Convergence Investment Partners LLC

Item 5 – Fees and Compensation

Sub-advisory Accounts
Convergence has entered into various sub-advisory agreements with investment advisers.
Typically, Convergence negotiates fees with the adviser or wrap sponsor and not with individuals
participating in such programs.

Separate Accounts
Investment management fees will vary based on the client and strategy but will typically be based
on assets under management, ranging up to 0.50% per annum, and 0.95% per annum for the
Long/Short Equity Strategy. Typically, our strategies assess a flat fee rate, but some clients in the
Active Tax Management Strategy pay fees in accordance with a tiered fee schedule. Convergence
reserves the right to change its standard fee schedules and, absent contractual provisions to the
contrary, is not required to change the fee schedules of existing clients to match such updated fee
schedules, even if such updated fee schedules would be more advantageous. The Firm may, at its
sole discretion, offer certain clients more advantageous fee schedules than those offered to other
clients for similar services provided.

The specific manner in which we charge fees is established in the Agreement. Fees are paid
quarterly in arrears, calculated by applying the agreed upon fee schedule to the value of a client's
portfolio on the last day of the previous calendar quarter. Periods of less than one quarter will be
prorated. Fees are generally debited by the client's custodian from the account. The custodian does
not validate or check our fee or its calculation on the assets on which the fee is based. Certain
clients may be offered the option of receiving a direct bill rather than having fees deducted from
their portfolio.

A client may make additions to and withdrawals from the account at any time, subject to our right
to terminate an account. If assets are deposited to or withdrawn from an account after the inception
of a quarter that exceed $100,000, the fee payable with respect to such assets will be prorated based
on the number of days remaining in the quarter. A client may withdraw account assets on notice
to us, subject to the usual and customary securities settlement procedures.

The Agreement between Convergence and a given client can be terminated by either party upon
written notification in accordance with the applicable contractual notice of termination. Our fees
will be prorated through the date of termination, and any remaining balance shall be charged or
refunded to the client, as appropriate, in a timely manner. Upon termination of the contract,
securities positions in client portfolios will be liquidated at the client’s request; however, if in some
instances where, for example, requested liquidation is impossible or impracticable, client portfolio
securities will be delivered in kind to client upon termination at our discretion.

Our fees are exclusive of administration expenses, brokerage commissions, transaction fees, and
other related costs and expenses which shall be incurred by the client. Custody fees will vary
depending on the custodian. All brokerage charges and related transaction costs are charged to the
account(s) as they occur. Clients will incur certain charges imposed by custodians, brokers, third-
party investment managers and other third parties such as fees charged by managers, custodial
fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund

fees, and other fees and taxes on brokerage accounts and securities transactions. Mutual funds and
exchange traded funds also charge internal management fees, which are disclosed in a fund’s
prospectus. Such charges, fees and commissions are exclusive of and in addition to our fee. Clients
should note that fees for comparable services may vary and lower fees for comparable services
may be available from other sources.

Exchange Traded Funds
Convergence’s annual advisory fee is 0.95% of the average daily net assets for the Convergence
Long/Short Equity ETF. Please refer to the current Fund prospectus for additional information
regarding fees and other important information.

Item 12 further describes the factors that we consider in selecting or recommending broker-dealers
for client transactions and determining the reasonableness of their compensation (e.g.,
commissions).

Item 7 – Types of Clients

We generally provide investment advice to the following types of clients:

       Individuals (including high net worth individuals)
       Investment companies
       Trusts, estates, or charitable organizations
       Insurance companies
       Other investment advisers
       Corporations or business entities other than those listed above

For separately managed accounts, the minimum portfolio size for the Long/Short Equity strategy
is generally $3,000,000. The minimum portfolio size for Unbiased Equity is $200,000. The
minimum portfolio size for Dividend Growth, Small Cap Opportunities, and Domestic Strategic
Active Tax Management is $100,000. However, we maintain our option to waive the minimum
portfolio size requirement on an individual basis.