Alpine Private Capital LLC

Item 5 - Fees and Compensation

Investment Supervisory Services – Individual Portfolio Management

The annualized wealth advisory fee for Investment Supervisory Services is charged as a
percentage of assets under management, according to the following schedule:

                                                 First $10        Next $10
    Wealth Advisory Fees                          million          million           Remainder
    Core Separate Accounts - Equity               0.60%            0.45%               0.35%
    Core Separate Accounts - Fixed                0.35%             0.30%               0.25%
    Mutual Funds & Limited Partnerships           0.35%             0.30%               0.25%

Investment Management Fees
APW’s affiliated investment adviser, ACR, provides APW with investment advisory services to
manage their core equity strategies. ACR charges management fees up to 0.65% for the first $10
million, 0.60% for over the next $10 million, and 0.55% for balances over $20 million of the fee
listed above. This fee is separate and in addition to the wealth advisory fee represented in the
schedule above.

A non-affiliated sub-advisor provides APW with investment advisory services to manage their
core fixed income strategy. APW does not share fees with unaffiliated Managers. You will pay
a management fee of up to 0.15% directly to the non-affiliated sub-advisor for the fixed income
management strategy, which is not represented in the schedule above.

ACR also serves as the investment adviser to various commingled funds, and APW provides
access to these funds for its clients. These funds are described below and collectively referred
to within this brochure as the “ACR Funds”.

•     The “ACR Mutual Funds” (each a series of the Investment Managers Series Trust II, registered
      under the Investment Company Act of 1940), include the ACR Opportunity Fund and the ACR
      Equity International Fund. ACR receives a 1.00% annual management fee directly from each
      Fund as the adviser to each of the ACR Mutual Funds.

•     ACR also serves as the investment adviser to the ACR Opportunity, LP and Alpine Strategic
      Credit, LP private funds (“ACR Private Funds”) structured as limited partnerships and may
      also advise other registered investment companies or private funds in the future. ACR will
      receive a management fee and/or performance-based fees for investments in each of the
      ACR Private Funds. Please see each private fund’s offering document for additional
      information.

On investments in the ACR Funds, ACR pays APW up to 0.25% on invested balances.

Our fees are generally billed monthly, in arrears, based upon the value (market value or fair
market value in the absence of market value), of the client's account at the end of the previous
billing period. In the event that the account has contributions or withdrawals during the billing
period, this fee shall be adjusted and prorated based on the date of the capital flow and the remaining
number of days in the billing period. APW wealth advisory and consulting fees will be invoiced
directly or debited from the account in accordance with the client’s written authorization. Sub-
advisor management fees will be directly deducted by each sub-advisor from the client’s
account at the custodian based on each sub-adviser’s stated fee schedule.

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In general, a minimum of $3,000,000 of assets under management and a minimum fee of
$18,000 is required for this service. However, this account size may be negotiable under certain
circumstances. APW may group certain related client accounts for the purposes of achieving the
minimum account size and determining the annualized fee.

APW Emerging Wealth Clients
APW offers Emerging Wealth Clients no minimum fees related to assets managed. Emerging
Wealth Clients are charged the basic fee identified in the schedule above plus a monthly Wealth
Planning fee of $333 ($4,000 per annum). As a client’s assets under management reach
$2,000,000 the Wealth Planning fee is phased out, reaching $0 when assets under management
reach $3,000,000.

APW Consulting Fees – Non-Discretionary Assets
APW provides continuous advice to its clients regarding their entire portfolio of assets, not just
those managed by APW. In certain cases, APW will charge a nominal fee in the range of 0.10%-
0.20% on a client’s assets where APW does not have discretion, but where those assets are
considered when providing investment advice on the client’s entire portfolio.

APW Consulting Fees – Family Office Services
APW also offers family office services that may include additional wealth management services.
Fees for family office investors may be flat fees that are negotiated based on the overall services
rendered and may or may not include fees directly related to assets under management.

Negotiability of Advisory Fees: Although APW has established the aforementioned fee
schedule(s), we retain the discretion to negotiate alternative fees on a client-by-client basis.
Client facts, circumstances and needs are considered in determining the fee schedule. These
include the complexity of the client; assets to be placed under management; legacy client assets;
anticipated future additional assets; related accounts; portfolio style; account composition; and
reporting requirements, among other factors. The specific annual fee schedule is identified in
the agreement between the adviser and each client.

Other discounts, not generally available to our advisory clients, may be offered to family
members, employees, and friends of employees of our Firm.

GENERAL INFORMATION

Termination of the Advisory Relationship: A client agreement may be canceled at any time, by
either party, for any reason, upon receipt of written notice within the time frame stated in each
client’s agreement, commonly 30 days.
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Item 7 - Types of Clients

APW provides advisory services to the following types of clients:

•   Charitable organizations
•   Pension and profit-sharing plans (other than plan participants)
•   Individuals (other than high net worth individuals)
•   High net worth individuals
•   Corporation and other businesses

Our Firm has established certain initial minimum account requirements, based on the nature of
the service(s) being provided. For Investment Supervisory Services, our minimum account
requirement is generally $3,000,000. However, this minimum may be negotiable.