Douglas Reicherter

$0 - $25 million: varies by strategy; e.g., 0.65% for some US Large Cap equity strategies $25 million - $50 million: tiered lower rates; e.g., 0.50% on next $25 million for some US Large Cap equity $50 million - $75 million: tiered lower rates; e.g., 0.40% on next $50 million for some US Large Cap equity $75 million - $100 million: tiered lower rates; negotiable above $100 million $0 - $25 million: 0.80% for some US Mid Cap equity strategies $25 million - $50 million: 0.70% for some US Mid Cap equity strategies $50 million - $100 million: Negotiable above $100 million $0 - $50 million: 0.90% for some Small Cap equity strategies $50 million - $125 million: tiered lower rates; negotiable above $150 million $0 - $25 million: 0.70% for some Global/International equity strategies $25 million - $75 million: lower tiers for some Global/International equity strategies $75 million+: Negotiable above $100 million $0 - $25 million: varies for Fixed Income strategies, e.g., 0.20% for US Short Term Bond $25 million - $50 million: lower tiers for Fixed Income strategies $50 million+: Negotiable above $100 million

Performance-based fees up to 20% of net realized and unrealized appreciation based on a high watermark/hurdle rate or benchmark index performance, typically in Private Funds and some accounts

Account minimum: $25,000,000 for U.S. equity investment mandates, $50,000,000 for global/international equity investment mandates, $50,000,000 for fixed income investment mandates; $1,000,000 minimum for dual contract Retail Managed Account Programs (subject to waiver) Minimum fee: May negotiate fixed-fee or minimum fee arrangements; some clients may have minimum fees or fee waivers Fee-only: Yes, fees are charged as advisory fees; no commissions charged on separately managed account clients