AR Asset Management Inc

Item 5. Fees and Compensation
         ARAM offers its services on a fee basis, which include fees based upon assets under management or
         fixed fees.

Page 5                                                                                                          © MarketCounsel 2025

         AR Asset Management, Inc. Disclosure Brochure

         Investment Management Fee

         ARAM provides investment management services for an annual fee based upon a percentage of the
         market value of the assets being managed by ARAM. ARAM’s annual fee is exclusive of, and in addition
         to brokerage commissions, transaction fees, and other related costs and expenses which are incurred by
         the client. ARAM does not, however, receive any portion of these commissions, fees, and costs. ARAM’s
         annual fee is prorated and charged quarterly, in arrears (except in the case of the Private Funds, as
         described below), based upon the market value of the assets being managed by ARAM on the last day of
         the previous quarter.     The annual fee varies (generally between 0.50% and 1.00%, but range from
         anywhere from 0.10% to 1.50%) depending upon the market value of the assets under management and
         the type of investment management services to be rendered.            Additionally, ARAM offers fixed-fee
         arrangements for investment management services.

         ARAM, in its sole discretion, may negotiate to charge a lesser management fee based upon certain
         criteria (i.e., anticipated future earning capacity, anticipated future additional assets, dollar amount of
         assets to be managed, related accounts, account composition, pre-existing client, account retention, pro
         bono activities, etc.).

         Fees Charged by Financial Institutions

         As further discussed in response to Item 12 (below), ARAM recommends that clients utilize the brokerage
         and clearing services of National Financial Services, LLC (“Fidelity”) and Charles Schwab & Co, Inc.
         through its Schwab Advisor Services division (“Schwab”) for investment management accounts.

         ARAM can only implement its investment management recommendations after the client has arranged for
         and furnished ARAM with all information and authorization regarding accounts with appropriate financial
         institutions. Financial institutions include, but are not limited to, Fidelity, Schwab, and any other broker-
         dealer recommended by ARAM, any broker-dealer directed by the client, trust companies, banks etc.
         (collectively referred to herein as the “Financial Institutions”).

         Clients incur certain charges imposed by the Financial Institutions and other third parties such as
         brokerage commissions, mark-ups and mark-downs on fixed-income transactions, custodial fees, charges
         imposed directly by a mutual fund or ETF in the account, which are disclosed in the fund’s prospectus
         (e.g., fund management fees and other fund expenses), 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. Such charges, fees and commissions are exclusive of and in addition to
         ARAM’s fee.

         ARAM’s Agreement and the separate agreement with any Financial Institutions may authorize ARAM to
         debit the client’s account for the amount of ARAM’s fee and to directly remit that management fee to
         ARAM. Any Financial Institutions recommended by ARAM have agreed to send a statement to the client,

Page 6                                                                                                          © MarketCounsel 2025

         AR Asset Management, Inc. Disclosure Brochure

         at least quarterly, indicating all amounts disbursed from the account including the amount of management
         fees paid directly to ARAM.

         Fees for Management During Partial Quarters of Service

         For the initial period of investment management services, the fees are calculated on a pro rata basis.

         The Agreement between ARAM and the client will continue in effect until terminated by either party
         pursuant to the terms of the Agreement. ARAM’s fees are prorated through the date of termination and
         any remaining balance is charged or refunded to the client, as appropriate.

         Clients may make additions to and withdrawals from their account at any time, subject to ARAM’s right to
         terminate an account. Additions may be in cash or securities provided that ARAM reserves the right to
         liquidate any transferred securities or decline to accept particular securities into a client’s account.
         Clients may withdraw account assets on notice to ARAM, subject to the usual and customary securities
         settlement procedures.     However, ARAM designs its portfolios as long-term investments and the
         withdrawal of assets may impair the achievement of a client’s investment objectives. ARAM may consult
         with its clients about the options and ramifications of transferring securities. However, clients are advised
         that when transferred securities are liquidated, they are subject to transaction fees, fees assessed at the
         mutual fund level (i.e. contingent deferred sales charge) and/or tax ramifications.

         If assets are deposited into or withdrawn from an account after the inception of a quarter, the fee payable
         with respect to such assets will be prorated based on the number of days remaining in the quarter.

         Fees and Expenses for Private Fund Investments

         With respect to the El Camino Europe Fund, Ltd. and El Camino Fund, Ltd., the general partner receives
...

Item 7. Types of Clients
         ARAM provides its services to individuals, investment limited partnerships, trusts, estates, charitable
         organizations, corporations and business entities.

         Minimum Account Size

         As a condition for starting and maintaining a relationship, ARAM imposes a minimum portfolio size of
         $1,000,000. ARAM, in its sole discretion, may accept clients with smaller portfolios based upon certain
         criteria including anticipated future earning capacity, anticipated future additional assets, dollar amount of
         assets to be managed, related accounts, account composition, pre-existing client, account retention, and
         pro bono activities. ARAM only accepts clients with less than the minimum portfolio size if, in the sole
         opinion of ARAM, the smaller portfolio size will not cause a substantial increase of investment risk beyond
         the client’s identified risk tolerance. ARAM may aggregate the portfolios of family members to meet the
         minimum portfolio size.