Academy Asset Management LLC

Item 5: Fees and Compensation

         A.           Description of Compensation

Our annual fees for investment management services are generally based upon a percentage of
assets under management, including calculated on a tiered basis, which is subject to negotiation,
and are typically payable quarterly in arrears.

Separate Account Portfolio Management Fees

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The typical fee range for discretionary Separate Account Portfolio Management services is as
follows:

Fee Range Per Annum

Fixed Income from 0.10% to 0.35%
Multi Asset from 0.50% to 1.00%

Account Management Fee Calculations

AAM typically charges a fee for account management that is calculated as a percentage of the
assets under management according to the relevant fee schedule. Fees are based on the value of
the account at the end of the agreed upon determination period. The fee is prorated for periods
less than a full billing cycle and adjusted to cover significant additional contributions made
during that period.

Limited Negotiability of Advisory Fees

Although AAM has established the aforementioned fee schedule(s), we retain the discretion to
negotiate alternative fees on a client-by-client basis. In determining the alternative fee schedule,
the Firm will take into account client facts, circumstances, and needs that include (but are not
limited to), the complexity of the client, assets to be placed under management, anticipated
future additional assets, related accounts, portfolio style, account composition, client service and
reporting, among other factors. The specific annual fee schedule will be identified in the contract
between the adviser and the client.

A minimum of $10,000,000 of assets under management is typically required for this service.
We will group certain related client accounts for the purposes of achieving the minimum account
size requirements and determining the annualized fee. We reserve the right to waive the
minimum or require a higher minimum depending on the specific strategy selected and the level
of additional support provided to the client.

Mutual fund Portfolio Management (Sub-Adviser) Fees

Account Management Fee Calculations

We currently provide investment management services to a mutual fund in the capacity as a sub-
adviser (“Sub-Adviser”). Ordinarily, our annual fee for discretionary mutual fund portfolio
management (sub-adviser) services is determined by contract with the adviser to the registered
investment company and is generally based upon a percentage of assets under management. Fees
are payable as outlined in the contract between AAM and the sponsoring investment adviser. A
minimum of $10,000,000 of assets under management is required for this service. We reserve the
right to waive the minimum or require a higher minimum depending on the investment strategy
and servicing requirements. As mentioned in Item 4 above, we have been engaged by Tidal ETF
Trust to provide sub-advisory services as specified in our sub-adviser management agreement

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with Tidal. Under the sub-adviser management agreement our sub advisor management fee is
0.12%.

Limited Negotiability of Advisory Fees

AAM retains the discretion to negotiate fees on a client-by-client basis. In determining the fee
schedule, the Firm will take into account client facts, circumstances, and needs that include (but
are not limited to), the complexity of the client, assets to be placed under management,
anticipated future additional assets, related accounts, portfolio style, account composition, client
service, and reporting, among other factors.

Private Fund Management Fees

Account Management Fee Calculations

Our annual fee for advisory services for private investment funds is determined by contract with
such fund and is generally based upon a percentage of assets under management. Fees are
payable as outlined in the contract between AAM and the applicable private investment fund.

For the private investment funds, unless otherwise agreed to with the fund’s “qualified
custodian”, we intend to deduct from the client accounts on a quarterly basis in advance.
Generally, we (or our affiliates) expect to receive performance-based fees or allocations from the
funds on an annual basis in arrears and upon redemptions by investors in the private investment
funds we manage. For such funds, unless otherwise agreed to with the fund’s “qualified
custodian”, we intend to deduct such performance-based fees or allocations from the client
accounts.

Limited Negotiability of Advisory Fees

Investors in a private investment fund generally do not have any right or opportunity to negotiate
fees. A description of the advisory fees will be set forth in the offering documents for the fund.
Under certain circumstances described in the offering materials, various investors (on a case by
case basis) may negotiate with the management of such fund for a reduction or waiver of a
portion of the applicable advisory fees.

         B.       Method of Fee Payment

Unless otherwise agreed to with the fund’s “qualified custodian”, we expect to deduct our fees
from the private investment fund’s account. Subject to the foregoing, the Firm will not deduct
fees from clients’ assets. The Firm typically submits a fee invoice to the client on a quarterly
basis. Other arrangements, including but not limited to, sending a duplicate invoice to the client’s
custodian, is available upon written request. The Firm will submit a fee invoice to the client’s
custodian for payment if so instructed in writing by the client. The client’s “qualified custodian”
is required to send an account statement directly to the client (or, at the client’s direction, to the
client’s “independent representative”) no less frequently than quarterly that, among other things,
sets forth all of the transactions in such account during such period.

         C.       Other Types of Fees and Expenses

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Item 7: Types of Clients

Description

AAM may offer its investment management services to a wide variety of clients, including the
following client types:

    •    Investment companies (including mutual funds)
    •    Pension and profit-sharing plans (other than plan participants), which are not subject to
         ERISA
    •    Banking or thrift institutions (including collective investment trusts/funds)
    •    Charitable organizations
    •    Corporations or other businesses not listed above
    •    State or municipal government entities
    •    Endowments
    •    Foundations
    •    Private Funds
    •    Other

As previously disclosed in Item 5, our Firm has established certain initial minimum account
requirements, based on the nature of the service(s) being provided. For a more detailed
understanding of those requirements, please review the disclosures provided in each applicable
service.