Cambiar Investors LLC

Item 5.         Fees and Compensation
Clients can choose to have Cambiar deduct fees directly from their accounts or to be invoiced for
fees incurred. For certain arrangements, the client calculates the advisory fee and remits the
proceeds to Cambiar. Clients can instruct Cambiar as to the manner in which fees are paid in the
documents governing their respective relationships.

Separate Accounts
Cambiar negotiates advisory fees with each Separate Account and annual fees are generally
between 0.35% and 1.00% of assets under management. The fees charged to any Separate Account
are negotiable and depend on several factors, including: (i) the amount of assets the client and its
affiliated entities will have under Cambiar’s management; (ii) whether the client has previously
negotiated a management fee with a brokerage/consultant firm which Cambiar has agreed to honor;
(iii) whether the client contacted Cambiar directly or is a referral through a consultant or brokerage
firm; (iv) the selected investment strategy; (v) the time period during which the mandate or
relationship with Cambiar was initially established; (vi) the perceived potential for additional
assets under management from the client or its affiliated entities; and (vii) the nature and
complexity of investment-related restrictions or guidelines. In any particular circumstance,
additional factors can affect the level of the management fee, including whether the client works
with a broker or consultant that has a pre-existing relationship with Cambiar. Cambiar does not
currently receive performance fees for management of client accounts, but anticipates receiving such
fees in the future, in accordance with the conditions and requirements of the Investment Advisers
Act of 1940, as amended (“Advisers Act”), as applicable, in connection with the services it
provides to the Private Fund(s). As applicable, Cambiar does not charge clients any fees for
referring the client to a wealth manager. However, in the future, Cambiar may enter into an
agreement to receive from the wealth manager some portion of the management fees paid by
referred clients to the wealth manager. The wealth manager may, at its discretion, retain or invest
the referred clients’ assets in products managed by Cambiar, which will result in Cambiar receiving
fees.

The majority of Separate Account clients are billed quarterly in advance based on Cambiar’s assets
under management. Separate Account clients may elect to be billed quarterly in arrears. Generally,
Cambiar or a Separate Account owner may terminate an investment advisory contract without
penalty upon no less than 30 days’ prior written notice to the other party. If the contract is terminated
prior to the end of any calendar quarter, Cambiar will refund the pro-rata portion of any unearned
fees paid in advance. Cambiar pro-rates fees intra-quarter to account for significant cash flows.
Cambiar includes cash and accruals, e.g., dividends payable, in assets when calculating advisory
fees.

SMA/UMA/Model Portfolios

As previously discussed in Item 4. Advisory Business, Wrap fee programs involve arrangements
in which investment advisory services, brokerage execution services, custody, and other services
are provided by a program sponsor in exchange for a single, pre-determined “wrap” fee. For SMA
and UMA/model portfolio arrangements, Cambiar’s fee is negotiated with the sponsor. Generally,
the standard fee range that Cambiar receives for providing services to these programs is between
0.25% and 1.0% annually depending on the nature of the program, the applicable investment
strategy and other factors, and is paid in advance on a quarterly basis. Cambiar may negotiate other
fee arrangements with sponsors. Cambiar’s portion of the management fee may be paid directly by

the sponsor or by the client, depending on the contractual arrangements. Each program sponsor
prepares a brochure which contains detailed information about its wrap fee program, including the
wrap fee charged. For terminated accounts that are billed directly, Cambiar will refund a pro-rata
portion of any unearned fees paid in advance. Typically, the sponsors of SMA and UMA/model
portfolio arrangements calculate fees using their asset values and billing policies. If applicable,
Cambiar will calculate fees for certain SMA portfolios following the procedures as described in the
Separate Accounts section above.

Mutual Funds and ETFs

The advisory fees for the Cambiar Funds are as follows: (i) for the Cambiar Opportunity Fund, a
fee calculated at an annual rate of 0.60% of the Fund’s average daily net assets; (ii) for the Cambiar
International Equity Fund, a fee calculated at an annual rate of 0.90% of the Fund’s average daily
net assets; (iii) for the Cambiar Small Cap Fund, a fee calculated at an annual rate of 0.85% of the
Fund’s average daily net assets; and (iv) for the Cambiar SMID Fund, a fee calculated at an annual
rate of 0.80% of the Fund’s average daily net assets. For each Mutual Fund for which Cambiar
provides sub-advisory services, the advisory fee was negotiated directly with the principal
investment adviser. Mutual Fund advisory fees are paid monthly in arrears.

The Cambiar Aggressive Value ETF pays an annual unitary fee of 0.59%. Under a unitary fee
structure, Cambiar provides or causes to be furnished investment advisory services as well as certain
other supervisory, administrative and other services necessary for the operation of the ETF,
including certain distribution services.

Cambiar Investors Collective Investment Trust

The annual advisory fee for the Cambiar Investors Collective Investment Trust is currently between
0.40% and 0.75% of assets under management, depending upon the selected investment strategy.

Cambiar Private Funds

Although Cambiar has not yet launched a private fund as of the date of this filing, the firm anticipates
doing so in the near future. Cambiar expects to receive an annual management fee ranging from
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Item 7.        Types of Clients
Please refer to Item 4. Advisory Business, for a description of Cambiar’s clients. Cambiar provides
investment services to Mutual Funds, ETFs, and Separate Accounts for individuals and institutions,
to a collective investment trust for certain retirement assets, and to a Private Fund(s) for certain
investors that meet the federal securities laws’ definitions of accredited investor and qualified
purchaser or qualified client. Cambiar seeks an initial minimum investment of $5,000,000 for a new

Separate Account. Wrap fee program client minimum initial investment requirements are
determined by the sponsor and are generally in the range of $50,000 to $250,000. Cambiar generally
requests that wrap client accounts that maintain directed brokerage agreements with a single broker-
dealer and have a contractual agreement directly with Cambiar to have a minimum initial
investment of at least $250,000. Cambiar may, in its discretion, waive minimums based on client
type, asset class, pre-existing relationship with the client or client representative, and other factors.

Minimum investment requirements for Mutual Funds and Private Funds can be found in the respective
Fund’s prospectus or offering document.