Broadmark Asset Management LLC

ITEM 5 -FEES AND COMPENSATION
Broadmark charges fees to each different client type according to the following schedule:

Broadmark’s Directly Advised Separately Managed Accounts

Asset-Based Compensation

Investment management fees (as an annual % of assets) have primarily ranged from 1% - 2%.

Investment management fees are charged each month in arrears based on the total market value of
the assets in the client account (including net unrealized appreciation or depreciation of
investments) on the last day of the month. If a new client account is established during a month
or a client makes an addition to its account during a month, the investment management fee will
be prorated for the number of days remaining in the month. If a client’s investment management
agreement is terminated or a withdrawal is made from a client account during a month, the fee
payable to Broadmark will be calculated based on the value of the assets on the termination date
or withdrawal date and prorated for the number of days during the month in which the investment
management arrangement was in effect or such amount was in the account.

These fees are negotiable based on the size of the account, investment strategy employed, whether
or not performance-based fees are also charged, and the services to be performed.

Performance-Based Compensation

Broadmark is paid performance-based fees, which is compensation that is based on a share of
capital appreciation of the assets of a client (including net unrealized appreciation or depreciation
of investments and cash, cash equivalents, accrued interest and accrued dividends). This
compensation is paid to Broadmark and ranges from 25% - 35%.

These fees are negotiable based on the size of the account, investment strategy employed, whether
or not investment management fees are also charged, and the services to be performed.

Broadmark does not deduct the investment management fee or performance-based fees from client
accounts. Rather, Broadmark bills clients directly.

Broadmark’s Sub-Advisory Accounts

Broadmark also receives compensation for providing sub-advisory services, including:

Westwood Management serves as the investment adviser to Westwood Broadmark Tactical
Growth Fund, a diversified series of the Ultimus Managers Trust, an open-end management
investment company commonly known as a mutual fund. Westwood has engaged Broadmark to
act as sub-adviser and provide day-to-day management to this Fund. Westwood Management pays
Broadmark directly for our services. Sub-advisory fees are computed daily and paid monthly to
Broadmark for the Westwood Broadmark Tactical Growth Fund, at the annual rate of 0.60% on
the first $1 billion of assets and 0.55% on assets in excess of $l billion.

Westwood Broadmark Tactical Plus Fund is a diversified series of the Ultimus Managers Trust,
an open-end management investment company registered under the Investment Company Act of
1940. Salient Advisors, L.P. (“Salient”) is the investment adviser to the Fund and has engaged
Broadmark to act as sub-adviser and provide day-to-day management to this Fund. Salient pays
Broadmark directly for our services. Sub-advisory fees are computed daily and paid monthly to
Broadmark for the Westwood Broadmark Tactical Plus Fund, at the annual rate of 0.725% of the
average daily net assets. Salient Advisors, L.P. is an affiliate of Broadmark and is a wholly owned
subsidiary of WHG.

Westwood Management also serves as adviser to a number of SMA/UMA platforms sponsored by
broker-dealers and other financial institutions (“SMA/UMA Sponsors”). Westwood Management
engaged Broadmark to act as sub-adviser in the investment management of these accounts.
Broadmark provides investment direction to Westwood Management for the SMA/UMA platform
accounts. Westwood Management, and not Broadmark, is responsible for the trade execution or
account administration of the SMA/UMA accounts. The SMA/UMA Sponsors pay Westwood
Management the percentage of the SMA/UMA account fee due under Westwood Management’s
investment agreements with the SMA/UMA Sponsors. Payments to Broadmark for its services
are made by Westwood Management monthly and in arrears. The UMA has a minimum account
size of $5,000 at the annual rate of 0.55%. The SMA has a minimum account size of $100,000 at
the annual rate of 1.00%.

Additional Expenses

In addition to paying investment management fees and, if applicable, performance-based fees,
client accounts may also be subject to other investment expenses such as custodial charges,
brokerage fees, commissions and related costs; interest expenses; taxes, duties and other
governmental charges; transfer and registration fees or similar expenses; costs associated with
foreign exchange transactions; other portfolio expenses; and costs, expenses and fees (including,
investment advisory and other fees charged by investment advisers with, or funds in, which the
client’s account invests) associated with products or services that may be necessary or incidental
to such investments or accounts. Client assets may be invested in money market mutual funds,
ETFs or other registered investment companies. In these cases, the client will bear its pro rata
share of the investment management fee and other fees of these funds, which are in addition to the
investment management fee paid to Broadmark. Please refer to Item 12 of this Firm Brochure for
a discussion of our brokerage practices.

ITEM 7 - TYPES OF CLIENTS
Broadmark’s clients consist of registered investment companies,corporations, and other business
entities.