Amerant Investments Inc

Item 5 – Fees and Compensation

The specific manner in which fees are charged by AMTI is established in the client’s written
agreement with AMTI and consists of an annual advisory fee of up to 1.75% computed on average
daily balances and charged quarterly. Advisory fees are negotiable on the basis of total assets
being invested under the program, and when third-parties are utilized do not to exceed a maximum
annual fee of 3%. Fees are payable quarterly in arrears for AMTI’s advisory services and calculated
on the average daily market values of assets held under the program. Billing is prorated for periods
shorter than a full quarter. Calculation details are available upon request. Automatic discounts,
not generally available to our advisory clients, may be offered to associated persons of AMTI.
Clients authorize (via the customer agreement) AMTI to directly debit fees from client accounts.
For clients who choose to utilize the UMA platform offered through the PAS Program, the third-
party sub-advisor’s advisory fee will be charged quarterly, in arrears. This additional fee will be
deducted by AMTI on behalf of sub-advisors from Customer’s account and paid to the sub-advisor.
A 1% account setup recovery fee will be charged on any amounts withdrawn during the first twelve
(12) months a customer has been in the program. Customers may terminate their investment
advisory agreements at any time upon written notice. No penalties are applied, besides the initial
twelve (12) month account setup recovery fee mentioned above. Customers are billed for advisory
fees and related costs incurred up to the date of termination. If not previously liquidated, securities
or investment products being terminated from the program are transferred to a regular brokerage
account.

For advisory services, execution (ticket) charges have been temporarily waived by the broker-
dealer arm of AMTI, however other brokerage-related fees, costs and expenses may apply. Clients
may incur certain charges imposed by custodians, brokers, regulatory bodies or third parties such
as fees charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer
taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and
securities transactions. Most funds charge internal management fees, which are disclosed in each
fund’s prospectus. Such charges, fees and commissions are exclusive of and in addition to AMTI’s
advisory fees. AMTI may receive a portion of these commissions, fees, and costs, some of which
are described in more detail below.

AMTI may receive compensation related to funds’ distribution or from fund sponsors. This
compensation is usually in the form of:

       •   Up-front commissions also known as "loads" or sales charges, are either paid by the
           investor and taken from the gross investment amount or paid by the fund and added to
           the fund's general expenses. Based on the fund, share class, gross amount and term of

           the investment, these up-front concessions may range from 0% to 6% of the initial
           investment value. Whenever possible, AMTI has temporarily waived up-front
           commissions for funds under this program. If such waiver is not possible, AMTI will
           use share classes with no up-front loads.

       •   AMTI’ receipt of fees from the sale of mutual funds and other investment products
           presents a conflict of interest as it potentially gives AMTI and its supervised persons
           an incentive to recommend products based on the compensation received, rather than
           on the clients’ needs. Generally, AMTI addresses this issue by selecting funds using a
           multi-variable approach. Once a fund has been considered appropriate to satisfy
           customer needs, its historic performance (net of all expenses) is compared with that of
           other available options in order to get to the best overall available option. Additionally,
           AMTI recommends share classes with expense ratios that are comparable with those of
           A shares. This approach allows the firm to align recommendations with customer needs
           and mitigate any conflict of interest. When applicable, customers receive fund
           information, including fact sheets and prospectuses, where expenses and service fees
           are specified. The Customer Agreement explicitly states the possibility of AMTI
           receiving fees from funds. All recommended funds are either no upfront load or front
           loads are waived.

       •   Customers may have the option to purchase all investment products used to implement
           the Model Portfolios on a standalone basis at other brokers or agents.

       •   Service fees collected from funds by AMTI are less than 50% of total revenues from
           advisory services.

       •   There are no brokerage commissions or mark-ups imposed in accounts with advisory
           services, only additional fees received by AMTI are distribution and revenue-sharing
           fees paid by funds to distributors. Advisory fees have been set by AMTI at a level that
           factors in the existence of such additional fees.

       •   Management fees from managing a proprietary UCIT ETF. AMTI receives additional
           management fees of 85bps for managing the proprietary ETF.

For sub-advisory services provided, AMTI clients will pay a management fee of 0.50% based on
the average account balance. For sub-advisory services, the management fee is inclusive of
brokerage, execution and transactions fees; therefore, there will be no additional charge to clients
subject to the sub-advisory relationship.

All fees are negotiable and AMTI has the discretion to discount advisory fees. A 0.50% annual fee
will be charged quarterly in arears 12 months after the account has been funded with the minimum
...

Item 7 – Types of Clients

AMTI provides portfolio management services to affluent and high net worth individuals, personal
investment companies, IRAs, and trusts.

In general, AMTI requires a minimum initial balance of $200,000 for clients to implement an
advisory portfolio. In some limited cases, AMTI may agree to waive or set lower minimums at
their discretion.

Minimums, initial account and maintenance requirements are different for participants in WRAP
programs. Please see WRAP brochure for more information.

In instances where a TPM or sub-advisor is used, a lower initial minimum dollar value for
establishing an account may be permitted.