First Eagle Separate Account Management LLC

Item 5          Fees and Compensation
The specific way fees are charged by FESAM is established in the written agreement governing each Client Account.
FESAM generally negotiates the fees paid to it for investment management services provided to Wrap/SMA Programs directly with
Sponsors, not with individual Wrap/SMA Program participants. Wrap/SMA Program participants receive a brochure from the
Sponsor detailing all aspects of the Wrap/SMA Program. Fees and features of each Wrap/SMA Program vary by Sponsor.
Wrap/SMA Program participants should consult their Sponsor’s brochure for the specific fees and features applicable to their
program. For Wrap/SMA Program accounts, participants generally pay the Sponsor a single fee and out of this amount FESAM is
paid its negotiated fee rate by the Sponsor for advisory services. The Sponsor retains the remainder of the fee for trade execution,
custody, and additional services. Additional fees will be incurred in connection with certain trades made on behalf of Wrap/SMA
Program accounts, including relating to investments in ADRs, ETFs or other underlying funds, where applicable.
For HNW Clients, FESAM generally negotiates the fees paid to it for investment management services directly with clients, as
reflected in the relevant investment management agreement.
See Item 12 – Brokerage Practices for more information.

FESAM’s basic annual fee schedule for SMAs in its Overseas ADR Strategy is currently as follows:
                                       Management Fee                         Expected Minimums

Dual Contracts                         0.55%                                  $2 million

Single Contracts                       0.40%                                  $100,000

UMA/Model Delivery                     0.30–0.35%                             $100,000

Form ADV Part 2A Brochure                                       page 7                            First Eagle Separate Account Management, LLC

FESAM’s basic annual fee schedule for SMAs in its Global SMA Strategy is currently as follows:
                                      Management Fee                        Expected Minimums

Dual Contracts                        0.55%                                 $2 million

Single Contracts                      0.40%                                 $100,000

UMA/Model Delivery                    0.30–0.35%                            $100,000

FESAM’s basic annual fee schedules for HNW Client SMAs in the Core Municipal and Core Plus Municipal SMA Strategies is
currently as follows:
                                      Management Fee                        Expected Minimums

Dual Contracts                        0.42%                                 $2 million

Single Contracts                      0.20-0.40%                            $250,000

FESAM’s basic annual fee schedule for SMAs in its Custom Municipal SMA Strategy is currently as follows:
                                      Management Fee                        Expected Minimums

Dual Contracts                        Negotiable                            $2 million

FESAM’s basic annual fee schedule for HNW Client SMAs in the High Yield Municipal Strategy are currently as follows:
                                      Management Fee                        Expected Minimums

IMA Contracts                         0.45%                                 $3 million

FESAM’s basic annual fee schedule for SMAs in its Rising Dividend SMA Strategy is currently as follows:
                                      Management Fee                        Expected Minimums

Dual Contracts                        0.50%                                 $2 million

Single Contracts                      0.40-0.45%                            $100,000

UMA/Model Delivery                    0.30-0.35%                            $100,000

FESAM’s basic annual fee schedule for SMAs in its US Small Cap SMA Strategy is currently as follows:
                                      Management Fee                        Expected Minimums

Dual Contracts                        0.75%                                 $2 million

Single Contracts                      0.40-0.45%                            $50,000

UMA/Model Delivery                    0.35-0.40%                            $50,000

Form ADV Part 2A Brochure                                      page 8                            First Eagle Separate Account Management, LLC

FESAM’s basic annual fee schedule for SMAs in its Mid Cap SMA Strategy is currently as follows:
                                       Management Fee                         Expected Minimums

Dual Contracts                         0.75%                                  $2 million

Single Contracts                       0.35-0.40%                             $50,000

UMA/Model Delivery                     0.30-0.35%                             $50,000

The basic fees listed above can vary depending on certain factors including but not limited to the total value of client assets under
management with FESAM.
Unless a different arrangement is made with a client, FESAM expects generally to bill its management fees on a quarterly basis in
arrears based on the average assets at each month end during the quarter. Management fees are typically prorated for partial
periods.
FESAM does not currently have performance-based fee arrangements with any clients.
FESAM’s contracts typically include a provision for indemnification to FESAM under certain circumstances.
In certain circumstances, fees and account minimums are negotiable. FESAM may change its fee structure at any time.
Because Sponsors typically do not charge an additional commission for brokerage transactions, FESAM expects it will usually be
more cost effective for Wrap/SMA Program accounts if FESAM executes transactions through the respective Sponsor (or a
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Item 7          Types of Clients
FESAM provides portfolio management services to Wrap/SMA Program Sponsors and their clients, HNW Clients, as well as to a
broad range of current and prospective clients, including individuals, high net worth individuals, pension and profit sharing plans,
charitable organizations, corporations and other businesses. In addition, from time to time, FESAM enters into “dual contract”
agreements with certain clients. FESAM generally requires minimum account sizes, which are based on mandate and type and are
determined by the agreement between FESAM and the Wrap/SMA Program Sponsor or HNW Client. FESAM reserves the right, in its
sole discretion, to waive or change investment minimums in certain circumstances.
FESAM establishes minimum account sizes with individual Wrap/ Programs and HNW Clients. See Item 5 – Fees and Compensation
for more information about expected minimum account sizes. FESAM may waive the minimum account requirements or establish
different minimum account standards for certain Client Accounts from time to time in its sole discretion. Please see the Wrap/SMA
Program brochure for details about a specific Wrap/SMA Program.
FESAM’s minimum account size for HNW Client accounts is set forth as the “expected minimums” under Item 5 – Fees and
Compensation above.