Select Investment Solutions LLC

Item 5. Fees and Compensation

     Account Management Services Fees

     The fees for discretionary portfolios under Select’s separate account structure will be between 0.25% to
     0.75% depending on the strategy. The fees for the Select Dividend US 30 Portfolio are .30% per year.

     The fees are for Select’s management services only and do not include transaction fees, brokerage
     commissions or other management fees charged by non-affiliated third parties (such as custodians, mutual
     funds, etc.) that Select may purchase for Client. Select will custody Client’s account at Fidelity Investments
     or Charles Schwab, whose transaction and brokerage fees are typically $0 for equities/ETFs and $0 to $25
     for mutual funds (with certain mutual fund companies at $45 a trade). Actual trading costs will vary
     depending on the number of shares traded and the value of client assets held at the particular custodian.

     Select’s fees are generally paid quarterly, in advance. For new client accounts, the fee will begin on the day
     the account is funded. Any contributions made during a calendar quarter may cause an adjustment to the
     advisory fee. No adjustment or refund will be made with respect to partial withdrawals during any calendar
     quarter. Select’s service may be terminated by either party upon written notification in accordance with the
     applicable contractual notice of termination. Upon full termination, the fees charged for advisory services
     will be pro-rated and a refund for any unearned fees will be issued.

     In some cases, fees may be paid quarterly in arrears. In the event of such a fee schedule, Select is entitled
     to the portion of the advisory fee earned during the quarter until the termination of the advisory agreement.

     Fees will be directly deducted from Client’s custodial account and will be indicated on Client’s custodial
     statement.

     Fund Fees

     Select Investment Solutions manages the Select Real Asset and Water Fund LLC, an unregistered pooled
     investment vehicle that is normally referred to as a “funds of funds.” Investors in these funds are charged
     asset-based management fees of .50% and performance-based incentive fees of 10% (in addition to any fees
     charged by the managers of the underlying holdings). The Fund is also charged an annual Administration
     fee of 0.15%.

     Fund Expenses

     The Select Real Asset and Water Fund LLC will pay certain expenses, such as the expenses in connection
     with making, monitoring, and disposing of portfolio investments, transaction fees such as brokerage
     commissions and custody expenses, administrative, legal (including blue sky compliance), and tax
     preparation, accounting and audit expenses, all costs incurred with litigation or extraordinary events, and
     other insurance and indemnity expenses, fund liquidation expenses, and any expenses for the services that
     the investors require Select to obtain.

     The fees and expenses charged to the Select Real Asset and Water Fund are discussed further in the fund
     offering documents. The Fund’s fees can be waived or changed at Select Investment’s discretion.

Item 7. Types of Clients

     Select’s consulting clients generally fall into three categories: individuals, institutional, and fund of funds.
     Individual clients include high-net worth individuals, families and/or trust accounts. Our institutional clients
     include endowments, foundations, other non-profits and retirement plans.