Chesapeake Asset Management LLC

ITEM 5 - FEES AND COMPENSATION

Fees are charged based on the advisory agreement. The terms of the agreement are different
between the divisions of CAM, as described below.

The Private Wealth Division

For clients of CAM’s Private Wealth business line, advisory fees are generally calculated as
a percentage of assets under management as of the last business day of each calendar
quarter. These fees are typically billed in advance. CAM generally does not charge
performance-based fees for discretionary client accounts.

      Discretionary Separately Managed Accounts:

Fees are generally charged in accordance with the following schedule:

                Base Fee                0.25% per quarter (i.e., 1.0% per annum)

CAM retains the discretion to negotiate fees on a client-by-client basis. In determining the
applicable fee schedule, Chesapeake takes into account each client’s specific facts,
circumstances, and needs. Factors may include the complexity of the client’s financial
situation, the amount of assets placed under management, anticipated future contributions,
related accounts, preferred portfolio style, account composition, and other relevant
considerations. In addition, certain client positions may be excluded from total billable
balances. These may include, but are not limited to, employer stock, cash balances, or
holdings the client has elected not to sell.

Sub-Advisory Relationships: CAM may engage unaffiliated third-party sub-advisors to
implement strategies that CAM does not execute in-house—such as certain tax-aware or
quantitative investment approaches. In these cases, the sub-advisor is granted discretionary
management authority over the allocated assets. Any fees due to the sub-advisor are paid

                                                          Chesapeake Asset Management, LLC

directly by the client under a separate investment management agreement between the client
and the sub-advisor and are distinct from the advisory fees payable to CAM. These
arrangements also result in layering of fees and expenses for these clients.

Project-Based Engagements: CAM can also be retained for limited-scope, project-based
engagements such as financial planning, tax strategy development, or estate planning
support. In these instances, CAM may charge a fixed or hourly fee as mutually agreed upon
with the client.

Additional Fees and Charges: In addition to paying investment management fees, client
accounts are generally subject to investment, transaction and other expenses including,
without limitation, custodial charges, brokerage fees, commissions and related costs;
administration costs; accountant and audit fees (as applicable); 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 or funds in which the client’s account invests) associated with products or services
that are necessary or incidental to such investments or accounts. Please refer to Item 12 of
this Brochure for a discussion of Chesapeake’s brokerage practices.

       Concinnity Partners:

The Firm generally charges each limited partner in Concinnity Partners a quarterly
investment management fee based on the value of the limited partner’s capital account, in
accordance with the following schedule:

                 Base Fee                0.25% per quarter (i.e., 1.0% per annum)

To the extent that a Chesapeake client is invested in Concinnity Partners, such client will not
be charged Chesapeake’s quarterly management fee on the amount invested in Concinnity
Partners. The client’s investment in Concinnity Partners will be subject to the quarterly
management fee paid to Chesapeake by Concinnity Partners.

The Alternatives Advisory Group

Clients of CAM’s Alternatives Advisory Group are generally charged quarterly advisory fees,
calculated as a percentage of assets under advisement as of the first business day of each
calendar quarter. These fees are typically charged in advance and vary depending on the
size of the relationship, the complexity of the portfolio, and the level of advisory support
required. CAM does not typically charge performance-based fees to clients in connection
with these advisory services.

In situations where CAM’s services are limited to consolidated performance reporting or
operational support (and do not involve active advisory oversight), a lower asset-based fee
is charged and, in some cases, a fixed fee can be charged in lieu of an asset-based fee.
Fees are generally charged in accordance with the following schedule:

                                                           Chesapeake Asset Management, LLC

         Full Alternative Advisory              0.40% - 1.00% per annum
                  Service

       Third-Party Managers

Under CAM’s advisement, Alternatives Advisory Group clients typically invest directly in
pooled investment vehicles managed by third-party managers. These may include hedge
funds, private placements, private equity, private credit, venture capital, commodities, real
estate, infrastructure, and other non-traditional investment opportunities across both U.S.
and international markets. Participating clients are responsible for their pro rata share of the
underlying fund’s management and performance fees, as well as any operating or other
expenses charged by the fund. Such expenses may include, among others, sales charges,
legal fees, internal and external accounting, audit and tax preparation costs, and
organizational expenses.

       Feeder Funds and Special Purpose Vehicles (SPVs)

In certain cases, CAM may establish a pooled investment vehicle or facilitate access to a
third-party pooled investment vehicle —such as a feeder fund or special purpose vehicle
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ITEM 7 - TYPES OF CLIENTS

Chesapeake’s clients consist of individuals, families and family partnerships, trusts,
estates, pension and profit-sharing plans, retirement accounts, charitable organizations,
corporations and other business entities, and pooled investment vehicles.

Chesapeake does not have any minimum dollar requirements for opening or maintaining
an account. Although we generally decline to manage accounts under two million dollars
($2,000,000.00), there are exceptions. With respect to Concinnity Partners, any initial and
additional subscription minimums are disclosed in each offering memorandum.

ITEM 8 - METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

      A. Method of Analysis, Investment Strategies

Chesapeake utilizes a variety of methods and strategies to make investment decisions and
recommendations. The methods and strategies employed vary between its advisory services
provided to its Private Wealth Division clients and Concinnity Partners and its Alternatives
Advisory Group Services clients as described below:

The Private Wealth Division and Concinnity Partners

Chesapeake offers traditional discretionary asset management services tailored to the
individual needs of each client. Through in-depth, personalized discussions, Chesapeake
works with clients to establish specific investment goals and objectives based on their
unique financial situations. From this, Chesapeake develops a customized investment
policy and manages their portfolio in alignment with it.

As part of Chesapeake’s data-gathering process, Chesapeake assesses each client’s
investment objectives, time horizon, risk tolerance, and liquidity needs. Where relevant,
Chesapeake may also review prior investment history, family background, and other
contextual information.

CAM manages Private Wealth Division client accounts on a discretionary basis. This
means that clients authorize CAM—via a written investment management agreement—
to make investment decisions and execute transactions (buy, sell, or hold securities,

                                                          Chesapeake Asset Management, LLC

cash, or other assets) without prior consultation. Within their investment management
agreements, Private Wealth Division clients may impose reasonable restrictions or
limitations on this discretionary authority. Due to the varying levels of risk involved in
different types of investments, CAM seeks to only invest in investment opportunities that
align with the client’s investment objectives, risk tolerance, liquidity needs, and overall
suitability.

CAM’s Private Wealth Division services generally fall into one of the following categories:

   1. Customized Portfolios

          o These discretionary portfolios typically include equity securities, fixed
            income securities, options, and structured equity notes. Each portfolio is
            designed to reflect the client’s specific preferences, including risk tolerance,
            income needs (dividend and interest), volatility thresholds, and short- to
            medium-term liquidity requirements.

   2. Model Portfolios / Thematic Equity Baskets

          o Model Portfolios: These are actively managed investment strategies
            implemented across multiple accounts. They may reflect specific
            investment styles (e.g., Dividend Income Growth) or pursue absolute
            returns through active trading strategies that include both long and short
            positions.

          o Thematic Equity Baskets: These are collections of equities focused on
            specific sectors, themes, or niche areas of global markets. They are
            designed to provide targeted medium-term exposure to selected
            opportunities and are available through separately managed accounts.

   3. Concinnity Partners, L.P.

          o Chesapeake is also the investment manager and general partner of
            Concinnity Partners. Concinnity Partners aims to deliver conservative
            portfolio growth with high tax efficiency. Further details are available in the
            offering documents of Concinnity Partners.

The core of Chesapeake’s Private Wealth Division investment philosophy is the
identification of what the Firm believes to be undervalued securities through fundamental
analysis. The Firm looks for companies whose businesses are understandable, with
competent management, who are focused, and are shareholder oriented. Strong balance
sheets are preferred, as are companies with high returns on capital. Investments are
made in both large cap and small cap companies, both domestic and foreign. CAM pays
considerable attention to cash flow, which it believes is one of the best measures of
profitability. The result of the search for undervalued securities is that stocks are often
bought when, in CAM’s view, they are neglected and out of favor. Meaningful positions
are sought to be taken and held with patience. To seek to avoid significant losses,
mistakes are quickly admitted, and if Chesapeake believes the fundamental reasons for
purchase are no longer present, holdings are sold.

                                                           Chesapeake Asset Management, LLC

Chesapeake believes that because the markets are dynamic, they require the use of a
combination of different investment strategies most of the time in pursuit of the client’s
objectives. Within the Private Wealth Division, the equity strategy focuses on a broad
range of equity investment styles, including growth, core and value across the
capitalization range from small cap through mid and large cap companies, both foreign
and domestic, seeking securities that provide “growth at a reasonable price”, (which
means growth of earnings and/or cash flow purchased at a reasonable valuation). Most
Private Wealth Division client portfolios hold a combination of long-term and short-term
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