Cramer Rosenthal McGlynn LLC

Item 5   Fees and Compensation

CRM’s investment advisory fees are generally based on an annual percentage of assets under management (“AUM”).
The percentage at which CRM’s investment advisory fee is calculated generally depends on the type of account, the
type of securities in which the account invests, and the amount of assets under management. For separate account
clients, fees are based on the total assets reflected on the respective CRM client account statements, unless otherwise

                                      Cramer Rosenthal McGlynn, LLC
                                                Form ADV Part 2A
                                                   March 23, 2026

directed by a client. We encourage our clients to compare these totals with those found on statements issued by their
custodian and contact us with any questions. Fees may be subject to negotiation or modification as detailed below.

Subject to applicable law, CRM and certain eligible separate account clients may agree to apply an “incentive” or
“performance” fee, calculated as a percentage of capital appreciation of the client’s account, which are subject to
negotiation. See Item 6 for information as to performance-based fees that CRM currently charges to certain clients.

CRM 2019 Alternatives, LLC (the “General Partner”) is under common control with the Adviser and may be entitled
to receive a performance allocation from the CRM Private Funds in its capacity as General Partner. In a performance
allocation arrangement, the General Partner may receive a performance allocation up to 20% of net profits under
certain circumstances as fully set forth in the private placement memorandum of the Private Funds. Please review the
CRM Private Funds’ offering documents for more information.

Fees charged to CRM’s clients are subject to negotiation, and existing accounts may be paying higher or lower rates
than those outlined below. In addition, clients may negotiate special fee arrangements with CRM from time to time.

The standard investment advisory fees CRM (and in the case of performance allocation payments, CRM affiliates)
receives from different types of accounts are listed below. Except as otherwise noted, these are annual fees calculated
as a percentage of assets under management.

                                         CRM Standard Fee Schedule
                       Type of Product                         Standard Investment Advisory Fee
                                      CRM Small Cap Value Strategy
               Small Cap Value Separate Accounts                    0.85% on first $25 million of AUM
                                                                    0.70% on the next $75 million of AUM
                                                                    0.60% thereafter
               CRM Small Cap Value Mutual Fund                      0.75% on the first $1 billion AUM
                                                                    0.70% on the next $1 billion AUM
                                                                    0.65% thereafter
            CRM U.S. Small Cap Opportunities UCITS
                            Class A                                 0.40% of AUM plus 20% performance fee return
                            Class B                                 0.50% of AUM
                                       CRM Small/Mid Cap Value Strategy
            Small/Mid Cap Value Separate Accounts                   0.85% on first $25 million of AUM
                                                                    0.65% on the next $75 million of AUM
                                                                    0.50% thereafter
            CRM Small/Mid Cap Value Mutual Fund                     0.75% on the first $1 billion AUM
                                                                    0.70% on the next $1 billion AUM
                                                                    0.65% thereafter
 CRM Small/Mid Cap Value Collective Investment Trust (“CIT”)
                           Class S                                0.38% of AUM
                         Class R-1                                0.75% of AUM
                         Class R-2                                0.65% of AUM
 Great Gray Trust Company, LLC, serves as trustee of the CIT. For more information on available share classes and
 fees, see Item 7 below.

                                      Cramer Rosenthal McGlynn, LLC
                                               Form ADV Part 2A
                                                  March 23, 2026

                                           CRM Mid Cap Value Strategy
               Mid Cap Value Separate Accounts                     0.75% on the first $25 million of AUM
                                                                   0.60% on the next $75 million of AUM
                                                                   0.40% thereafter
               CRM Mid Cap Value Mutual Fund                       0.75% on the first $1 billion AUM
                                                                   0.70% on the next $1 billion AUM
                                                                   0.65% thereafter
                                           CRM All Cap Value Strategy
                All Cap Value Separate Accounts                    1.00% on the first $25 million AUM
                                                                   0.75% thereafter
                CRM All Cap Value Mutual Fund                      0.70% on the first $1 billion of AUM
                                                                   0.65% on the next $1 billion of AUM
                                                                   0.60% thereafter
             CRM U.S. Equity Opportunities UCITS
                           Class A                                 0.80% of AUM
...

Item 7   Types of Clients

CRM manages separate accounts for corporate and public pension plans, endowments, foundations, community and
religious organizations, as well as individual and family trusts, estates, and high net worth individuals. CRM serves
as adviser of the CRM Mutual Fund Trust, consisting of the: (i) CRM Small Cap Value Fund; (ii) CRM Small/Mid
Cap Value Fund; (iii) CRM Mid Cap Value Fund; (iv) CRM All Cap Value Fund; and (v) CRM Long/Short
Opportunities Fund. CRM also serves as sub-adviser to the CRM Small/Mid Cap Value Collective Investment Trust
(“CIT”). CRM also serves as adviser to Cramer Rosenthal McGlynn UCITS PLC, consisting of three Dublin-based
UCITS sub-funds: (i) CRM U.S. Equity Opportunities UCITS; (ii) CRM Long/Short Opportunities UCITS; and (iii)
CRM U.S. Small Cap Opportunities UCITS. CRM also serves as investment adviser to unregistered private funds
(i.e., the CRM Private Funds). CRM serves as a participating portfolio manager for certain Unified Managed Accounts
(“UMAs”) and certain model delivery relationships (“Model Delivery”), respectively, whereby CRM provides its
investment strategy models to such UMA / Model Delivery Sponsors. Additional information regarding UMAs and
Model Delivery is available through each respective program Sponsor.

An institutional investor looking to invest in CRM’s small cap value securities, small/mid cap value securities, mid
cap value securities, or an “all cap” value strategy may open a separately managed account with the Adviser with a
minimum of $10 million in assets under management. An individual investor looking to invest in CRM’s small cap
value securities, small/mid cap value securities, mid cap value securities, or an “all cap” value strategy may generally
open a separately managed account with the Adviser with a minimum of $5 million in assets under management.
Under certain circumstances, we may waive the minimum amounts required to open an account with us.

The CRM Small Cap Value Fund, the CRM Small/Mid Cap Value Fund, the CRM Mid Cap Value Fund, and the CRM
All Cap Value Fund each have a minimum investment of $2,500 for investment in the Investor class of shares ($1,000
for IRAs or automatic investment plans) and a minimum of $1,000,000 for investment in the Institutional class of
shares. The CRM Long/Short Opportunities Fund has an initial minimum investment of $10,000. Please review the
Prospectus of the applicable Fund for more information.

The CRM Small/Mid Cap Value Collective Investment Trust (“CIT”) is available to certain eligible investors which
meet the eligibility criteria set forth in the applicable trust documents, including but not limited to the Trust
Participation Agreement and Fund Declaration (e.g., Participating Plans). In addition to meeting the eligibility criteria:

                                       Cramer Rosenthal McGlynn, LLC
                                                 Form ADV Part 2A
                                                    March 23, 2026

(i) Class S is available to Participating Plans that have submitted a Participation Agreement in good order on or before
April 30, 2021; (ii) Class R-1is available to Participating Plans investing up to $25 million in the CIT; and (iii) Class
R-2 is available to Participating Plans investing over $25 million in the CIT. Eligible investors should review the Trust
Participation Agreement and Fund Declaration of the CIT for more information. Great Gray Trust Company, LLC,
serves trustee of the CIT and CRM serves as sub adviser.

The CRM Private Funds have established minimum capital commitments that vary depending upon the nature of the
Fund. Eligible investors should review the Private Placement Memorandum of the applicable Fund for more
information.

The CRM U.S. Equity Opportunities, CRM Long/Short Opportunities, and CRM U.S. Small Cap Opportunities sub-
funds are a part of the Cramer Rosenthal McGlynn UCITS PLC, a Dublin-based UCITS. The CRM U.S. Equity
Opportunities sub-fund has three share classes, two of which have a minimum initial investment amount of $100,000,
and one of which has a minimum initial investment amount of $5,000,000. The CRM Long/Short Opportunities sub-
fund has nine share classes, with several different minimums by share class, which vary from no minimum to
$50,000,000. The CRM U.S. Small Cap Opportunities sub-fund has two share classes; one has an initial investment
amount of $50,000,000, and the other an initial investment amount $100,000.

The UMA and Model Delivery programs each have their own account minimums and other participation requirements,
as designated by their respective Sponsors. Investors wishing to participate in those programs and accounts should
contact the Sponsors directly for further information. As a general matter, it is the responsibility of each program
Sponsor to ensure any underlying client accounts of such UMA or Model Delivery programs adhere to any applicable
investment guidelines or restrictions imposed by such clients. CRM does not know the identity or any other
information pertaining to underlying client accounts of such Sponsors and makes no representations as to the
suitability of investment for such underlying client accounts or investors.

As noted above, CRM provides investment and advisory services to separately managed accounts as well as certain
private funds. Such services are provided pursuant to the agreed upon investment guideline terms set forth in the
investment management agreement. Unlike investors in the private funds, separately managed account clients may
impose reasonable mandates, guidelines, or restrictions relating to investments. For example, separately managed
account clients may impose limits on concentration, risk, exposure, and liquidity that may be different from those in
the private funds. A separately managed account client directly owns the positions in its separately managed account,
...