FTA Asset Management LLC

ITEM 5 - Fees and Compensation

First Tryon Advisors does not maintain a standard fee schedule, and instead negotiates either a flat fee, an
asset-based fee or an hourly fee on a client-by-client basis, and dependent upon specific services provided.
Fees are either deducted directly from client accounts by the relevant third-party custodian or are invoiced
to the client and paid directly to the Adviser. Fees are typically billed either quarterly or monthly and are
calculated and assessed in-arrears.

Additional Fees and Expenses

In addition to fees paid to First Tryon Advisors and/or its affiliates, the clients will incur brokerage
commissions, transaction fees, service provider fees, and other related costs and expenses directly from the
custodian, issuer, or broker-dealer. Execution of transactions may require payment of brokerage
commissions by clients. “Item 12 – Brokerage Practices” further describes the factors that First Tryon
Advisors considers in selecting or recommending broker-dealers for the execution of transactions and
determining the reasonableness of their compensation (e.g., commissions). Investment activity may also
involve other transaction fees payable by clients, such as sales charges, odd-lot differentials, transfer taxes,
wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions. In addition, clients may incur certain charges imposed by outside custodians, broker-dealers,
and other third parties, such as custodial fees, administrative fees, and transfer agency fees. First Tryon
Advisors does not currently receive any payments from brokers, custodians, or any other third parties
relating to its provision of investment advisory services.

At times, First Tryon Advisors may invest a client’s assets in mutual funds or other pooled investment
vehicles sponsored by third parties, such as ETFs. To the extent that a client’s assets are invested in other
pooled vehicles, clients will also typically pay management and/or other fees (such as performance fees)
associated with each such mutual fund or other pooled vehicle that are in addition to the fees paid by clients
to First Tryon Advisors, as described above. Those fees are described in each pooled vehicles’ offering
documents (e.g., prospectus or offering memorandum). Such charges, fees, and commissions are exclusive
of, and in addition to, First Tryon Advisors’ Fees and Compensation described above.

First Tryon Advisors may charge clients an hourly fee for certain advisory services. Hourly fees are charged
at First Tryon Advisors’ standard hourly rates, which vary based on the personnel providing the services
and the nature and complexity of the engagement. Clients may request an estimate of total hours, though
actual fees may vary depending on the time required to complete the requested services. No portion of these
hourly fees is deducted from client assets without prior written authorization, and First Tryon Advisors does
not receive compensation from the sale of securities or other investment products in connection with
hourly-fee engagements.

ITEM 7 - Types of Clients

As described in Item 4, First Tryon Advisors provides investment advice to municipal entity and obligated
person clients. While the Adviser generally requires an investment minimum of $3,000,000.00, such
minimum is negotiable and otherwise may be waived or modified in First Tryon Advisors’ sole discretion.

                ITEM 8 - Method of Analysis, Investment Strategies and Risk of Loss

Investment Strategies and Methods of Analysis

First Tryon Advisors primarily recommends fixed income or other investments to the Firm’s Clients. First
Tryon Advisors’ recommendations will be consistent with the written investment management agreements
with its Clients and with the Firm’s written policies and procedures. First Tryon Advisors’
recommendations may include, for example, shares of “index funds” which may be open-end management
investment companies (mutual funds) or unit investment trusts (“UITs”) whose primary investment
objective is to achieve approximately the same return as a particular market index; or shares of exchange-
traded funds (“ETFs”).