Torray Investment Partners LLC

Item 5 – Fees and Compensation

Mutual Fund. For investment adviser supervisory services provided to The Torray Fund, Torray
receives a fee, computed daily and payable monthly, at the annual rate of a specified
percentage, indicated below, of the Fund’s average daily net assets:

Fund                                                Maximum Management Fee Torray Receives
The Torray Fund                                     0.85%
(A series of The RBB Fund Trust)

For a complete explanation of the management fees Torray receives for its role as investment
adviser to the Torray Fund, and factors that may reduce the fees received, please refer to the
RBB Fund Trust prospectus and statement of additional information (“SAI”). Information on all
investor fees, expenses, and share class options, if applicable, is also available within the
prospectus and the SAI. The advisory contract between Torray and the RBB Fund Trust can be
terminated without penalty by the Fund, generally upon 60 days’ notice, and terminate
automatically upon assignment, as defined in the 1940 Act.

Private Accounts. Fees for the management of Private Accounts are based on an annual
percentage of each account’s total assets under management, including cash. For Private
Accounts, the stated minimum account size requirement for opening or maintaining an account
is $250,000 for the large cap growth, small/mid cap growth, and equity income strategies. The
standard annual fee schedule is 1.0% on the first $5 million, 0.75% on the next $20 million,
0.50% on the next $175 million, 0.375% on the next $100 million and 0.25% on the balance.

 Torray reserves the right, in its sole discretion, to negotiate and charge different fees for
certain accounts based on the client’s particular needs, overall relationship with Torray and
other factors unique to the client’s particular circumstances. Differences in fees paid by certain
clients are also, in certain instances, attributable to varying account inception dates. Torray
also reserves the right to waive or reduce the account minimum. With respect to sub-advised
separate accounts, fees are negotiated and minimum account sizes vary, depending on Torray’s
agreement with the client’s wealth adviser or investment adviser. Torray manages investment
accounts for employees and family members of employees, some of which benefit from
reduced fees and/or account minimums. Currently, Torray does not manage any client

accounts for which a fee is based on a share of capital gains upon or capital appreciation of an
advisory client’s account (i.e., a performance-based fee).

For certain sub-advisory relationships, Torray’s quarterly management fee covering all sub-
advised accounts is consolidated and paid by the wealth adviser or investment adviser directly
to Torray. Where Torray directly charges fees to Private Account clients based on the standard
tiered fee schedule, or a negotiated tiered fee schedule as detailed in the investment
management agreement, it will generally aggregate related account balances of the same client
and clients known to reside within the same household for the purposes of achieving advisory
fee breakpoint discounts.

Fees are generally computed and payable quarterly, in advance, based on the market value on
the last business day of each prior quarter. Initial fees are calculated based upon the number of
days in the quarterly period the account came under Torray’s management, based on starting
account value and typically paid in conjunction with the first full quarter fee payment . All
subsequent quarters are billed for the full quarter. Torray prorates its fees with respect to
additions to and withdrawals from a Private Account, subject to a de-minimis threshold. This
credit or deduction will be reflected in the next quarter’s fee. If a client terminates the
relationship prior to the end of the quarter, the fee is prorated for the number of days the
portfolio was under management and the excess funds are repaid to the client .

Torray considers cash to be an asset class. Cash held in the client’s investment account is
typically swept into the money market fund account or money market bank account at the
client’s custodian. Torray generally includes cash and cash equivalents in the calculation of
assets under management and fees. During periods of exceedingly low short-term interest
rates, client fees paid on cash balances will exceed money market yields.

If authorized by the client, the investment advisory fee, which is calculated by Torray, will be
billed directly to a client’s managed account, and directly debited by Torray. Torray only has the
ability to debit fees associated with specific custodian relationships. A client may also ask
Torray to bill the investment advisory fee to the client rather than deduct the fee from a
custodian account under Torray’s management. The custodian will send the client quarterly
statements showing all transactions in the account, including fees paid to Torray (if deducted
from the account), directly to such clients. Client custodians do not independently verify Torray
fee calculations. Torray will send to clients a quarterly statement showing the amount of the
management fee due, the account value on which the fee is based and how the fee was
calculated. Torray will receive either paper or electronic copies of custodians’ statements.

Additionally, Torray will perform a due inquiry with the custodian for any account from which it
directly debits fees, to ensure quarterly statements are being sent to clients.

Torray’s investment advisory agreements for Private Accounts are generally mutually revocable
at any time without penalty and continue in effect until written notice of termination is given
by either party. Generally, 30 days’ notice is requested unless otherwise specified by contract.

Wrap Fee Programs. From time to time, Torray is retained as an investment adviser under a
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Item 7 – Types of Clients

Torray provides portfolio management services to various types of clients such as individuals,
high net worth individuals, pension and profit-sharing plans, charitable organizations,
corporations and other businesses, registered mutual funds, wrap fee participants and
investment advisers using our model portfolio services.

Torray requires that each client enter into an investment advisory agreement prior to Torray’s
performance of any investment advisory services for the benefit of the client. The investment
advisory agreement is a written contract between Torray and the client and sets forth the
terms of the investment advisory services to be rendered to the client.

Generally, the minimum account size to open and maintain a Private Account is $250,000 for
the large cap growth, small/mid cap growth, and equity income strategies. Torray reserves the
right to waive or reduce the account minimum. Torray manages investment accounts for

employees and family members of employees, with certain such accounts benefitting from
reduced fees and/or account minimums. Mutual fund investment as well as wrap program,
model program, and sub-advised account minimums are set by each respective sponsor, and
are disclosed in the Fund’s prospectus, or program sponsor’s Form ADV Part 2A and/or
Appendix 1.