BVB and Partners Sa

Item 5. Fees and Compensation

BVB&P’s annual management fees are based on the applicable fee schedule for the type of investment
management services selected by the Client and the amount of assets under management.

The annual management fees are calculated and invoiced on a quarterly basis in arrears on the basis of
the end of quarter amount of assets under management during each calendar quarter. Average assets
under management during a quarter are equal to the average of the market value of the account on the
last business day of each month during the quarter. Market value will be determined in the reference
currency chosen by the client.

If BVB&P’s engagement begins or ends during the course of a quarter, the management fee will be
prorated.

Table 1: Annual Management Fees for Discretionary Management and Nondiscretionary Advisory
Service

        Assets under Management (“AuM”)                          Fee p.a.
 Less than CHF 5,000,000                                      0.90%-1.40%
 Between CHF 5,000,001 and CHF 10,000,000                     0.80%-1.30%
 Between CHF 10,000,001 and CHF 15,000,000                    0.70%-1.20%
 Between CHF 15,000,001 and CHF 20,000,000                    0.60%-1.10%
 Above 20,000,001                                             0.50%-1.00%
 Minimum Annual Fee 15,000 CHF

Compensation is not payable in advance. AuM is converted to the equivalent in CHF and all fees are
charged in CHF. Upon termination of any relationship, accrued, unpaid fees will be due and payable.
Upon termination by the client, the fee will be charged pro rata, calculated to the termination date.

BVB&P may waive, discount and/or negotiate fees at its discretion. BVB&P may also charge additional
fees for services outside the scope of the services described above. Any additional fees are disclosed to
the client.

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 BvB & Partners                                                                    CRD: 288814

Fees for other Services:
BVB&P generally relies on the custodian bank to value the assets in each client’s Account. BVB&P
typically will arrange with the custodian for the direct payment of its fees from the client’s Account.

BVB&P is compensated solely through advisory fees paid by its clients. BVB&P does not receive
commissions or other compensation from third parties in connection with its advisory services.
Discounts, referral fees or any other remuneration received by BVB&P from third parties will be
disclosed to the client and credited to BVB&P.

BVB&P does not manage or advise accounts based on commissions or subscription fees.

Other fees and expenses you may incur
Clients will pay other fees and expenses to third parties in connection with our investment
management services, including custodial fees (which includes any fees and other amounts charged by
the custodian for exchanging foreign currencies or physical gold), fees for trade settlement, brokerage
commissions, or any other fee imposed by the custodian bank or the broker. These additional fees and
expenses are generally debited from the Client’s account and not billed by the third parties to the Client
unless otherwise agreed in advance. See Item 12 (Brokerage Practices) and Item 15 (Custody) for
additional information.

Negotiability of fees
While BVB&P reserves the right to negotiate fees, it generally seeks to apply its standard fee schedule
to ensure consistent treatment among clients.

Billing Process
Each Client will be required to authorize BVB&P to debit the Client’s account for the amount of BVB&P’s
fees. When fees are payable, BVB&P will instruct the custodian to debit the account and credit the asset
management or advisory fee for the applicable period.

When an account is first placed under BVB&P management, billing begins on the first day of the
following month. For accounts opened or terminated in the middle of a calendar quarter, BVB&P will
prorate the fee charged according to the number of days BVB&P managed the assets during the quarter.

Item 7. Types of Clients

BVB&P offers discretionary and non-discretionary investment advisory services to high net worth
individuals, trusts and family offices through separately managed accounts. Clients are primarily
limited to U.S. residents of any nationality and U.S. citizens living outside the United States.

The minimum account size is CHF 1,000,000. However, we reserve the right to accept smaller accounts
based on a Client’s circumstances. Accounts that have a family, corporate or other relationship may be
aggregated for purposes of establishing the minimum account size.