Easterly Investment Partners LLC

FEES AND COMPENSATION

The fees applicable to each Client’s Managed Account are set forth in detail in each Client’s investment
management agreement. A brief summary of Easterly’s approach to investment management fees is
provided below; a schedule of investment management fee is located in Appendix A.

Easterly bills Clients on either a monthly, quarterly, or annual basis. Depending on the introducing
relationship (e.g., brokerage firm, wrap sponsor, institutional consultant, etc.), bills may be generated in
arrears or in advance and the fee calculation may be based on average monthly balances, quarter-end
market values or some other mutually agreed upon methodology. Partial periods may occur at account
inception and termination; fees for partial periods are pro-rated. Easterly, at its discretion, may adjust the
management fees borne by the Client in the event of additional capital contributions and withdrawals from
the account. In these cases, the management fees will be prorated based on the actual number of days in
such calendar period before and after the applicable contribution to, or withdrawal from, the account.

Clients may pay fees in several different ways and are often dependent on the relationship with the Firm.
Fees are typically paid to Easterly either directly by the Client or through an arrangement with custodians
and/or financial advisors and Easterly. In some cases, certain “qualified custodians” (e.g., broker- dealers)
allow Easterly to deduct advisory fees directly from Client accounts. Additionally, there may be instances
where fees are paid directly to the Firm by the Client in a pre-established manner (e.g., check, money order
or wire).

Advisory fees will be negotiated on a Client-by-Client basis and are based on a percentage of assets under
management. See Appendix A – Fee Information for further details regarding fee schedules for each
investment team and/or product.

Managed Account Expenses
Easterly’s management fee with respect to each Managed Account does not include (a) brokerage charges,
which are paid on a transactional basis by the Managed Account, (b) dealer mark-ups or mark-downs on
securities purchased or sold for an account through third-party dealers, (c) taxes or regulatory fees and (d)
custodial and other miscellaneous fees. In addition, if the Managed Account holds a registered investment
company (open-end, closed-end, ETFs or “money market” mutual fund shares) or a publicly traded
partnership, the managers of such entities may charge management fees and expenses, which would be in
addition to Easterly’s investment advisory fee. Each Managed Account may bear certain of the fees and
expenses described above.

To the extent practicable, Easterly seeks to fairly allocate shared research expenses among its Clients. While
Easterly will apply methodologies for specific items in a manner that is intended to allocate those items in
a fair and reasonable manner, as a general matter, Client accounts are generally allocated a pro rata portion
of any applicable expenses.

However, certain Client accounts are not and may not be assessed all or a portion of certain research
expenses or similar expenses; this can be due to a variety of reasons. For example:

    •     Clients may require that Easterly execute a portion of their trades through a particular broker
          according to a pre-negotiated commission schedule (i.e., a “directed brokerage” arrangement)
          and, if that designated broker is not otherwise providing research that Easterly would purchase,
          those commissions are, in essence, not supporting the acquisition of research that Easterly
          acquires in the process of investing and trading for Client accounts and are, effectively, therefore
          not sharing in the allocation of research expenses.

As a result of these arrangements, certain Clients do not bear any research expenses and, accordingly, the
remaining Client accounts bear an increased proportionate share of research expenses.

Fees for Investment of Client Assets in Mutual Funds and Other Pooled Investment Vehicles
At times, Easterly may invest a Client’s assets in exchange traded funds, mutual funds (including money
market funds or similar short-term investment funds) or other pooled investment vehicles sponsored by
affiliates and non-affiliates. Generally, Clients invested in affiliated mutual funds that charge fees and
expenses (and where Easterly is responsible for calculating its investment management fees for such Client’s
separate account) will not be charged Easterly’s separate account investment management fee on the portion
of assets invested in the affiliated mutual fund but will pay the fund’s customary fees and expenses on those
assets. Clients invested in affiliated mutual funds that do not charge fees and expenses, such as a “completion
fund,” will typically be charged Easterly’s separate account investment management fee on such investments.

For Clients invested in affiliated mutual funds where a third party (such as a platform sponsor or custodian)
is responsible for calculating Easterly’s investment management fees, Clients are encouraged to consult the
platform sponsor or custodian for more information on the fee calculation methodology used. For a Client’s
assets that are invested in unaffiliated mutual funds or other pooled vehicles, Clients will typically pay the
fund’s customary management fee and other fees and expenses, in addition to Easterly’s separate account
investment management fee on those assets (as well as any wealth advisory fee, where applicable). A fund’s
fees are described in each fund’s offering documents (e.g., prospectus or offering memorandum). More
information on Easterly’s fee calculation process is provided in Item 7.

Sub-Advised Funds
The Sub-Advised Funds bear management fees and/or incentive fees that are individually negotiated and
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TYPES OF CLIENTS

As previously noted, Easterly serves as an investment adviser or subadviser to private or high net worth
clients, estates, pension plans, charitable foundations, endowments, corporations, private funds, mutual
funds, collective investment trusts, and other entities.

Easterly generally requires a minimum account size of $1-2 million to establish a Separately Managed
Account, although Easterly may, in its sole discretion, require a larger amount or accept a smaller amount
of initial assets from a potential Client.

Please refer to the Mutual Funds’ prospectuses for more information regarding account minimums.

Please refer to each Private Fund’s Private Placement Memorandum (PPM) for information about the
investment minimums of the applicable Private Fund.