Gresham Partners LLC

Item 5. Fees and Compensation
Gresham is compensated for the integrated wealth management services it provides through
payment of fees by its Clients. Fees are normally stated as a percentage of each Client’s total
advised assets using the following fee schedule with a minimum annual fee of $180,000 as a
guideline:

                             Assets Under Advisement       Annual Fee

                             First $25 million             0.75%

                             Next $25 million              0.50%

                             Over $50 million              0.30%

For multi-household families, the minimum annual fee payable by Client is $180,000, and the
following fee schedule based on aggregated, average assets under management across the
multiple households applies:

                               Less than $25         $50        $75        $100
               Fee             $25        million or million or million or million or
                               million    higher     higher     higher     higher
     First $25 million              0.75%      0.70%      0.65%      0.60%      0.50%
     Next $25 million               0.50%      0.50%      0.50%      0.50%      0.50%
     Over $50 million               0.30%      0.30%      0.30%      0.30%      0.30%

These fee schedules may be modified from time to time, and fees may be adjusted based on each
Client’s circumstances. When determining the fee for a Client, Gresham considers the amount of
the Client’s current and potential advised assets, the number of households that are and will be
provided services, and the complexity of the Client’s investment and wealth planning situation.
Based on these considerations, Gresham will provide (i) multi-household family discounts, typically
at the first breakpoint for each household where clear service-related efficiencies exist; (ii) a
temporarily or permanently waived or reduced minimum fee; and/or, (iii) a phase-in period during
which rates in the fee schedule are adjusted, the fee schedule is applied to a reduced percentage
of assets under advisement (to avoid conflicts of interest related to scaling in investments during
the period and so Gresham does not appear to have an incentive to accelerate the rate at which
the investments become subject to the fee schedule), or (iv) other specifically agreed-upon terms,
as applicable.

Gresham charges some Clients an administrative services fee for non-investment advisory related
consulting, reporting and other services. This administrative services fee is charged at a discounted
rate from the standard fee schedule or as an agreed-upon amount based on the services being
provided. All fees are agreed upon with each Client and described in the Client’s Financial Advisory
Agreement (“FAA”).

In accordance with each Client’s FAA, the annual fee is generally calculated as a percentage of
the market value of all assets advised on the last day of each calendar quarter plus any first-of-
the-month contributions to Gresham’s Partnerships following the calendar quarter-end. For illiquid,

commitment-based Gresham Partnerships where valuations are not always readily available,
Gresham will normally utilize the last available value plus or minus any intra-quarter capital activity.

Gresham’s advisory fees are typically collected quarterly in advance. Clients requesting to make
payments further in advance are approved under limited circumstances. Clients pay for advisory
services by check or wire or can give the Firm fee-debiting authority over one or more custodial
accounts.

To the extent that a Client terminates their advisory relationship with Gresham the Firm will
calculate and refund any unearned fees. If an account is terminated in the middle of the billing
period, fees will be prorated to the date of termination and any unearned portion of prepaid fees
will be refunded.

Clients are not charged a management fee or incentive fee to invest in Gresham’s Partnerships.
As of January 1, 2016, a Client that terminates their advisory relationship with Gresham but
remains invested in one or more Gresham Partnerships will be charged a maximum management
fee of 0.75% annually to remain invested in a Partnership. Former Clients who terminated their
advisory relationship prior to January 1, 2016, that remain invested in Gresham Partnerships may
pay a different fee based upon what was provided in the applicable Partnership’s confidential
offering materials or as agreed upon at the time of termination.

An Investor-Only Client that has never been an advisory Client and invests directly in a Gresham
Partnership will be charged an annual management fee or can choose to be charged an incentive
fee as described in detail in the applicable Partnership’s confidential offering materials. These fees
and fees charged to former Clients can be altered at the discretion of the General Partner and the
mutual agreement of the Investor-Only Client. Partnership fees are calculated quarterly and are
debited by the Partnership from Investor-Only Client accounts.

The Gresham Partnerships are subject to a variety of fees and expenses that are described in
detail in each Partnership’s confidential offering materials. Among other things, these fees and
expenses generally include: management fees and performance-based incentive allocations
collected by the unaffiliated managers chosen by Gresham; legal, administrative, and audit costs;
due diligence of managers, including travel expenses incurred in connection with such due
diligence; and third-party expenses related to the due diligence and ongoing monitoring of the
underlying managers, including any consultant-related fees and expenses; ongoing monitoring of
the Partnerships’ returns and risks, including costs related to the use of Bloomberg, and other
computer and software-related expenses; risk analyses; performance-benchmarking services;
...

Item 7. Types of Clients
As described in Item 4 – Advisory Business, Gresham primarily provides Clients with integrated
investment and other wealth planning and management services that include the creation of
comprehensive investment, tax, wealth transfer, trust administration and philanthropic strategies
tailored to each Client’s situation. Clients are ultra-high net worth individuals, their families and
family households, as well as their related trusts, estates, retirement plans, family offices, private
trust companies, foundations and endowments. Gresham may accept as Clients certain affiliates

of the underlying management firms in whose funds Gresham Partnerships invest. Clients sign a
Financial Advisory Agreement that details the nature of investment advisory authority given to
Gresham. Investor-Only Clients invest directly in Gresham’s Partnerships without receiving other
wealth management, consulting or other advisory services. As of 12/31/2025, 94% of the assets in
Gresham’s private Partnerships were owned by Clients and the rest were owned by Investor-Only
Clients.

Gresham generally imposes a minimum annual fee of $180,000 for services it provides to Clients,
but the minimum annual fee may be waived or modified at Gresham’s discretion.