Fithian LLC

ITEM 5 – FEES AND COMPENSATION
Management Fees

Fithian is compensated in the form of management fees.

Fithian typically receives compensation from each Advisory Client in the form of a “Management Fee”
based upon the market value of the assets under management in the SMA. Management Fees are
individually negotiated for each Advisory Client and set forth in each Agreement. Fithian, in its sole
discretion, has the ability to waive, reduce or negotiate different fees among its Advisory Clients.
Management Fees range from 0% to 1.50% and are billed quarterly in arrears. Performance fees may also
be charged to some Clients, which are generally 20% of the outperformance over the MSCI ACWI index
(see below) in accordance with each of their respective Agreements.

Performance Fees

Fithian also receives compensation in the form of a performance fee (the “Performance Fee”) which is
described in its advisory contracts with its Advisory Clients. Please refer to Item 6 for further information.

Other Fees
The Firm may also receive additional fees from a third-party company (the “Company”) for research
services provided to that Company which is a limited partner of one of the Firm’s affiliated entities.

Expenses

Fithian is responsible for all of its own normal and recurring routine operating expenses, such as
compensation of its professional staff and the cost of office space, office equipment, communications,
utilities, and other such regular overhead expenses. Legal, accounting, or other specialized consulting or
professional services that the Adviser would not normally be expected to render with its own professional
staff would not be considered normal operating expenses.

FITHIAN, LLC – FORM ADV, 2A BROCHURE

It is important that Advisory Clients refer to their respective Agreement(s) for a complete
understanding of fees and other forms of compensation. The information contained herein is a
summary only and is qualified in its entirety by such Agreements.

ITEM 7 – TYPES OF CLIENTS
As previously described in Item 4, Fithian provides investment advisory services via SMAs to Advisory
Clients which primarily consist of institutional investors and other sophisticated investors including high-
net-worth individuals, endowments, family offices, and foundations.

SMAs established on behalf of sophisticated and institutional investors involve a significant minimum
investment that is individually negotiated in each Agreement with the applicable Advisory Client. Fithian,

FITHIAN, LLC – FORM ADV, 2A BROCHURE

in its sole discretion, has the ability to reduce, waive or negotiate different minimum investment
requirements with its Advisory Clients.