Greenwood Pine Partners LLC

Item 5 – Fees and Compensation

5.A.       Adviser Compensation

Greenwood’s All-Cap US strategy will charge the following fees on assets under management:

       •   0.875% on the first $25 million
       •   0.75% on amounts greater than $25 million

Fees are negotiable.

Southeastern and Greenwood have entered into a Shared Services Agreement under which Southeastern will
provide research, trading, compliance and other operational functions for $500 a month until Greenwood’s assets
under management reach $50 million. Above $50 million, Greenwood will pay Southeastern an arms-length fee
for its services, but these payments from Greenwood to Southeastern will not result in additional charges to
Greenwood’s clients.

5.B.       Direct Billing of Advisory Fees

Greenwood will bill clients for fees incurred. Fees are billed quarterly and in arrears.

5.C.       Other Non-Advisory Fees

Clients will incur brokerage and other transaction costs in connection with Greenwood’s portfolio management.
Please see Item 12.

5.D.       Advance Payment of Fees

Greenwood does not charge fees in advance.

5.E.       Compensation for Sale of Securities or Other Investment Products

Greenwood personnel are also personnel of Southeastern and such personnel may be compensated in part
based on cultivation, procurement and/or retention of client relationships (whether Greenwood or Southeastern
products), There should be no expectation that supervised persons would recommend a product or service other
than Southeastern’s or Greenwood’s to clients. Thus, other than disclosure in this ADV Part 2A, there is no
separate policy to disclose a conflict to clients. Unlike brokers and/or advisers that sell their clients products and
services of third parties who pay compensation for these selling efforts, Greenwood and Southeastern receive
no compensation from third parties for selling their products.

Item 7 – Types of Clients

Greenwood’s services are generally provided to institutional clients such as endowments, retirement plans and
trusts. The investment minimum is $25 million, although lower amounts may be negotiated depending on facts
and circumstances.