SVB Asset Management

Fees and Compensation

Fees Charged by SVB Asset Management
SVB Asset Management charges its advisory clients a management fee based upon the value of
the assets under management and does not have performance-based account fees. The
maximum fee schedule does not exceed 25 basis points.

Management fees are calculated monthly by first determining the average balance of assets
under management for the month held in the account. To determine the average balance for each
client account, the daily ending market value of the assets (including any cash balances and
money market fund shares) plus accrued interest for each day of the month is totaled and divided
by the number of days in the month.

The average monthly balance dictates the relevant management fee tier and corresponding rate
as shown on each client’s fee schedule. The applicable rate is then applied to the average balance
of the account, minus balances held in cash and money market mutual funds, for the month to
determine the management fee that is owed.

SVB Asset Management does not charge a management fee for balances held in cash and money
market mutual funds. However, SVB Asset Management receives fees from money market funds
and certain of their service providers, as described below. The amount that SVB Asset
Management receives from such parties often exceeds the amount that SVB Asset Management
would have earned on such money market fund balances from its management fee. In such
cases, the firm has a financial incentive to place additional client assets into shares of money
market mutual funds, particularly with respect to client accounts that are subject to a minimum
monthly fee (described below).

Client accounts and investment strategies may be subject to a minimum monthly fee. If a minimum
monthly fee is applicable to a client or strategy, the details will be stated in the client’s fee
schedule. Each month, the management fee will be calculated as described above. The
calculated management fee will then be compared to the minimum monthly fee. If the minimum
monthly fee is greater than the calculated management fee, the client account will be charged a
management fee equal to the minimum monthly fee instead of the calculated management fee.
Minimum monthly fees are not incurred until the first calendar day of the fourth calendar month
following the client’s initial opening of the account.

If a client and/or its affiliates have more than one account with SVB Asset Management and those
accounts have fee schedules with the same terms, SVB Asset Management will generally
aggregate the balances in those accounts for purposes of determining which management fee
rate applies, and would then apply that rate to all such related accounts. Such accounts will
similarly be aggregated for purposes of determining whether a minimum monthly fee applies, and
if applicable, only one minimum monthly fee will be charged across the related accounts.

Fees, as calculated by SVB Asset Management, are accrued daily and deducted directly from
clients’ accounts monthly at or around the fifteenth (15th) calendar day of the following month,
and are payable in arrears, unless otherwise specifically agreed upon in writing. Upon termination

                                             Internal

of any account, any accrued but unpaid account fees through the date of termination of the
account will become immediately due and payable.

The fees described above are subject to change and may vary based on specific, separately
negotiated client situations, which may depend on various factors, including but not limited to
market conditions, client investment objectives, the value of the assets under management, and
the client’s relationship with SVB Asset Management and its affiliates. In negotiating the fees, it
is possible that not all factors will be considered equally, resulting in higher fees for some clients
as compared to others. SVB Asset Management may, in its sole discretion, waive or otherwise
change the fee structure for certain clients, as determined on a case-by-case basis. Certain clients
of SVB Asset Management may also receive products or services from an SVB Asset
Management affiliate at a discounted rate or otherwise have fees and/or expenses for such
products and services waived.

Fees for client-directed assets, if any, are separately negotiated with each client on a case-by-
case basis and may be subject to additional or alternative terms and conditions as agreed upon
by the client and SVB Asset Management in writing.

Custodial and Transaction Fees
Neither SVB Asset Management nor its affiliates serve as custodian for client accounts. Instead,
advisory client assets managed by SVB Asset Management are held in custody by third party
custodians. Clients are subject to fees for custodial and other services charged by such third party
custodians.

The fees typically charged to clients for assets held in custody by third party custodians include
fees based on a percentage of the value of client assets held in the custodial account, transaction
and related charges and fixed fees. The client’s relationship with its third party custodian is
governed by a separate agreement, and all fees charged in connection with the custodial
relationship should be disclosed by the third party custodian to the client. SVB Asset Management
has established relationships with two third party custodians, U.S. Bank Institutional Trust &
Custody (“US Bank”) and FNZ Trust Company (“FNZ” and with US Bank, the “Primary
Custodians”).

Client assets may be held in custody with third party custodians other than the Primary
Custodians, subject to agreement by SVB Asset Management.

Neither SVB Asset Management nor its affiliates serve as broker or dealer for transactions in
client accounts. SVB Asset Management itself does not charge to clients any transaction or
transfer-related fees, additional commissions, trading spreads, premiums, or other similar fees or
...

Types of Clients

SVB Asset Management’s clients are primarily companies in the innovation economy, specifically
in the technology and life science/healthcare industries. The technology clients tend to be in the
industries of hardware (such as semiconductors, communications, data storage, and electronics);
and software and internet (such as infrastructure software, cybersecurity, applications, software
services, digital content and advertising technology); and energy and resource innovation. The
life science and healthcare clients tend to be in the industries of biotechnology, medical devices,
healthcare information technology and healthcare services.

SVB Asset Management’s clients are of various sizes and stages, from venture backed to publicly
held companies. SVB Asset Management works closely with its clients to carry out their
investment objectives, which are typically focused on capital preservation, liquidity management
and achievement of a competitive return.

SVB Asset Management generally requires a minimum investment balance of either $10 million
or $30 million to open an account, depending on the client’s investment strategy. SVB Asset
Management may waive or reduce these minimum requirements at its discretion.