Knights of Columbus Asset Advisors LLC

ITEM 5 - FEES AND COMPENSATION

Generally, KoCAA is paid a negotiated fee based on the market value of assets managed. KoCAA
may also be paid a negotiated flat fee for certain services. KoCAA may change its standard fee
schedules described herein. The fee schedule for a client’s account may vary from the standard fee
schedule described below due to factors such as, for example, the applicable investment strategy
or benchmark, the size of the account, the client’s individual servicing or reporting requirements
and other negotiated differences in client agreements.

Mutual Funds: The investment advisory fee payable to KoCAA by the Mutual Funds is
calculated daily and paid monthly, as a percentage of a Mutual Fund’s average daily net assets and
is set forth in the Mutual Funds’ Prospectus(es) and SAI. On an annual basis, the Mutual Funds’
Board of Trustees, including the Board members who are not “interested persons” (as defined in
the Investment Company Act) of the Funds, considers the renewal of each Mutual Fund’s
investment advisory agreement, including the advisory fee paid by each Mutual Fund to KoCAA.

For the sub-advised Mutual Funds, a portion of the advisory fee received by KoCAA is paid to the
applicable Sub-Adviser(s).

Private Commingled Funds: The investment advisory fee payable to KoCAA, an affiliate
thereof, or, if applicable, a Sub-Adviser, by a Private Commingled Fund with respect to an
investor’s interest in such Private Commingled Fund is equal to the Private Commingled Fund’s
fee rate multiplied by the net asset value of such investor’s interest in the Private Commingled
Fund as of the end of the applicable calendar month. Additional information regarding fees payable
to KoCAA by the Private Commingled Funds is described in the PPM for the Private Commingled
Funds. For certain of the Private Commingled Funds, a portion of the advisory fee may be paid to
the applicable Sub-Adviser(s). In certain instances, a Private Commingled Fund’s fee rate may
vary based on the net asset value of the Private Commingled Fund at the time each installment of
the fee is payable.

Additionally, each Private Commingled Fund will pay all costs and expenses incurred in its
operation, including, without limitation, the Fund’s organizational expenses, initial and on-going
offering expenses, administration costs and expenses, brokerage and clearing expenses, interest
expenses (including interest on margin), custodial expenses, legal, accounting, auditing and tax
preparation fees and expenses, taxes and similar charged (including penalties), and the Fund’s
proportionate share of the organization expenses of the Knights of Columbus Commingled Fund
Manager, LLC.

Side Letters: KoCAA and a Private Commingled Fund may separately negotiate “side letters”
with certain investors without applying terms negotiated with such investors, including terms
relating to fees, to all investors in the Private Commingled Fund. Although we may provide
substantial input, the modifications are at the discretion of the Private Commingled Fund.
Additionally, modifications may, among other things, be based on whether the investor is one of
the first investors in the Private Commingled Fund, the size of the investor’s investment in the
Private Commingled Fund or affiliated investment entity, the reputation of the investor, an
agreement by an investor to maintain such investment in the Private Commingled Fund for a

significant period of time, or other commitment by an investor. The terms and conditions of these
side letters may include, for example, special rights to make future investments in the Private
Commingled Fund, other investment vehicles or managed accounts, as appropriate; special rights
for a reduction of the fee; special redemption or transfer rights relating to frequency, notice, a
reduction or rebate in fees to be paid by the shareholder, eligible transferees and/or other terms;
rights to receive reports or notifications from the Private Commingled Fund or us on a more
frequent basis or that include information not provided to other shareholders (including, without
limitation, more detailed information regarding portfolio positions); “most favored nation” rights
which grant the investor the right to receive any more favorable terms granted to other investors
or our similarly situated clients; and such other rights as may be negotiated by the Private
Commingled Fund or us and such investors. These rights shall not include terms or a combination
of terms, such as but not limited to, more favorable liquidity and more favorable redemption rights,
that would disadvantage other investors.

The Private Credit Fund: The Private Credit Fund pays its general partner, quarterly in arrears,
a management fee (the “PC Fund Management Fee”) equal to an annualized rate of (1) 1.00% of
the net asset value of the Private Credit Fund (which excludes any undrawn capital commitments
to the Private Credit Fund) attributable to each investor in the Private Credit Fund with a capital
commitment of less than $25 million, and (2) 0.90% of the net asset value of the Private Credit
Fund (which excludes any undrawn capital commitments to the Private Credit Fund) attributable
to each investor in the Private Credit Fund with a capital commitment of $25 million or
greater. The PC Fund Management Fee will be pro-rated for any partial quarter during the Private
Credit Fund’s existence. The general partner is responsible for compensating Audax out of the PC
Fund Management Fee for the provision of investment management services to the Private Credit
Fund.

Subject to an administrative expense cap, the Private Credit Fund will pay (or reimburse the
general partner for) all costs and expenses arising from the Private Credit Fund’s operations,
including, but not limited to: (1) the PC Fund Management Fee; (2) the administrative fee; (3)
legal, auditing, consulting, banking, custody, regulatory, compliance, research, reporting
...

ITEM 7 - TYPES OF CLIENTS
As stated earlier in Item 4, KoCAA provides portfolio management services and investment
advisory services for mutual funds, other pooled investment vehicles and separately managed
accounts (which may include accounts for natural persons, pension plans, profit sharing plans,
retirement plans, foundations, corporations and other institutions). KoCAA also provides asset
allocation services using proprietary asset allocation models and provides discretionary investment
management services under the IAR Program.

Minimum initial investment amounts to establish an individual or separate account depend on,
among other factors, the investment strategy selected. Minimum amounts may be waived in the
discretion of KoCAA. The current standard minimum account size for separately managed
accounts are as follows:

       Fixed Income                                   $30 million
       Equity                                         $5 Million

The Mutual Funds offer three classes of shares to investors. Each share class has its own
shareholder eligibility criteria, investment minimums, cost structure and other features, as further
described in the Mutual Funds’ Prospectus(es) and SAI. Participants in the IAR Program will
receive the lowest cost share class of the Mutual Funds – currently, class I shares, which do not
pay Rule 12b-1 (distribution) or other shareholder services (sometimes referred to as sub-transfer
agency) fees.

The standard minimum initial investment required to invest in any Fixed Income or Equity Private
Commingled Fund is $2,500,000, the standard minimum initial investment for the Private Credit
Fund is $1,000,000 the standard minimum initial investment for the Private Long/Short Fund is
$1,000,000; however, KoCAA reserves the right to reduce such minimum initial investment
amount in its discretion.

As noted above, there is a minimum of $6,000 to open a qualified account and a minimum of
$10,000 to open a non-qualified account in the IAR Program. However, KoCAA reserves the right
to reduce such minimum initial investment amount in its discretion.