Berkshire Asset Management LLC

Item 5: Fees and Compensation

For portfolio management services, the client will be charged fees on a quarterly basis payable in advance
based on the ending market value of the previous quarter. Fees are calculated as a percentage of assets under
management. Fees are negotiable based upon factors including, but not limited to, the size of the account
and other relationships that the client may have with Berkshire.

The maximum annual fee is based on the following schedule:

Equity and Balanced Accounts
                  Market Value                          Annual Percentage
                  First $2,000,000                      1.00%
                  Next $3,000,000                       0.75%
                  Next $5,000,000                       0.65%
                  Over $10,000,000                      0.50%

Fixed Income Only Accounts
                  Market Value                           Annual Percentage
                  First $5,000,000                       0.50%
                  Next $5,000,000                        0.40%
                  Over $10,000,000                       0.25%

Form ADV Part 2A March 30, 2025                                                                      Page 6

Exchange Traded Funds (ETFs) and Mutual Funds
                 Market Value                            Annual Percentage
                 All assets                              1.00%

Defined Contribution Plan Advisory Services

                    Market Value                         Annual Percentage
                    All assets                           < 1.00%

In addition, Berkshire may provide specialized investment advisory or outside manager monitoring services
to clients for a negotiated fee. These services are typically tailored to fit the individual client’s needs.
Berkshire does not maintain a standard fee schedule for this service and the terms of each arrangement are
negotiated with the client.

From time to time, Berkshire will invest client assets in BDVG, however, Berkshire does not charge client
advisory fees on the asset values of BDVG in client accounts.

Berkshire may also provide management services to clients through Wrap Programs and dual contract
accounts. The services provided by Berkshire and the fees that Berkshire receives under the program are
described in detail in the contract executed by each wrap fee or dual contract account and in the disclosure
document provided to each client by the wrap fee program or dual contract sponsors. Berkshire has no
control over the fees set by sponsor firms. Fees charged to wrap account clients generally range from 1%
to 3% of annual assets under management and Berkshire receives a portion of the fee, which varies as
discussed further in Item 4 above.
Fees for Unified Managed Account (UMA) Programs are negotiated between Berkshire and the sponsor
and may vary depending on a number of factors including the number of model portfolios that the sponsor
is purchasing and the total assets under management for the sponsor. Berkshire charges a fee to each sponsor
of a UMAs Program that enters into a contract for Berkshire to develop a model portfolio to assist in the
management of the sponsor’s client accounts. Berkshire typically charges UMA Program sponsors an
annual fee of .25% to .40 % of the strategy assets under management.

The client Agreement commences on the date it is accepted by Berkshire and shall remain in effect until
termination by either party, for any reason, upon ten days written notice to the other. The client has the right
to terminate the Agreement without penalty within five business days after entering into the Agreement.
Upon termination, Berkshire will refund any prepaid fees, prorated from the date of termination through
the end of the quarter for which fees were prepaid.

Clients may assume other expenses such as brokerage commissions, transaction fees, custodial fees, wire
transfer fees and other fees and taxes charged to their account which are unrelated to the fees Berkshire
collects. Berkshire does not accept commissions or compensation for the sale of securities or other products
purchased in the client accounts. Please refer to Item 12, Brokerage Practices of this Brochure.

Berkshire does provide portfolio management services to certain employees, their family members and
friends without charge or with fee rates that are lower than those available to other clients. Berkshire
employees can also invest in other pooled investment vehicles advised by Berkshire. Berkshire has and
may choose to waive applicable fees with respect to assets invested by employees and their family members
and friends.

Form ADV Part 2A March 30, 2025                                                                        Page 7

Pooled Investment Vehicle Fees and Expenses:

Berkshire charges BPG a 1.0% annual management fee. Berkshire also charges BP a 1.0% annual
management fee and earns an annual 20% performance-based fee (“Incentive Fee”). Berkshire deducts
the management fee and the performance fee (for BP) from the capital accounts of investors in the
Funds.

Berkshire charges a quarterly management fee in advance in an amount equal to 0.25% (i.e., 1.0% per
annum) of the net assets in the Funds it manages. The management fee is paid promptly after the first
day of each calendar quarter before any accrual for any performance fee (See Item 6, Performance- based
Fees and Side-By-Side Management). In the event Berkshire only advises the Funds for a portion of any
quarter, the management fee for any such quarter shall be prorated. Berkshire has and may in the future,
in its sole discretion, waive or reduce the management fee to be paid from investors that are members,
principals, employees of Berkshire or relatives of such persons and for certain large or strategic investors.

At the end of each Performance Period, BP shall pay to the General Partner an Incentive Fee in respect
...

Item 7: Types of Clients

Berkshire provides portfolio management services to individuals, foundations, endowments, trusts, estates,
corporations, wrap programs, UMA programs, pension and profit-sharing plans, private pooled investment
vehicles, and an exchange traded fund (BDVG).

In general, Berkshire will establish a minimum dollar value for client accounts. The standard minimum is
$750,000 for non-wrap fee or non-dual contract accounts. At the Firm’s discretion, this figure may be
negotiable depending upon the client’s objectives and the nature of the account. A suggested minimum
annual management fee is $7,500. Minimums are negotiable and can be waived at the discretion of a
Portfolio Manager.

Berkshire Growth Fund and Berkshire Partnership have minimums defined by their offering documents and
are subject to the investment minimums stated in these documents. The Pennsylvania limited partnerships
are offered privately to investors that qualify in accordance with the requirements of the applicable offering
documents.

Minimum requirements for BDVG are set forth in the fund’s prospectus and statement of additional
information.

The wrap fee accounts generally have lower minimums than our private separately management accounts.
Each program sponsor sets the rules for minimums generally between $100,000 and $200,000, fees and
requirements for these equity programs. For a single fee, a program sponsor may recommend that a client
retain Berkshire as an investment adviser. Berkshire receives a portion of the client’s wrap fee for services
as the client’s investment adviser. For a complete list of Wrap Programs, please see Berkshire’s Form ADV
Part I, available on the SECs website shown on the cover of this brochure.

Berkshire offers model portfolios for a fee to UMA Program sponsors. Those UMA Program sponsors use
Berkshire model portfolios as one input in developing the sponsors’ investment recommendations and
managing their clients’ accounts. When engaged by a UMA Program sponsor, Berkshire constructs a model
portfolio that seeks to resemble a Berkshire investment strategy that is selected by the sponsor. Berkshires
recommendations to UMA Programs may differ from the recommendations made to Platform and Non-
Platform Accounts. Berkshire provides the UMA Program sponsor with recommendations as to the
securities to be purchased, sold and held as well as the percentage of the model portfolio that would be
invested in each security. Berkshire provides this information to the UMA Program sponsor in accordance
with the procedures in “Item 12: Brokerage Practices”.

The sponsors of the UMA Program retain sole authority and responsibility for managing their clients’
accounts. Each UMA Program sponsor provides individualized investment advice and portfolio
management services to its clients and may or may not decide to implement all of Berkshire’s
recommendations as to the securities to be held in the account.

Form ADV Part 2A March 30, 2025                                                                      Page 9