Contrary Legacy LLC

Item 5 – Fees and Compensation

Compensation and Fee Schedules

Our fee schedules are negotiated on a client-by-client basis. Advisory fees are generally
flat fees or based on a percentage of assets under management. Flat fees are generally based
on the anticipated amount of advisory services needed by the Client over the term of the
contract and may range from $0 to $150,000 per year. Fees based on a percentage of assets
under management may range from 0.35% to 0.60% per year. Fees are generally deducted
from Client accounts on a quarterly basis.

Deduction of Fees; Timing of Payments; Termination

Contrary Legacy’s fees for its services are billed, and in accordance with the Client’s
agreement, on a pro-rata annualized basis quarterly . Contrary Legacy’s fees may be
deducted from more than one account of a Client and in accordance with each Client
Agreement and Client Direction Letter. Certain investments may be subject to different or
additional fees. Fees charged may be negotiated based on a variety of factors, and the fee
may be modified by Contrary Legacy upon notice to the Client and in accordance with the
Client’s Agreement and Client’s Direction Letter. Unless otherwise agreed to with respect
to any specific investment, Contrary Legacy shall not be compensated on the basis of a
share of capital gains upon or capital appreciation of the Client’s assets or any portion of
assets, although Contrary Legacy may be compensated based upon the total value of the
assets as of definite dates. The fee provisions of the relevant External Portfolio Manager’s
agreement(s) with Contrary Legacy governing their specific advisory programs and the fee
confirmations that Client receives shall control if there are any inconsistencies between the
terms of those documents and the Client’s Agreement and Client’s Direction Letter.

Contrary, LLC receives a management fee from each Private Fund it advises. A related
person of Contrary, LLC receives certain allocations and distributions calculated and
charged based on a share of capital gains on the assets of each Private Fund. This
compensation creates a conflict of interest and incentive for Contrary Legacy to
recommend the Affiliate’s Private Funds over other similar funds which may have lower
fees.

Either party may terminate the Client Agreement at any time by providing a written notice
of at least thirty (30) days to the other party. After notice of termination has been received
by the other party, Contrary Legacy shall continue to charge its advisory fees to the Client
up to the actual date of termination. The Affiliate and each External Portfolio Manager’s
termination provisions may differ and such provisions shall govern with respect to the
Affiliate and External Portfolio Manager’s termination.

Other Fees and Expenses

In addition to any advisory fees payable to Contrary Legacy, a Client may be charged
additional fees by External Portfolio Managers, account custodians, broker-dealers, fund
managers, investment funds, or other service providers. Trade costs, fund expenses
(including those of Contrary Legacy-affiliated investment vehicles), advisory fees of
External Portfolio Managers, and other similar fees and expenses are all separate from
Contrary Legacy’s fees and additional fees and expenses.

External Portfolio Manager’s advisory fees are not set by Contrary Legacy and their fees,
method of billing (advance or arrears), timing of billing (quarterly or monthly) and basis
for billing (time-weighted daily average versus the last day of a calendar quarter or month,
or some other method) may differ from Contrary Legacy’s billing practices. Clients shall
receive an explanation of External Portfolio Manager’s fees and billing practices from
Contrary Legacy or the External Portfolio Manager. Said explanation may be set forth in
the External Portfolio Manager’s Form ADV, advisory agreement or other documentation.

A Client could invest directly in a mutual fund, ETF, index fund, private fund, other
securities, or in certain instances, an External Portfolio Manager, without the services of
Contrary Legacy. Clients should review both fees charged by Contrary Legacy and any
External Portfolio Manager or investment fund, including the Affiliates’ Private Funds, to
fully understand the total amount of fees to be paid by the Client.

Timing of Payments

Please refer to the subsection titled “Deduction of Fees; Timing of Payments; Termination”
and “Other Fees and Expenses” described above.

Transaction-Based Compensation

Contrary Legacy does not receive any transaction-based compensation or commissions for
the sale of securities or other investment products.

Types of Clients

Contrary Legacy generally provides investment advice to individuals and family offices.
However, Contrary Legacy maintains the right to provide similar services to other types of
clients, such as corporations, financial institutions, private funds, funds-of-funds,
governmental bodies or agencies, insurance companies, endowments, foundations,
charitable organizations, trusts, estates, and pension and profit-sharing plans.

Contrary Legacy does not have a minimum account size, but anticipates typically targeting
an account value of at least $25M. However, Contrary Legacy maintains the right to accept
clients of any account size.