PEO Partners LLC

Item 5. Fees and Compensation

                        PEO generally receives a management fee based on a percentage of the assets under management
                        (“Management Fee”), in connection with the investment advisory services it provides to its Client
                        Accounts. PEO may also be eligible to receive compensation based on a share of capital gains or
                        capital appreciation of client assets (“Performance-Based Fees”) for certain Client Accounts.
                        The specific fees and manner in which fees are charged by PEO will be established in a written
                        agreement between PEO and each Client. Fees are based on negotiated rates and will differ among
                        Client Accounts. PEO, in its sole discretion, may waive or reduce fees with respect to certain
                        Clients or Fund investors, including but not limited to officers or employees of PEO.

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                        Management Fees

                        As compensation for its advisory services, PEO generally receives Management Fees.
                        Management Fees paid by Separate Accounts will be paid directly by the client, and Management
                        Fees paid by Funds will be indirectly borne by investors in the Funds. PEO generally expects to
                        receive Management Fees equal to a range of 0.50% to 2.00% of the average annual managed
                        assets of a Separate Account or Fund, payable on a monthly basis. The Offering Documents or
                        contract applicable to each Client Account will describe in detail the specific terms governing the
                        structure and calculation of the Management Fee. Management Fees are based on negotiated fee
                        rates and will differ among Client Accounts.

                        For sub-adviser relationships in which PEO does not provide continuous or regular supervision,
                        fees generally are expressed as a percentage of the fees received by the primary investment
                        manager, as disclosed in the Client’s Offering Documents or contract. Minimum monthly fees,
                        generally between $5,000 and $10,000, will apply. These fees are based on negotiated fee rates
                        and will differ among Client Accounts.

Item 7. Types of Clients

                        PEO provides and/or seeks to provide investment advisory and sub-advisory services, as well as
                        portfolio consultant services, to Funds (including both registered investment companies and
                        pooled investment vehicles that are exempt from registration as investment companies) and
                        Separate Accounts whose investors may include financial institutions, public and private pension
                        plans, insurance companies, fund of funds, endowments and foundations, sovereign wealth funds,
                        other institutional investors and eligible individual investors. Investor qualification and minimum

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                        investment amounts will be described in the Offering Documents or contract, as applicable, for
                        each Client Account.