GFI Investment Counsel Ltd

ITEM 5: FEES AND COMPENSATION

Compensation for Services

Investment management fees are billed quarterly in arrears on a pro-rated basis based on the
fair market value of the assets in the client’s portfolio. These advisory fees are deducted
directly from the client’s account. The following fee schedule is generally used to calculate the
amount of the investment management fee:

    Size of Account                                    Management Fee*

    First $2,000,000                                        1.35%
    Next $2,000,000 to $5,000,000                           1.00%
    Next $5,000,000 to $20,000,000                          0.75%
    Over $20,000,000                                        0.60%

The annual management fee rate may be negotiable in certain cases depending upon the client
tenure, size of account, and other factors.

Financial Planning

The Firm provides financial planning services to asset management clients on a complementary
basis. As a result, the Firm does not charge a separate fee for financial planning services.

GFI Investment Counsel Ltd.
Form ADV Part 2A                                                                     March 11, 2026

Third-Party Fees

While the firm is responsible for the payment of certain third-party fees (i.e. custodian fees),
trading commissions and transaction fees charged by the trading broker are paid by clients.
These transaction fees are separate and distinct from the fees and expenses charged by the
Firm.

Where a client is invested in ETFs and other pooled investment vehicles, and where they may
be directly and indirectly paying two levels of advisory fees: one layer of fees and expenses at
the fund level and one layer of advisory fees to the Firm, the Firm may exclude these
investment vehicles in the calculation of its advisory fees to the Firm so as to not double charge
the client.

Prepayment of Fees

The Firm does not charge any advisory fees in advance.

Outside Compensation

Neither the Firm nor its supervised persons accept any compensation for the sale of securities
or other investment products with regard to U.S. clients, including asset-based sales charges or
services fees from the sale of mutual funds.

ITEM 7: TYPES OF CLIENTS

The Firm provides investment advisory services to generally individuals, including high net
worth individuals, families, foundations, trusts, and corporations.

GFI Investment Counsel Ltd.
Form ADV Part 2A                                                                        March 11, 2026

The Firm generally has a minimum account size of $2 million (CDN), which may be waived based
on certain factors, such as the alignment of investing strategies, the amount of client assets, or
the expected longevity of the client relationship.