Thomson Horstmann & Bryant Inc

ITEM 5 - FEES AND COMPENSATION

 THB’s investment advisory fees are based on a percentage of the client’s assets under
 management and/or the performance of the client’s assets under management. THB’s
 investment advisory fees are negotiable. THB invoices its managed account clients for the
 payment of investment advisory fees. Clients can choose to pay the investment advisory fee:
 1) on the first day of each quarter based on the fair market value of the account on that day,
 or 2) on the last day of each quarter based on the fair market value of the account on that
 day or on an average fair market value for the quarter, or 3) as otherwise negotiated.

 Investors in the THB Funds (as defined below under Item 7) generally pay an investment
 advisory fee based upon the average monthly net asset value of their capital accounts
 quarterly in arrears on the last business day of each calendar quarter through a deduction
 from their capital accounts, or as otherwise negotiated. Additional information regarding
 fund expenses, including advisory fees, is available in the fund’s offering documents.

 The THB Registered Fund (as defined below under Item 7) pays a fee, which is calculated
 daily and paid monthly in arrears based upon the average daily net assets of the fund. THB
 has contractually agreed to reduce fees and reimburse expenses to the extent necessary to
 keep such fund’s net operating expenses (excluding interest, taxes, brokerage commissions,
 acquired fund fees and expenses, and extraordinary expenses) from exceeding 1.25% or
 1.75% of such fund’s Institutional Class or Investor Class Shares net assets, respectively,
 until March 29, 2021.

 Investors in the THB US Microcap Fund and THB International Micro Cap Fund (as defined
 below under Item 7) generally pay an investment advisory fee based upon the average daily
 net assets of the fund monthly in arrears on the last business day of each month through a
 deduction from their capital accounts, or as otherwise negotiated. Additional information
 regarding fund expenses, including advisory fees, paid by the THB US Microcap Fund and
 THB International Micro Cap Fund is available in the fund’s offering documents. Investors in
 the THB Incubator Funds (as defined below under Item 7) generally do not pay an investment
 advisory fee or incur any fund expenses.

 Investors in the THB US Opportunities Fund (as defined below under Item 7) generally pay
 an investment advisory fee based upon the average daily net assets of the fund monthly in
 arrears on the last business day of each month through a deduction from their capital
 accounts, or as otherwise negotiated. Additional information regarding fund expenses,
 including advisory fees are available in the THB US Opportunities Fund offering documents.

THB or its managed account clients may generally terminate the investment advisory
agreement upon 30 days’ written notice. Investment advisory agreements with the THB
Funds, and the THB U.S. Opportunities Fund may terminate upon 90 days’ written notice.
Investment advisory agreements with the THB Incubator Fund may terminate upon 30 days’
written notice. Upon termination, THB refunds any investment advisory fees that may have
been paid at the beginning of the period that are unearned. With respect to the THB
Registered Fund (as defined below under Item 7), after the initial two-year term, the
continuance of the investment advisory agreement must be specifically approved at least
annually: (i) by the vote of the Trustees of the Trust (as defined below in Item 7) or by a vote
of the shareholders of the fund; and (ii) by the vote of a majority of the Trustees who are not
parties to the investment advisory agreement or “interested persons” of any party thereto,
cast in person at a meeting called for the purpose of voting on such approval. The investment
advisory agreement for the THB Registered Fund will terminate automatically in the event of
its assignment, and is terminable at any time without penalty by the Trustees of the Trust or,
with respect to the fund, by a majority of the outstanding shares of the fund, on not less than
30 days’ nor more than 60 days’ written notice to THB, or by THB on 90 days’ written notice
to the Trust. As used in the investment advisory agreement, the terms “majority of the
outstanding voting securities,” “interested persons” and “assignment” have the same
meaning as such terms in the Investment Company Act of 1940, as amended. The THB US
Microcap Fund and THB International Micro Cap Fund are terminable at any time without
penalty by the Management Company, or by THB upon 180 days’ written notice to the
Management Company.

In addition to THB’s fee, clients pay brokerage and other transaction costs (as described in
Item 12 below). Clients also pay charges to financial institutions and other third parties such
as custodial fees, charges imposed directly by exchange traded funds, wire transfer and
electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions.

Further, clients invested in the THB Funds and the THB Registered Fund, whether directly or
through a separately managed account, will indirectly bear the fees and expenses paid by the
THB Funds and the THB Registered Fund (to the extent not otherwise reimbursed or waived
by THB), which include but are not limited to: (i) operating expenses, including fees of its
service providers, expenses of preparing prospectuses, proxy solicitation material and
reports to shareholders, costs of custodial services and registering its shares under federal
and state securities laws, pricing and insurance expenses, brokerage costs, interest charges,
taxes and organization expenses; and (ii) its pro rata share of the fund’s other expenses,
including audit and legal expenses. Additional information regarding such fees and expenses
is available in the offering documents of the applicable THB Fund and the THB Registered
Fund.
...

ITEM 7 - TYPES OF CLIENTS

THB’s clients include pension and profit sharing plans, trusts, estates, charitable
organizations, corporations, investment companies, investment advisers, individual
investors and other business entities. THB is also: the managing member and investment
adviser of two Delaware domiciled private funds, THB Micro Cap LLC and THB Small Cap
LLC (the “THB Funds”); the investment adviser of a U.S. registered investment company (the
“THB Registered Fund”) and series of The Advisors’ Inner Circle Fund (the “Trust”). THB is
the investment manager of the THB U.S. Opportunities Fund a sub-fund of Carolon’s Dublin-
based umbrella entity, Carolon Investment Funds plc., incorporated with limited liability in
Ireland under the Companies Acts 1963 to 2013 with registration number 552000 and
established as a UCITS Fund pursuant to the European Communities Regulations, 2011 (S.I
Number 352 of 2011)). THB is the investment adviser of the THB US Microcap Fund and the
THB International Micro Cap Fund, registered pursuant to the Australian Securities and
Investments Class Order CO 03/1100. THB is also the investment adviser of M7 Investments
LLC, a Delaware domiciled private fund that operates as the initial seed capital for new THB
investment strategies “THB Incubator Fund”.

For individually managed accounts, clients generally must maintain an ongoing balance of
$50,000 or pay a minimum investment advisory fee of $2,000. Clients may negotiate this
requirement. The THB Funds, THB Registered Fund, THB US Opportunities Fund, THB
International Micro Cap Fund and THB US Microcap Fund may have investment minimums
set forth in their offering documents, which may be waived at THB’s discretion. There is no
investment minimum for the THB Incubator Fund.

Please see the THB Funds, THB Registered Fund, THB US Opportunities Fund, THB
International Micro Cap Fund and the THB US Microcap Fund offering documents for
information regarding investment minimums.

     ITEM 8 - M E T H O D S OF AN ALY SI S, I N V E S T M E N T S T R A T E G I E S
                             AND RISK OF LOS S

THB uses qualitative and quantitative methods to generate investment ideas as follows:
      Qualitative – Sources of qualitative research include attendance at conferences
      and trade shows, dialogue with corporate management and industry specialists,
      subscriptions to various professional services, and the sector expertise of
      portfolio managers.
      Quantitative – THB screens the investment universe for companies with fundamental
      and valuation factors that are consistent with THB’s investment approach and are
      back-tested for price predictability. THB attempts to identify securities where the
      market has either: 1) undervalued the potential of the company with regards to
      operating structure and profitability, 2) failed to recognize the inherent value on a
      cost replacement basis and/or, 3) overlooked the synergies available with respect to
      potential acquisition.

THB seeks to invest in companies that possess characteristics that define them as leaders
within their industries and demonstrate identifiable positive change in either the underlying
business or corporate structure. THB aims to anticipate how such positive changes affect the
income statement, balance sheet, or market perception of that company.

Investing in securities involves risk of loss that clients should be prepared to bear.
Investments may lose value based on factors affecting an entire industry or sector, such as
increases in production costs, or factors directly related to a specific company, such as
financial condition and management decisions. Equity securities also fluctuate in value due
to factors that affect the securities markets generally, such as adverse changes in economic
conditions, the general outlook for corporate earnings, interest rates and investor sentiment.

The securities of smaller companies are significantly more vulnerable to market risk and
liquidity risk than the securities of larger companies as these companies may have limited
product lines, markets or financial resources, or they may depend on a few key employees.
In addition, these securities trade less frequently and in lesser volume than more widely held
securities and their value fluctuates more sharply than other securities. Further, THB could
find it more difficult to sell such securities when it desires and may only be able to do so at
prices lower than if such securities were more widely held.

There is no assurance that the above list is a complete list of all risks of an investment or that
there are no other risks that may exist now or that may arise in the future in connection with
an investment. Strategies and risks related to THB’s investment strategies are described in
greater detail in the offering memorandum of each THB Fund, the prospectus and
p r o s p e c t u s supplem e n t of the THB US O pp o r t u n i t i e s Fund, the prospectus and
statement of additional information of the THB Registered Fund, and the product disclosure
statement of the THB International Micro Cap Fund and THB US Microcap Fund, and this
description is qualified in its entirety by those materials.