as Investment Management LLC

Item 5 – Fees and Compensation

A. Fee Structure

AS Investment Management's fees are periodic fees primarily based on the services provided and
tailored to each client's unique requirements. The fee structure is negotiated with each client and is
based on certain factors such as:

    ●   Assets under management
    ●   Governance structure
    ●   Service demands
    ●   Portfolio complexity
    ●   Client location
    ●   Relationship duration
    ●   Client type/classification (nonprofit organization, corporation, public pension plan, family office,
        etc.)

B. Billing and Payment

The specific manner in which our advisory fees are charged is established in the client’s agreement with
the Firm. The structure and level of our fees vary by client based upon the services provided and other
considerations deemed relevant, but customarily take the form of an annual fee calculated as a
percentage of assets under advisement up to 200 bps of such assets. Clients are typically invoiced in
arrears on a quarterly or semi-annual schedule, or otherwise in accordance with the fee schedule
included in the service agreement that each client executes with the Firm. The advisory fees charged to
each client are negotiable, based on the specific services and terms set forth in this agreement. Any
charged but unearned advisory fee will be returned to the client.

C. Other Fees and Charges

Clients may incur additional fees and charges related to their investment accounts, including but not
limited to:

    ●   Custodial fees
    ●   Transaction fees
    ●   Account maintenance fees
    ●   Brokerage fees

These fees are separate from AS Investment Management's advisory fees and are typically charged by
third-party service providers, such as custodians or broker-dealers. Clients should review all fee
disclosures provided by third-party service providers to fully understand the costs associated with their
investment accounts. For more information on brokerage and other transaction costs, please see Item 12
of this Brochure.

In addition, registered funds, private funds and other pooled investment vehicles recommended by the
Firm are subject to commissions, fees and expenses which are disclosed in the applicable fund’s
prospectus or offering documents. Such charges, fees and commissions are exclusive of and in addition
to our advisory fee.

The advisory fees charged by the Firm for its services are separate and in addition to the fees charged by
the Addepar, the Firm’s technology services affiliate, for the services and systems access provided to the
Firm’s clients by Addepar.

None of our supervised persons receives compensation for the sale of securities or other investment
products, nor by recommending third parties for selection. The Firm does not offer any proprietary
products for investment.

Item 7 – Types of Clients

AS Investment Management caters to a broad spectrum of clients, including family offices, institutional
clients, and financial advisors. The Firm does not have any minimum account size requirements. The Firm
will not have any individual investors as clients for its services.