Secor Investment Advisors LP

Item 5: Fees and Compensation
   A. Advisory Fees and Compensation

SIA is compensated for providing advisory services to its clients as set forth in each client’s
respective Investment Advisory Agreement (IAA). SIA’s fee income comes mainly in the form
of advisory service fees. SIA has a performance fee structure in place for one client.

Advisory service fees typically are a percentage of the plan assets for which services are
rendered.

        Example:        Advisory Service Fee Schedule for
        SIA
        Client Assets (USD)               Annual Fee Rate
        First 2 Billion                      X basis points
        Next 2 Billion                       Y basis points
        Next 2 Billion                       Z basis points
        etc.                                 …

The percentages are negotiated on a case-by-case basis and are determined based upon a
number of factors including but not limited to, the amount and type of work involved, the size
of the portfolios or plans serviced by SIA, and the amount of SIA’s resources dedicated to
providing the services.

SIA also provides clients advisory services on an a la carte basis and provide fixed fees for
these services.

   B.    Payment of Fees

Advisory service fees are typically billed quarterly in arrears at one quarter of the annual rate,
or monthly in arrears at one twelfth of the annual rate based on a percentage of the client’s
portfolio(s) or plan assets receiving services at the end of the previous quarter or month. The
value of the portfolios and/or plan assets includes money market funds and cash balances.

   C. Additional Fees and Expenses

The advisory service fees described above are for advisory services only and do not include
any applicable transaction fees, taxes or commissions payable to third parties and are separate
and distinct from fees and expenses charged by mutual funds, ETFs, separate account
managers, which may be recommended to clients.

   D. Prepayment of Fees

SIA invoices fees in arrears on an annual, quarterly or monthly basis. SIA’s service may be
terminated by either party upon written or oral notification in accordance with the applicable
contractual notice of termination. Upon termination, the fees charged for advisory services
will be pro-rated and a refund for any unearned fees will be issued. The client is responsible
for paying for services rendered until the termination of the agreement.

E. Additional Compensation and Conflicts of Interest

  SIA and its supervised persons do not accept any compensation for the sale of
  securities or other investment products to SIA’s clients. Certain employees and
  affiliated persons of Mercer are eligible to receive compensation from Mercer in
  connection with client referrals and sales. Mercer has taken steps to mitigate
  potential conflicts of interest arising from such compensation arrangements.

Item 7: Types of Clients
SIA provides discretionary and non-discretionary investment advisory services to U.S. and non-
U.S. institutional investors, including employee pension and benefit plans, endowments and
foundations.