Altar Rock LLC

5: Fees and Compensation
Portfolio Management Fees
Altar Rock charges an annual asset-based advisory fee for portfolio management services. The
annual fee is based on the value of assets managed by Altar Rock within the applicable client
relationship, as set forth in the client’s Investment Advisory Agreement and applicable fee
schedule. Unless expressly excluded, all assets managed by Altar Rock for the client are
generally included in the fee calculation.

Advisory fees are generally negotiable. Altar Rock may agree to a different advisory fee
schedule, prorate a fee, or waive a fee based on facts and circumstances, including the amount
of assets under management, householding arrangements, the complexity of the services
provided, negotiations with the client, special arrangements, or other relevant factors.

The following is Altar Rock’s standard fee schedule:

                    Total Assets Under Management                 Annual Fees
                                            $0 - $5,000,000                1.00%
                                  $5,000,001 - $30,000,000                 0.75%
                               $30,000,001 - $150,000,000                  0.50%
                              $150,000,001 - $500,000,000                  0.35%
                             $500,000,001 - $1,000,000,000                 0.25%
                                 $1,000,000,001 – AND UP                   0.20%

Valuation of Assets for Billing

Certain assets may be excluded from billing where Altar Rock does not provide management
services for those assets, where assets are included for reporting or supervision purposes only,
or where otherwise agreed with the client in writing.

Altar Rock calculates advisory fees using asset values maintained in its billing system as of the
last calendar day of the prior quarter, based on information available to Altar Rock at the time of
billing. Altar Rock relies on information obtained from custodians, fund sponsors,
administrators, pricing vendors, and other third-party sources and generally does not
independently verify such valuations.

For accounts that use margin, Altar Rock currently calculates advisory fees based on net asset
value rather than gross exposure. As a result, advisory fees are generally not charged on
borrowed amounts.

Asset values used for billing may differ from values shown on custodian statements or other
client report due to accrued interest, timing of data updates, excluded assets, or the use of the
most recent valuation available from a fund sponsor, administrator, custodian, or other third-
party source available to Altar Rock. Altar Rock does not independently appraise or value
private, illiquid, or less frequently valued investments.

Deduction of Advisory Fees

Advisory fees are generally deducted directly from the client’s account by the applicable
custodian, using fee information provided through Altar Rock’s billing process, unless otherwise
agreed. In some cases, fees for multiple accounts within a client relationship may be deducted
from one designated account, as reflected in the account setup or other applicable
documentation.

Clients authorize the deduction of advisory fees through the applicable client agreement,
custodian paperwork, or other authorization. Custodians generally provide account statements,
at least quarterly, showing account transactions, including advisory fees deducted from the
account.

Third-Party Fees and Expenses

In addition to Altar Rock’s advisory fee, clients may incur third-party fees and expenses,
including, as applicable, custodian charges, brokerage commissions or transaction costs,
separately managed account or sub-adviser fees, private fund or private investment fees and
expenses, margin or financing costs, insurance-related charges, policy charges, administrative
fees, and other expenses.

Where Altar Rock recommends or allocates client assets to a separately managed account or
third-party manager strategy, the client may pay fees to that manager or sub-adviser in addition
to Altar Rock’s advisory fee, unless otherwise agreed. The applicable fee schedule and method
of calculation for any such manager or sub-adviser will be disclosed at or before the time of
engagement.

Billing Frequency and Adjustments

Advisory fees are annual fees that are billed quarterly in advance, at the beginning of each
calendar quarter, based on asset values as of the last calendar day of the prior quarter. The
quarterly fee is calculated by applying the applicable annual fee schedule to the assets subject
to billing.

For new accounts, closed accounts, additions, withdrawals, transfers, terminations, or other
relevant account activity during a billing period, Altar Rock may prorate or adjust the advisory
fee based on the number of actual calendar days the applicable assets were under

management during the period. Such adjustments may be reflected in the current billing cycle,
as a refund, or in a subsequent billing cycle, as applicable.

Termination and Refunds

If fees are paid in advance and the agreement is terminated before the end of the billing period,
Altar Rock will retain the earned portion of the fee through the termination date and refund any
unearned prepaid fees on a pro-rated basis. The refund is generally calculated based on the
number of actual calendar days remaining in the billing period, unless otherwise provided in the
applicable agreement.

Financial Planning Fees

Altar Rock generally provides financial planning services as part of its portfolio management
services and does not separately charge for those services. In certain circumstances, Altar Rock
may provide financial planning services under a separate engagement. Any fee for a separate
financial planning engagement will be agreed with the client in advance and may be charged as
a fixed fee, hourly fee, project-based fee, capped fee arrangement, or other agreed fee
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7: Types of Clients
The majority of Altar Rock’s clients are high-net-worth individuals, families, or trusts.