HighMark Capital Management, Inc. | 5 Sub-Advisory Services Provided to Affiliated Parties HighMark has a sub-advisory agreement with U.S. Bank to sub-advise certain client accounts. The range of services HighMark provides for these accounts is similar to the services described above. U.S. Bank pays HighMark a fee to provide these investment advisory services, as described in the agreement between U.S. Bank and HighMark. Services Provided to MUFG Union Bank Pursuant to a services agreement, HighMark furnishes its parent company, MUFG Union Bank, with portfolio management and research services and support including without limitation, strategic and tactical asset allocation guidance, investment research, trading, operational, and certain compliance functions with respect to certain MUFG Union Bank trust and agency accounts. MUFG Union Bank’s engagement of HighMark and the services HighMark provides are disclosed by MUFG Union Bank to its managed account clients. HighMark receives compensation from MUFG Union Bank, N.A. for the services HighMark provides MUFG Union Bank. Consulting Services HighMark provides investment consulting services, including supplying investment research and information, on a non-discretionary basis. These services consist of providing sample portfolios, investment strategies, general overviews of certain securities markets, or similar services. Fees for consulting services are negotiated in each case based on the nature and complexity of the services to be provided. Such fees may be fixed or based on a percentage of the assets subject to the consulting

arrangement and such fees are generally payable upon provision of the services. Fees are generally charged as a percentage of assets under management as described in the investment advisory agreement between HighMark and the client. Fees may be negotiated on a relationship basis. HighMark’s investment advisory fees range from .15% (typically charged for liquidity management strategies) to .75% (typically charged for equity management strategies). HighMark requires a minimum annual fee of $10,000 for managed account investment management services. In certain circumstances, the fees charged for managed accounts and/or the minimum fee may be negotiable. In addition to the investment advisory fee, it is possible that clients will pay other fees or expenses related to the management of their account depending on the type of account and investment such as, brokerage, trading, custody, transfer agent, fund accounting and administration, 12b-1, shareholder servicing and investment management fees associated with any third-party fund. Please see Item 12: Brokerage Practices. For clients’ assets custodied at MUFG Union Bank, clients generally choose to deduct fees from assets or receive a bill for fees incurred. For those clients’ assets custodied outside of MUFG Union Bank, clients will be invoiced. Fees are paid in arrears and clients have the option to pay fees monthly or quarterly. Fees are prorated for the billing period at the beginning or end of a client relationship. The method of fee calculations is disclosed to clients in their investment advisory agreements. For other accounts described