HC Capital Partners LLC

FEES AND COMPENSATION

Advisory Clients

With respect to Advisory Clients, neither Hirtle & Co., HC Capital nor any related person receives an
advisory fee or any other compensation from any HC Private Vehicle (or other investment vehicle) that
is offered as part of its CIO Solution. In other words, Advisory Clients pay no additional fees to invest
in such vehicles. However, if an investor in an HC Private Vehicle is no longer an Advisory Client of
Hirtle & Co. (each, a “Former Client”) as of the end of any calendar quarter, and is required to remain
invested in such HC Private Vehicle until the investment may be disposed of or liquidated in
accordance with its legal terms, the Former Client will be required to pay to the applicable HC Private
Vehicle or to Hirtle & Co. or a related person, as the investment manager, a management fee (the
“Continuation Fee”) beginning as of the first day of the immediately following calendar quarter.
Continuation Fees may differ from one HC Private Vehicle to another and are disclosed in the
applicable HC Private Vehicle’s private placement memorandum, limited partnership agreement
and/or other governing document. In general, the maximum quarterly Continuation Fee is equal to
one fourth of one percent (0.25%) of the Former Client’s total capital commitment to such HC Private
Vehicle or the value of the Former Client’s interest in such HC Private Vehicle, depending on the HC
Private Vehicle, payable in arrears after the end of the applicable calendar quarter. Continuation Fees
payable for a period that is less than a full calendar quarter will be prorated based upon the number
of days in such period. Continuation Fees are generally not negotiable.

Private Equity Investors

As stated above, Hirtle & Co. or a related person may offer interests in HC Private Vehicles that invest
primarily in private equity funds to persons who are not Advisory Clients. All Private Equity Investors
pay a management fee (the “Management Fee”). Private Equity Investors may elect to also pay
incentive compensation (the “Incentive Compensation”) in exchange for a lower Management Fee
rate.

Management Fees and Incentive Compensation may differ from one HC Private Vehicle to another
and are disclosed in the applicable HC Private Vehicle’s private placement memorandum, limited
partnership agreement and/or other governing document. In general, Private Equity Investors pay to
the applicable HC Private Vehicle or to Hirtle & Co. or a related person (a) an annual Management Fee
equal to three fourths of one percent (.75%) to one percent (1.0%) of their total commitment to the
applicable HC Private Vehicle, which percentage decreases by ten percent (10%) a year after the fifth
year from the HC Private Vehicle’s initial closing date, or (b) an annual Management Fee equal to two
fifths of one percent (.40%) to three fifths of one percent (.60%) of their total commitment to the HC
Private Vehicle plus Incentive Compensation equal to ten percent (10%) of all gains after achieving an
eight percent (8%) per annum compounded annual cumulative return on their aggregate capital
contributions to the HC Private Vehicle. Management Fees are generally charged from the initial
closing date of the applicable HC Private Vehicle. In no event will any Private Equity Investor pay the
applicable HC Private Vehicle or Hirtle & Co. or any related person any Management Fee after the date
that is twelve (12) years from the HC Private Vehicle’s initial closing date. Management Fees are
generally payable in arrears on a quarterly basis. Management Fees will be appropriately prorated in
the event that the initial closing date of the applicable HC Private Vehicle occurs on a date other than
the first day of a calendar quarter or if the expiration of the Management Fee occurs on a date other
than the last day of a calendar quarter. Management Fees and Incentive Compensation rates are
generally not negotiable. However, certain reductions to the Management Fee may be made available
to investors who make substantial commitments, have previously committed to an HC Private Vehicle

and/or who participate in an early closing (generally within six months of the initial closing) of an
applicable HC Private Vehicle, and such discounts may be cumulative.

Other Costs and Expenses

In addition to the fees set forth above, HC Private Vehicles are subject to certain administrative and
operating costs and expenses which include, without limitation, (a) custody fees, (b) brokerage
commissions and dealer mark-ups or mark-downs, (c) Hirtle & Co.’s or a related person’s costs and
expenses associated with identifying and monitoring Specialist Managers and investments, such as
travel, meals, accommodation and other out-of-pocket due diligence expenses, whether or not a
particular Specialist Manager is hired or a potential investment is consummated, (d) software,
databases or research licensed or otherwise obtained in order to identify, source, diligence,
benchmark or monitor investments, (e) insurance, litigation and indemnification expenses, (f) taxes,
fees and governmental charges, (g) third-party legal, accounting, administration, auditing, consulting,
tax preparation, valuation and similar fees and expenses, (h) interest, principal and expenses related
to indebtedness, (i) expenses related to compliance with any tax or financial account reporting regime,
including FATCA and the OECD Common Reporting Standard, (j) fees and expenses incurred in
connection with compliance with applicable laws, rules and regulations, (k) the cost of providing
audited financial statements and tax reports to investors, (l) registered office and similar service fees
and (m) costs associated with the termination, liquidation, winding-up or dissolution of the vehicle.
Each HC Private Vehicle will also bear its pro rata share of similar administrative and operating costs
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TYPES OF CLIENTS

As described above, HC Capital’s only line of business is to provide investment advisory services to
the HC Private Vehicles. Investment advice is provided directly to HC Private Vehicles and not
individually to the underlying clients of Hirtle & Co.

The minimum initial commitment to an HC Private Vehicle varies by vintage and is disclosed in the
applicable offering documents. However, we may allow for a smaller initial commitment based on
factors we deem relevant, including the total number of HC Private Vehicles that a client has made
commitments to.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

As indicated above, HC Capital primarily invests the assets of HC Private Vehicles in Underlying Private
Funds. Investments are made in accordance with the objectives and guidelines set forth in each HC
Private Vehicle’s respective offering documents, as well as the written investment management
agreement between HC Capital and each HC Private Vehicle (each, a “Management Agreement”).

HC Capital seeks to construct diversified portfolios within its HC Private Vehicles by partnering with
Specialist Managers that possess deep expertise in sourcing, underwriting, and managing
investments across a range of asset classes, including equity, hedge, venture capital, private equity
and private credit strategies. These strategies invest across various securities, geographies,
industries, and stages of development, providing exposure to a broad spectrum of opportunities—from
early-stage and growth-oriented investments to more mature businesses and income-generating
assets.
HC Capital’s approach emphasizes diversification across investment strategies, underlying asset
types, and market environments, with the objective of building resilient, well-balanced portfolios. Over
time, portfolios are expected to be substantially deployed across these categories in a manner
consistent with each vehicle’s investment objectives, risk tolerance, and time horizon.

Our Specialist Manager selection process involves a combination of quantitative analytics and
qualitative judgement. As a first step, we perform a quantitative analysis of the Specialist
Manager’s returns to understand systematic exposures, alpha generation and the potential fit within
the existing line-up of our portfolios. If the Specialist Manager passes this initial step, we move to a
full due diligence process. Through multiple meetings, onsite visits and reference checks, we seek to
understand:

      •   The experience, skill level, ethical standards and overall quality of the personnel managing
          and employed at the Specialist Manager, with a special emphasis placed on the individuals
          making investment decisions and managing risk.

      •   The ability of the Specialist Manager to articulate and successfully execute a clearly defined
          investment strategy. We emphasize firms with a coherent investment methodology that exploit
          a repeatable information-based edge, behavioral bias or rational risk premium that we
          consider durable.

      •   The quality of the Specialist Manager’s opportunity set, focusing on the strategy and resources
          used by the Specialist Manager to access the best opportunities at attractive valuations.

      •   The due diligence and decision-making process employed by the Specialist Manager’s team
          when making investments.

      •   The overall viability of the Specialist Manager, including the sustainability of its business, the
          third-party organizations that it associates with and relies upon, and its back-office procedures
          and staff.

      •   The terms and conditions of any investment, including fees and long-term Specialist
          Manager/investor alignment.

Once our due diligence process is completed, each Specialist Manager opportunity must be approved
by each of Hirtle & Co.’s investment and risk committees before implementation in our portfolios.

As is the case with respect to any investment in securities, the pooled investment vehicles managed
by HC Capital in the manner described herein may experience investment losses that investors in such
vehicles should be prepared to bear. Investments in pooled investment vehicles involve certain risks
which are in addition to the investment risks associated with any particular investment, including
operational risks and the costs associated with the use of a collective investment vehicle.

HC Capital’s investment approach also involves the risk that we may not be able to (a) identify and
retain Specialist Managers who achieve expected investment returns, (b) appropriately pair Specialist
Managers that have complementary investment styles or (c) effectively allocate client assets among
Specialist Managers to enhance the return and reduce the volatility that would typically be expected
of any one management style. Furthermore, securities portfolios that use a multi-manager approach
may also incur trading costs and fees that are higher than those experienced by a portfolio served by
a single manager, as well as pay incentive compensation to one Specialist Manager which will not be
offset by losses experienced by another Specialist Manager.

For HC Private Vehicles, there are additional risks, including that (a) such vehicles, as well as certain
of the Underlying Private Funds held by such vehicles, may have limited liquidity, (b) it is anticipated
that a substantial portion of the assets ultimately held by certain HC Private Vehicles, such as our
private equity vehicles, will consist of securities for which there is no public market, (c) the assets
ultimately held by certain HC Private Vehicles may also be difficult to properly value, (d) HC Private
Vehicles will not have control or discretion concerning any investment made by an Underlying Private
Fund and (e) because HC Private Vehicles are primarily designed to invest in Underlying Private Funds,
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