Elemental Capital Partners LLC

Item 5 - Fees And Compensation

A. Advisory Fees

Fees for portfolio management services (the “Management Fee”) are paid in arrears pursuant
to the specific terms of the client’s portfolio management agreement. The Management Fee is
based on the value (market value or fair market value in the absence of market value) of the
client's portfolio at the end of the calendar quarter. The annual Management Fee will not
exceed 3.0% of assets under management. The specific Management Fee to be paid and the
terms of such payment by a particular client is set forth in that client’s investment
management agreement.

Details of the investment management fee charged is more fully described in the investment
management agreement entered into with each client. Lower fees for comparable services
may be available from other sources and Elemental urges each potential client to compare
Elemental’s fees and services to that of other investment advisory firms.

B. Payment Method

At the end of each quarter, Elemental will notify the client’s qualified custodian of the
amount of the fee due and payable to Elemental pursuant to Elemental’s fee schedule and
investment management agreement. The qualified custodian will not validate or check
Elemental’s fees, its corresponding calculation or the assets on which the fee is based unless
the client has retained their services to do so. With the client’s pre-approval, the qualified
custodian will “deduct” the investment management fee from the client’s account or, if the
client has more than one account, from the account(s) the client has designated to pay
Elemental’s investment management fees.

Each month, the client will receive a statement directly from the qualified custodian showing
all transactions, positions and credits/debits into or from the client’s account. Statements
sent after quarter end will also reflect the investment management fee paid by the client to
Elemental.

C. Additional Information

Fee Only

Elemental is compensated solely by fees paid by its clients and does not accept commissions
or compensation from any other source (i.e., mutual funds, insurance products or any other
investment product).

Legacy Clients and Services

Investment advisory clients who engaged Elemental prior to January 2026 may be provided
with different advisory services under then-existing advisory agreements together with
different fee payment arrangements than new advisory clients of Elemental.

Margin

The use of margin in an investment advisory account affects a client’s asset-based fee. If
margin is used to purchase additional securities, the total value of eligible account assets
increases, thereby increasing the client’s asset-based fee. The receipt of a higher asset-based
fee by Elemental creates a conflict of interest since Elemental is incentivized to recommend

the use of margin. In addition, having a margin account may incur some associated costs.
Clients will be charged margin interest by the custodian on the debit balance in their
custodial account. In addition, margin balances will be included in the calculation of client's
investment management fees which may cause a discrepancy between a client's account
statement and the amount billed by Elemental.

Other Fee Arrangements

Employees and their family members may be charged, in Elemental’s sole discretion, a lower
investment management (or no investment management fee at all). Elemental, again in its
sole discretion, may also provide its investment management services on a pro bono basis
when circumstances dictate. Notwithstanding any of the foregoing, Elemental’s investment
management fees are not negotiable.

Third-Party Expenses

In addition to the investment management fees paid to Elemental, clients may also incur
certain charges imposed by other third-parties, such as broker-dealer, custodians, trust
companies, banks and other financial institutions. These additional charges may include
securities brokerage commissions, transaction fees, custodial fees, margin costs, charges
imposed directly by a mutual fund or ETF in a client's account, deferred sales charges, odd-
lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and
taxes on brokerage accounts and securities transactions.

Professional Fees

Elemental’s investment management fee does not include the services of any co-fiduciaries,
accountants, or attorneys. Accordingly, the fees of any additional professionals engaged by a
client will be billed directly by such professional(s).

D. Termination and Refunds

A client has the right to terminate their investment advisory relationship with Elemental
without penalty within five (5) business days after entering into an investment management
agreement with Elemental. In addition, either party has the right to cancel an investment
management agreement for any reason upon thirty (30) days prior written notice to the other
party. If an account is terminated during a calendar quarter, fees will be adjusted pro rata
based upon the number of days in the calendar quarter that the investment management
agreement was effective. Because fees are charged in arrears, the client will not be due a
refund.

E. Additional Compensation

Elemental is compensated solely by fees paid by its clients, does not accept commissions or
compensation from any other source (i.e., mutual funds, insurance products or any other
investment product) and does not charge a mark-up on clients’ securities transactions.

F. IRA Rollover Considerations

As part of our investment advisory services to you, we may recommend that you withdraw
the assets from your employer's retirement plan and roll the assets over to an individual
retirement account ("IRA") that we will manage on your behalf. If you elect to roll the assets
to an IRA that is subject to our management, we will charge you an asset based fee as set

forth in the agreement you executed with our firm. This practice presents a conflict of
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Item 7 - Types of Clients

A. Clients

Elemental provides investment advisory services primarily to individuals, including high net
worth individuals, and institutional clients.

B. Engaging the Services of Elemental

All clients wishing to engage Elemental for advisory services must enter into an investment
management agreement with Elemental and complete any other document or questionnaire
provided by the firm. In addition, clients must also sign a separate document acknowledging
that they understand both the risks associated with investing in the Ascend Portfolio
Strategy and that Elemental’s investment management fee is higher than what a typical
investment adviser may charge. The investment management agreement describes the
services and responsibilities of Elemental to the client. It also outlines Elemental’s
investment management fee in detail. Clients must complete certain broker-dealer/custodial
documentation. Upon completion of these documents, Elemental will be considered engaged
by the client.

Clients are responsible for ensuring that Elemental is informed in a timely manner of
changes in investment objectives and risk tolerance.

C. Conditions for Managing Accounts

Elemental requires that new clients have a minimum account size of $250,000 for investment
management services. Elemental may, in its sole discretion, accept clients with smaller
portfolios based upon certain criteria including anticipated future earning capacity,
anticipated future additional assets, dollar amount of assets to be managed, related
accounts, account composition, pre-existing relationship, account retention, and pro bono
activities. Elemental will only accept clients with less than the minimum portfolio size if, in
the sole opinion of the firm’s portfolio manager, the smaller account size will not cause a
substantial increase of investment risk beyond the client’s identified risk tolerance.