Chilton Capital Management LLC

Item 5 Fees and Compensation

In consideration for Chilton’s investment advisory and other services, Chilton is entitled to receive
management fees. While the fees and compensation applicable to each Client are described in detail in the
applicable governing documents and/or Management Agreements, an overview of Chilton’s basic fee
schedule is summarized below. A potential Client or investor should read and review all governing
documents in their entirety before making any investment decisions.

Advisory Services Compensation

Chilton’s fees generally depend on the services being provided and vary from product to product based on
a variety of factors, including but not limited to, the investment mandate or strategy, investment vehicle,
degree of servicing required, account/relationship size, market-place conditions, and other factors Chilton
deems relevant. For investment management services, fees typically are expressed as a percentage of the
assets under management.

Chilton’s investment management fees are typically calculated as a percentage of the market value of a
Client’s assets under management in accordance with its contractual agreements. Fee breakpoints may be
available for certain strategies and product types. Chilton’s standard fee schedules, which are subject to
change and may be negotiated, are described below under “Fee Schedules”. Existing Clients may have
different fee arrangements from those described under Fee Schedules. To the extent Chilton engages a sub-
adviser, it will pay the sub-adviser a portion of the management fee that Clients pay to Chilton. Chilton’s
Clients do not pay any fees, commissions, or expenses directly to sub-advisers.

Chilton may, in its sole discretion, charge lower management fees or waive account minimums based on
certain criteria including product type, investment strategy, client type, client domicile, services provided,
the client’s historical relationship with Chilton, number of related investment accounts, account
composition or size, anticipated future earning capacity, current and anticipated future assets under
management, marketplace considerations, early adoption of an investment strategy or investment in a
particular vehicle, client’s operational or investment limitations or restrictions, level of client servicing
required, and other factors Chilton deems relevant. Chilton, in its sole discretion, may also waive or charge
lower management fees and waive account minimums for employees, including portfolio managers,
affiliates, or relatives of such persons. Assets from related accounts in similar investment vehicles may be
aggregated for fee calculation purposes according to Chilton’s policies and procedures.

Chilton may be limited in its ability to negotiate fees due, in part, to existing Client contracts, which require
equivalent pricing. Under the terms of these agreements, Chilton is generally required to charge the same
fee schedule to similarly-situated Clients. Generally, Chilton considers Clients to be similarly-situated if
they are domiciled in the same country, are in the same investment vehicle managed as a component of the
same investment composite, are of the same client type, require a similar level of client servicing, and have
a similar account size, among other factors Chilton deems relevant.

To the extent fees are negotiable, certain Clients may pay more or less than other Clients for the same
management services. In cases where a consulting or referral arrangement is in place in which broker-
dealers, investment advisers, trust companies, and other providers of financial services typically provide
Clients with services that complement or supplement Chilton’s services, Chilton may charge lower
management fees for accounts managed.

In addition to Chilton’s investment management fee, Clients may incur operating and transaction fees, costs
and expenses associated with maintaining their accounts imposed by custodians, brokers, futures
commission merchants, prime brokers, and other third-parties. Examples of these charges include but are
not limited to custodial fees, margin, deferred sales charges, “mark-ups” and “mark-downs” on trades, odd-
lot differentials, transfer taxes, handling charges, exchange fees (including foreign currency exchange fees),
interest to cover short positions, wire transfer fees, electronic fund fees, conversion fees for American

Depository Receipts (“ADRs”), and other fees and taxes on brokerage accounts and securities transactions.
Chilton does not receive any portion of these commissions, fees, or costs. See, however, Item 12 –
Brokerage Practices of this Brochure for more information about soft-dollars. See also Item 12 – Brokerage
Practices of this Brochure for more information about conversion fees for ADRs. To the extent Chilton
should acts as a sub-adviser, Chilton will receive a portion of the management fee the end Clients pay to
the adviser; these Clients do not pay any fees, commissions, or expenses directly to Chilton.

Chilton may invoice Clients on a monthly, quarterly, or semi-annual basis in arrears or in advance for its
investment management fees. In any partial billing period, Chilton pro-rates fees based on the number of
days an account is open. If a Client requests that Chilton automatically deduct management fees from its
accounts, Chilton will bill the Client’s custodian directly in accordance with Rule 206(4)-2 (the “Custody
Rule”) under the Advisers Act. Chilton may invest Separate Account assets in unaffiliated pooled
investment vehicles that charge fees described in the pooled investment vehicles’ governing documents.
Separate Account assets invested in these unaffiliated pooled investment vehicles may pay both Chilton’s
investment management fee and the unaffiliated pooled investment vehicles’ fees and expenses. To the
extent Chilton invests Separate Account assets in sponsored (affiliated) pooled investment vehicles (e.g.,
...

Item 7 Types of Clients

As discussed in Item 4 – Advisory Business of this Brochure, Chilton provides investment management
services, as an investment adviser or sub-adviser, to Clients including individuals, high net worth
individuals, banking or thrift institutions, registered investment companies, pooled investment vehicles,
discretionary and non-discretionary advisory programs, commingled investment vehicles, charitable and
endowment organizations, pension and profit sharing plans (including ERISA plans), foundations,
corporations, business owners, estates and trusts, other institutional type accounts, government agencies,
government chartered corporations, quasi-governmental agencies, state or municipal government entities
and other investment advisers.

To help the U.S. Government fight the funding of terrorism and money laundering activities, Chilton may
seek to obtain, verify, and record information that identifies each investor who invests in product advised
by Chilton. In this regard, when an investor seeks to open an account with Chilton or invest in a product
managed by Chilton (including a separately managed account), Chilton may ask for a completed Form W-
8/W-9, as applicable, which includes the name, address, Tax ID/Employer ID number (or any other
registration number issued in the jurisdiction of location or incorporation) and other reasonably required

information that will allow Chilton to identify the investor. Chilton may ask for information and
documentation regarding source of funds to be invested. Chilton also reserves the right to ask for more
information regarding the individuals who are beneficial owners of the investor and/or exercise control over
the investor. Chilton may ask for the names of such beneficial owners and may also ask for address, date
of birth, and other information that will allow Chilton to identify such beneficial owners. Chilton may also
request such other information as may be necessary to comply with applicable law. Furthermore, Chilton
may verify any of the aforementioned information using third-party sources and may share that information
as required by applicable law or in connection with the execution of trades on behalf of that investor. For
certain investors, Chilton may rely on the investor’s broker-dealer, administrator, transfer agent, custodian
or placement agent to obtain, verify and record the required information.

Minimums

Chilton generally does not have any minimum account size requirements for opening or maintaining an
account. However, Client accounts introduced to Chilton by a Wrap Fee Program Sponsor, where the Client
either enters into agreements directly with both Chilton and the Sponsor, or enters into an agreement solely
with the Sponsor or another entity that has an agreement with the Sponsor, generally have minimum account
size requirements for opening or maintaining an account with the Sponsor. See the Sponsor’s Form ADV
Part 2.A Brochure for more information on the Sponsor’s Wrap Fee Program minimum account size
requirements for opening or maintaining an account with the Sponsor.

With respect to the Mutual Fund, the minimum investment amount is stated in the Mutual Fund’s governing
documents. A potential investor in a Mutual Fund should read and review all governing documents in their
entirety for specific investor qualifications and before making any investment decisions.