Fiduciary Trust International LLC

Item 5. Fees and Compensation
Fees for Portfolio Management and Sub-Advisory Services
FTI charges its advisory clients (other than the FTI Private Funds and the Sub-Advisory Clients) an
investment advisory fee for portfolio management services that are typically based upon a percentage of
assets under management and in most instances range from 0.25% to 1.00%. Investment advisory fees differ
among advisory clients.

FTI negotiates fees in light of a client’s special circumstances, asset levels, the breadth and complexity of
services provided to the client or other factors, in FTI’s sole discretion. FTI offers certain clients a fee
schedule that is lower than that of other comparable clients for comparable services and sometimes chooses
to waive all or a portion of a negotiated fee for a given period.

The minimum annual investment advisory fee for portfolio management services is typically $150,000 and
may be waived from time to time.

Additional related services such as trustee services, consolidated reporting, family office services and
service provider search and coordination may be included in the overall investment advisory fee charged to
the client or charged separately, depending on the terms of the client’s agreement with FTI.

Sub-Advisory Clients do not pay FTI any fees or compensation directly. FTI generally receives an annual
sub-advisory fee from FTCI or an FTCI Affiliate equal to 50% of the fees that FTCI or such FTCI Affiliate
receives from its client. If a Sub-Advisory Client invests in a FTI Private Fund, FTI generally waives its
Fund Management Fee with respect to such Sub-Advisory Client to the extent such Sub-Advisory Client
remains a client of FTCI or an FTCI Affiliate however the Sub-Advisory Client may pay an advisory or
administrative fee on their investment in a FTI Private Fund.

FTI Private Funds

As discussed in Item 4, existing advisory clients of FTI may elect to participate in the FTI Private Funds as
part of their overall services. FTI’s practice has been to waive the annual management fee for its services
as investment manager to the FTI Private Funds (the “Fund Management Fee”) for current advisory clients.
Accordingly, current advisory clients who invest in a FTI Private Fund do not pay the Fund Management
Fee to FTI. Instead, FTI includes the advisory clients’ interests in the FTI Private Fund as managed assets
subject to the advisory client’s governing investment advisory fee schedule.

There is no additional fee to be paid by an advisory client in connection with an investment in a FTI Private
Fund other than (1) reimbursement to FTI for services provided by certain FTI employees who perform
administrative and accounting services on behalf of the FTI Private Funds at rates that do not exceed those
charged by an independent third party; and (2) reimbursement to the FTI Private Funds for their direct
operational expenses (legal, accounting and administrative costs). Such operational expenses are shared on
a pro-rata basis by the investors who participate in such vehicle.

In most instances, FTI will receive the Fund Management Fee from investors in the FTI Private Funds who
are not current advisory clients of FTI, FTCI or an FTCI Affiliate. In general, such investors pay an annual
Fund Management Fee, which may vary across the FTI Private Funds, and which is typically allocated to
such investors in proportion to their capital account balances or net asset value in the respective FTI Private
Fund.

FTI does not receive any performance fee for its advisory services to the FTI Private Funds. However,
investors will be indirectly subject to performance-based fees as a result of the underlying investments by
the FTI Private Funds in other funds whose managers may or may not waive their performance-based fees.

Affiliated Funds

FTI may recommend funds that are registered investment companies, such as mutuals funds and ETFs,
which are sponsored, advised or sub- advised by Franklin Templeton Affiliates (as defined below) or in
which Franklin Templeton Affiliates or their personnel may have an ownership or management interest
(“Affiliated Funds”). When FTI purchases shares of an Affiliated Fund, FTI will waive its advisory fee with
respect to advisory client assets invested in the Affiliated Fund. In this instance, (1) the advisory client will
be required to pay fees at the Affiliated Fund level (such as a management fee and other fund expenses) to

an affiliate of FTI and (2) the advisory client may be able to purchase Affiliated Fund shares directly without
using the services of FTI. Neither FTI nor any affiliate receives any Rule 12b-1 distribution or shareholder
servicing fees from any affiliate attributable to investing client assets in any Affiliated Fund.

Affiliated Products

FTI may recommend products offered by Franklin Templeton Affiliates or in which Franklin Templeton
Affiliates or their personnel may have an ownership or management interest, which are not Affiliated Funds,
such as, but not limited to, private funds and separately managed account strategies (each an “Affiliated
Product” and together the “Affiliated Products”). FTI’s policy, with certain exceptions, is to charge advisory
clients an advisory fee on the investment in the Affiliated Product, and the Franklin Templeton Affiliate
will also charge its fee on the Affiliated Product. In addition, FTI may purchase certain Affiliated Products
for a FTI Private Fund in its discretionary capacity as investment manager of a FTI Private Fund or upon
an advisory client’s instruction. In both cases, advisory clients pay the fees charged by the Franklin
Templeton Affiliate for such Affiliated Products purchased by the FTI Private Fund.

Fees in General

All fee arrangements are detailed in the advisory client’s advisory agreement with FTI, the FTI Private Fund’s
management agreement with FTI, or the sub-advisory agreement between FTI and FTCI, or the FTCI
Affiliates.
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Item 7. Types of Clients
FTI provides investment advisory and management services to individuals, family offices, trusts, estates,
charitable organizations, corporations and other business entities as well as some institutional clients such
as endowments, partnerships and limited liability companies. FTI also provides advisory services to the FTI
Private Funds and sub-advisory services to Sub-Advisory Clients. Investment advice is provided to the FTI
Private Funds and only individually to each of the investors in the FTI Private Funds to the extent such
investor is separately a current advisory or sub-advisory client of FTI.

The investment minimums and investor eligibility requirements relating to an investment in each FTI
Private Fund are stated in the respective fund’s Offering Documents. FTI and/or the respective FTI Private
Fund’s general partner generally have the discretion to waive or modify the investment minimum.

FTI generally requires a minimum account size of $25 million for its clients, but may elect to waive that
minimum at its sole discretion. Minimum investment amounts for the FTI Private Funds are set forth in the
Offering Documents. Minimum account size for the Sub-Advisory Clients is generally established by FTCI
or the FTCI Affiliates.