of each month based on the account’s value on the last business day of

                                        Blue Granite Capital, LLC

the prior month. Each month's fee is calculated and accrued based on the daily asset value of the account.
Services initiated at any other time during a calendar quarter will be pro-rated. The Adviser's fee will be
outlined in the written agreement between the primary Adviser and Blue Granite Capital.

Firms who contract Blue Granite Capital and their clients may terminate the services of Blue Granite
Capital at any time upon receipt of written request or as otherwise agreed upon in the written agreement
between the firm and Blue Granite Capital. Otherwise, service can be terminated with 30 days written
notice and the Adviser will pro-rate any earned advisory fees.

If an account under this arrangement is subject to the Employee Retirement Income Security Act of 1974,
as amended, ("ERISA"), the Adviser acknowledges that Adviser is a fiduciary within the meaning of the
Act and the ERISA Client is a named fiduciary with respect to the control or management of the assets in
the Account. In each instance, the Client will agree to obtain and maintain a bond satisfying the
requirements of Section 412 of ERISA and to include the Adviser and the Adviser's principals, agents,
and employees under those insured under that bond and will deliver to the Adviser a copy of the
governing plan documents. If the Account assets for which the Adviser provides services represent only
a portion of the assets of an employee benefit plan, Client will remain responsible for determining an
appropriate overall diversification policy for the assets of such plan.

CIT Fees
Blue Granite Capital is paid quarterly in arrears before the last business day of the next succeeding
calendar month, in an amount equal to the sum of the market value fee accrued daily in the Fund as
disclosed to Participating Trusts, minus an amount equal to the daily market value of all assets in the
Fund (“DMV”) multiplied by 10 basis points for the first $250 million of the Fund’s DMV, 9 basis points
on the next $250 million of the Fund’s DMV, and 8 basis points on balances greater than $500 million of
the Fund’s DMV, with the basis points prorated based on a Calendar Year, for the monthly period.

Out of pocket expense borne by the Fund, including but not limited to audited financials, 5500 filings,
pricing and research, fair value, and transfer agency, in excess of the capped expenses of the fund, are
deducted from the Investment Manager’s compensation.
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Item 7 - Types of Clients

Blue Granite Capital serves individuals, pension and profit-sharing plans, and corporations. With some
exceptions, the minimum portfolio value eligible for conventional investment advisory services is
$500,000. Minimum annual fees may apply. Under certain circumstances and in its sole discretion, Blue
Granite Capital may negotiate such minimums.

Blue Granite Capital also provides services to the BGCLEI CIT Fund and BGSIDFI CIT Fund (collective
investment trusts). See Item 4 above for more information types of clients.