Chilton Investment Services LLC

Item 5 – Fees and Compensation

In consideration for the investment advisory services that CIS provides to the CIS Funds
and the Direct Managed Accounts, CIS is generally entitled to receive an annual
management fee between 0.5% and 1.25% per annum. With respect to the Sub-advised
Managed Accounts, CIS is entitled to receive an annual management fee generally between
0.15% and 0.50% per annum. The specific fee charged depends on applicable liquidity
terms or other factors, including the types of securities in which the CIS Fund or CIS
Managed Account may invest, the arrangement with the adviser to which CIS is acting as
sub-adviser, and/or the particular trading strategy of the CIS Fund or CIS Managed
Account. With respect to any services provided by CIS regarding external manager
recommendations, CIS is generally entitled to receive an asset-based fee of 0.60% per
annum.

With respect to each CIS Managed Account, such fee is negotiable based on the size of the
account and the services provided (including whether such services include family office or
non-discretionary services) and is typically payable quarterly in arrears and is deducted
from the relevant CIS Managed Account.

 With respect to each CIS Fund, such fee is typically payable quarterly in advance and is
applied to a CIS Fund investor’s capital account. The fee schedule for the CIS Funds
generally is not negotiable; however, in most cases, CIS has the discretion to execute side
letters with investors that provide for different terms and to waive fees with respect to a
CIS Fund, or any of the investors in a CIS Fund, including principals and employees of CIS,
its related persons and/or its advisory affiliates. The withdrawal or redemption by a CIS
Fund investor during any period for which a management fee has been pre-paid will
generally result in a refund of a pro rata portion of such pre-paid management fees with
respect to the remaining portion of such period.

Each CIS Fund and CIS Managed Account will generally bear its own expenses. In addition
to the fees discussed above, such expenses may include, without limitation: (i)
organizational and offering expenses; (ii) expenses incurred in connection with
investments and prospective investments, including the cost of obtaining Research
Products and Services (as defined below), travel-related costs and brokerage commissions;
(iii) expenses incurred in connection with the ongoing operations of the CIS Fund

                                     CHILTON
                               INVESTMENT SERVICES, LLC

                             Form ADV Part 2A: Firm Brochure

(including, to the extent allocable to such CIS Fund, such expenses incurred by CIS and its
affiliates), including legal expenses and compliance expenses (which may include expenses
related to regulatory filings, such as Form PF), administrative expenses, board expenses,
expenses incurred in connection with marketing, reporting, accounting and audits,
registration fees and insurance expenses; (iv) custodial fees; (v) interest; (vi) expenses
incurred in respect of research, statistical, market data and trading and portfolio
management services and software; (vii) expenses incurred in respect of obtaining and
maintaining one or more insurance policies; and (viii) certain extraordinary expenses, such
as litigation expenses.

“Research Products and Services” refers to services provided by brokers or dealers which
provide appropriate assistance to Chilton and CIS in the investment decision-making
process, which include advice as to the value of securities, the advisability of investing in,
purchasing or selling securities, financial publications, electronic market quotations,
performance measurement services, providing information regarding the availability of
securities and potential buyers or sellers of securities, and furnishing analyses and reports
concerning issuers, industries, securities, economic factors and trends, and portfolio
strategy. Research Products and Services may also include access to computer databases,
market data services, and research-oriented computer software and other services.

In consideration for any family office services that CIS provides to Chilton Trust, CIS
generally receives a fixed percentage of the fees received by Chilton Trust from its family
office clients. Such fees are generally payable quarterly in arrears.

Chilton Trust charges an asset-based investment management fee to its clients, generally
ranging from 0.20% to 1.5%, depending on the assets and strategies selected by the clients.
Such fees are generally payable quarterly in arrears and will be deducted from a client’s
account. Pursuant to a Services Agreement between CIS and Chilton Trust, CIS receives a
fixed percentage of fees from Chilton Trust for its provision of investment management and
certain other back, middle and front office services to Chilton Trust client accounts. To the
extent a Chilton Trust client chooses to invest in one or more of the CIS Funds, such
investment will be subject to the fees and expenses described in the Offering Materials of
the relevant CIS Fund(s) (and discussed above in this Item 5), and Chilton Trust will not
receive additional fees with respect to such investment. Additional information about
each CIS Fund as well as the fees and expenses charged to investors by such CIS Fund is
provided in the CIS Fund’s Offering Materials.

                                    CHILTON
                               INVESTMENT SERVICES, LLC

                             Form ADV Part 2A: Firm Brochure

MSSB charges UMA Accounts (including former GIS Accounts that migrated over on
November 11, 2016) an annual asset-based fee for participation in the UMA Program. Such
fee is generally negotiable based on the size of the account and services provided and is
payable quarterly. In consideration for the portfolio management services that CIS
...

Item 7 – Types of Clients

CIS provides investment advice and portfolio management services to its Client Accounts
(as defined in Item 4). Investors in the CIS Funds, CIS Managed Account clients and clients
to which Chilton Trust provides private wealth management services primarily include
ultra-high net worth individuals and families, but may also include pension and profit-
sharing plans, corporations, trusts, estates, charitable institutions, foundations,
endowments and other business entities.

The conditions for becoming an investor in each of the CIS Funds, including the minimum
investment, are set forth in the Offering Materials for each CIS Fund. The minimum
investment amount varies for the CIS Funds and CIS generally has the discretion to waive
such minimums, subject to compliance with applicable law.

The conditions for becoming a CIS Managed Account client are as agreed between CIS and
the applicable client and vary depending on the nature of the services requested.

The conditions for becoming a client of Chilton Trust, including minimum investment
requirements, fees and scope of services, are as agreed between Chilton Trust and the
applicable client, and vary depending on the nature of the services requested.

UMA Accounts are generally owned by individuals, family offices, trusts, banking or thrift
institutions, pension and profit sharing plans, plan participants, other pooled investment
vehicles, charitable organizations, corporations, other businesses, state or municipal
government entities, investment clubs and other entities. The conditions for opening a
UMA Account, including minimum investment requirements, are as agreed between the
owner of such UMA Account and MSSB, and vary depending on a number of factors,
including the range of services provided by MSSB to such UMA Account.

                                    CHILTON
                               INVESTMENT SERVICES, LLC

                             Form ADV Part 2A: Firm Brochure