First Republic Securities Company LLC

Fees and Compensation
FRSC charges its clients an investment custodial fee quarterly based on the following schedule:

Assets under management                               Annual Fee (Charged Quarterly)

First $1 Million                                      0.30%
$1,000,001 to $2 Million                              0.15%
Amounts in excess of $2 Million                       0.12%

The minimum Annual Fee for any account will be $1000.

Compensation for FRSC’s services is derived as fee income based upon the percentage of asset
market value of the client’s account. The compensation method is explained and agreed with the
clients in advance before any services are rendered. The compensation for FRSC’s services,
which includes access to a trading desk, trade execution, quarterly performance reporting, client
web access, general customer services and custodial services ranges, up to 30 bps per annum. The
amount of the Fee is negotiated on a case by case basis with the client.

Fees will be billed in advance at the beginning of each calendar quarter. Any contributions and/or
withdrawals made during a calendar quarter may cause an adjustment to the fee. Fees will
generally be deducted directly from the client's brokerage account pursuant to a written
agreement. Fees for the first quarter are pro-rated based on the remaining number of days
remaining in the quarter.

There may be instances in which FRSC charges a Fixed Fee that is not correlated for Assets
Under Management: $250 a quarter or greater depending on complexity and support required to
serve the best interest of the client.

These fees are for services provided by FRSC only and do not include other costs that the client
may incur, including but not limited to, other management fees charged by affiliated or
unaffiliated third parties including investment managers.

Should the client terminate their custodial relationship with FRSC, any unearned custodial fees
will be prorated based on the number of days remaining at the end of the quarter from termination
date and a refund issued to the client.

Performance Based Fees and Side-by-Side Management
FRSC does not charge any performance fees. Some investment advisers experience conflicts of
interest in connection with the side-by-side management of accounts with different fee structures.
However, these conflicts of interest are not applicable to FRSC.

Types of Clients
FRSC’s Brokerage arm primarily provides customized brokerage services to high-net-worth
individuals and associated trusts, estates, pension and profit sharing plans, and other legal entities.
FRSC’s RIA division is offering investment advisory services to money managers who wish to

utilize FRSC’s trading and custodial services offered by the clearing firm, Pershing, LLC
(“Pershing”), an unaffiliated broker/dealer which is a wholly-owned subsidiary of The Bank of
New York Mellon. FRSC’s minimum account size is generally $100,000, but this amount is
negotiable.

Methods of Analysis, Investment Strategies and Risk of Loss
FRSC does not actually manage client accounts or provide investment advice. However, client
accounts are reviewed on a daily basis for red flags that may indicate inappropriate trading or
movement of funds

Investments are not deposits of any Bank and are not FDIC insured, are at risk of loss including
possible loss of principal.