CapFinancial Partners LLC

Item 5: Fees and Compensation

CAPTRUST requires each client to select services in writing as part of an Agreement, which
sets forth the rights and obligations of CAPTRUST and the client. Advisory fees are
negotiated prior to the signing of the Agreement. The Agreement is then customized to state
the negotiated fee, which is typically expressed as a percentage of total assets under
advisement or can also be a flat fee. As summarized above, a client may engage CAPTRUST
on a discretionary or non-discretionary basis.

In general, fees charged for investment advisory services are payable quarterly, in advance,
and are based upon the market value of the client’s assets on the last business day of the
calendar quarter. Advisory fees are accounted for on a quarterly invoice in detail. Fees may
be billed directly to the client, a third-party administrator (“TPA”), or custodian at the client’s
instruction. Fees for clients engaging CAPTRUST mid-quarter will be prorated and calculated
on a per diem basis.

Some client portfolios include private equity and/or other private investments for which
quarterly values lag for up to 60 days following a quarter-end. In those limited cases,
CAPTRUST uses the latest valuation date available for purposes of computing investment
advisory fees. CAPTRUST relies on the client’s capital account statement (provided by the
issuer or qualified custodian) for the values of such private investments.

The Agreement will continue in effect until terminated by either party upon thirty (30) days
written notice to the other party. However, if the client has not received the CAPTRUST Form
ADV Part 2 at least 48 hours prior to entering into the Agreement, the client may terminate
the Agreement within five business days of entering into the Agreement without penalty. If
any advisory relationship terminates before the last day of a quarter, fees are prorated
accordingly, and the Adviser will refund any unearned fees due to the client.

Flat/Fixed Fee Service: The Adviser may charge a flat or fixed fee for investment advisory
and consultation services. Flat/fixed fees are negotiable but generally range from $10,000 to
$250,000 on an annual basis, depending upon the level and scope of the services required.
Fixed fees are charged quarterly in advance, calculated on a per diem basis, upon the signing
of an Agreement by the client. Fees for clients engaging Adviser mid-quarter will be prorated
on a per diem basis. Occasionally advisory services will be quoted on an hourly or per diem
basis.

Fees in arrears for certain acquired accounts. Some clients who transitioned to CAPTRUST
through an acquisition may pay fees in arrears. The advisory agreement controls the billing
arrangement.

Broker of Record:

A small number of retirement plan clients choose to name a CAPTRUST Financial Advisor as
“broker of record” (BOR) in the advisor’s separate capacity as a registered representative of
CAPTRUST’s affiliated broker-dealer, CapFinancial Securities, LLC (“CFS”). This is typically
done so certain product-related revenue can be used to reduce or offset the plan’s advisory
fee, as described in the plan’s agreement.

            CAPTRUST Financial Advisors | 4208 Six Forks Road, Suite 1700, Raleigh, NC 27609
                          www.captrust.com | 919.870.6822 | 800.216.0645

In cases where a retirement plan sponsor has elected to appoint a CAPTRUST advisor as
BOR, CFS may be compensated by general promotion, advertising, and distribution fees
(“12b-1 fees”) in relation to purchases and sales of mutual fund shares in the retirement plan
that is the subject of the Agreement. However, in accordance with the Agreement, these 12b-1
fees will be considered when calculating that plan’s advisory fee for service for a particular
period and the typical fee reduced (or offset) by the 12b-1 fees received by CFS. CAPTRUST
tracks all 12b-1 or product revenue (by client) that is received by CFS and offsets (reduces)
advisory fees upon a quarterly invoice basis in accordance with the Agreement.

Fees charged may be higher than otherwise available elsewhere. A portion of the fees
charged by CAPTRUST for advisory services will be paid to investment advisory
representatives employed by CAPTRUST. All fees described herein may be subject to
negotiation depending on a range of factors including, but not limited to, plan size and overall
range of services requested.

CAPTRUST’s fees do not include other related costs and expenses that are incurred by the
client. For example, clients may incur certain charges imposed by custodians, brokers, and
other third parties such as fees charged by managers, record-keeping/custodial fees, sales
charges, redemption fees, wire transfer and electronic fund fees, and other fees and/or taxes.
Mutual funds and exchange traded funds also charge internal management fees, which are
disclosed in a fund’s prospectus. These charges, fees and commissions are exclusive of and in
addition to CAPTRUST’s fee and CAPTRUST does not receive any portion of these other fees
or costs.

Item 7: Types of Clients

CAPTRUST provides continuous and ongoing investment advisory services to:

   •    institutional clients including, but not limited to, 401(k) plans, 403(b) plans, pensions
        and profit-sharing plans, non-qualified plans, foundations, endowments, corporations.

            CAPTRUST Financial Advisors | 4208 Six Forks Road, Suite 1700, Raleigh, NC 27609
                          www.captrust.com | 919.870.6822 | 800.216.0645

     •    wealth clients, including but not limited to, individuals, high net worth individuals,
          trusts, estates, charitable organizations, foundations, endowments, and corporate
          entities; (disclosed separately in CAPTRUST’s Wealth Brochure, please see
          https://www.captrust.com/important-disclosures/).

Adviser does not require a minimum account size but may impose a minimum annual
consulting fee. Adviser retains the right to waive any minimums.