Castle Rock Advisors LLC

Item 5.     Fees and Compensation

Family Office Services

The Adviser charges a fee to Separate Account Clients for family office services which reflects the services
provided and the complexity of each Separate Account Client’s needs. Fees may be fixed or variable in
accordance with terms negotiated by the Adviser and each Separate Account Client. Overhead of the
Adviser and certain fees incurred for third parties providing services directly to a Separate Account Client

(which include for example, but are not limited to, insurance, legal, and tax) which have been coordinated
by the Adviser are passed through directly to the Separate Account Client with no incremental fee charged
by the Adviser. Fees are charged in accordance with a time schedule agreed upon by the Adviser and
each Separate Account Client. A Separate Account Client may choose to initiate payment themselves or
authorize the Adviser to deduct applicable fees from an account(s) administered by the Adviser on behalf
of such Separate Account Client. The Adviser may receive payment for some Separate Account Clients’
fees from entities associated with such Separate Account Clients.

Investment Advisory Services

The Adviser charges Separate Account Clients a fee for investment advisory services based on a
percentage of assets under management (“AUM”). Fees may vary by Separate Account Client based on
the Separate Account Client’s AUM under a tiered fee schedule. The Adviser may aggregate assets of
related Separate Account Clients (e.g., family members, family entities, etc.) for purposes of determining a
Separate Account Client’s overall fee. There is no stated minimum fee. Fees are charged quarterly in
advance based on a Separate Account Client’s AUM from the previous quarter. To the extent an Advisory
Agreement is terminated and not otherwise replaced, the pro rata portion of prepaid fees will be returned
or credited to the Separate Account Client. Separate Account Client may choose to initiate payment
themselves or authorize the Adviser to deduct applicable fees from an account(s) administered by the
Adviser on behalf of such Separate Account Client.

Expenses of the Funds

Direct and indirect expenses associated with operating the Funds will be allocated to the investors in such
funds in proportion to their capital interest therein. Direct expenses may include, but are not limited to,
interest charges on lines of credit, software, salaries, direct travel and research expenses, and other
expenses incurred by the Adviser in providing fund administration. Indirect expenses may include, but are
not limited to, expenses associated with third parties providing accounting, tax, legal, and other services.
The Funds do not generally charge separate investment advisory fees (apart from the fees the Adviser
directly charges Separate Account Clients receiving investment advisory services) but may charge a
management fee and/or a performance fee to investors who are not Separate Account Clients. Any
management fee or performance fee shall be charged in accordance with terms agreed upon by the Adviser
and the relevant investor.

External Investment Fees

Fees (including any management fees and performance-based compensation) and expenses charged by
the external investment managers, including any sub-advisors selected by the Advisor, or vehicles selected
by the Adviser (each a “Manager”) to manage a Client’s assets are the responsibility of the Client and are
separate from and in addition to the Adviser’s fee for investment advisory services described above. These
fees are set out in each Manager’s investment advisory agreement or, in the case of mutual funds or private
funds in the prospectus or offering memorandum. The Adviser is responsible for monitoring each
relationship and reviewing the fees charged. In certain instances where the Adviser is able to negotiate
fees that are lower than a Manager’s standard fee schedule, the Adviser passes these savings directly
through to the applicable Clients.

Other Fees and Expenses

The fee the Adviser charges for family office services consists primarily of the Adviser’s operating expenses
which include, without limitation, compensation of the Adviser’s personnel, including salary, bonus (whether
fixed or performance-based), payroll taxes and benefits (including vacation time and sick leave), expenses
for external consultants, and out-of-pocket expenses incurred by the Adviser in connection with the services
provided to the Client. Out of pocket expenses may include, among other things, office supplies, software,

professional subscriptions, licensing fees, professional development programs, conferences, travel and
travel related expenses. All expenses are billed quarterly to a Client.

As provided in the Governing Document of certain of the Funds, such Funds will bear a quarterly fee to a
sub-advisor based on a percentage of the value of the assets held by the Funds. The fee is payable
quarterly in advance. In the event an Advisory Agreement with a Fund is terminated, the Sub-Advisory Fee
will be pro-rated based on the ratio of the number of days in the period for which the Sub-Advisory Fee has
been made and after the termination date, and the balance will be refunded to the Fund. Details of all such
fees for a Fund are contained in the Fund’s Governing Documents.

The Adviser will not enter into a custodial relationship with a Separate Account Client. If the Separate
Account Client engages a custodian, the Separate Account Client is responsible for determining and paying
for the custodial costs of their accounts. From time to time, the Adviser may recommend that a Separate
Account Client engage a particular custodian. In certain instances, if the Adviser receives cash and/or other
compensation from such custodian in exchange for the introduction to the Separate Account Client in the
event that the Separate Account Client engages the custodian, in such instances, the Adviser will offset
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Item 7.   Types of Clients

The Adviser provides personalized discretionary and non-discretionary investment advisory services to
high-net-worth individuals, their family, and their respective estate planning vehicles. The Adviser does not
apply specific criteria for engagement by a Separate Account Client but instead evaluates prospective
Separate Account Clients on a case-by-case basis.

The Adviser also provides investment advisory services to the Funds. In such cases, investment advice is
provided directly to each Fund, and not individually to investors in the Funds.