Federated Advisory Services Company

FEES AND COMPENSATION

A.       Our Fees for Our Services

For each category of service that we provide, Federated Advisory Services Company charges its related party investment
adviser clients (i.e., certain of the other Federated Advisory Companies) aggregate fees equal to 110% of our operating
expenses incurred in providing that category of service. These fees are payable monthly in arrears based on the costs of
providing services in each month and are allocated among the related party investment advisers (i.e., certain of the other
Federated Advisory Companies) receiving that particular category of service based on their average assets under
management during the month. We do not invoice for our fees or deduct our fees from client accounts. Our
compensation is paid by intercompany credit by the other Federated Advisory Companies out of their own legitimate
profits and other resources and is not added to the fees the other Federated Advisory Companies charge their clients
(unless otherwise specifically disclosed to applicable clients). Our compensation was agreed upon by us and the other
Federated Advisory Companies and is not negotiable. Our compensation is not paid in advance and is not subject to
refund.

B.       Fees and Expenses, Other Than Our Fees

As discussed under “Our Services” in Item 4 of this brochure, Federated Advisory Services Company provides services
exclusively to related persons that are investment advisers (i.e., certain of the other Federated Advisory Companies). As
with other investment accounts, the other Federated Advisory Companies, and/or their clients, will incur fees and
expenses, other than investment advisory fees, when we provide our services and the other Federated Advisory
Companies manage client assets. Clients will incur brokerage costs, other transaction costs and other related costs and
expenses. Also, if another adviser (an Other Adviser) is involved, any advisory fees of such Other Adviser will be
incurred if charged separately. Examples of these other costs and expenses can include:

     •   Brokerage commissions;
     •   Markups, mark-downs and other amounts included in the price of a security;
     •   Custodian fees;
     •   Administrative fees;
     •   Interest charges;
     •   Odd-lot differentials;
     •   Transfer taxes;

     •   Wire transfer fees;
     •   Electronic fund fees;
     •   Exchange and SEC fees; and
     •   Expenses assessed to holders of securities or other investments relating to litigation involving that security or
         investment.

In addition to the potential fees and expenses listed above, some registered Investment Companies can be subject to fees
and expenses associated with their committed, revolving line of credit agreement. Investments in Private Investment
Companies, Investment Companies (e.g., mutual funds and ETFs) and other Pooled Investment Vehicles also can be
subject to sales charges (e.g., front-end or contingent deferred sales charges), redemption fees and exchange fees. Private
Investment Companies, Investment Companies and other Pooled Investment Vehicles also generally have internal fees
and expenses that will be borne by clients whose assets are invested in these investment products. These internal fees
and expenses include, for example:

     •   Management fees (including Other Adviser investment advisory fees);
     •   Transfer agent fees;
     •   Distribution fees;
     •   Custody fees;
     •   Administration fees;
     •   Shareholder servicing fees;
     •   Networking fees;
     •   Recordkeeping fees;
     •   Costs of registering shares;
     •   Acquired funds fees and expenses;
     •   Dividends on short positions and other expenses related to short positions;
     •   Extraordinary expenses (such as litigation-related expenses);
     •   Mailing and printing of prospectuses or other offering documents; and
     •   Other administrative expenses.

In most Managed Account programs, the “wrapped fee” charged to clients of certain other Federated Advisory
Companies that serve as portfolio manager in such Managed Account programs covers portfolio manager selection,
performance monitoring and evaluation, custody, investment advice, brokerage and/or other administrative services. In
some cases, brokerage commissions and/or fees for providing investment advice can be charged separately. Situations in
which Managed Account program clients could bear additional brokerage expenses are further described in “Managed
Account programs” in Item 12 of this brochure. In certain Managed Account programs, the sponsors or platform
providers could impose a minimum annual fee. In certain programs, the sponsors or platform providers for the
Managed Account programs also could impose a separate fee if, in seeking best execution, trades are executed through a
broker/dealer or other securities intermediary other than the sponsor or platform provider (or their affiliated
broker/dealer). In these cases, this additional fee can cause a determination to be made that better execution (in terms of
price) could be obtained by executing the trade through the sponsor or platform provider (or their affiliated
broker/dealer).

(Please refer to “Brokerage Practices” in Item 12 of this brochure for a discussion of brokerage practices, including the
factors that are considered when selecting broker/dealers or other securities intermediaries for client transactions.)

C.       Sales Compensation

Federated Securities Corp. is an affiliate of Federated Advisory Services Company. Federated Securities Corp. serves as
distributor of the Federated Hermes family of Investment Companies (i.e., mutual funds and ETFs), Private Investment
Companies, and of certain other Pooled Investment Vehicles. Federated Securities Corp. is a registered broker/dealer,
municipal securities dealer, and investment adviser. Federated Securities Corp. receives distribution-related fees for
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TYPES OF CLIENTS

A.       Types

Federated Advisory Services Company provides services exclusively to related persons that are investment advisers (i.e.,
certain of the other Federated Advisory Companies). The Federated Advisory Companies to which we provide our
services include:

     •   Federated Investment Counseling;
     •   Federated MDTA LLC (including its MDT Advisers division);
     •   Federated Global Investment Management Corp.;
     •   Federated Investment Management Company; and
     •   Federated Equity Management Company of Pennsylvania.

The Federated Advisory Companies also provide advisory services with respect to Proprietary Accounts. (Please refer to
“Conflicts of Interest Relating to Proprietary Accounts” in Item 6 of this brochure for a discussion of conflicts of
interest relating to Proprietary Accounts.) For further information on the clients of these other Federated Advisory
Companies, reference should be made to the Form ADV, Part 1, and Form ADV, Part 2A brochures for the other
Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to “Advisory Business” in
Item 4 of this brochure for information on how to obtain the Form ADV, Part 1, and any available brochures of the
other Federated Advisory Companies.

B.       Requirements for Services

Federated Advisory Services Company has written services agreements with the other Federated Advisory Companies to
which we provide services. We also can obtain limited powers of attorney from other Federated Advisory Companies
that utilize our services in order to permit us to perform our services on their behalf.

We, and our employees and supervised persons, or the other Federated Advisory Companies can request clients of the
other Federated Advisory Companies to provide proof of authority, directed trading letters, qualified purchaser or

accredited investors letters/certifications, or other information to allow us to perform our services or the other
Federated Advisory Companies to manage client assets. For further information on the requirements that the other
Federated Advisory Companies impose for managing client assets, reference should be made to the Form ADV, Part 2A
brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC). Please refer to
“Advisory Business” in Item 4 of this brochure for information on how to obtain any available brochures of the other
Federated Advisory Companies.

The Federated Advisory Companies also can be restricted by the securities laws of jurisdictions outside of the U.S. from
managing the assets of certain clients of the other Federated Advisory Companies located in such jurisdictions.

                            METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Federated Advisory Services Company does not offer our own investment strategies or make investment decisions, but
rather we take instructions from and provide research to our clients. As discussed under “Our Services” in Item 4 of this
brochure, we provide services (such as fundamental and quantitative analysis and performance attribution) exclusively to
related persons that are investment advisers (i.e., certain of the other Federated Advisory Companies). These other
Federated Advisory Companies do offer their own investment strategies. For information regarding the specific methods
of analysis utilized, and specific investment strategies offered (and related investment risks involved with the specific
investment strategies offered), by the other Federated Advisory Companies, reference should be made to the Form
ADV, Part 2A brochures for the other Federated Advisory Companies (to the extent prepared and filed with the SEC).
Please refer to “Advisory Business” in Item 4 of this brochure for information on how to obtain any available brochures
of the other Federated Advisory Companies.

Investing in securities involves risk of loss that clients should be prepared to bear. Investment decisions are subject to
various market, currency, economic, political and business risks. Investment decisions will not always be profitable and
can subject client accounts to overall investment loss. Past performance is not necessarily an indication of future results.
We, and the other Federated Advisory Companies, do not guarantee future performance, any specific level of
performance or the success of any particular investment decision or strategy.

We can employ one or more of the following methods of analysis in providing our services:

    •    Fundamental analysis;
    •    Technical analysis;
    •    Cyclical analysis;
    •    Quantitative security selection models; and
    •    Subjective evaluation of non-quantifiable factors (e.g., quality of management or corporate governance,
         environmental and social characteristics) and judgment decisions.

There are risks associated with the above methods of analysis. For example, the price of an investment can change
regardless of the economic and financial factors we consider when using fundamental analysis to evaluate an investment
and a poorly managed issuer can underperform regardless of market movements identified through technical analysis.
Quantitative models examine multiple economic and market factors using large data sets. The results generated by
quantitative analysis can be different than expected and can negatively affect investment performance for a variety of
reasons. For example, human judgment plays a role in building, utilizing, testing and modifying the financial algorithms
and formulas used in these models. Additionally, the data, which is typically supplied by third parties, can be imprecise or
become stale due to new events or changing circumstances. Market performance can be affected by non-quantitative
factors (for example, investor fear or over-reaction or other emotional considerations) that are not easily integrated into
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