Browning Capital Management LLC

Item 5 – Fees and Compensation

We provide asset management services for a fee. Our fees do not include brokerage commissions, transaction fees, and
other related costs and expenses. You may incur certain charges imposed by custodians, third party investment
companies and other third parties. These include fees charged by managers, custodial fees, 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. Mutual funds, money market funds and exchange-traded funds (ETFs) also charge internal
management fees, which are disclosed in the fund’s prospectus. These fees may include, but are not limited to, a
management fee, upfront sales charges, and other fund expenses. We do not receive any compensation from these fees.
All of these fees are in addition to the management fee you pay us. You should review all fees charged to fully understand
the total amount of fees you will pay. Services similar to those offered by us may be available elsewhere for less than the
amounts we charge.

You could invest in a mutual fund directly, without our services. In that case, you would not receive the services provided
by us which are designed, among other things, to assist you in determining which mutual fund or funds are most
appropriate to your financial condition and objectives.

Our Advisory-Agreement defines what fees are charged and their frequency. We either bill fees in arrears or in advance
on a quarterly basis. You will authorize the custodian to directly debit fees from your account held at the custodian to pay
us. You will be provided with a monthly statement reflecting deduction of the advisory fees.

Either party may terminate the relationship with a thirty (30) day written notice. Upon termination of any account, any
prepaid fees that are in excess of the management services performed will be promptly refunded to you. Any fees that
are due, but have not been paid, will be billed to you and are due immediately.

All recommendations developed by us are based upon our professional judgment. We cannot guarantee the results of
any of our recommendations.

1. Asset Management Fee Schedule
There is no minimum account size for asset management services. Accounts that belong to the same household may be
grouped for the purpose of determining the fee. A “household” comprises the beneficial owner of an Account, as well as
the beneficial owner’s spouse, ancestors (such as parents, grandparents and great-grandparents), spouses of lineal
descendants, siblings and spouses of siblings. The annual fee will be charged for the total of all of the accounts comprising
the consolidated account. Fees are charged quarterly, either in advance or in arrears. Payments are due and will be
assessed on the last day of each quarter, based on the ending balance of the accounts under management, without regard
to margin balances.

The standard asset management fee for Browning Capital Management will be between 0.50% - 1.50% and lower fees
may be negotiable based upon individual client circumstances and at the Adviser’s discretion. The final fee will be disclosed
in your executed management agreement. You will be billed one fourth of this amount on a quarterly basis. No increase
in the annual fee shall be effective without prior written notification to you. We believe our advisory fee is reasonable
considering the fees charged by other investment advisers offering similar services/programs. Lower fees for comparable
services may be available from other sources.

Browning Capital              ADV Part 2A                    March 2026                                 Page 10 of 38
                                                                           © 2010 – 2026 Red Oak Compliance Solutions LLC

You may also pay additional advisory fees to a third party money manager depending upon which manager you select.
BCM does not charge performance-based fees.

Certain strategies offered by us involve investment in mutual funds. Load and no load mutual funds may pay annual
distribution charges, sometimes referred to as “12(b)(1) fees”. These 12(b)(1) fees come from fund assets, and thus
indirectly from clients’ assets. We do not receive any compensation from these fees. The 12(b)(1) fee, deferred sales
charges and other fee arrangements will be disclosed upon your request and are typically described in the applicable
fund’s prospectus.

Your account at the custodian may also be charged for certain additional assets managed for you by us but not held by
the custodian (i.e. variable annuities, mutual funds, 401(k)s).

The fees we charge can be deducted directly from your account at the custodian. We will instruct the custodian to deduct
the fees from your account at the end of the quarter. This fee will show up as a deduction on your following month's
account statement from the custodian.

If you do not want us to charge your account for the fee, you may pay the fee directly to us. We will send you an invoice
detailing the fee calculation. Fees are due in full 15 days after receipt of the invoice.

2. Financial Planning Fees
We do not charge a separate fee for financial planning the fee for planning will be included as part of the asset
management fee.

All recommendations developed by us are based upon our professional judgment. We cannot guarantee the results of
any of our recommendations.

3. Family Office Services Fees
Our minimum account opening balance is $5,000,000 which may be negotiable based upon certain circumstances.

The minimum annual fee is $50,000. Accounts that are subject to the Family Office Agreement will be grouped for the
purpose of determining the fee. Accounts that are aggregated under the Family Office Agreement may be comprised of
family members, their entities, and may also include unrelated associated individuals. Client fees are computed annually
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