Ardenwood Advisors LLC

Item 5: Fees & Compensation

Compensation for Our Advisory Services

Family Wealth Program

Arden charges an annual advisory fee that is agreed upon with each client and set forth in an
agreement executed by Arden and the client. Arden’s fee for investment advisory services is
negotiable and varies based on several factors, including, but not limited to, the size of the
relationship, the nature and complexity of the products and investments involved, time
commitments, and travel requirements. The maximum annual fee charged for this service will not
exceed 2.00% of the assets under advisory. Fees to be assessed will be outlined in the advisory
agreement to be signed by the Client. Fees are negotiable and will be deducted from client account(s).
In rare cases, our firm will agree to directly invoice.

ADV Part 2A – Firm Brochure                    Page 8                              Ardenwood Advisors, LLC

Billing procedures will occur as follows:

    •    For New Clients (Initial Partial Quarter): The advisory fee covers from the contract signing
         date through quarter-end, billed pro-rata based on days remaining in the quarter. The billing
         basis is the account value at the end of the signing month. This fee is collected at the beginning
         of the following month.

    •    For New Clients (First Full Subsequent Quarter): The billing basis is the average of the month-
         end account values for the months within the preceding quarter for which data is available.

    •    For All Other Existing Clients: The standard billing basis remains the average of the three
         month-end values within the preceding quarter.

The maximum annual fee charged by both parties to Separately Managed Account clients will not
exceed the maximum fee published above for this service. Our firm will debit fees for this service as
disclosed in the executed advisory agreement between the client and our firm. This fee shall be in
addition to any fees assessed by the chosen third-party money manager. The third-party money
managers we recommend will not directly charge you a higher fee than they would have charged
without us introducing you to them. Third-party money managers establish and maintain their own
separate billing processes over which we have no control. They will directly bill you and describe
how this works in their separate written disclosure documents.

Private Investment Opportunities / Co-Investment Opportunities

Clients should refer to the Fund’s Private Placement Memorandum and Subscription Agreement for
more information on applicable fees. A client’s account within the Fund will receive a performance
based fee or allocation, or “carry,” which generally is as much as 20% of the net profits of the Fund
and in some cases up to 30%. This may be in addition to the additional fees and expenses detailed
below.

Clients investing in such Funds will bear additional fees and expenses associated with those
investments. These fees and expenses may include, but are not limited to, management fees,
performance-based compensation, carried interest, incentive allocations, administrative expenses,
organizational expenses, legal expenses, accounting expenses, tax preparation expenses, custodial
expenses, transaction costs, broken-deal expenses, and other operating expenses charged by the
issuer, sponsor, manager, or investment vehicle. In some cases, fee and expense terms are
individually negotiated.

Such fees and expenses are separate from and in addition to the advisory fee charged by our firm.
The terms of such investments, including applicable fees and expenses, will be set forth in the offering
documents, subscription documents, governing documents, or other agreements relating to the
investment. Clients should carefully review such documents before investing.

In certain cases, clients may be subject to multiple layers of fees and expenses, including the advisory
fee charged by our firm, fees charged by a third-party manager or sponsor, and the fees and expenses
of an underlying investment vehicle or portfolio investment. These layered fees and expenses will
reduce the overall return on the investment. To mitigate this conflict, our firm will only offer these
investments to suitable clients in their best interest.

Our firm does not receive a portion of such fees unless specifically disclosed to the client in writing.

ADV Part 2A – Firm Brochure                      Page 9                               Ardenwood Advisors, LLC

Standalone Administrative Services

Our Standalone Administrative Service fee will be a fixed fee. Fees will vary depending on client
situation, level of work, assets, and specific family circumstances. The maximum fixed fee that our
clients will be charged for Administrative Services will not exceed $100,000. Our firm will never
collect more than $1,200 from clients more than 6 months in advance of rendering services to our
clients. Further billing procedures will be laid out in the client’s separate client advisory agreement.

Other Types of Fees & Expenses

In connection with Arden’s management of an account, a client will incur fees and/or expenses
separate from and in addition to Arden’s advisory fee. These additional fees may include transaction
charges and the fees/expenses charged by any custodian, subadvisor, mutual fund, ETF, CEF, External
Manager, separate account manager (and the manager’s platform manager, if any), limited
partnership, or other advisor, transfer taxes, odd lot differentials, exchange fees, interest charges,
ADR processing fees, and any charges, taxes or other fees mandated by any federal, state or other
applicable law, retirement plan account fees (where applicable), margin interest, brokerage
commissions, mark-ups or mark-downs and other transaction-related costs, electronic fund and wire
fees, and any other fees that reasonably may be borne by a brokerage account or investment vehicle.
...

Item 7: Types of Clients & Account Requirements

Arden’s clients include, but are not limited to, individuals, including ultra-high net worth individuals,
and entities, including, family offices, trusts, and estates. Arden also offers services to affiliated
foundations, charitable organizations, investment companies, family offices, corporations, Funds,
and other business entities.

Our firm does not impose requirements for opening and maintaining accounts or otherwise engaging
us.