Distillate Capital Partners LLC

Item 5. Fees and Compensation

Distillate receives a management fee calculated as a percentage of assets under management as compensation for
investment advisory services. SMA fees are based on the starting investment universe, domestic or international,
and generally follow a tiered fee schedule as provided below. The details regarding management fees for each
Client relationship are described fully in the respective investment management agreement and, for the Funds,
also described as part of Funds’ expenses in each Fund’s prospectus and other governing documents.

                                             U.S. Large Cap Strategy
                                    From             To
                                    $0               $5,000,000        0.39%
                                    $5,000,000       $25,000,000       0.36%
                                    $25,000,000      $50,000,000       0.33%
                                    $50,000,000      and up            0.30%
                                    minimum account size: $5,000,000

                                            International Strategies
                                    From           To
                                    $0             $5,000,000      0.55%
                                    $5,000,000       $50,000,000       0.45%
                                    $50,000,000      and up            0.40%
                                    minimum account size: $5,000,000

                                             U.S. Small Cap Strategy
                                    From            To
                                    $0               $5,000,000        0.55%
                                    $5,000,000       $50,000,000       0.45%
                                    $50,000,000      and up            0.40%
                                    minimum account size: $5,000,000

               Tiered Fee Example: A $10,000,000 account invested in a U.S. strategy would be billed
               at a rate of 0.375% (0.39% on the first $5,000,000 and 0.36% on the next $5,000,000).

Separately Managed Accounts (SMA)
Typically, Distillate submits quarterly service compensation invoices within thirty (30) calendar days after the
close of the quarter for which the services were provided. In some cases, fees may be deducted from SMA Client
accounts subject to terms and conditions that are detailed in each Client’s investment management agreement.
Fee rates and certain terms, including the frequency of payments and methods of calculation, may be subject to
negotiation at the Firm’s discretion. Fees may be reduced or waived for certain persons affiliated with the Firm.
Distillate’s fees do not include other expenses incurred by Clients in connection with our investment advisory
services such as brokerage and other transaction costs, custodial fees, or any transfer or other service charges.

Investment management agreements between Distillate and SMA Clients are typically terminable at any time,
subject to any required notice depending upon the specific circumstances and needs of SMA Clients. In the event
of termination, advisory fees will be prorated over the period during which investment advisory services were
provided, subject to requirements outlined under each SMA Client’s investment management agreement.

Asset-based fees subject Distillate to a potential conflict of interest in that the more assets there are in your
advisory account, the more you will pay in fees, and thus the Firm has an incentive to encourage you to increase the
assets in the account.

Registered Investment Companies – Exchange Traded Funds (ETFs)

With respect to the Funds, Distillate receives an advisory fee subject to the approval of the Trust’s Board of
Trustees. A portion of the Firm’s fee is used to compensate the sub-adviser for management services provided to
applicable Funds, which is based upon a percentage of each applicable Fund’s daily net assets, subject to a
minimum fee. The level of the sub-advisory fee paid with respect to a Fund is negotiated between Distillate and
the sub-adviser and will vary depending on, among other things, the types of assets in which the Fund invests. Sub-
adviser fees are generally accrued daily and are billed and paid quarterly in arrears.

Model-Only Delivery

Distillate is generally compensated by entities sponsoring Model-Only client accounts with a fee based on assets
under advisement of such strategies. Fees paid by the end user of these model services consist of fees associated
with managing the model only service, trading frequency of the strategy, and the costs associated with
implementing the strategy. A fee schedule is set by the Turnkey Asset Management Program (“TAMP”) and/or
source advisor accessing the platform. Distillate has no input on these fee schedules other than determining a
management fee associated with the model only service. Typically, any fee negotiation for advisor clients would
be at or through the source advisor or TAMP.

Investors will pay fees and costs whether the investor makes or loses money on investments. Fees and costs
reduce the amount of money an investor can make on investments over time.

Item 7. Types of Clients

Distillate offers investment advisory services to pooled investment vehicles (i.e. registered investment
companies), as well as high net worth individuals and institutional investors through separately managed
accounts. For separately managed accounts, the Firm typically requires a minimum initial investment of
$5,000,000. The minimum initial investment amount may be waived in consideration of an overall relationship size,
future contributions, or other factors, at the Firm’s sole discretion.