Meketa Fiduciary Management LLC

Item 5: Fees and Compensation

All fees are subject to negotiation.

The specific amount and manner in which fees are charged is established in a client’s written agreement. The
amount of the fees charged is based on a number of factors, including, but not limited to, the scope of services,
the complexity of such services and the nature of the client relationship (e.g., non-discretionary or discretionary).
Fees may be billed on a fixed-fee basis or calculated as a percentage of assets under management.

We generally bill fees on a monthly or quarterly basis. Clients are generally billed in arrears, although we may
agree with a client to bill in advance in certain circumstances. Clients are invoiced directly for fees. We are not
authorized to directly debit fees from client accounts. Accounts initiated or terminated during a calendar month
or quarter, as applicable, are charged a prorated fee. Upon termination of any client account, any prepaid,
unearned fees will be promptly refunded, and any earned, unpaid fees may be due and payable. In some
instances, client agreements may be terminated before agreement expiration.

As noted above, depending on the scope and complexity of services provided, among other considerations, annual
fees may be fixed or based on a client account’s assets under management or some combination thereof. Annual
fixed fees typically range from approximately $15,000 to $2.5 million. Fees based on assets under management
generally range from 1.6 to 50 basis points per annum.

Our fees are exclusive of any brokerage commissions, custodial fees, transaction fees, sales charges and other
related costs and expenses, which will be incurred directly by the client. We do not receive any portion of such
commissions, fees, charges, costs, or expenses. Clients may incur certain charges imposed by their custodians,
brokers and other third parties, such as fees charged by other advisors, managers and custodians, including, but
not limited to, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees,
and other fees and taxes on brokerage accounts and securities transactions. Mutual funds and exchange traded
funds also charge management fees, which are disclosed in a fund’s prospectus. Such charges, expenses, costs,
fees, and commissions are exclusive of and in addition to our fees, and we do not receive any portion of such
commissions, expenses, costs, fees, or commissions.

Private pooled investment vehicles that we may recommend or select, also generally impose management fees,
performance-based fees (including “carried interest” allocations), and additional expenses, which are disclosed in
the private pooled investment vehicle’s private placement memorandum and/or such vehicle’s definitive
documentation. Performance-based allocation arrangements may create an incentive for related persons of such
private pooled investment vehicles to make investments that may be riskier or more speculative than those that
would be made under a different fee arrangement. Clients should refer to the governing documents of such
private pooled investment vehicles for complete information on fee arrangements and expenses.

Item 7: Types of Clients

We typically provide investment advisory services to public and private benefit plans, as well as charitable
organizations, corporations, endowments, foundations, other US and non-US institutions and other entities.

We do not have any minimum requirements (such as minimum account size) for an advisory relationship.