Crestwood Advisors Group LLC

Item 5. Fees and Compensation
Crestwood provides its services for an annual fee based on assets under management.

Comprehensive Investment and Wealth Management Fee
Crestwood’s annual fee is prorated and charged quarterly, in arrears, based upon the average daily market value of
assets under its management during the billing quarter. The average daily market calculation includes not only the
securities held in the portfolio(s) but also any cash balances, accrued interest and dividends and securities held on
margin. The fee clients have agreed to pay is specified in a writtenagreement that is signed by the client. Most client
agreements specify a fee schedule or rate that starts at 1%. Crestwood’s fees are potentially negotiable and will vary
from client to client based on a variety of factors, such as market value of the client’s assets under management,
investment strategy, and the nature and/or complexity of theclient relationship. Legacy MCT, Catamount, and
Endurance clients pay their legacy fee rates, some of which are higher and some of which are lower than Crestwood’s
historical fee rates.

All relationships are subject to a minimum of $1,000,000 in investible assets. To the extent that Crestwood accepts a
client under this minimum, there can be a minimum fee of $10,000 a year or $2,500 a quarter. Crestwood’s minimum
fee has been waived for a limited number of clients.

Crestwood does waive its fees for employees and employee family members pay a lower fee.

Crestwood’s annual fee is exclusive of, and in addition to, the fees and expenses associated with the investment of client
assets, including, brokerage commissions, transaction fees, fees and expenses charged by investment vehicles held in
client portfolios, such as ETFs, mutual funds and private investment funds, and other related costs and expenses which
are incurred by the client.

Fees Charged by Financial Institutions
As further discussed in response to Item 12 (below), Crestwood generally recommends that clients utilize the brokerage
and clearing services of National Financial Services LLC and Fidelity Brokerage Services LLC (collectively “Fidelity”) or
Charles Schwab & Co., Inc. (“Schwab”) for investment management accounts.

Crestwood will only implement its investment management recommendations after the client has arranged for and
furnished Crestwood with all information and authorization regarding accounts with appropriate financial institutions.
Financial institutions include, but are not limited to; Fidelity, Schwab, any other broker-dealer recommended by
Crestwood, broker-dealers directed by the client, trust companies, banks, etc. (collectively referred to herein as the
“Financial Institutions”).

Clients are responsible for charges imposed by the Financial Institutions and other third parties in connection with the
investment of their assets, including, but not limited to, transaction charges for execution of securities transactions,
custodial fees, charges imposed directly by a mutual fund or ETF, any fees charged by external managers of separately
managed accounts, fees and expenses of private investment funds, deferred sales charges, odd-lot differentials, transfer
taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securitiestransactions.
Such charges, fees and commissions are exclusive of and in addition to Crestwood’s fee.

Fee Debit
Crestwood’s Agreement and the separate agreement with any Financial Institutions authorize Crestwood to debit the
client’s account for the firm’s fee and to directly remit that management fee to Crestwood. Any Financial Institutions
recommended by Crestwood have agreed to send a statement to the client, at least quarterly, indicating all amounts
disbursed from the account including the amount of management fees paid directly to Crestwood.

Fees for Management during Partial Quarters of Service
For the initial period of investment management services, the fees are calculated on a pro rata basis.

The agreement between Crestwood and the client will continue in effect until terminated in writing by either party
pursuant to the terms of the agreement. Crestwood’s fees are prorated through the date of termination and any
remaining balance is debited from the account(s), as appropriate.

Asset additions can be in cash or securities provided that Crestwood reserves the right to liquidate any transferred
securities or decline to accept particular securities into a client’s account. Crestwood will consult with its clients about
the options and ramifications of transferring securities. However, clients are advised that when transferred securities
are liquidated, they are subject to transaction fees, fees assessed at the mutual fund level (i.e. contingent deferred sales
charge) and/or tax ramifications.

Clients can make additions to and withdrawals from their account at any time, subject to Crestwood’s right to
terminate an account. Clients can withdraw account assets on notice to Crestwood, subject to the usual and customary
securities settlement procedures. However, Crestwood designs its portfolios as long-term investments and the
withdrawal of assets can affect a client’s investment objectives.

Neither we, nor our representatives, accept compensation from the sale of securities or other investment products.

Fees for Pooled Investments
We do not receive any compensation from the Focus firm, SCS, in connection with assets that our clients place in the
Focus firm’s pooled investment vehicles. Our clients are not advisory clients of and do not pay advisory fees to SCS,
however, our clients bear the costs of the Focus firm’s investment vehicle or vehicles in which they are invested,
including any management fees and performance fees payable to the SCS. The allocation of our client assets to the
SCS’s pooled investment vehicles, rather than to an unaffiliated investment manager, increases the Focus firm’s
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Item 7. Types of Clients
Crestwood offers its services to the following types of clients:

    •   Individuals (other than high net worth individuals)
    •   High net worth individuals
    •   Pension and profit-sharing plans
    •   Charitable organizations
    •   Corporations and other business entities

As noted in Item 5 above, all relationships are subject to a minimum of $1,000,000 in investible assets. To the extent that
Crestwood accepts a client under this minimum, there can be a minimum fee of $10,000 a year or $2,500 a quarter.
Crestwood’s minimum fee has been waived for a limited number of clients.