Catholic Investment Services Inc

Item 5 – Fees and Compensation
Separately Managed Accounts

CIS generally charges SMA Clients an advisory fee based on a percentage of the account’s market
value (“asset-based fee”). Whereas fees imposed on SMA Clients are typically set to a fixed fee
based upon the assets under management (or “AUM”), CIS may determine at its discretion to
charge only the attendant Fund investment management fee (as described further in the Offering
Materials) for which is borne by Limited Partners with direct investments in the Fund(s).

With respect to separately managed accounts, moreover, asset-based fees are typically billed
monthly at the end of each month. Fees are pro-rated for partial periods. The asset-based fees for
separately managed accounts are generally equal to 0.15% per annum of the accounts’ market
value. Fees are negotiable under certain circumstances such as size and complexity of the account.
Separately managed account clients separately incur custody fees and brokerage and transaction
costs as well as costs for certain third-party service providers as agreed to with each client. The
advisory fee payable to CIS for separately managed account clients does not include any fees
payable to other sub-advisers hired to manage account assets. Those sub-advisers will be paid
directly from the account in accordance with the investment advisory agreement between the client
and CIS and the agreements with the sub-adviser(s). CIS generally does not have unilateral
authority to, and will not, make direct withdrawals from the accounts of any of its clients to pay
its own fees. CIS’ fees, including the advisory fees and fees payable to any sub-adviser(s) are
calculated independently by the administrator for the separately managed account. CIS can instruct
payment of all fees from certain separately managed accounts pursuant to the investment advisory
agreement. Although fees are calculated by administrative third parties, CIS facilitates payment.

Fund Offerings

CIS, in its capacity as both General Partner and Investment Manager, has authority to permit Limited
Partners that meet the attendant eligibility requirements into the Funds. The Funds are subject to fees,
expenses and charges as described in the Offering Materials, which include a Management Fee paid to
CIS in exchange for rendering advisory services. CIS, in addition to the Management Fee, has the
discretion to charge certain Funds (each a “Fund Client”) on committed capital until the applicable net
asset value (“NAV”) of the Fund(s) approximates one third of the desired committed capital, at which
time the fee will then be based on net invested capital.

With respect to CEF, CDSF and CGEF, CIS generally receives a management fee (the
“Management Fee”) from each Fund equal to 0.20% per annum of the Fund’s net asset value. The
Management Fee does not include any fees payable to SUBS or Underlying Managers or that are
payable as a result of any investment in any investment vehicle. The Management Fee for each of

CEF, CDSF and CGEF is typically calculated and paid monthly in arrears. The Management Fee
is pro-rated based upon a member’s actual period of ownership of its interest in each Fund in
accordance with the Fund’s Offering Materials.
With respect to CIF, CIF II, CIF III, and CVAF, CIS generally receives a Management Fee from
each Fund equal to 0.35% per annum of the Fund’s aggregate subscriptions prior to the end of the
investment period and 0.35% per annum of the Fund’s net invested capital after the investment
period ends. The Management Fee does not include the fees payable at the underlying fund level.
The Management Fee for CIF, CIF II, CIF III, and CVAF is typically calculated and paid quarterly
in advance. The Management Fee is prorated based upon a member’s actual period of ownership
of its interest in each Fund in accordance with the Offering Materials.

With respect to the Funds, each Fund’s administrator calculates the fee amount with respect to the
Fund and transmits the fee calculation to CIS. CIS confirms the calculations and then submits a
payment request to the bank for the applicable Fund, which arranges for payment to CIS. CIS may
waive or reduce the Management Fee with respect to any Fund investor. CIS’ fees, including the
Management Fees and any related advisory fees payable to SUBS or Underlying Managers, are
calculated independently by a third-party administrator as part of that administrator’s enumerated
duties as administrator to the applicable Fund. The administrator calculates these fees in
accordance with the relevant Fund’s Offering Materials using the administrative and other records
that the administrator prepares and maintains for the applicable Fund. After CIS verifies the
accuracy of the administrator’s fee calculations, the administrator arranges for such fees to be paid
by wire transfer to the applicable account.

In addition to CIS’ management fees, all costs related to the operations and organization of each
Fund will be borne by the applicable Fund, with aggregate organization and start-up expenses
generally capped at $250,000 (for newly offered funds). All costs with respect to any interest held
in portfolio investments (e.g., any management fees, incentive allocations or other performance
fees associated with any underlying funds in which the applicable Fund holds an interest) passed
through from underlying funds will be borne by the applicable Fund.

Members of CIS and prospective members of CIS should refer to each Fund’s Offering Materials
for additional/supplementary information regarding the various fees and charges associated with
investments in each Fund.

Item 7 – Types of Clients
CIS provides investment advisory and management services to separately managed accounts and
pooled investment vehicles. Clients in separately managed accounts as well as investors in the
Funds managed by CIS must become “members” of CIS. Members of CIS are organizations
exempt from Federal income taxes under Section 501(a) of the Code as organizations described in
Section 501(c)(3) of the Code and employee benefit plans maintained by members of CIS for their
employees. CIS may provide services to additional types of clients in the future.