ClearArc Capital Inc

ITEM 5 - FEES AND COMPENSATION

A. Methods of Compensation
ClearArc Capital is mainly compensated for its investment management services based on a percentage of assets under
management. The firm does not receive any direct transaction-related fees or compensation. ClearArc Capital can
negotiate fees for its investment management services based upon the nature and value of services rendered.

ClearArc Capital, in its sole discretion and without notice to other clients, can waive or discount the fees charged in whole
or in part from time to time with respect to any client. It is anticipated that ClearArc Capital will waive or discount fees with
respect to accounts held by ClearArc Capital, Fifth Third Bank, National Association, and their respective affiliates, and for
clients who are also employees or family members thereof.

B. Fee Schedules
The following table represents ClearArc Capital’s fee schedules for separately managed accounts invested in its most
actively marketed investment strategies. Minimum Account Sizes and Minimum Fees will vary for investors in
commingled funds managed according to the same strategies. Fees are based on levels of service provided (e.g.,
advisory vs. sub-advisory), investment strategy, and account size (AUM).

                 Investment                                                                             Minimum        Minimum
                                                            Fee Description
                   Strategy                                                                               Fee         Account Size
             Large Cap Equity               0.15% on the first $50 million of AUM
                                                                                                            $20,000   $15,000,000
             Index SRI                      0.10% thereafter
             SMID Cap Equity
             Index Socially                 0.15% on the first $50 million of AUM
                                                                                                            $20,000   $15,000,000
             Responsible                    0.10% thereafter
             Investing (SRI)
                                            0.30% on the first $25 million of AUM
             Core Fixed Income              0.20% on the next $25 million of AUM                            $20,000   $10,000,000
                                            0.10% thereafter
             Intermediate                   0.25% on the first $25 million of AUM
             Government                     0.20% on the next $25 million of AUM                            $20,000    $5,000,000
                                            0.10% thereafter
             Intermediate                   0.30% on the first $25 million of AUM
             Government/Credit              0.20% on the next $25 million of AUM                            $20,000   $10,000,000
             Fixed Income                   0.10% thereafter
                                            0.20% on the first $25 million of AUM
             1-3 Year
                                            0.15% on the next $25 million of AUM                            $7,500     $5,000,000
             Government LAM
                                            0.10% thereafter
             1-3 Year                       0.20% on the first $25 million of AUM
             Government /                   0.15% on the next $25 million of AUM                            $20,000   $10,000,000
             Corporate LAM                  0.10% thereafter
                                            0.20% on the first $25 million of AUM
             Short Term Maturity
                                            0.15% on the next $25 million of AUM                            $7,500     $5,000,000
             LAM
                                            0.10% thereafter

C. Methods and Timing of Fee Calculations
ClearArc Capital’s standard investment management fees are payable and collected in arrears typically based upon the
market value of assets under management at quarter end. Fees are generally prorated for withdrawals and/or

                                                th
ClearArc Capital, Inc. 38 Fountain Square Plaza, 29 Floor, MD 1090WB, Cincinnati, OH 45263 | 855.36.CACAP

beyond the traditional                                                                                                       7

contributions within an account during the fee period. ClearArc Capital invoices clients on a monthly or quarterly basis.
Clients may be billed directly for the fees, or the client can elect to have their fees invoiced and debited from their
custodial account. In the latter case, ClearArc Capital will coordinate with the client’s custodian for fees as invoiced to be
debited by the custodian from the client’s account and remitted directly to ClearArc Capital.

When available, ClearArc Capital uses readily available market prices and/or independent pricing sources to value client
assets. When market prices are not readily available, ClearArc Capital provides fair valuations. Because this presents a
potential conflict of interest, ClearArc Capital has developed policies and internal pricing controls designed to ensure that
valuations represent market prices or fair valuations based on what it reasonably expects to realize upon a current sale.

ClearArc Capital’s investment management services are terminable by either party upon written notification in accordance
with applicable contractual notice provisions. Upon termination, fees will be prorated based on the number of days under
management during the period.

D. Other Fees and Expenses
In addition to ClearArc Capital’s investment management fees, clients can incur one or more other fees including advisory
fees paid to other investment managers, custody fees, trading costs, and/or trust fees. These fees may be paid to the
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ITEM 7 - TYPES OF CLIENTS

ClearArc Capital provides discretionary and non-discretionary investment management with respect to multiple clients.

A. Institutional Clients
ClearArc Capital’s institutional clients include charitable organizations; not-for-profit organizations; corporations; insurance
companies; governmental plans and municipalities; trusts and high net worth clients; pension and profit-sharing plans;
banks; and pooled investment vehicles.

ClearArc Capital’s institutional business includes direct advisory relationships and sub-advised arrangements
administered by Fifth Third Bank, National Association, or other financial institutions. Upon request, the firm can provide a
list of its institutional clients who have authorized us to share this information.

B. Minimum Account Size
ClearArc Capital maintains targeted minimum account requirements for each institutional investment strategy. Accounts
valued at less than the stated minimum can be accepted, according to terms negotiated between ClearArc Capital and the
client. See Item 5.B. for minimum account standards prescribed for each investment strategy.