FEG Investment Services LLC

Item 5 – Fees and Compensation
Management Fees

FEG Select, LLC, charges a 0.12% management fee annually to all investors that do not have an investment
advisory agreement in place with FEG. This fee is waived for all investors with existing investment advisory
agreements with FEG. If investors terminate their investment advisory agreement with FEG, they will be
charged a 0.12% management fee. Fees are based on asset value and are paid quarterly in arrears. All fees
charged by the Manager are subject to negotiation. In addition to the management fee, the Fund also bears
its own organizational and operating expenses, including expenses for audit, legal, fund administration,
custody, compliance, and tax-related fees.

Sub-Adviser Fees

For the SMA’s, the Manager has sub-advisory agreements in place with multiple investment advisers to
manage the assets of certain Series of FEG Select.

In accordance with the sub-advisory agreements, each respective SMA Series pays the sub-advisers as
follows:

 Series Name               Sub-adviser Name                  Annual Mgmt. Fee                 Performance Fee

 FEG Select Structured     Pacific Investment Management     .10%                             15% of excess
 US Equity Series          Company (PIMCO)                                                    return`
 FEG Select Structured     Pacific Investment Management     .12%                             15% of excess
 International Equity      Company (PIMCO)                                                    return
 Series
 FEG Select Core Fixed     Barrow, Hanley, Mewhinney &       .14%                             None
 Income Series             Strauss
 FEG Select Core Bond      Doubleline Capital                .25% of the first $250 million   None
 Plus Series                                                 .23% of the next $250 million
                                                             .20% of the next $250 million
                                                             .18% of the next $250 million
                                                             .16% of the next $1 billion
                                                             .15% over $2 billion
                                                             Fee schedule subject to $100
                                                             million minimum AUM
 FEG Select Active         Trinity Street Asset Management   .12%                             30% of excess
 International Equity                                                                         return
 Series

Underlying Fund Fees

In addition to the management fee described above, the Underlying Funds are generally subject to their pro
rata portion of any fees charged by the Underlying Funds. These fees typically include a management fee
and in some cases an incentive fee arrangement. In addition, each Underlying Fund will generally pay the
costs and expenses of the Underlying Fund, including: organizational expenses; liquidation expenses;
expenses related to audits of the Underlying Funds; preparation of tax returns; costs of preparing and
distributing financial statements and other reports to and other communications with the partners.

Item 7 – Types of Clients
The Manager provides investment advisory services to one client, FEG Select, LLC. FEG Select is a
Delaware series limited liability company capable of investing across a broad range of assets. It is structured
as a 3(c)-7 exempt private investment vehicle suitable for accredited investors and qualified purchasers.
FEG Select contains multiple separate series for various strategies, as identified in FEG Select’s operating
agreement. Under Delaware law, each Series is treated as a separate legal entity to avoid cross-
contamination. Each Series invests into one or more commingled funds, private funds, or separately
managed accounts.

Investors in the Fund primarily include institutional investors (e.g., endowments, community foundations,
corporate, higher education, charitable, healthcare, etc.) who meet the terms of the exemption under which
the Fund operates and wish to invest in accordance with a particular Underlying Fund’s or Series’
investment objective.