Choreo LLC

ITEM 5 FEES AND COMPENSATION
INVESTMENT ADVISORY AND AGGREGATED REPORTING FEES
The specific manner in which our fees for Investment Advisory and Aggregated Reporting Services are
charged is established in the client’s agreement with Choreo. The structure and level of our fees vary by
client based upon the services provided and other considerations deemed relevant but customarily are
calculated as a percentage of billable assets or on a fixed-fee basis. Where our investment advisory or
aggregated reporting fees are calculated as a percentage of billable assets, we generally apply either a
tiered schedule where fee rates decrease as billable assets increase (the fee decrease applies to the
portion of the billable assets in each applicable tier) or a flat rate applied to billable assets. The annual
rate generally does not exceed 1.5% per annum unless otherwise agreed to with the client. We request

(but do not require) new investment advisory clients to have investable assets of at least $1,000,000 and
we have an annual minimum fee of $8,000. Clients affiliated with certain organizations are subject to a
reduced fee schedule and/or lower minimum fee amount. These minimum requirements may have the
effect of making our services impractical for certain individuals or entities with fewer investable assets
given the effective annual rate of advisory fees that would be charged. At our discretion, we may waive
or reduce annual minimum fees, accept new clients with less than $1,000,000 in investable assets, and/or
combine the account values of family members living in the same household to determine the applicable
fee. For example, we may combine account values for an individual, their minor children, their spouse,
and other types of related accounts. Combining account values may increase the asset total, which may
result in a reduced fee rate.

Negotiability of Advisory Fees: Choreo retains the discretion to negotiate fees, including minimum fee
amounts, on a client-by-client basis Client facts, circumstances and needs are considered in determining
the fee arrangement. These include the complexity of client assets to be placed under management,
anticipated future additional assets, related accounts, portfolio style, account composition, and custom
reports, among other factors. Clients affiliated with certain organizations are subject to a reduced fee
schedule and lower minimum fee amounts. Certain clients will likely pay more or less than other clients
receiving similar services from Choreo. Legacy clients are generally subject to a different fee schedule than
new clients. The specific annual fee is identified in the agreement between Choreo and each client, which
may be amended by Choreo, including the amount or rates of fees, upon thirty days prior written notice
to clients. Choreo’s senior advisors are compensated based on revenue generated from client assets they
service. Other advisor team members receive a base salary and are eligible for a bonus based on both
individual and team performance. The receipt of compensation linked to revenue generated from client
assets creates a conflict of interest as it incentivizes our advisors to increase fees and encourage clients
to increase assets in their accounts.

Third Party Fees: Investment Advisory and Aggregated Reporting Services Fees are separate and distinct
from the fees and expenses that are charged by Independent Advisors related to the assets held in
Account(s). Where a client enters into a separate written agreement with an SMA Manager, the client will
generally pay the SMA Manager a fee directly that is separate and distinct from the Investment Advisory
Services Fee of Choreo. Where Choreo retains an SMA Manager directly on behalf of a client (i.e., a sub-
advisor), Choreo either (i) shares a portion of its Investment Advisory Services Fee with the SMA Manager;
(ii) directly debits a client’s fee on behalf of an SMA Manager; or (iii) authorizes the SMA Manager to
directly debit a client’s fee. In addition, fees charged by investment vehicles held in Accounts are in
addition to the Investment Advisory or Aggregated Reporting Services Fees of Choreo and the advisory
fees of Independent Advisors and SMA Managers. The additional fees applicable to holdings in investment
vehicles generally include a management fee, performance-based compensation (if applicable), other
expenses, and a possible distribution fee. If the investment vehicle also imposes sales charges, a client
may pay an initial or deferred sales charge. Such fees and expenses may be material and may negatively
impact the value of the assets held in Account(s) or the performance thereof.

Timing: The fee for the quarter in which the account has been initially funded is prorated based on an
average daily balance and charged in arrears. Thereafter, fees are generally payable in advance in
quarterly installments during the first month of each calendar quarter and are computed based on the
value of the assets under management on the last day of the calendar quarter. Client may make additions
to and withdrawals from account(s) at any time unless the custodian restricts the account. Advisor
reserves the right, upon prior written notice to Client, or as otherwise agreed upon with the client, to

adjust the Investment Advisory Services Fee to account for material deposits or withdrawals from an
account during a billing period.

Choreo may cause a client to maintain cash and cash equivalent positions (such as money market funds)
for defensive, liquidity or similar purposes, and periodic investment plans (i.e., dollar-cost-averaging). A
significant amount of cash may accumulate in the account prior to Choreo rebalancing the portfolio. If
cash is being managed at the portfolio level rather than the individual account level, it is possible that an
account may be allocated up to 100% cash. Unless otherwise agreed in writing, cash and cash equivalent
...

ITEM 7 TYPES OF CLIENTS
Choreo provides advisory services to a broad range of client types, including but not limited to:

•   Individuals (other than high net worth individuals);

•   High net worth individuals;

•   Family Offices;
•   Pension, retirement, and profit sharing plans (other than plan participants);

•   Charitable organizations and Foundations;

•   Estates and trusts;

•   Banking or thrift institutions; and

•   Corporations or other business entities not listed above.

Generally, we request (but do not require) new investment advisory clients to have investable assets of
at least $1,000,000. This amount may be reduced in our discretion. However, since we generally charge
an annual minimum fee of $8,000, our services may be impractical for certain individuals or entities with
fewer investable assets given the effective annual rate of advisory fees that would be charged. Clients
affiliated with certain organizations are subject to a reduced fee schedule and/or lower minimum fee
amount. The annual minimum fee may be reduced or waived at our discretion.