Martingale Asset Management LP

ITEM 5. FEES AND COMPENSATION
Investment management/advisory fee revenues are Martingale’s only source of compensation. We do not
engage in soft dollar trading. We do not receive referral fees from, and we do not pay referral fees to,
affiliated and/or unaffiliated third parties.
The specific manner in which Martingale charges its fees is established in each client’s written agreement
with Martingale. Fees are calculated as a percentage of the value of assets under management, and they
are typically billed on a quarterly basis. Generally, fees are charged at the end of a quarter. Timing is based
on agreeable terms between Martingale and the client. Typically, Martingale bills clients directly for
management/advisory fees. In certain cases, the client or a client’s designated agent will calculate the
management/advisory fee and remit payment to Martingale. We will not instruct a client’s custodian to
deduct our fee directly from a client’s assets. Martingale’s fee schedule is negotiable.

FORM ADV—PART 2A BROCHURE                                                          MARTINGALE ASSET MANAGEMENT

SEPARATE ACCOUNT MANAGEMENT                             FEE                                                        MINIMUM
U.S. Large Cap Equities                                 0.50% of first $25 million, 0.30% thereafter               $50 million
 Core, Core 500, Growth, Value,
 Quality, Dynamic, Sustainable Equity

Low Volatility LargeCap+                                0.50% of first $25 million, 0.30% thereafter               $100 million

Low Volatility AllCap+                                  0.55% of first $25 million, 0.35% thereafter               $100 million

U.S. Small and Mid Cap Equities
MidCap                                                  0.60% of all assets                                        $25 million
SmidCap                                                 0.70% of all assets                                        $25 million
 SmidCap, Low Volatility SmidCap+
SmallCap                                                0.75% of all assets                                        $25 million
 Core, Value, Quality, Dynamic,
 Low Volatility SmallCap+
MicroCap                                                1.00% of all assets                                        $10 million
U.S. Long/Short Equities
Long/Short                                              0.65% of all assets                                        $50 million
 130/30 LargeCap Core 500
 Low Volatility Long/Short LargeCap+

Alpha Arbitrage                                         1.00% of net invested capital                              $50 million
Equity Market Neutral                                   plus 20% of profits
Alpha Arbitrage and Equity Market Neutral strategies are available with index futures overlay. Minimum investment is $100 million.

Custom Solutions for U.S. Equity Separate Account Strategies (added fee up to 0.10% of assets may apply)
          Carbon reduction overlay                      Tax-aware management                              Equitized Low Volatility

Global Low Volatility Equities                          0.75% of all assets                                        $50 million
 Global-ACWI, International-ACWI ex-U.S., International-EAFE

POOLED INVESTMENT VEHICLE
U.S. Large Cap Equities                                 Fee                                                        Minimum
Martingale Investment Trust                             0.40% of first $25 million, 0.30% thereafter               $25 million
Series 1-U.S. Low Volatility LargeCap+

ASSETS UNDER ADVISEMENT
A few clients have engaged Martingale for advisement services. Advisement services and related fees are in
accordance with the terms and conditions set forth in each client’s respective investment advisory
agreement.

Limited negotiability of fees and account requirements Although Martingale has established the
aforementioned fee schedule and minimum account requirements, it retains discretion to negotiate
alternative fees and/or account requirements on a client-by-client basis. Client facts, circumstances, and
needs will be considered in determining the fee schedule. These include the complexity of the client, assets
to be placed under management, portfolio style, reporting needs, and other factors. The specific annual fee
schedule will be identified in the contract between Martingale and each client.

FORM ADV—PART 2A BROCHURE                                             MARTINGALE ASSET MANAGEMENT

Pre-existing advisory clients are subject to the minimum account requirements and advisory fees that were
in effect at the time the client entered into the advisory relationship with Martingale. Therefore, our firm’s
minimum account requirements and advisory fees differ among clients.
Customized portfolio management Under limited circumstances and in its sole discretion, Martingale may
be engaged to provide customized asset management services. Client-requested, customized portfolio
management will have a negotiated fee schedule. Based upon the specific nature of services to be
provided, the selected strategies, and the composition of investments utilized, Martingale’s customized
asset management fees may be higher than the standard fees reported above. All such fees are agreed
upon in advance with the client.
Generally, contracts with clients may be cancelled at any time upon written notice by either party. A
management fee accrued through the date of termination is charged to the client. All prepaid but
unearned fees are refunded to the client in accordance with the terms of the contract.
Martingale’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and
expenses which shall be incurred by the client. Clients can incur certain charges imposed by custodians,
brokers, third party investment advisers, and other third parties such as fees charged by managers,
...

ITEM 7. TYPES OF CLIENTS
Martingale provides investment advisory services to institutional investors, such as public and corporate
pension and profit-sharing plans, insurance companies, high net worth individuals from other regulated
financial service professional firms, municipalities, registered mutual funds (as a sub-advisor), private
investment funds (as advisor or sub-advisor), and other U.S. and international institutions. See Item 5
above for minimum account sizes, subject to Martingale’s discretion.
As noted in Item 4. Advisory Business, Martingale also provides investment advice to a Delaware statutory
trust. None of the Series or the Trust will be registered under the Investment Company Act of 1940, as
amended (the “1940 Act”) because of certain exemptions available to issuers whose securities are not
publicly offered. The Trust is organized for “accredited investors” as defined by the Securities Act of 1933;
“qualified eligible participants” as defined under the Commodity Exchange Act; or investors who are
“qualified purchasers” as defined under the 1940 Act. Potential investors in the Trust should refer to the
private offering documents regarding the types of investments utilized in managing the Trust’s assets as
well as the associated risks.
There is a minimum required investment of $25,000,000, subject to Martingale’s discretion, for the
Martingale Investment Trust. A Trust offering will be made only pursuant to a confidential offering
memorandum and the relevant subscription application, each of which must be read in its entirety.
Martingale, in its sole discretion, may decline to accept the subscription for investment by a prospective
investor.

FORM ADV—PART 2A BROCHURE                                             MARTINGALE ASSET MANAGEMENT