Shining Rock Advisors LLC

Item 5                     Fees and Compensation
A.                         Investment Advisory Services Fees
Shining Rock’s annual investment advisory fee shall be based upon a percentage (%) of the market
value and type of assets placed under Shining Rock’s management as follows:

           Market Value of Portfolio           Advisory Fee (per annum)
           Up to $1,000,000                    1.00%
           Next $4,000,000                     0.85%
           Next $5,000,000                     0.75%
           Assets over $10,000,000             0.50%

Investments with limited liquidity and valuation, including client assets held in private offerings
exempted from SEC registration under Rule 506 of Regulation D (“private investments”), will be
billed quarterly based upon a percentage (%) of the capital invested.

All clients will be required to execute an Investment Advisory Agreement that will describe the type
of management services to be provided and the fees, among other items. Shining Rock’s fee is agreed
to at the time of engagement. Fees are negotiable and may be modified at Shining Rock’s discretion,
based on unusual circumstances, pre-existing relationships, amount and nature of assets to be
managed, required services, complex matters, or other factors. As a result of these factors, similarly
situated clients could pay different fees, the services to be provided by Shining Rock to any particular
client could be available from other advisers at lower fees, and certain clients may have fees different
than those specifically set forth above. Clients are under no obligation at any time to engage, or to
continue to engage, Shining Rock for investment services.

B.
As indicated in the Investment Advisory Agreement, clients will be invoiced at the end of each
calendar quarter after services are rendered, based upon the portfolio’s market value as determined by
the client’s custodial firm on the last trading day of the preceding quarter.

Payment of Investment Advisory Services fees may be made directly by the client within 10 days of
the invoice or debited directly from the client’s account. Clients whose fees are directly debited will
provide written authorization to debit advisory fees from their accounts held by a qualified custodian.
Each month, clients will receive a statement from their account custodian showing all transactions in
their account, including the fee. Fees are calculated by Shining Rock and not independently calculated
by the custodian. Clients should carefully review their statements, including the fee amounts. Shining
                           Shining Rock Advisors LLC, ADV Part 2A – Page 7

Rock’s Chief Compliance Officer, Sage Barfield, remains available to address any questions that a
client or prospective client may have regarding advisory fees.

C.
Fees paid to Shining Rock are exclusive of all custodial and transaction costs paid to the client’s
custodian, brokers, independent managers, or other third-party consultants. Please see Item 12 –
Brokerage Practices for additional information.

Fees paid to Shining Rock are also separate and distinct from the fees and expenses charged by mutual
funds, ETFs (exchange traded funds) or other investment pools to their shareholders.
These fees generally including a management fee and fund expenses, as described in each fund’s
prospectus or offering materials. For a complete discussion of expenses related to each mutual fund or
ETF, you should read a copy of the prospectus issued by that fund. Shining Rock can provide or direct
you to a copy of the prospectus for any fund that we recommend to you.

The client should review all fees charged by funds, brokers, Shining Rock, and others to fully
understand the total amount of fees paid by the client for investment and financial-related services.

Subadvisor Services Fees. Shining Rock may also engage with a sub-advisor. The fees charged are
negotiable and will not exceed any limit imposed by any regulatory agency. This relationship will be
memorialized in each contract between Shining Rock and the third-party adviser.

Tradeaway/Prime Broker Fees. Relative to its discretionary investment management services, when
beneficial to the client, individual fixed income transactions may be effected through broker-dealers
other than the account custodian, in which event, the client generally will incur both the fee
(commission, mark-up/mark-down) charged by the executing broker-dealer and a separate
“tradeaway” and/or prime broker fee charged by the account custodian (Schwab).

D.
Accounts initiated or terminated during a calendar quarter will be charged a prorated fee, based upon the
market value of the assets on the last trading day of the preceding quarter.

The Investment Advisory Agreement between Shining Rock and the client will continue in effect until
terminated by either party by written notice in accordance with the terms of the Investment Advisory
Agreement. Upon termination, any earned, unpaid fees will be due and payable immediately. Shining
Rock will cease to perform services, including processing trades and distributions, upon termination.

E.
Neither Shining Rock nor its representatives accept compensation from the sale of securities or other
investment products.

Item 7                     Types of Clients

Shining Rock’s clients shall generally include individuals, business entities, trusts, estates, and
charitable organizations.