Fees for investment company clients are negotiated and based on a percentage of assets under management or administration. Fees for managed account clients in Bundled Programs are negotiated with the program sponsor and are part of a bundled fee. In Unbundled Programs, fees are set by Natixis Advisors and are detailed in Appendix 3. The minimum account size for Unbundled Program accounts is generally $250,000, but this may be waived or discounted. Fees are paid either quarterly or monthly, either in advance or in arrears.