CommonFund

The Bank agrees, subject to its acceptance of authorized instructions from you, to transmit information as necessary to instruct Commonfund's service provider for your Customer Account to buy, sell, or otherwise dispose of shares of the Investment Options, or to make deposits to or withdrawals from the Bank's Master Demand Account, according to your instructions.

By signing the Platform application, you are authorizing the Bank to open a Commonfund Cash Account at the Bank on your behalf. The Commonfund Cash Account is non-interest bearing and is insured by the Federal Deposit Insurance Corporation. For more information regarding current insurance limits, please visit www.fdic.gov. All banking transactions will be posted to your Commonfund Cash Account. By signing the Platform application, you are also authorizing the Bank to open a Commonfund Sub-Account on your behalf. This Commonfund Sub-Account will not contain actual funds, but will instead mirror balances equal to the funds in your Customer Account maintained by Commonfund's service provider invested or deposited on your behalf by Commonfund's service provider in the Investment Options and the Bank's Master Demand Account. This amount is updated on the morning of each Business Day and will be reflected as a portion of the Available Balance in your Commonfund Cash Account. There are no fees associated with the Commonfund Sub-Account. The Commonfund Sub-Account will not appear on your statements or on the Platform used in accordance with this Product.

Many of these commitments are spelled out more completely on the following pages, but in general, when you sign the Platform application, you agree to the following:

• To accept full responsibility for the content and accuracy of all authorized instructions relating to your Commonfund Cash Account, and for all results and consequences of these instructions; this includes all investment decisions and trading orders, and all instructions placed by you or any other person you authorize
• To pay all fees, charges, and expenses incurred in your Commonfund Cash Account, including satisfying all debits to your Commonfund Cash Account, and any costs incurred by the Bank in collecting the debt
• To maintain enough assets in your Commonfund Cash Account to satisfy all obligations as they become due and to authorize the Bank to take whatever steps the Bank may consider necessary to resolve unpaid debts or other obligations
• To use the Commonfund Cash Account and its features according to this Agreement
• To let the Bank monitor and/or record any phone conversations with you and to let the Bank share with third parties any information you provide, but only as required by law or as permitted by the Bank's privacy policy
• If there is a negative balance in your Commonfund Cash Account at the end of any Business Day (including as a result of the non-transmission to the Bank of amounts required to be transferred from your Customer Account by the end of such Business Day to reverse such negative balance), to pay an overdraft fee as set forth in the Schedule of Fees

The Bank presently offers many banking services that may be considered “Electronic Fund Transfers” including, but not limited to, wires which use the Federal Reserve Wire System and Automated Clearing House (ACH) transactions including, but not limited to: Phone Transfers and Online Transfers. This disclosure (as required by Federal Regulation E: Electronic Funds Transfer Act) provides information that describes your rights and responsibilities regarding these services. To send and receive EFT transactions to or from your accounts at another financial institution, your bank must be a member of the Automated Clearing House (ACH) system. For EFT transactions, you hereby authorize and instruct the Bank to instruct Commonfund’s service provider to cause the redemption of shares or withdrawals of Master Demand Account deposits credited to your Customer Account and direct the Bank to accept any orders to make payments to an authorized bank account and to fulfill these orders by (i) instructing Commonfund’s service provider to cause the redemption of shares or withdrawals of Master Demand Account deposits credited to your Customer Account and transferring the redemption or withdrawal amounts to your Commonfund Cash Account and/or (ii) through withdrawals by the Bank from deposits in the Bank’s Master Demand Account credited to your Customer Account. You agree that the above appointments and authorizations will continue until your accounts at the Bank are terminated, or we receive written notice of any change. If you withdraw such authorization, the Bank may terminate your ability to make EFT transactions that are dependent on such authorization.

You may arrange to have certain recurring payments automatically deposited into your Commonfund Cash Account. You may choose to enter a payment from your Commonfund Cash Account to an External Account that you do not wish to take place until a future date. These preauthorized transfers are governed by federal regulations pertaining to EFT Services that entitle you to certain benefits and protections in connection with EFT Services.

Included in your application is the ability for you to provide the Bank with certain information authorizing the Bank to transfer funds to specified External Accounts at Financial Institutions on your behalf. By signing this application, you are indicating that you have been and are now authorized by the Board of Directors of your Organization to make funds transfer requests on behalf of the Organization and you also authorize the Bank to transfer funds to such External Accounts. Transfers to these accounts will not exceed the Available Balance in your Commonfund Cash Account as determined by the Bank. You further acknowledge that the Bank and the transferee's bank may rely solely upon any account number or similar identifying number you or any other Authorized Signer provides to identify (i) the transferee, (ii) the Financial Institution, and (iii) an intermediary bank to be used in executing such payment order. You will be required to pay the Bank, and the Bank is authorized to charge your Commonfund Cash Account, for any funds transfer made by the Bank at your request utilizing solely any such identifying numbers even when the Bank has also identified the transferee or Financial Institution by name. In the event of a discrepancy in your payment order between the name of the transferee and such transferee's or Financial Institution account number, the Bank will, and is authorized to, make payment on the basis of the account number even if it results in a transferee or Financial Institution other than the one designated by you by name being paid. In the event any funds transfer request exceeds the Available Balance in your Cash Account, the Bank need not make such funds transfer and shall incur no liability to you for such failure. Limitations may be set on dollar amounts or frequency of incoming ACH transfers initiated using the Platform or via telephone. These limitations are set for security purposes and are not disclosed here for that reason. The limit applicable to your account will be displayed on the Platform user interface.

The Organization shall notify the Bank, in writing, of any changes in registration of, or termination of, External Accounts at a Financial Institution, termination of any Authorized Signers, addition of new External Accounts at a Financial Institution or addition of new Authorized Signers. If you have questions, please call the Bank’s Treasury Access Service Group at (877)872-9414 or email the Bank at TreasuryAccess@TheBancorp.com. Written requests should be submitted by the Organization to the following address:

Treasury Access – Deposit Operations
409 Silverside Road, Suite 105
Wilmington, DE 19809

Wire transfers are subject to laws of the State of Delaware, including Article 4A of the Delaware Uniform Commercial Code. As specified in Article 4A, the Bank may require that all payment orders, and any amendments thereto, be made subject to commercially reasonable security procedures, to reasonably verify that the orders originated with the Customer and are correct. The Bank and the Organization agree that the use of a Customer authorization code number is a commercially reasonable security procedure. Customer and the Bank agree that any payment order or amendment or direction to cancel a payment order which is verified through the use of a Customer authorization code number shall be deemed to the Customer's payment order whether or not authorized and Customer shall be required to pay the Bank, and the Bank is authorized to charge Customer's account for, any order verified by use of a Customer authorization code number. A callback to re-verify wire information may, if the Bank determines to do so, also be performed.

If the Organization believes its Access Code has been lost or stolen, it should immediately contact the Bank’s Treasury Access Service Group at (877)872-9414 or email the Bank at TreasuryAccess@TheBancorp.com. The Organization may be required to confirm the information provided, in writing, to the Bank at the following address:

Treasury Access – Deposit Operations
409 Silverside Road, Suite 105
Wilmington, DE 19809

You may access your account through the Bank's Online Banking services by entering your Username and Access Codes to perform the following:

• Obtain current account balances for the Commonfund Cash Account and close of prior Business Day account balances for the Customer Account
• Obtain recent and historical transaction information
• Transfer funds between the Commonfund Cash Account and External Accounts
• Set or change the allocation model for Customer Account Investment Options
• Set or change desired Customer Account target deposit balance in the Bank's Master Demand Account

Your Username and Access Codes act as your signature to authorize any requested transactions through the Online Banking service. For transfer transactions to External Accounts, your request will only be completed if you have a sufficient Available Balance in the Commonfund Cash Account and the accounts are linked for transfer capabilities. Dollar limitations may be set according to account type and/or the type of online transfer service you are utilizing to transfer funds. These limitations are set for security reasons and are not disclosed for that reason. Transfers may be delayed based on the time or dollar amount of the transaction and the transfer service you are utilizing to process the transfer.

You may access your Commonfund Cash Account by using a telephone, with your account number and Telephone Banking PIN to perform the following:

• Obtain current Available Balance and transaction information for your Commonfund Cash Account
• Transfer funds between your Commonfund Cash Account and a pre-registered External Account at a Financial Institution via wire transfer only
• Transfer funds from your Cash Account at the Bank to a non-registered account at a Financial Institution via wire transfer only (requires additional verification, such as a call-back, and may not be completed until the next Business Day)
• Change your Telephone Banking PIN

To make transfers or to access your account information through our Telephone Banking service, you will be required to provide your account number and Telephone Banking PIN. Your account number and Telephone Banking PIN will act as your signature to authorize certain requested transactions through the Telephone Banking service. Transfer requests made after 2:00 P.M. ET (or any applicable earlier cutoff time) on a Business Day or anytime on a day that is not a Business Day will not be initiated until the following Business Day.

If you have authorized future payments out of your Commonfund Cash Account, you can stop any of these payments by notifying the Bank's Treasury Access Service Group at (877)872-9414 or emailing the Bank at TreasuryAccess@TheBancorp.com. You may be required to confirm the information provided, in writing, to the Bank at the following address:

Treasury Access – Deposit Operations
409 Silverside Road, Suite 105
Wilmington, DE 19809

Your request must include your account number, name and account number of payee, the amount of the item to be stopped, and the date payment was scheduled to be made. This request needs to be received by the Bank 3 Business Days or more before the payment is scheduled to be made. If your request is by telephone, the Bank may also require that you put your request in writing and that it is received by the Bank within 14 days after your call or email. A stop payment fee will be charged for each stop payment and renewal order you request in accordance with the Bank's Schedule of Fees.

If the Bank fails to complete an EFT transaction within the guidelines laid out in this document or in the correct amount, when properly instructed by you, the Bank will be liable for damages caused by the Bank's failure unless:

• There are insufficient funds in your Commonfund Cash Account to complete the transaction through no fault of the Bank. A fee may be charged in accordance with the Bank's Schedule of Fees
• The funds in your Commonfund Cash Account are uncollected. A fee may be charged in accordance with the Bank's Schedule of Fees
• The funds in your Commonfund Cash Account are subject to legal process
• The transaction you request would exceed the funds in your Commonfund Cash Account plus any available overdraft credit. A fee may be charged in accordance with the Bank's Schedule of Fees

In any case, the Bank shall only be liable for actual proven damages if the failure to make the transaction resulted from an honest error despite the Bank's procedures to avoid such errors.

In case of errors or questions about your electronic transfers, you agree to promptly contact the Bank's Treasury Access Service Group by phone at (877)872-9414 or email at TreasuryAccess@TheBancorp.com. You may be required to confirm the information provided, in writing, to the Bank at the following address within 10 Business Days:

Treasury Access – Deposit Operations
409 Silverside Road, Suite 105
Wilmington, DE 19809

If you believe an EFT transaction was processed in error, was unauthorized, or if you need more information about a transfer listed on the statement or receipt, you must contact the Bank no later than 60 days after the problem or error first appeared on your statement. In your communication with the Bank, please provide the following information:

• The account name and account number;
• A description of the error or the transfer you are unsure about, why you believe it is an error or why you need more information; and
• The dollar amount of the suspected error.

When the Bank receives your error notification, the Bank will report to you on the Bank's investigation within 10 Business Days of the status of the investigation. In all cases the Bank will correct any error promptly. If the Bank needs more time to investigate your question or complaint, the Bank may take up to 45 calendar days for telephone banking transactions and ACH transactions. The Bank may take up to 90 calendar days for international transactions. If this is necessary, the Bank will provisionally credit your account for the amount you believe is in error within 10 Business Days of your original complaint or question so that you will have the use of the money during the time it takes the Bank to complete its investigation. If the Bank does not receive your written confirmation of your questions or complaint within 10 Business Days, the Bank may decide not to provisionally credit your account.

The Bank will send you a written explanation within 3 Business Days after the Bank finishes its investigation. You may ask for copies of the documents the Bank used in its investigation. If provisional credit was given, and it is determined that there was no error, you must repay to the Bank the amount of the provisional credit for the disputed item(s), and the Bank may deduct such amounts from your Commonfund Cash Account without further notice.

This information is provided to assist you in understanding the Competitive Equality Banking Act of 1987 as required by Federal Regulation CC: Expedited Funds Availability. All deposits into accounts opened through the Bank are processed at a Bank processing facility. The Bank does not accept deposits in-person at its offices.

Please do not send cash deposits through the mail, as they will not be accepted. Checks are also not accepted as forms of deposit. In the event that deposits via cash or checks are received, you understand that the Bank will make a commercially reasonable effort to return such items to you, but that the Bank is not liable for any deposits, including cash, which are lost in the mail, lost in transit, not received by the Bank, returned items, or not received by you.

The Bank's policy is to review each deposit and determine how the funds are being deposited. The Bank make the funds available according to the type of deposit and when the funds are applied, or credited, to your Commonfund Cash Account. Some types of deposits may not be available for immediate use. When the Bank delays the availability of funds, or places a hold on a deposit made to your Commonfund Cash Account, you may not withdraw these funds and the Bank will not use them to pay any checks or other debits such as Automated Clearing House (ACH) withdrawals or wire transfers, during the hold period. The Bank has the right to refuse any deposit.

If final payment is not received on any item you deposited to your Commonfund Cash Account, or if any direct deposit, ACH deposit or electronic fund transfer to your Commonfund Cash Account is returned to the Bank for any reason, you agree to pay the Bank the amount of the return plus any fee in accordance with the Bank's Schedule of Fees.

The length of delay in the availability of funds varies depending on the type of deposit and is explained in further detail in this policy. Special rules may apply to new accounts and are explained in further detail in this policy.

For purposes of these disclosures, the Bank's Business Days are Monday through Friday. Federal holidays or any other days on which the Federal Reserve or the New York Stock Exchange are not required to be open are not included. Deposits received in the Bank's Operations Center by 2:00 P.M. ET (or any applicable earlier cutoff time) will be considered current day deposits. Any deposits received after this time will not be processed until the following Business Day.

Funds from wire transfers, pre-authorized electronic payments such as payroll direct deposits or other pre-authorized electronic payments will be available on the day the deposit is applied to the Commonfund Cash Account.

Funds from customer initiated electronic payments will be applied to the Commonfund Cash Account when the Bank has verified the external account and received payment in collected funds. Once the funds are applied to the account, they will have same day availability.

For new customers, special rules may apply during the first 30 days of your new account.

The Unapplied Balance in your Commonfund Cash Account at the Bank as of 2:00 P.M. ET (or any applicable earlier cutoff time) on a Business Day is transferred promptly on such Business Day to your Customer Account. Deposits to your Commonfund Cash Account that arrive after 2:00 P.M. ET (or any applicable earlier cutoff time) on a Business Day, or at any time on a day that is not a Business Day, will be transferred in the same fashion on the next Business Day.

All debits to your Commonfund Cash Account are paid to the extent that sufficient funds are available. When settling debits against your Commonfund Cash Account, it is the Bank's policy to turn to the following sources (collectively called your “Available Balance”), in this order:

1. Any cash in your Commonfund Cash Account;
2. Any shares in an Investment Option in your Customer Account (the redemption and transfer to the Bank of the redemption proceeds of which, and the transmission of information by the Bank necessary for such redemption and transfer, you authorize for this purpose when you sign the Platform application);
3. Any funds in The Bancorp Bank's Master Demand Account (the withdrawal and transfer of which, and the transmission of information by the Bank necessary for such withdrawal and transfer, you authorize for this purpose when you sign the Platform application).

If your Available Balance is not enough to satisfy a given debit to the Commonfund Cash Account, the Bank reserves the right to take action as the Bank sees fit, including declining to honor the debit, which may result in fees or other consequences for you. As an account owner, you are responsible for satisfying all debits on your Commonfund Cash Account, including any debt still owed after all cash has been removed from an account, any interest that has accrued on that debt, and any costs (such as legal fees) that we incur in collecting the debt.

Unless notified to the contrary, you may make transactions in your Commonfund Cash Account between the hours of 6:00 A.M. ET and 2:00 P.M. ET (or any applicable earlier cutoff time) on Business Days.

A monthly account statement will be provided.

As an account owner, you are responsible for monitoring your account. This includes making sure that all transactions are accurate and that you are receiving confirmations, account statements, and any other expected communications. It also includes reviewing these documents to see that information about your account is accurate and contains nothing suspicious. Provided the Bank sends communications to you at the physical or electronic address of record given on the Platform application, or to any other address given to the Bank by the Organization, the communications are legally presumed to have been delivered, whether you actually received them or not. In addition, confirmations are legally presumed to be accurate unless you specifically tell the Bank otherwise within 5 days of when they were sent to you; account statements, within 10 days. If you have not received a communication you expected, or if you have a question or believe you have found an error in any communication from the Bank, telephone the Bank immediately, then follow up with written notice.

Although all entities that provide services to your account strive to ensure the quality and reliability of those services, the Bank cannot guarantee the availability, accuracy, timeliness, completeness, or security of any service related to your account. You therefore agree that the Bank is not responsible for any losses (meaning claims, damages, actions, demands, investment losses, or other losses, as well as any costs, charges, attorneys' fees, or other fees and expenses) that you incur as a result of conditions beyond the Bank's control or any agreement between the parties. This includes, for example:

• Any action that is done in accordance with the procedures described in this Agreement or an applicable mutual fund prospectus or other disclosure
• The acceptance and processing of any instruction placed through the Platform or relating to your Commonfund Cash Account, whether received electronically or through other means, as long as the order reasonably appears to be authentic and is attributable to you, an Authorized Signer or any authorized person
• Investment decisions or instructions placed through the Platform, or other actions attributable to you, an Authorized Signer or any authorized person
• Occurrences related to governments or markets, such as restrictions, suspensions of trading, or high market volatility or trading volumes
• Uncontrollable circumstances in the world at large, such as wars, earthquakes, power outages, or unusual weather conditions
• Occurrences related to computers and communications, such as a network or systems failure, a message interception, or an instance of unauthorized access or breach of security
• The storage and use of information about you and your account(s) by the Bank's systems and transmission of this information between you and the Bank; these activities occur entirely at your risk
• Telephone requests for money transfers, so long as the Bank transmits the proceeds to you or the bank account number identified
• Any checks or other debits to your account that are not honored because the account has insufficient funds

If any service failure is determined to be the Bank's responsibility, the Bank will be liable only for whatever benefit you would have realized up to the time by which you should have notified the Bank, as specified earlier in “Monitoring Your Account.” You agree to indemnify the Bank from, and hold the Bank harmless for, any losses resulting from your actions or failures to act, whether intentional or not, including losses resulting from actions taken by third parties. Beyond taking reasonable steps to verify the authenticity of instructions, the Bank has no obligation to inquire into the purpose, wisdom, or propriety of any instruction the Bank receives.

An investment in a money market mutual fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other U.S. government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. Money market fund shares used to pay debits are redeemed at the net asset value (NAV) in effect at the time (typically $1.00) and are not custodied at the Bank or Commonfund.

Amounts transferred from your Commonfund Cash Account at the Bank to your Customer Account for deposit to the MDA are “deposits” within the meaning of 12 U.S.C. 1813(l). Amounts transferred from your Commonfund Cash Account at the Bank to your Customer Account for investment in shares of money market mutual funds are not custodied at the Bank, are not FDIC insured and are not “deposits” within the meaning of 12 U.S.C. 1813(l). In the event such a money market mutual fund were to fail, the Organization would have the status of an equity holder in the applicable money market mutual fund. In the event the Bank fails, and funds are in your Commonfund Cash Account at the Bank at the close of business on that day, the funds held in your Commonfund Cash Account would be covered up to applicable FDIC limits.

The following is a summary of the functionality and structure of the Commonfund Cash Account as it relates to the Bank's internal accounting procedures and back office operations. The actions described in this summary will not be visible to you, nor will they have any effect on the availability of funds or functions of your account. Each account the Bank opens for you will consist of two (2) "Sub-Accounts" on the books of the Bank: (1) either a demand deposit (non-interest-bearing) or a NOW account (interest-bearing) and (2) a savings deposit, as those terms are defined under federal law. The two will be treated as a single account for customer use, and you will see no effect.

All deposits and other credits will be posted to, and debits will be deducted from, the demand deposit or NOW account. Whenever the demand deposit or NOW account balance exceeds a "threshold amount" (which the Bank may establish and change at the Bank's discretion and which has no effect on the functionality of your account), the Bank may transfer funds above that amount to the savings deposit. As these funds are needed to pay items presented against the account, the appropriate amount will be transferred back to the demand deposit or NOW account, up to six (6) times per statement cycle. If a sixth transfer is needed, the entire balance of the savings deposit will be transferred into the demand deposit or NOW account. This process may be repeated each month.

For interest-bearing accounts, the Bank will pay the same rate of interest on balances in both sub-accounts. Your periodic statement will show a single annual percentage yield earned on the combined balances.

The Bank will disclose information about your account or the transactions you make to third parties:

1. Where it is necessary to complete transactions;
2. To verify the existence and standing of your account with the Bank upon the request of a third party, such as a credit bureau;
3. To comply with government agency or court orders;
4. In accordance with your written permission;
5. In order to comply with government or administration agency summonses, subpoenas or orders; and
6. On receipt of certification from a federal agency or department that a request for information is in compliance with the Right to Financial Privacy Act of 1978.

If you have questions about your Commonfund Cash Account, you may contact the Bank's Treasury Access Service Group by phone at (877) 872-9414 on Business Days between the hours of 8:30 A.M. ET and 5:00 P.M. ET. You may also email the Bank at TreasuryAccess@TheBancorp.com , or contact the Bank in writing, at the following address:

Treasury Access – Deposit Operations
409 Silverside Road, Suite 105
Wilmington, DE 19809

The following fees may be charged by the Bank in connection with the Commonfund Cash Account:

Overdraft Fees: If there is a negative balance in your Commonfund Cash Account at the end of any Business Day (including as a result of the non-transmission to the Bank of amounts required to be transferred from your Customer Account by the end of such Business Day to reverse such negative balance), the Bank shall be entitled to assess and collect an overdraft fee for each calendar day until the Business Day on which such negative balance is eliminated in the following amounts:

Overdraft Fees are calculated as follows: the rate of 5% per annum divided by 365 (to achieve the daily rate) times the amount of such overdraft times the number of calendar days elapsed between the day following the initial date of overdraft and the date on which the Commonfund Cash Account is returned to a zero dollar or positive balance.