Cercano Management LLC

ITEM 5.         FEES AND COMPENSATION
Managed Account Investment Advisory Fees

Generally, for its Managed Account Clients, Cercano is paid an investment advisory fee (calculated
and payable either monthly or quarterly, depending on the Managed Account) based on assets under
management. Advisory fees are as described in the Client’s Investment Management Agreement. This
fee is typically assessed on the Client’s assets under management, excluding Client investments in the
Funds, if any. Fees are negotiated with each Client based on a number of factors including, but not
limited to, the type of services provided, the size of the account, and the investment strategy selection.

The investment advisory fee charged on a Managed Account can range up to 1.5% of assets under
management depending on factors such as scope, complexity, total client assets, and overall client
relationships. Certain clients have individually negotiated fee structures based on scheduled minimums
or maximums that are not based on assets under management, and in certain circumstances, can result
in Clients paying fees that are higher or lower than those referenced above.

Generally, investment advisory fees are payable monthly or quarterly and are calculated based on the
market value of the Client’s account. Fees are either automatically deducted from Client accounts by
the Client’s third-party custodian with the Client’s permission or invoiced directly to the Client for
payment which also may be directly deducted from the Client accounts. The investment advisory fee
is typically pro-rated for periods of less than a full billing period.

Private Fund Management Fees

Cercano is compensated for its services to the Funds through a combination of management and
performance fees. The Funds accrue management fees monthly or quarterly, depending on the Fund,
and pay such fees to Cercano monthly, quarterly or periodically in advance or in arrears (as described

in the relevant Fund Governing Documents). Cercano has the ability to deduct such fees either monthly
or quarterly, as further described in each of the Fund Governing Documents.

Cercano charges a performance fee, incentive fee, or an incentive allocation constituting a percentage
of profits or gains at the end of the relevant fiscal period, or upon realization, and in certain cases
subject to, or only in excess of, specified performance thresholds. Cercano generally charges a
management fee up to 2.0% per annum of net assets under management in the Fund. A performance-
based fee or incentive allocation up to 20% of the net profits of the applicable Fund over an established
benchmark, hurdle or preferred return is generally deducted from Investor accounts after the relevant
measurement period, or as investment profits are realized, depending on the Fund.

Cercano’s investment management agreement with each Fund is terminable upon expiration of the
Fund’s terms or subject to mutual termination provisions, dissolution, or the withdrawal of the General
Partner for each Fund. Investors could be limited in their ability to terminate their investment in the
Fund. Investors should refer to each of the Fund Governing Documents for additional or supplementary
information regarding such limitations as well as the fees paid by the Fund.

Third-Party Strategies

From time to time, Cercano can employ a third-party manager to manage a portion of a Client’s
account. If Cercano retains the third-party manager as a “sub-adviser” to a Client’s account, a separate
written agreement between the Client on the one hand and Cercano and sub-adviser on the other hand
will require Clients to pay any applicable sub-advisory fees directly to the sub-adviser. Such fees would
be in excess of the investment advisory fees payable to Cercano.

All fees paid to Cercano for investment advisory services are separate and distinct from the fees and
expenses charged by the underlying managers of investment funds that Cercano recommends for a
Client’s portfolio (such as mutual funds, ETFs and External Funds). These fees are assessed pursuant
to the agreement with and the governing documents of each External Fund or underlying manager,
including the amount, timing of calculation and method of payment. They generally include a
management fee, other fund expenses and in certain cases a distribution fee and/or a performance-
based incentive fee paid to the manager of the fund. These fees are disclosed in the applicable Fund’s
Offering Documents. Such charges, fees and commissions are exclusive of and in addition to Cercano’s
management fee, and Cercano does not receive any portion of such fees, and costs. In addition, please
see Item 12 for a further discussion of brokerage and other transaction costs.

Hourly or Fixed Fees

From time to time, Cercano may charge clients fees for family office services or related consulting and
investment planning services, which may be structured on a fixed fee or other agreed upon basis. Such
fees are negotiated with each client based on the scope and nature of the services to be provided and
are set forth in the applicable client services agreement.

Other Information

Cercano maintains the right to waive all or a portion of its management fees and/or performance fees
with respect to any Client or Investor. For certain Funds this includes Cercano, its managing member
or general partner entities and any other person designated by Cercano, such as its Covered Persons,
or other investors meeting certain qualification requirements based on commitment size or other

strategic or relationship factors. Additionally, to the extent permitted by the relevant Offering
Documents, certain general partners have the right to permit investors, affiliated with Cercano or
otherwise, to invest through the relevant general partner or other vehicles that do not bear management
fees or carried interest.
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ITEM 7.         TYPES OF CLIENTS
Cercano provides investment advisory services to ultra-high-net-worth individuals and their families,
family offices, trusts and estates, family and charitable foundations, and other related entities through
Managed Accounts and/or the Funds.

Generally, Managed Account Clients requires a minimum dollar value of $100 million to establish a
Client relationship. Cercano can, at any time, waive that minimum in its sole discretion and accept a
lesser amount.

Cercano also serves as the investment manager to privately offered pooled investment vehicles, the
Funds. The investment requirements for those Funds vary. Any minimum investment amount or
qualification requirements related to the investment in the Funds are set forth in the applicable offering
documents.