1836 Asset Management LLC

ITEM 5. FEES AND COMPENSATION

1836 negotiates its investment advisory fees on a client-by-client basis as a percentage of assets
under management. The investment advisory fee will not exceed 3%. Fees are payable
quarterly, in advance and are typically deducted directly from the client’s Fidelity account(s),
in accordance with the client’s authorization provided in the custodial agreement.

Fees are calculated by multiplying one–fourth of the annual fee rate by the total assets under
management at the end as valued by the account Custodian(s) of the preceding calendar quarter,
taking into account any contributions or withdrawals occurring during the quarter on a pro-rated
basis and billed in advance. The Adviser or its independent third-party designee will
automatically deduct the applicable fees from Client’s account in accordance with the Client’s
account agreement with the Custodian. The custodian is under no obligation to verify our fees
and may simply pay the fee amount communicated to the custodian by us and send it directly
to us. Clients receive periodic statements from their custodian showing the amount of fees
charged and are encouraged to confirm the accuracy of the charges. It is the Client’s
responsibility to verify the calculation of fees and to notify the Adviser promptly of any errors
in computation. Upon notice to the Adviser of any errors in computation of fees, the Adviser
shall promptly refund to Client any excess fees collected in error.

The Firm utilizes the fee schedule indicated on Table 1 for certain clients but reserves the right
to negotiate different fees depending on the size and complexity of the client portfolio.

                                           Table 1:
 Fair Market Value of Managed Assets                    Annual Management Fee
 $0-$1,000,000                                                     1.0%
 $1,000,001 to $5,000,000                                          0.9%
 $5,000,001 to $10,000,000                                         0.75%
 $10,000,001 and above                                             0.5%

When advice offered by Adviser involves mutual funds, Clients are hereby advised that all fees
paid to Adviser for investment advisory services are separate and distinct from the fees and
expenses charged by mutual funds (described in each mutual fund’s prospectus) to their
shareholders. Clients whose assets are invested in the shares of mutual funds and similar
investment products pay both a direct management fee to the investment adviser and an indirect
management fee through the product.

Subject to our approval, we may “household assets” which means we calculate assets under
management of immediate family member Clients or related entity Clients that have been linked
together for billing purposes.

Administrative Services – Non- Advisory Clients

Clients that receive administrative services pay 1836 a fixed annual fee that is payable quarterly,
in advance.

Employees, friends, and families of the Firm do not pay a management fee or pay a nominal
fixed annual fee that is payable quarterly, in advance, to the Firm.

Other Fees and Expenses

In addition to management fees, clients are responsible for all brokerage commissions or other fees
or charges associated with securities transactions implemented with or through a brokerage firm,
stock exchange fees and other charges mandated by law or regulation. We do not receive any
portion of any of the foregoing expenses or fees. Clients should refer to “Brokerage Practices”
below for more information on how we select or recommend brokerage firms for securities
transactions and information related to that process. Neither 1836 nor its employees accept
compensation for the sale of securities or other investment products, including asset-based sales
charges or service fees from the sale of mutual funds. Clients should be aware that similar or
comparable services may be available from other firms including other investment management
firms at a cost higher or lower than that available through us.

ITEM 7. TYPES OF CLIENTS
1836 provides investment advisory services to individuals, high net worth individuals, trusts,
businesses, and family offices. Clients should have minimum investable assets of $500,000.
Investable asset minimums are negotiable; thus, 1836 may accept clients with smaller account
balances.