Chevy Chase Trust Company

ITEM 5: FEES & COMPENSATION

CCTC’s advisory fees are primarily based on a percentage of each client’s assets under management.
The fees are generally payable in arrears on a monthly or quarterly basis unless the frequency is
otherwise provided by agreement. Clients may decide whether their fees are automatically deducted
from their account(s) or are invoiced.

The asset-based fees documented below are for CCTC’s investment management services, subject to
negotiation when circumstances warrant. A $35,000 minimum fee applies, with certain pre-approved
exceptions. Fees are also prorated for an initial or final month in which the assets are managed by
CCTC. The basic fee schedules are as follows, based on a $3 million minimum:

         I. Investment Management Services:
            Annual Fee Calculation:
            1.25% on the first $2,000,000 of assets under management
            1.00% on the next $3,000,000 of assets under management

             0.75% on the next $5,000,000 of assets under management
             0.50% on the balance of assets under management

          II. Fixed Income Only (subject to minimum fixed income investment of $7.5M):
          Annual Market Value Fee Rate:
             0.50% on the first $5,000,000 of assets under management
             0.40% on the next $5,000,000 of assets under management
             0.30% on the balance of assets under management

CCTC has the ability to delegate investment discretion to one or more independent investment
advisers, or sub-advisers, to manage a portion of a client’s assets according to a separate investment
strategy. If a discretionary sub-adviser is engaged for a certain client, the sub-advised portion of the
client’s assets will typically be subject to a different fee schedule, consisting of a CCTC advisory fee
(0.40% of assets under management) and the sub-adviser’s management fee (in an amount set forth in
the client’s investment management agreement or otherwise agreed upon with the client, but typically
between 0.22% and 0.85% of assets under management, depending on the investment strategy). Such
fees will typically be paid quarterly and deducted directly from the assets of the client’s account.

CCTC has the ability to recommend investments in alternative investment funds for certain clients
who are “Qualified Purchasers” (as defined by 15 USC § 80a-2(a)(51) and “Accredited Investors” as
defined under Regulation D of the Securities Act of 1933, as amended). If a client invests in such an
alternative investment fund, such client will bear additional fees in addition to CCTC’s advisory
fees. Such fees will be disclosed in the fund documentation and related disclosures and will typically
include some combination of: (i) fund-level management fees (typically 0.75% to 2.5% of committed
or invested capital) and expenses paid or reimbursed to the sponsor of the fund, (ii) performance-based
incentive fees paid to the sponsor of the fund (typically 10% to 20% of the return, subject to a hurdle),
(iii) shareholder servicing, distribution or other similar fees charged by the fund (typically 0.25% to
0.30% of invested capital), and (iv) administrative fees and expenses charged by the host of the platform
that provides access to such funds and in some cases establishes investment vehicles through which to
invest in the underlying fund (typically 0.2% to 0.75% of committed or invested capital).

Fees for additional services are agreed to by the client and CCTC, as applicable.

Where CCTC acts as investment manager, custody and safekeeping services are included in the fee
schedules above. CCTC charges different fees for serving as trustee or administrator of an estate or
solely providing custodial services. Fee schedules for such services are available upon request.

Clients will also pay brokerage expenses related to the buying and selling of securities in their account.
Brokerage expenses are included in the cost of the transaction. CCTC does not receive fees for
brokerage transactions but directs a portion of the commissions to a broker or third party in return
for certain eligible services. Additional information regarding brokerage activities and brokerage fees
is in Item 12 of this Brochure.

If a client chooses to use another institution for custody and safekeeping of their assets, the client may
pay that institution for those services in addition to the fee schedules above. If a client holds
commingled investment instruments such as mutual funds, exchange-traded funds, collective
investment funds or investment trusts, the client may pay operating fees and other fees charged directly
by the commingled investment, which will reduce the return on that instrument. Other than as set
forth below with respect to the CCT Thematic Equity Fund, a series of The Advisors Inner Circle

Fund III, CCTC does not receive 12b-1 fees or other compensation from the mutual funds or ETFs
held in client accounts.

CCTC is the investment manager to the CCT Thematic Equity Fund, a series of The Advisors Inner
Circle Fund III, a registered investment company, and collects a fee for management of that fund as
outlined in the fund’s prospectus. The fund is intended for clients that do not invest in CCT’s Global
Thematic Investment strategy via separate accounts.

CCTC also offers collective investment funds to qualified institutional plans. The fee schedules for
those funds are available upon request to eligible investors.

ITEM 7: TYPES OF CLIENTS

CCTC serves high net worth individuals, families and institutions, including:

        •   Professionals and business executives who plan on transitioning their source of income
            from intellectual capital to investment capital.
        •   Business owners and entrepreneurs who want a diversified investment portfolio that
            complements their concentrated assets.
        •   Individuals with accumulated wealth or with a liquidity event—such as an inheritance,
            divorce settlement, stock option exercise, or sale of a business—seeking a thoughtful
            approach to their investments and financial planning.
        •   Institutions seeking wealth management services outside of daily cash management
            transactions typically provided by commercial banking relationships.
        •   Eligible qualified plans and fiduciary clients desiring to participate in the collective
            investment funds sponsored by CCTC and ASBCM.

CCTC serves as investment adviser to the below investment company:

        •   CCT Thematic Equity Fund, a series of The Advisors’ Inner Circle Fund III, a U.S.
            registered, open-end investment company (mutual fund).

CCTC’s minimum relationship size for separately managed accounts is $3 million. Smaller
relationships, or other fee or account accommodations, are considered based on factors such as
expectations of future relationship size and are accepted at the discretion of executive management.