Hall Capital Partners LLC

Item 5. Fees and Compensation
A. CLIENT PORTFOLIOS
    Hall Capital typically charges an annual fee, based on assets under management, for each client
    relationship generally using the following fee schedules:

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Hall Capital Partners LLC                                                                              Brochure

       OPTION 1: Asset-Based Fee Only

        0.35% on the first $500 million of fee-eligible assets under management
        0.25% on the next $500 million of fee-eligible assets
        0.20% on all fee-eligible assets above $1 billion
        Minimum fee of $500,000 per year

       OPTION 2: Asset-Based + Performance Fee

        Base Fee
        0.25% on the first $500 million of fee-eligible assets under management
        0.15% on the next $500 million of fee-eligible assets
        0.10% on all fee-eligible assets above $1 billion
        Minimum base fee of $350,000 per year

        Performance Fee
        10% of return over an 8% hurdle, subject to high water mark and a maximum combined fee of 1% per year

    General
    References to assets under management in the above tables refer to assets for which the firm
    provides advisory services; for some clients, as agreed upon by the client and Hall Capital, the firm
    provides certain services with respect to additional assets. In connection with the performance fee
    option, Hall Capital complies with Rule 205-3 under the Investment Advisers Act of 1940, as
    amended, which requires a client who pays a performance fee to be a “qualified client.”

    Advisory Agreement
    Hall Capital requires each client to enter into an investment services agreement which generally,
    among other matters, details the nature of the advisory relationship and the nature of discretionary
    investment authority, if any, granted to us. Non-clients who invest in HCP Pooled Vehicles complete
    a subscription agreement in respect of each HCP Pooled Vehicle investment.

    Fee Negotiated
    Hall Capital may waive all or part of its minimum annual fee in its discretion. The firm has lower
    fee arrangements or has otherwise negotiated different fee arrangements in certain circumstances
    that are unique to the applicable clients.

    Fee Components

    Hall Capital’s annual fee, based on assets under management, generally covers the services it
    provides to clients. Underlying managers, separate accounts, exchange traded funds, certain mutual
    funds in which a client invests, possibly among others, also charge management fees and some
    additionally charge incentive allocations or performance fees. Clients also generally incur, directly
    or indirectly, brokerage costs, other transaction costs, custodian fees, and other fees and expenses.
    Please see “Underlying Managers’ Management Fees and Incentive Allocation” in Item 5.B. and
    separately see Item 12 below for Hall Capital’s brokerage practices.

    Clients Who Invest in HCP Pooled Vehicles

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Hall Capital Partners LLC                                                                           Brochure

    In general, for clients who invest in certain HCP Pooled Vehicles that charge a management fee, the
    client is either placed in a “no-management fee” category in the HCP Pooled Vehicle or the firm
    reduces the advisory fee paid by the client directly by the amount of the management fee paid with
    respect to the HCP Pooled Vehicles (the “offset”), except that in most cases this offset will not
    reduce the advisory fee below zero. Certain fee arrangements as agreed to by clients include
    different offset arrangements.
    The HCP Pooled Vehicle no-management fee category and the offset only apply during the term of
    the advisory relationship with the firm. If the client terminates its advisory relationship with the
    firm, the former client often cannot concurrently redeem or withdraw from HCP Pooled Vehicles, in
    which case the former client will no longer receive the offset or will be transferred into a fee-paying
    category, as applicable, and will have to pay the HCP Pooled Vehicle fees (if any) as described
    under “Hall Capital’s Management Fees and Incentive Allocation” in Item 5.B.

    Timing and Methods of Fee Payment and Termination of Our Services
    Fee payments generally are due quarterly in advance depending on the terms of each client’s
    investment services agreement, other than performance fees which are generally payable annually in
    arrears. Clients have the option to either be billed for our advisory fees or authorize us to deduct our
    fees directly from their accounts.
    In general, a client may terminate its investment services agreement at any time upon written notice
    to us. Upon termination, the client receives a pro rata refund of any pre-paid fees based on the
    number of days remaining in the period for which the fees were paid. Performance fees that have
    accrued until termination will remain payable.

B. HCP POOLED VEHICLES
    The HCP Pooled Vehicles are unregistered funds of funds for which the firm’s subsidiaries serve as
    general partner or managing member. HCP Pooled Vehicles invest primarily in private funds and
    separate accounts managed by underlying managers. Investors in HCP Pooled Vehicles pay their
    proportionate share of Hall Capital’s and, indirectly, the underlying funds’ management fees and
    incentive allocations (subject to certain no-fee or offsetting arrangements for HCP advisory clients
    who invest in the HCP Pooled Vehicles, as described in Item 5 and below). Fees owed by an HCP
    Pooled Vehicle to an underlying fund or to the firm or its subsidiaries are deducted from such HCP
...

Item 7. Types of Clients
A. TYPES OF CLIENTS
    Hall Capital creates and manages investment portfolios for families, institutions (including
    endowments and foundations), and other clients. In general, Hall Capital’s clients are both
    “accredited investors” under the Securities Act of 1933, as amended, and “qualified purchasers”
    under the Investment Company Act of 1940, as amended. Investors in the HCP Pooled Vehicles
    meet the requirements for the accredited investor status, and many are qualified purchasers.

B. MINIMUM ACCOUNT SIZES—CUSTOMIZED GLOBAL MULTI-ASSET CLASS PORTFOLIOS AND
   SPECIALIZED MANDATES
    Hall Capital typically charges a minimum annual fee of $500,000 (or $350,000 for accounts with a
    performance fee). Accounts within the same client relationship may be aggregated for fee
    calculation purposes. The firm may and does waive all or part of its minimum annual fee at its
    discretion from time to time. The firm has lower fee arrangements with certain existing clients or
    has otherwise negotiated different fee arrangements in certain circumstances.

C. MINIMUM ACCOUNT SIZES—HCP POOLED VEHICLES
    The HCP Pooled Vehicles generally require minimum investments, subject to the General Partner’s
    right to waive the minimums. Currently the highest minimum is $3 million, many minimums are
    $500,000, and some are lower.

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Hall Capital Partners LLC                                                                           Brochure