Polen Capital Management LLC

Item 5 – Fees and Compensation

Below is a description of our basic fee schedules, a description of how fees are charged,
whether fees are negotiable, when compensation is payable, refund policies and other
applicable information.

Separately Managed and Wrap Accounts
Polen Capital’s standard fees to individually managed clients are as follows:

Institutional Fee Schedule

                                      Global Growth
AUM                 Focus Growth      and International    Global SMID         Growth
                                      Growth*              Co. Growth          Opportunities

First $50 million   0.75% per annum 0.85% per annum        1.00% per annum 0.60% per annum

Above $50 million 0.55% per annum 0.65% per annum          0.85% per annum 0.50% per annum

AUM                  Small Growth      Small Mid Growth

First $10 million    1.00% per annum 0.95% per annum

Next $40 million     0.90% per annum 0.85% per annum

Above $40 million 0.80% per annum 0.75% per annum

Ultra Small Growth

1.00% per annum on all AUM

High Net Worth Fee Schedule

                                                           Global SMID Co. Growth,
AUM                 Focus Growth      Global Growth        Growth Opportunities,
                                      and International    Small Growth, Small Mid Growth,
                                      Growth*              Ultra Small Growth

First $500,000      1.50% per annum 1.50% per annum        1.75% per annum

Above $500,000 1.00% per annum 1.00% per annum             1.25% per annum

* Fees for Global Growth and International Growth are for portfolios invested in ordinary shares.
Fees will vary for portfolios invested in ADRs as substitutes for ordinary shares.

Such fees are payable quarterly, either in advance or arrears. For accounts that are
payable in advance, the initial fee payment will be due in full on the date the account is
opened at Polen Capital and will be based on the asset value of the account at that date.
The period for which such payment will run shall be from the opening date through the
last business day on the next full calendar quarter and will be prorated accordingly.
Thereafter, the fee will be based on the account asset value on the last business day of
the previous calendar quarter and will become due the following business day. Assets

received into the account during any fee period will be charged a pro-rata fee based on
the number of days remaining in the fee period against the total number of days in the
fee period. No adjustments will be made to the fee for appreciation or depreciation in the
value of securities held in the account during any period for which such fee is charged.
Accounts that are payable in arrears will be calculated on the value of assets in the
account at the end of each calendar quarter. Fee breakpoints are generally applied for
each strategy; account balances will not be aggregated across multiple investment
strategies for individual clients.

While we believe our standard fees are reasonable, services similar to those provided by
us may be available for lower fees from other sources. The fees that we charge for
investment advisory services are specified in the agreement between us and each
individual client. All fees are subject to negotiation based on the circumstances of the
client and other factors, including but not limited to the type and size of the account and
the type and amount of client-related services that Polen Capital will provide.

Clients may grant Polen Capital the authority to receive quarterly payments directly from
their account held by an independent custodian. Accordingly, clients will provide, in
writing, limited authorization to withdraw the contractually agreed upon fees from their
account. Polen Capital will send to clients it advises directly and the custodian a bill
showing the amount of the fee, the value of client assets on which the fee was based,
and the specific manner in which the fee was calculated. The custodian of the account is
advised in writing of the limitation on Polen Capital’s access to the account. The custodian
will also send directly to clients a statement, at least quarterly, indicating all the amounts
disbursed from the account including the amount of advisory fees paid directly to Polen
Capital.

Clients may, at any time, by written notice to Polen Capital, remove assets from their
accounts and/or terminate their investment advisory agreements with Polen Capital, and
will receive a pro rata refund of any unearned fee based on the number of days remaining
in the quarter in the case of clients billed in advance. A full refund will be provided should
clients terminate their investment advisory agreements within five business days of
signing their respective agreements, without penalty. Please reference your specific
advisory agreement for more detailed information on termination notices.

Polen Capital acts as a sub-adviser to wrap fee programs and investment management
fees charged to these programs may differ from the fees charged to our other clients. The
wrap fee program sponsor generally arranges for payment of our advisory fee on behalf
of the client, monitors and evaluates investment performance, may provide asset
allocation services, and in most cases provides custodial services for the client’s assets,

all for a single fee (a “wrap fee”) paid by the client to the sponsor. Our compensation is
received quarterly, as a percentage of client assets in the program.

Model Delivery Clients

Clients to whom Polen Capital provides recommendations but for whom Polen Capital is
not responsible for placing trades to implement those recommendations will generally be
charged lower fees.

Item 7 – Types of Clients

Polen Capital provides investment management services on a discretionary and non-
discretionary basis to individuals, corporations, partnerships, trusts, retirement plans,
sovereign nations, registered investment companies, UCITS, ETFs, private funds and
collective investment trusts.

Separately Managed and Wrap Accounts

Polen Capital generally imposes a $1,000,000 minimum for starting and maintaining a
separately managed account in the Small Growth, Small Mid Growth, Ultra Small Growth
and Growth Opportunities strategies, a $10,000,000 minimum in the Global Growth,
International Growth, and Global SMID Company Growth strategies ($20,000,000 in the
case of accounts invested in strategies where investments are made in non-U.S. ordinary
shares rather than ADRs), and a $30,000,000 minimum in the Focus Growth strategy,
and $100,000 for starting and maintaining a wrap account, subject to modification at the
discretion of Polen Capital.

U.S. Mutual Funds and ETF within FundVantage Trust

The minimum initial subscription amount for the U.S. mutual funds is generally $100,000
(institutional) and $3,000 (retail). There is no minimum initial subscription amount for the
ETF.

Irish UCITS Funds

The minimum initial subscription amount and ongoing maintenance amount for the UCITS
Funds varies by share class, as disclosed in the applicable prospectus and sub-fund
supplement (where relevant).

Other Pooled Vehicles

Investors in other pooled vehicles such as private funds and collective investment trusts
can obtain information regarding any minimum subscription requirements in the pertinent
fund documents.