High Pointe Capital Management LLC

Item 5 – Fees and Compensation
Investment Advisory Fees for Separately Managed Accounts
High Pointe’s standard investment advisory fee structures, which are based on a percentage of assets
under management, are as follows for Separate Accounts:

Equity-Oriented Accounts:
• First $20 million: 1.00% of assets per year
• Assets in excess of $20 million: 0.60% of assets per year

Balanced Portfolio Accounts
• 0.75% of assets per year*
   *For assets at standard minimum or greater; Assets less than minimum at 1.0%

High Pointe may negotiate a non-standard investment advisory fee with a client, at its discretion, in
consideration of the nature of services rendered, special requirements of the account (such as
particular regulatory, compliance, or other requirements) or other factors (such as sub-advisory
relationship, potential size, product life-cycle or cross-over business). High Pointe may manage client
accounts without an advisory fee, such as accounts of principals and their relations. The specific
advisory fee structure for each client is established as part of the Investment Advisory Agreement
between High Pointe and the client. For discretionary clients that transfer assets in-kind, if High
Pointe chooses to keep assets brought in-kind, these assets are included in the fee calculation.

Billing Practices
For Separate Accounts, High Pointe invoices fees in arrears on a calendar quarterly basis. Separate
Account clients may choose to pay these invoices directly or authorize High Pointe to directly extract
fees from client accounts. Client authorization for High Pointe to withdraw money from client
accounts is limited to the withdrawal of fees only. The specific manner in which fees are calculated
is established in the client’s Advisory Agreement. Typically, fees are calculated using end of period
assets and prorated for both actual numbers of days in a quarter, and for each significant capital
contribution or withdrawal. However, Separate Account clients may define any other reasonable
methodology for such calculations in the Advisory Agreement.

Fees in Advance
High Pointe does not charge fees in advance.

Other Expenses
Any investment advisory fees invoiced by High Pointe to clients are for investment advisory services
and do not include brokerage and other transactions costs, custodial charges, and fees and expenses
charged by underlying funds, such as mutual funds and exchange traded funds. Clients should be
aware that mutual funds and exchange traded funds charge their own management fees and costs
that are disclosed in their respective funds’ prospectus. High Pointe does not receive any portion of
these fees and costs.

To the extent that a financial audit is prepared for the limited partnerships previously managed by
High Pointe, such limited partnerships will continue to bear the annual expense of a financial audit
and tax document preparation by independent third parties. To the extent that a Balanced Separate
Account client invested in such limited partnerships, High Pointe will continue to ensure that the
limited partnership assets are excluded from the calculation of the Separate Account fee to avoid
double layering of fees.

No Additional Compensation
High Pointe does not invest client assets in mutual funds that levy a sales charge (commonly called
“load”). As such, High Pointe does not receive any compensation from mutual funds for
recommending or investing in them.

Item 7 – Types of Clients
High Pointe provides portfolio management and investment advisory services primarily to high net
worth individuals, trusts, estates, and institutional clients such as corporate and public employee
pension and profit sharing plans, foundations, charitable organizations, and corporations. High
Pointe sometimes acts as a sub-adviser to other advisers for these types of clients.

The standard minimum size is $2 million for Separate Accounts. High Pointe may waive the minimum
account size requirement at its discretion.

Item 8 – Method of Analysis, Investment Strategies and Risk of Loss
Investment Strategies and Method of Analysis
High Pointe manages balanced portfolio and equity-oriented accounts.

Balanced Portfolio Accounts
Balanced Portfolio Account management starts with establishing an asset allocation policy to guide
the management strategy of the account. Clients also have an opportunity to specify any guidelines
and restrictions for their account. High Pointe then proceeds with construction of the portfolio. This
typically involves a selection of 1) individual stocks to achieve equity exposure and 2) mutual funds
and exchange-traded vehicles to achieve exposure to other asset classes such as municipal bonds,
investment grade bonds, high yield bonds, etc. High Pointe usually restricts purchase of individual
fixed income securities to government bonds; however, other types of fixed income securities may
be held in client portfolios if they were part of the client’s account at the time of transfer of the
portfolio to High Pointe.

Equity-Oriented Accounts
High Pointe’s equity-oriented investment methodology, broadly speaking, is to conduct quantitative
and fundamental analysis of individual securities and funds to identify those that in its opinion are
undervalued relative to their growth prospects and franchise quality. Franchise quality is a function
of intangible assets such as brands, patents, reputation and includes environmental, social, and
governance (ESG) factors. Analytical techniques employed by the Adviser include the following:

•   Review of financial and market information about securities and funds from data sources such as
    Thomson Reuters Eikon and Morningstar
•   Statistical modeling to compare companies based on their valuation relative to their growth
    prospects and business quality
•   Review of financial statements
•   Review of third-party research reports

This methodology is applied to different segments of the equity market to implement the equity-
oriented strategies described below. Some client accounts are invested by selecting and combining
investment ideas from more than one of these strategies.

Large Cap Value: This strategy invests a majority of the assets in selected “value” stocks with
capitalization in excess of $5 billion. This strategy invests in stocks that, in the judgment of High
Pointe, offer good “value” relative to other companies in a similar business, their growth potential, or
their historical valuation levels.

Global Equity: This strategy invests primarily in stocks (including ADRs) of companies that may be
located within or outside the United States. A majority of the assets are invested in mid to large
companies located in developed countries; however, emerging market stocks are also used
moderately. Both value and growth stocks are used in this strategy.

Global Real Assets: This strategy seeks long-term capital growth by investing a substantial portion
of its assets in “real assets” and securities of companies that are engaged in activities related to, or
have substantial ownership of real assets. Commodity pools and exchange trades vehicles may also
be used to implement this strategy. “Real assets” are broadly defined and are considered to include
any assets and companies that have exposure to physical properties, such as commodities, natural
resources, basic materials, real estate, infrastructure, utilities and telecommunications.

Risk of Loss
Investing in securities involves risk of loss that clients should be prepared to bear.

Investing in equity-oriented securities, such as stocks, ADRs, exchange traded vehicles (ETVs) and
equity-oriented mutual funds, exposes client accounts to the risk of a broad market decline as well
risks related to poor security or sector selection by the adviser managing the account or the
underlying funds. In particular, small stocks have the additional risks of being more volatile and less
liquid.

By investing in fixed income-oriented securities such as bonds and bond mutual funds, client
accounts are exposed to risks related to inflation, interest rate changes, speed of mortgage
prepayments, creditworthiness of the bond issuer, etc.

Investment in international securities, including both equity and fixed income, exposes client
accounts to currency risk and the possibility of weaker accounting and legal standards.

Commodity-oriented investments can be affected by overall market movements and factors specific
to a particular industry or commodity, which may include weather, embargoes, tariffs, and economic
health, political, international regulatory and other developments. Exposure to the commodities
market may subject client assets to greater volatility than investments in traditional securities.

Certain exchange-traded vehicles, e.g., exchange-traded notes, may expose client assets to
counterparty risk. Counterparty risk is the risk that the counterparty to a contract or other obligation
will be unable or unwilling to honor its obligations. Certain exchange-traded vehicles may use
derivatives, e.g., commodities futures and subject client assets to risks associates with such
derivatives. Derivatives may not move in the direction anticipated by the Adviser. Transactions in
vehicles that use derivatives may increase volatility.

High Pointe acts prudently by managing client portfolios in line with agreed upon guidelines and by
...