Columbus Macro LLC

Item 5: Fees and Compensation

A. Fee Schedule

Fees for asset management services provided by Columbus Macro vary depending on the
level and type of service provided and are clearly defined in each client’s advisory
agreement with the firm. These fees are generally based on the scope of engagement,
account strategyand value of assets being managed and the annual fee ranges from:

 Services               Annual Fee
 Sub-Advisory           0.05% to 0.45%
 Model Provider         0.40% to 0.50%
 Direct Advisory        0.20% to 1.00%

When Columbus Macro acts as a sub-advisor to program sponsors, the sub-advisory fees
that we receive are negotiated between us and the program sponsors and vary for each
relationship and strategy. The fees charged will not exceed any limit imposed by any
regulatory agency. The notice of termination requirement and payment of fees for sub-
advisor services will depend on the specific program sponsors engaging Columbus Macro
as its sub-advisor. Both the program sponsor fee and the manager’s portion are calculated
using the value of the assets in the account on the last business day of the prior billing
period.

For a certain sub-advised program (Portfolio Advisory Services), Columbus Macro
receives fixed annual fees from the program sponsor for model development and
maintenance which are not related to the level of client assets in those programs. Clients
of the sponsoring firm are not assessed a separate charge for Columbus Macro services.

Columbus Macro also participates in certain SMA/UMA programs as a model provider
for select strategies, in which Columbus Macro provides model portfolios. Generally,
clients participating in these programs pay a single, all-inclusive wrap fee quarterly in
advance to the program sponsor, based on the asset value of their account. Columbus
Macro receives from the wrap program sponsor a portion of the quarterly wrap fee for
the model provider services it provides.

Institutional and high net worth clients enter into an investment advisory agreement with
Columbus Macro for customized asset management services which specifies the fee
arrangement. These fees are negotiable. Fees assessed for direct advisory are typically
higher than sub-advisory due to the fact that clients are not represented by a separate
financial advisor. Therefore, Columbus Macro provides a higher level of client interaction,
communication, customization, and advice.

B. Payment of Fees

When Columbus Macro acts as a model provider, as well as in most sub-advisory cases,
program sponsors are responsible for calculating asset-based fees on the market value (as

of the close of the last day of the previous quarter) of the clients’ accounts invested in
Columbus Macro models. These program sponsors withdraw fees from clients’ accounts
on a quarterly basis. From this fee collected, the sponsor firm then is responsible for
paying CM its advisory fee. Fees are paid in advance.

For certain sub-advisory relationships, Columbus Macro is responsible for calculating
asset-based fees. In these cases, CM does not collect fees directly from client accounts, but
rather sends the program sponsor an invoice detailing fee payments for them to provide
to Columbus Macro. Fees are paid in advance and are calculated using the market value
(as of the close of the last day of the previous quarter).

For direct advisory accounts, Columbus Macro is responsible for calculating asset-based
fees. In these cases, CM notifies the custodian of the fee amount for each account shortly
after the beginning of each quarter. The custodian then debits the fees from the client
accounts and deposits the funds into a designated Columbus Macro account held at the
custodian. Fees are paid in advance and are calculated using the market value (as of the
close of the last day of the previous quarter).

For direct institutional accounts, Columbus Macro calculates fees in arrears using the
weighted daily average of the net assets (securities, cash, cash equivalents) under
management (“net assets”) of each client’s account for the prior quarter. In some cases,
fees are debited from the client’s account (provided debiting is authorized in writing by
the client), on a date not later than the tenth (10th) business day of the quarter. In other
cases, clients provide payment after receipt of management fee invoice.

During the regular quarterly fee calculation process, CM manually screens for client cash
flows (contributions and distributions) during the prior quarter and processes fee
adjustments.

C. Client Responsibility for Third Party Fees

Columbus Macro fees are exclusive of charges imposed by program sponsors, platform
managers, custodians, broker/dealers, financial advisors, and other third parties who
assess custodial fees, consulting fees, administrative fees, and transfer agency fees.
Investment activity involves brokerage commissions, transaction fees, exchange fees, SEC
fees, service provider fees, odd-lot differentials, transfer taxes, wire transfer and electronic
fund fees, and other fees and taxes on brokerage accounts and securities transactions.
Transaction charges vary based on a variety of factors including but not limited to the
instrument transacted (i.e. mutual fund, stock, or exchange-traded fund) and the sponsors
negotiated custodial relationship.

Clients within wrap fee programs are charged a single fee assessed by the program
sponsor which covers Columbus Macro’s advisory fee and the third-party fees listed
above. Clients not participating in wrap fee programs are assessed these fees individually.
When NTF (non-transaction fee) securities are traded, this transaction charge will not
apply.
Columbus Macro invests a client’s assets in exchange-traded funds, mutual funds
(including money market funds or similar short-term investment funds) or other pooled
investment vehicles sponsored by third parties. To the extent that a client’s assets are
...

Item 7: Types of Clients

Columbus Macro provides asset management services through sub-advisory or investment
management agreements with broker-dealers, financial institutions, platform sponsors, and
registered investment advisors (third-party advisors), or direct contract to a wide variety of
clients including, but not limited to individuals, trusts, foundations, endowments, estates,
institutional clients, state and municipal government entities, pension and profit-sharing plans,
and corporations. Columbus Macro offers services with a variety of account minimums.

Typically, our minimums account sizes are:
 Services               Minimum Account Size
 Sub-Advisory           $25,000 - $500,000 depending on the program
                        $100,000 standalone SMA
 Model Provider
                        $25,000 UMA sleeve
 Direct Advisory        $5,000,000

In direct advisory account relationships, Columbus Macro reserves the right to waive minimum
account size at our sole discretion.