Summit Rock Advisors LP

Item 5: Fees and Compensation

Clients of Summit Rock will be subject to various types of fees charged by Summit Rock, its affiliates, and third
parties. These fees, which are described in detail below, do not offset one another. Other investment advisers may
offer services similar to Summit Rock’s for higher or lower fees. The fees that Clients pay are Summit Rock’s only
form of revenue.

A.       Summit Rock Advisory Fees

The advisory fee covers the cost of the broad engagement with Summit Rock. The Summit Rock advisory fee includes
all services associated with providing guidance to the Clients. In general, the cost of the advisory fee covers services
related to the development, implementation, monitoring, and reporting of the investment plan. Summit Rock’s
standard fee schedule is 0.50% per year on the first $100 million of assets under supervision, 0.40% on the next $100
million, 0.30% on the next $100 million, 0.20% on the next $200 million, and 0.10% on any amount of assets under
supervision above $500 million. This fee is assessed on all Client assets under supervision, including Client
investments in the SRA Portfolios and the Private Equity Reserves Accounts. Advisory fees are charged quarterly in
arrears. The advisory fee is negotiable based on the circumstances of the Client and level of work involved. Summit
Rock will either invoice Clients directly for their quarterly advisory fee or, at a Client’s election, direct Clients’
approved third-party custodians to pay the advisory fees directly to Summit Rock on such Client’s behalf. Summit
Rock maintains the right to waive all or a portion of its advisory fees with respect to any investor, including affiliates
of Summit Rock.

B.       Management Fees – SRA Portfolios

Summit Rock offers pooled investment vehicles, the SRA Portfolios, in order to provide certain important benefits to
Clients including diversification, access to top-tier investment managers, streamlined operations, and consolidated
performance, financial, and tax reporting. Each SRA Portfolio assesses a management fee of 0.65% of invested assets
per year. Based on an SRA Portfolio’s investment objective, this management fee will be based on a Client’s net asset
value and/or committed capital in such SRA Portfolio. Management fees are assessed quarterly in advance for Clients
in the SRA Portfolios. Summit Rock maintains the right to waive all or a portion of its management fees with respect
to any investor, including affiliates of Summit Rock.

C.       Performance Allocations and Performance Fees – SRA Portfolios

Summit Rock is motivated to deliver performance to Clients in the SRA Portfolios by having a compensation system
in place which rewards performance above industry benchmarks relevant to a specific SRA Portfolio’s investment
objective or above a fixed hurdle where appropriate (a “Performance Bonus”). With respect to the SRA Portfolios
with intermediate liquidity investment strategies, a Performance Bonus of 15% of the excess performance above such
SRA Portfolio’s benchmark (net of such SRA Portfolio’s management fees and expenses) is allocated or paid to
Summit Rock from each Client’s capital account or net asset value. For such intermediate liquidity SRA Portfolios,
the Performance Bonus, if any, is allocated or paid at the end of each fiscal year. With respect to the SRA Portfolios
with long-term liquidity, the Performance Bonus is paid to Summit Rock upon the distribution of proceeds above such
SRA Portfolio’s hurdle or benchmark.

If an investor with respect to an intermediate liquidity SRA Portfolio withdraws at a time other than fiscal year-end,
the Performance Bonus will be determined as of the withdrawal date. Because certain Performance Bonuses are made

in comparison to an SRA Portfolio’s benchmark, such Performance Bonuses could be allocated or paid in a year where
an SRA Portfolio has a net loss. With respect to the SRA Portfolios with intermediate liquidity investment strategies,
the base value of a Client’s capital account or net asset value resets annually for purposes of calculating the
Performance Bonus.

Summit Rock maintains the right to waive all or a portion of its Performance Bonus with respect to any Client,
including affiliates of Summit Rock.

D.       Other Fees and Expenses – SRA Portfolios

Clients with investments in the SRA Portfolios are also subject to certain fees, costs, and expenses including, without
limitation, all fees, costs, and expenses with respect to legal, audit, tax, accounting (including, without limitation,
reporting and tax preparation), administrative, consulting, and other similar advisory services; expenses related to
research, fees, costs, and expenses of brokers, agents, valuation firms, and other professionals, in each case in relation
to the making and monitoring of investments; custodial services expenses and bank service fees; all expenses
(including expenses and disbursements of service providers) that Summit Rock in its good faith discretion determines
to be related to due diligence (including, without limitation, risk management and due diligence consulting),
developing, acquiring, holding, structuring, trading, settling, monitoring, and disposing of investments (whether or
not consummated), including fees and commissions associated with sourced investments, travel expenses, insurance
commissions and premiums, and the SRA Portfolios’ pro rata portion of the expenses of the pooled vehicles in which
the SRA Portfolios have made an investment; expenses related to background checks of personnel associated with
potential investments; expenses, including legal fees, incurred with respect to the review and negotiation of the
documents governing investments; portfolio data analytics expenses, including technology solutions used for analytics
and risk management for the SRA Portfolios and reporting for SRA Portfolio investors; any taxes, fees, or other
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Item 7: Types of Clients

As more fully detailed in Item 4 above, Summit Rock provides financial advice and portfolio management to a select
number of individuals and their family members, family foundations, family trusts, independent foundations, and
endowments.

Summit Rock also serves as the investment manager to privately offered pooled investment vehicles, the SRA
Portfolios, which are generally made available only to Summit Rock’s Clients.