Fred Alger Management LLC

(5) Fees and Compensation:

FAM is generally paid an advisory fee, calculated as a percentage of assets under management.
FAM’s standard fee schedules for separate accounts are presented below. Fees are negotiable and,
as a result of client circumstances (for example, the level of investment management activity and
supervision required for the client’s account, the size of the account, the number and size of other
accounts managed for the client and its affiliates, or the length of the relationship), certain clients
pay higher or lower fees than those noted below and one client may pay a higher fee to FAM than
a second client who is receiving substantially similar services.

Most clients are billed in arrears, either on a monthly or quarterly basis, with billing generally
based on the account’s total market value at the end of each billing period or the average net asset
value over the billing period. For clients that are billed in advance, if the advisory contract is
terminated before the end of the billing period, FAM will refund a pro rata portion of the advisory
fee.

Employees and their immediate family members, and board members of FAM and its affiliates, as
well as members of the board of trustees of FAM-advised funds, can hire FAM for investment
advisory services and will be charged reduced or no advisory fees.

Fee Schedule (per annum)

 Large Cap Growth                               Mid Cap Growth

 0.65%                First $25 million         0.70%                   First $25 million

 0.55%                Next $25 million          0.65%                   Next $25 million

 0.45%                Next $50 million          0.55%                   Next $50 million

 0.35%                Over $100 million         0.50%                   Over $100 million

 Small Cap Focus                                Focus Equity

 0.75%                First $100 million        0.40%                   First $50 million

 0.65%                Next $150 million         0.35%                   Next $50 million

 0.60%                Over $250 million         0.30%                   Over $100 million

Small Cap Growth                      Responsible Investing

0.85%             First $25 million   0.65%               First $10 million

0.80%             Next $25 million    0.55%               Next $15 million

0.70%             Next $50 million    0.50%               Next $25 million

0.60%             Next $150 million   0.45%               Next $50 million

0.50%             Over $250 million   0.40%               Over $100 Million

Capital Appreciation                  Spectra

0.65%             First $50 million   0.75%               First $50 million

0.55%             Next $50 million    0.65%               Next $50 million

0.45%             Next $150 million   0.55%               Next $150 million

0.35%             Over $250 million   0.45%               Over $250 million

Growth & Income                       Health Sciences

0.50%             First $25 million   0.55%               First $50 million

0.40%             Next $25 million    0.50%               Next $50 million

0.35%             Next $50 million    0.45%               Next $150 million

0.30%             Over $100 million   0.40%               Over $250 million

Mid Cap 40                            SRI Capital Appreciation

0.60%             First $25 million   0.70%               First $10 million

0.55%             Next $25 million    0.60%               Next $40 million

0.50%             Next $50 million    0.55%               Next $50 million

0.45%             Over $100 million   0.45%               Next $150 million

                                      0.40%               Over $250 million

 Dynamic Return                              Dynamic Opportunities

 1.00% of total assets                       1.00% of total assets

 Mid Cap Focus                               Alger 35

 0.65%                   First $25 million   0.40%                   First $50 million

 0.55%                   Next $75 million    0.35%                   Next $50 million

 0.50%                   Over $100 million   0.30%                   Over $100 million

 Concentrated Equity                         AI Enablers & Adopters

 0.40%                   First $50 million   0.40%                   First $50 million

 0.35%                   Next $50 million    0.35%                   Next $50 million

 0.30%                   Over $100 million   0.30%                   Over $100 million

 Life Sciences Innovation                    Alger Russell Innovation

 1.20% of total assets                       0.30% of total assets

Wrap Program Fee Structures

Wrap account clients are generally billed by the wrap program sponsor, with a portion of such fee
paid to FAM as discussed above. For its services in wrap programs, FAM generally receives fees
ranging between 0.17% and 0.50% of an account’s market value annually.

Custodial and Brokerage Fees

Each client (other than wrap program clients described above) must select a custodian (generally
a bank or broker-dealer) to provide custodial services in connection with the management of its
account. Clients will incur the cost of these services, including any additional costs charged by
custodians.

FAM’s advisory fees also generally do not include the costs, expenses or commissions that broker-
dealers may charge in connection with transactions executed on behalf of an account, including
mark-ups, mark-downs, or dealer spreads that broker-dealers may receive when acting as principal
in certain transactions. Brokerage is discussed in more detail in Item 12: Brokerage Practices.

Brokerage Through FAC

Fred Alger & Company, LLC (“FAC”), an affiliate of FAM, is a registered broker-dealer. FAC
does not conduct public brokerage business and generally limits its execution services to trades
placed on behalf of FAM’s clients. Subject to the requirements of applicable law, FAM clients
...

(7) Types of Clients:

FAM offers investment advice to corporate pension plans, public plans, Taft-Hartley clients,
foundations/endowments, religious organizations, sub-advisory clients, and other types of
institutional investors and platforms. FAM also offers investment advice to individual investors
through separately managed accounts (including wrap fee programs).

FAM’s clients also include various taxable and tax-exempt institutions, and publicly and privately
offered funds, both domestic and foreign.

FAM typically requires a minimum asset size of $10 million for separate account advisory services
(other than wrap program accounts). FAM may, in its discretion, waive the asset minimum for a
number of reasons, including, but not limited to, clients or their consultants with multiple
relationships with FAM, specialty asset class assignments such as socially responsible mandates,
or clients who are willing to pay the fee equivalent of the minimum asset size. FAM may also
waive the asset minimum when it is adding a new strategy or trying to increase assets in an existing
strategy or distribution channel.

FAM generally requires a minimum asset size ranging from $50,000 to $100,000 for wrap program
accounts, depending on the investment strategy and sponsor arrangement. The minimum asset
size may be waived in some cases.

Minimum investments in funds are listed in the offering material for each such fund. The
minimum investments in funds can be waived in some cases as disclosed in the offering material.