Crystal Rock Capital Management LLC

Item 5 – Fees and Compensation

Crystal Rock’s objective is to produce superior risk adjusted equity investment returns through a
disciplined process of individual stock selection and constructing and managing a “high-conviction”
concentrated portfolio. The Firm charges the fees for its services that are outlined below.

Management Fee – Fund

For its services to the Fund, Crystal Rock will be paid a monthly management fee based on the following
schedule:

    Investor Capital Account NAV            Monthly Percentage            Annual Percentage

            0 - $10 Million                      0.125%                           1.5%

  Amounts in excess of $10 Million                .083%                           1.0%

Investors in the Fund will pay the Firm, for acting as the investment manager of the Fund, a monthly
management fee equal to the applicable percentage of the NAV (defined below) of the investor’s capital

Crystal Rock Capital Management, LLC                                                       Disclosure Brochure

account in the Fund. All management fees will be charged in advance and typically will be deducted
within 15 days after the start of the month. Should Crystal Rock not provide investment management
services for a full month, all fees will be charged on a pro-rata basis.

Management Fee – Managed Accounts
Crystal Rock’s fee management fee schedule for Managed Accounts is as follows:

       Managed Account NAV                Monthly Percentage               Annual Percentage

            0 - $10 Million                     0.125%                            1.5%

  Amounts in excess of $10 Million               .083%                            1.0%

A monthly management fee equal to the applicable percentage of the NAV of the Managed Account will
be billed in arrears and due within 30 days after month-end. Should Crystal Rock not provide investment
management services for a full month, all fees will be charged on a pro-rata basis.

For purposes of this Brochure, “NAV” means the fair market value of the assets less liabilities of the Fund,
any investor’s capital account therein, or of a Managed Account, as the case may be, as of the relevant
period.

Crystal Rock may waive or reduce the management fee with respect to any or all investors in the Fund or
for a Managed Account client. In addition to a fee “breakpoint” for investments larger than $10 million,
Crystal Rock reserves the right to negotiate fee structures for other sizeable investors or clients.

Other Fees and Expenses
The Fund and the Managed Accounts will be charged other fees and expenses in addition to the
management fee described above. Brokerage and other investment transaction expenses are charged
to the Fund and to the Managed Accounts. The Fund also incurs operating expenses for services
including third party accounting, financial statement preparation, audit, tax statement preparation, legal
fees, research services and other miscellaneous costs. Such operating expenses are capped at 30 basis
points annually. For 2025 these expenses totaled 14 basis points of the average NAV of the Fund.

The Fund also will pay the Incentive Allocation to Holdings, as described in Item 6 - Performance-Based
Fees and Side By Side Management, below. Performance-based fees may or may not be charged to
Managed Accounts, as agreed between Crystal Rock and the particular client.

Termination of Services
The Fund Offering Materials provide that Crystal Rock may not be removed as the investment manager of
the Fund by the investors in the Fund. As provided for in the Fund Offering Materials, investors in the
Fund generally may withdraw from the Fund as of the end of any calendar quarter upon no less than 45
days’ prior written notice following their first year of investment. Managed Account clients may terminate
their Investment Management Agreement with Crystal Rock upon such terms as are set forth in such
agreement.

Item 7 – Types of Clients

Crystal Rock provides asset management services to the Fund and a limited number of Managed
Accounts for individual, corporate and institutional clients. There is no set minimum investment amount to
invest in the Fund or to open a Managed Account, although all investment amounts are subject to
approval by Crystal Rock in its sole discretion. Investors in the Fund must be an “accredited investor” as
defined in Regulation D of the Securities Act of 1933, as amended, and a “qualified client” as defined in
Rule 205-3 of the Advisers Act of 1940, as amended (“Advisers Act”), except as Crystal Rock otherwise
permits in its sole discretion. Clients opening Managed Accounts must satisfy any specific eligibility
requirements set by Crystal Rock for the particular account, as set forth in the Investment Management
Agreement. In the event that a Managed Account client is charged a performance-based fee, such client
will be required to be a qualified client as defined under the Advisers Act.