Cresset Asset Management LLC

Item 5: Fees and Compensation

The following paragraphs detail the typical fee structures and compensation methodologies for
services provided by the Adviser. However, fees are negotiated in different amounts with each
Client based on a number of factors including, among other considerations, the aggregate assets
under management, the complexity and type of the services to be provided, and the overall
relationship such Client has with the Adviser. For example, certain legacy Clients who transferred
to Cresset from an unrelated third-party adviser often have fee structures and billing processes
that differ from the structures described herein. Clients should review their engagement
agreement for information related to fees and compensation.

Advisory Fees
As compensation for rendering investment advisory and wealth management services, Cresset
is generally paid quarterly (the “billing period”), either in advance or in arrears of the billing
period, pursuant to the terms of the engagement agreement. If billed in advance, advisory fees

                           Cresset Asset Management, LLC – Form ADV Part 2A

are generally based on the market value of assets held in Accounts as of the last day of the prior
quarter. If billed in arrears, investment advisory fees are generally based on the quarter’s
average daily fair market value of the assets held in the Accounts. The investment advisory fee
in the first billing period of services is prorated. There are instances where engagements involve
a flat annual fee with respect to the type of account or services provided. When applicable,
advisory fees are calculated by applying the annual billing rate to the total managed assets,
multiplied by the percentage of time in the billing period over the calendar year, which is typically
quarterly.

The Adviser’s current standard fee schedules are as follows:
                                                             Top-Tier Fee                    Waterfall Fee

    Fair Market Value of Managed Accounts                    Annualized Rate*                Annualized Rate*
            $0 million to $5 million                              1.25%                           1.25%
           $5 million to $10 million                              1.10%                           0.90%
           $10 million to $25 million                             0.90%                           0.80%
           $25 million to $50 million                             0.80%                           0.70%
             $50+ million or more                                 0.70%                           0.60%
                         *Minimum Fee is the lesser of $25,000 or 2.00% of Managed Assets.

Investment advisory fees that are based on the market value of managed assets could be
subject to a minimum annual fee of $25,000 (not to exceed 2.00% annually) in certain
circumstances. Fees may be negotiable at the discretion of the Adviser. Securities held in
accounts managed by Cresset will be independently valued by the applicable custodian.
Investments for which market quotations are not readily available are generally valued using the
most recently received information; in the case of the Funds, such investments are typically
valued by the underlying fund, its Third-Party Manager, and/or the Fund’s fund administrator.
Clients are generally permitted to make additions to and withdrawals from their Accounts at any
time, subject to the Adviser’s right to terminate the accounts as set forth in the respective
engagement agreement. When the investment advisory fee is billed in advance, if there are
significant managed assets deposited into or withdrawn from an Account after the beginning of
a billing period, the fee payable with respect to such managed assets may be adjusted in the
next billing period to reflect the adjustment to the fee based on the change in assets held in the
Account. The Adviser’s methodology for determining the fee adjustment is on a per Account
basis and netting all billable securities and cash deposits/withdrawals that settle in the Account
on a given day of $100,000 or more. Any pro rata portion of any fee paid in advance will be
promptly refunded in the event of the termination of the engagement agreement prior to the
end of the billing period.

Pursuant to written Client authorization, advisory fees are deducted directly from a managed
account held by a custodian, whereby Cresset advises the applicable custodian in writing of the
amount of the fees to be deducted for the applicable Account at the beginning or end of the
respective billing period. Clients will be provided with a statement, at least quarterly, from the
custodian reflecting the deduction of the advisory fee. We urge all Clients to carefully review the
advisory fees shown in the custodial statements.

                                 Cresset Asset Management, LLC – Form ADV Part 2A

If the Client account does not contain sufficient cash or cash equivalents to pay the advisory
fees due, Cresset has authority to sell or redeem securities in sufficient amounts to cover those
fees. In most cases, however, Clients can reimburse their Account for advisory fees paid unless
the Account is an ERISA or IRA account.

•   Use of Independent Managers – Clients who use a separate, independent money manager
    will typically incur additional fees pursuant to such relationship and Clients should refer
    directly to the disclosures and/or fee schedule provided by such manager. The
    engagement agreement may give Cresset the authority to hire and terminate such
    managers on the Client’s behalf. The ability to access certain independent managers could
    be limited by the types of accounts which are generally subject to account minimums as
    determined by such independent managers. Further, the Client can access certain
    independent money managers directly, and in such cases, could access such services at
...

Item 7: Types of Clients

As discussed in Item 4 – Advisory Business above, Cresset provides investment advisory and
family office services to individuals, high net worth individuals, trusts, estates, retirement plans,
charitable organizations, corporations, other business entities, and pooled investment vehicles.

Cresset generally does not impose a minimum size for establishing a relationship although it may
impose a minimum annual fee as stated above.