Envisage GmbH

5. Fees and Compensation

Fees for Investment Services

Fees are determined on the basis of client AUM, as stated in the table below.

Envisage is compensated with a fee that is based on a percentage of the value of client assets under
management with Envisage.

The fee schedule for is defined below. Envisage reserves the right to negotiate fees with clients under
certain circumstances, which are agreed in writing.

                                                    Annual Management Fee
           Assets Under Management
                                                  (charged quarterly in arrears)
 CHF 1 to 50’000’000                                        0.7 %
 CHF 50’000’001 to 200’000’000                              0.6%
 CHF 200’000’001 to 500’000’000                            0.55%
 Over CHF 500’000’001                                      0.50%

Investment Services Fee Invoicing

Fees are invoiced directly to the client and the custodian, contracted under the client’s agreement
(discretionary or non-discretionary), pays us the Fee.

Fees are calculated and charged pro-rata on the basis of the value of client AUM at the end of each
calendar quarter. Fees are charged from the account quarterly in arrears in the portfolio reference
currency.

Any agreement can be terminated at any time by Envisage or the client without penalty and with
immediate effect, in which case the outstanding fees will be pro-rated in the partial calendar quarter and
charged based upon the number of days that the mandate was active during the final quarter of the
mandate.

Envisage                                                                                             Page 6

    Envisage                                                      Form ADV Part 2A - Firm Brochure

Other Types of Fees or Expenses

The aforementioned fees cover Envisage’s investment services. Envisage takes no other fees for its
services unless agreed otherwise in writing with the client.

Envisage does not provide any type of credit to U.S. clients.

Envisage does not provide securities brokerage services, and neither Envisage nor its employees
charge clients any transaction-based fees or accept compensation for the sale of securities or other
investment products. Brokerage commissions, transaction fees, custodian fees, and other related costs
and expenses which may be incurred by the client are charged by the relevant services providers (banks,
brokers) and are exclusive and in addition to Envisage’s services fees.

Third-Party Fees

Clients will incur third-party charges such as stamp duties, taxes, commission charges, currency
exchange charges and other fees charged by third-party entities or regulatory authorities. Third-party
brokers may charge fees to execute securities transactions or commissions when acting as agent, or
they may charge a mark-up on transactions when acting as principal. Mutual funds and exchange traded
funds may charge up-front fees and internal management fees, which are generally disclosed in the
fund prospectus. These types of third-party commissions and fees are borne by our clients in the normal
course of business. Envisage does not reduce its Investment Services fees to offset any of these fees,
costs or expenses.

Fees for other services

Envisage will from time to time refer its clients, upon their request, to non-affiliated third-parties for
additional services, such as tax, accounting, reporting or legal counsel. Envisage does not receive
compensation or fees for such referrals.

Envisage may charge a fee for other services (non-investment services). Such fees are based primarily
on the complexity of the service provided and are agreed with the client in advance pursuant to the three
categories of services below:

-    Private Investments and Direct Real Estate: should a client request that Envisage assist the client
     in respect of private and/or direct real estate investments, the client and Envisage shall agree on
     Envisage’s remuneration as per a separate agreement, depending on the scope of the mandate and
     the level of investments at stake.

-    Consolidated reporting: should a client request a consolidated reporting, Envisage shall be
     entitled to an annual fee of 0.10% of the average value of the assets being included in the
     consolidation.

-    Access to live portfolio valuation: should a client request access to live portfolio valuation,
     Envisage shall be entitled to a quarterly fixed fee of CHF 2,500.

Fees may be waived, discounted, and/or otherwise adjusted at the discretion of Envisage, always with
the client’s written agreement.

7. Types of Clients

Envisage’s investment services may be provided to financial institutions, family offices, high net worth
individuals, trusts and small corporations.