Greycliff Wealth Management LLC

ITEM 5:      FEES AND COMPENSATION

     A.      Fees Charged

     Asset Management

     GreyCliff asset management fees range from 1.00% to 2.0% per annum of the net market value of a
     client’s account managed by GreyCliff, as shown in the schedule below. Clients may pay a different
     fee in each account dependent on the assets within that account. Fees are negotiable and may be higher
     or lower than this range, based on the nature of the account, and the origin of the client. Factors
     affecting fee percentages include the size of the account, complexity of asset structures, and any other
     unique factors that may exist. All clients, but especially those with smaller accounts, should be advised
     they may receive similar services from other professionals for higher or lower overall costs.

                  Account Value                                  Annual Fee

                  Assets up to $1,000,000                           2.0%

                  Next $2,000,000                                   1.75%

                  Next $2,000,000                                   1.50%

                  Above $5,000,000                                  1.00%

     For example, a client with $10 million under GreyCliff’s management would pay 2% per year on the
     first $1,000,000 under management ($20,000), 1.75% per year for the amounts between $1,000,000
     and $3,000,000 ($35,000), 1.5% per year for the amounts between $3,000,000 and $5,000,000
     ($30,000), and 1% per year for the amounts between $5,000,000 and $10,000,000 ($50,000) for a total
     of $135,000 (or a blended rate of 1.35%) per year.

There may be special circumstances in which GreyCliff arranges a fixed fee for asset management
with a client. This fixed fee is determined by GreyCliff and the client, factoring the nature and size of
the account and complexity of asset structures.

B.      Fee Payment

Asset Management

For clients whose assets are managed by the firm, investment advisory fees will be debited directly
from each client’s account. The advisory fee is paid quarterly, in advance, and the value used for the
fee calculation is the net value as of the last market day of the previous quarter. For example, if the
client’s annual fee is 1.00%, each quarter GreyCliff will multiply the value of the client’s account by
1.00%, then divide by the number of days in that calendar year and multiply that number by days in
the quarter to calculate the fee. To the extent there is cash in the account, it will be included in the
value for the purpose of calculating fees only if the cash is part of an investment strategy. Once the
calculation is made, GreyCliff will instruct the account custodian to deduct the fee from the account
and remit it to GreyCliff. While almost all of GreyCliff’s clients choose to have their fee debited from
their account, GreyCliff will invoice clients upon request. If assets equal to or in excess of $10,000
are deposited into an account, or any amount is withdrawn after the inception of a billing period, the
fee payable with respect to such assets is prorated based on the number of days remaining in the billing
period. Any reduction in fees related to the withdrawal of assets in an account will be credited against
the next billing period’s investment advisory fees.

Clients whose fees are directly debited will provide written authorization to debit advisory fees from
their accounts held by a qualified custodian chosen by the client. Each month, the client will receive
a statement from their account custodian showing all transactions in their account, including the fee.

C.      Other Fees

There are a number of other fees that can be associated with holding and investing in securities. Clients
will be responsible for fees including transaction fees for the purchase or sale of a mutual fund or
exchange traded fund, or commissions for the purchase or sale of a stock. Expenses of a fund will not
be included in management fees, as they are deducted from the value of the shares by the mutual fund
manager. When selecting mutual funds that have multiple share classes, GreyCliff will take into
account the internal fees and expenses associated with each share class. It is GreyCliff policy to
purchase the lowest-cost share class available to us, absent circumstances that dictate otherwise. For
complete discussion of expenses related to each mutual fund, clients should read a copy of the
prospectus issued by that fund. GreyCliff can provide or direct clients to a copy of the prospectus for
any fund that the Firm recommends.

Please make sure to read Item 12 of this informational brochure, where broker-dealer and custodial
issues are discussed.

D.      Pro-rata Fees

If client becomes a client during a quarter, they will pay a management fee for the number of days left
in that quarter. If clients terminate the relationship during a quarter, they will be entitled to a refund
of any management fees for the remainder of the quarter they may have prepaid. Once the notice of
termination is received, GreyCliff will assess pro-rated fees for the number of days between the end
of the prior billing period and the date of termination to be paid in whatever way clients direct (check,

     wire). GreyCliff will cease to perform services, including processing trades and distributions, upon
     termination. Assets not transferred from terminated accounts within 30 (thirty) days of termination
     may be “de-linked”, meaning they will no longer be visible to GreyCliff and will become a retail
     account with the custodian.

     E.      Compensation for the Sale of Securities.

     Neither GreyCliff or its representatives are registered representatives of a broker-dealer and therefore
     do not sell securities for a commission.

ITEM 7:      TYPES OF CLIENTS

     Clients advised may include individuals, families, trusts, non-profit organizations, pensions and
     businesses. GreyCliff does not impose a stated minimum fee or minimum portfolio value for starting
     or maintaining an investment advisory relationship.