Crestone Asset Management LLC

FEES AND COMPENSATION
Form ADV Part 2A, Item 5

As described in the Advisory Business section above, Crestone offers Family Office Client Services,
Investment Advisory Client Services, Pre-Transaction Client Services, and Family Foundation Services to
its clients. Crestone’s standard fee schedule is charged as a percentage of assets under Crestone’s
management and the fees for each type of service offering are as follows:

                                                                                                 CRESTONE ASSET MANAGEMENT LLC
                                                                                           IARD/CRD No: 108581 | SEC File No.: 801-57585
                                                                                              FORM ADV PART 2A BROCHURE | 9/27/2024

                                      Crestone Asset Management LLC
                              Family Office Client Services – Annual Fee Schedule

                       Asset Based Breakpoints                                   Fee Schedule
                            First $10,000,000                                         1.25%
                         Next $10,000,000                                             0.95%
                         Next $30,000,000                                             0.75%
                         Next $50,000,000                                             0.50%
                      Amount over $100,000,000                                        0.40%

 Note: Minimum annual fee is $125,000. One-time “start-up” fee of $25,000. Crestone may reduce or waive its minimum
 annual fee and/or waive all or a portion of Crestone’s one-time start-up fee, which Crestone will determine at its discretion on
 a case-by-case basis.

                                     Crestone Asset Management LLC
                         Investment Advisory Client Services – Annual Fee Schedule

                       Asset Based Breakpoints                                   Fee Schedule
                         First $10,000,000                                            1.00%
                         Next $30,000,000                                             0.80%
                         Next $30,000,000                                             0.70%
                         Next $30,000,000                                             0.60%
                      Amount over $100,000,000                                        0.50%

 Note: Minimum annual fee is $50,000. Crestone may reduce or waive its minimum annual fee, which Crestone will determine
 at its discretion on a case-by-case basis.

                                       Crestone Asset Management LLC
                               Family Foundation Services – Annual Fee Schedule

                       Asset Based Breakpoints                                   Fee Schedule
                         First $10,000,000                                            0.95%
                         Next $10,000,000                                             0.70%
                         Next $30,000,000                                             0.55%
                         Next $50,000,000                                             0.40%
                      Amount over $100,000,000                                        0.30%

 Note: Minimum annual fee is $130,000. Crestone may reduce or waive its minimum annual fee, which Crestone will determine
 at its discretion on a case-by-case basis.

Partnership Investor Services clients do not pay fees based on assets under management, but rather
pay the fees set forth in the Access Vehicle’s offering documents and/or a Partnership Investor Services
Agreement.

                                                                                 CRESTONE ASSET MANAGEMENT LLC
                                                                           IARD/CRD No: 108581 | SEC File No.: 801-57585
                                                                              FORM ADV PART 2A BROCHURE | 9/27/2024

Asset Management Fees

Crestone computes client advisory fees based on the weighted daily average value of assets under
management using the fee schedules set forth above for each calendar quarter and invoices such fees in
arrears. Some historical clients are invoiced in advance. Under Crestone’s advisory services agreements,
clients agree to allow Crestone to automatically deduct its advisory fees directly from their brokerage
accounts within 10 days’ prior written notice and, if necessary, to liquidate securities from their
brokerage accounts for payment of Crestone’s fees. Clients may, however, choose to pay Crestone’s
fees by check or wire transfer, at their discretion.

Crestone’s fees described above are based on a percentage of a client’s assets under Crestone’s
management, which may include assets placed with another investment adviser or unrelated manager
and supervised by Crestone, resulting in additional fees. An example of these non-Crestone fees is an
investment in a mutual fund, for which a client would pay fees charged by the fund manager, which
reduces the net asset value of a fund’s shares. As noted above, clients also pay an advisory fee to
Crestone based upon the total value of assets under management, including any shares of mutual funds
under management. Thus, a client whose assets are invested in shares of mutual funds will pay asset
management fees to Crestone in addition to the management fees to the advisers of the mutual funds.

Under certain circumstances and for certain clients (typically those with at least $200 million in advised
assets under management with Crestone), Crestone may enter into a fee arrangement that deviates
from the standard fee structure described above. In such cases, Crestone may charge a reduced
advisory fee based on assets under management, which may be combined with performance-based
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TYPES OF CLIENTS
Form ADV Part 2A, Item 7

As described above, Crestone generally provides advice to high-net-worth individuals and families and
their trusts, foundations, limited liability companies, and/or other entities that they own. Crestone
ordinarily requires that new Family Office clients have minimum investable assets of approximately $25
million, although Crestone may make exceptions at its discretion.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS
Form ADV Part 2A, Item 8

Fundamental investment principles are the foundation of Crestone’s investment platform, which it
designed in an attempt to methodically reduce portfolio risk and systematically increase portfolio
returns.

                                                                                CRESTONE ASSET MANAGEMENT LLC
                                                                          IARD/CRD No: 108581 | SEC File No.: 801-57585
                                                                             FORM ADV PART 2A BROCHURE | 9/27/2024

Investment Philosophy – Crestone’s Core Beliefs

            •     Investment strategy drives results
            •     Capital markets offer no absolutes
            •     Embrace non-linear and uncorrelated returns
            •     Focus on long-term results
            •     Investment manager selection is vital
            •     Ongoing learning is critical

Diversification

Crestone has a longstanding commitment to and experience in both traditional and alternative asset
classes, such as hedge funds, private equity, and real estate, which provide a broad array of diversified
building blocks with which to construct client portfolios.

Based on Crestone’s conviction that traditional “buy and hold” investment models do not optimize
returns, Crestone’s strategy centers on tactical, valuation-informed portfolio management in an attempt
to reduce risk and increase return.

Crestone’s investment research team takes an active approach to balancing investments broadly across
both efficient and inefficient markets in order to provide non-correlated returns, resulting in what
Crestone believes will be true diversification and lower risk.

Crestone does, however, maintain a bias toward equities in the belief that, over the long term, owners
earn more than lenders. Crestone’s experience has shown that asset values are reasonably estimable by
the skilled analyst, and because asset prices can deviate from asset values for long periods of time,
these value and price discrepancies create both risk and opportunity for the skilled investment
manager.

Disciplined Process

Crestone has developed a rigorous process for creating customized IPS, strategically constructing
portfolios, and selecting investment managers to enhance risk-adjusted returns. The end result is a
comprehensive, systematic approach to investing.

    1. Investment Policy Statements. This is a collaboration between the client and Crestone in order
       to fit individual financial goals and create a framework for the management of the portfolio.
    2. Asset Allocation. Crestone makes a recommendation on how to allocate capital to select asset
       classes. Crestone takes an active approach to balancing investments broadly across both
       efficient and inefficient markets in order to provide non-correlated returns, resulting in greater
       diversification and lower risk.
    3. Portfolio Construction. Crestone finds, selects, and monitors investments for its clients’
       portfolios, and regularly rebalances each client’s portfolio in accordance with his or her IPS
       guidelines.

Socially Responsible Investing (“SRI”) and Environmental, Social and Governance Investing (“ESG”)

At Crestone, there is no “one size fits all” approach to SRI/ESG. For clients looking to incorporate an
SRI/ESG overlay into their portfolio, Crestone works together on a customized basis to align clients’
values and goals with an actionable investment strategy. Clients may choose to include one or all of the
following high-level approaches:

    •   Exclusionary (asset class elimination, exclusionary screens, “avoid harm” approach). In this case,
        Crestone can partner with an indexed equity separately managed account provider to translate

                                                                                   CRESTONE ASSET MANAGEMENT LLC
                                                                             IARD/CRD No: 108581 | SEC File No.: 801-57585
                                                                                FORM ADV PART 2A BROCHURE | 9/27/2024

        priorities into personalized values-aligned portfolios that incorporate SRI screens, exclusions,
        and thematic tilts. Crestone’s Investment Committee has also approved screened ETFs that
        seek to eliminate exposures to certain controversial business sectors or industries.
    •   Proactive (integration of sustainability factors with the goal of benefiting all stakeholders, ESG—
        Environmental, Social, Governance factor integration). Crestone generally thinks of ESG as
        being most applicable within the public equity and fixed income landscape, an approach that
        looks to identify and invest in companies with a double objective of achieving market-rate
        financial returns while also creating a positive societal or environmental impact. Crestone is
        partnered with some active fund managers across asset classes whom it believes to be thought
        leaders in ESG integration.
    •   Aspirational (impact investing—thematic, catalytic capital directed toward targeted causes or
        geographies). Crestone created a dedicated private equity and venture Access Vehicle to
        partner with private market impact leaders, targeting investments in solutions-focused
        enterprises with measurable environmental and societal impact. Impact sectors of focus include
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