Clarendon Private LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a wealth
management agreement with the Advisor.

A. Fees for Advisory Services
Wealth Management Services
Wealth management fees are paid quarterly, at the end of each calendar quarter, pursuant to the terms of the wealth
management agreement. Wealth management fees are based on the market value of assets under management at
the end of the prior quarter. Wealth management fees are based on the information outlined below:

Equity and Balanced Portfolios:
Fees for equity and balanced portfolios are based on the following schedule:

                   Assets Under Management ($)                     Annual Rate (%)
                   Up to $3,000,000                                    1.00%
                   Next $2,000,000 (up to $5,000,000)                  0.90%
                   Next $5,000,000 (up to $10,000,000)                 0.80%
                   Next $15,000,000 (up to $25,000,000)                0.60%
                   On all amounts over $25,000,000                     0.50%
                  * Minimum annual fee of $20,000.

Fixed Income Portfolios
Fixed income only portfolios are charged a fixed asset-based fee ranging from 0.10% to 0.50%.

                                                       Clarendon Private LLC
                                        131 Clarendon Street, 4th Floor, Boston, MA 02116-5131
                                                        Phone: (617) 927-7999
                                                  https://www.clarendonprivate.com/

Certain legacy clients may have fees that differ from the above.

The wealth management fee in the first quarter of service is prorated from the inception date of the account[s] to the
end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into
consideration the aggregate assets under management with the Advisor. All securities held in accounts managed by
Clarendon Private will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the
Custodian’s valuation to ensure accurate billing.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and other
related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the Advisor
shall not receive any portion of these commissions, fees, and costs.

Use of Independent Managers
As noted in Item 4, the Advisor may implement all or a portion of a Client’s investment portfolio utilizing one or more
Independent Managers. To eliminate any conflict of interest, the Advisor does not earn any compensation from an
Independent Manager. The Advisor will only earn its investment advisory fee as described above. The Advisor will
allocate a portion of the advisory fee collected to the Independent Manager pursuant to the terms of the executed
agreement between the Advisor and the Independent Manager. The total blended fee, including the Advisor’s fee and
the Independent Manager’s fee, will not exceed 2.00% annually.

B. Fee Billing
Wealth Management Services
Wealth management fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s] at
the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted
from the Client’s account[s] following the end of the respective quarter The amount due is calculated by applying the
quarterly rate (annual rate divided by the number of days in the year, multiplied by the number of days in the quarter)
to the total assets under management with Clarendon Private at the end of the prior quarter. Clients will be provided
with a statement, at least quarterly, from the Custodian reflecting deduction of the wealth management fee. Clients are
urged to also review and compare the statement provided by the Advisor to the brokerage statement from the
Custodian, as the Custodian does not perform a verification of fees. Clients provide written authorization permitting
advisory fees to be deducted by Clarendon Private to be paid directly from their account[s] held by the Custodian as
part of the wealth management agreement and separate account forms provided by the Custodian.

Use of Independent Managers
For Client accounts implemented through an Independent Manager, the Advisor and the Independent Manager will
each assume the responsibility for calculating and deducting its respective fees from the Client’s account[s].

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties, other than Clarendon Private, in connection with
investments made on behalf of the Client’s account[s]. The Client is responsible for all custody and securities
execution fees charged by the Custodian, as applicable. The Advisor’s recommended Custodian does not charge
securities transaction fees for ETF and equity trades in a Client’s account, provided that the account meets the
terms and conditions of the Custodian’s brokerage requirements. However, the Custodian typically charges for
mutual funds and other types of investments. The fees charged by Clarendon Private are separate and distinct from
these custody and execution fees.

In addition, all fees paid to Clarendon Private for wealth management services are separate and distinct from the
expenses charged by mutual funds and ETFs to their shareholders, if applicable. These fees and expenses are
described in each fund’s prospectus. These fees and expenses will generally be used to pay management fees for
the funds, other fund expenses, account administration (e.g., custody, brokerage and account reporting), and a
...

Item 7 – Types of Clients

Clarendon Private offers wealth management services to individuals, high net worth individuals, trusts, estates,
endowments and businesses. Clarendon Private generally services Clients with a relationship size of $3,000,000
and above. Clarendon Private may reduce these minimums at its sole discretion.